Smurfit-Stone Container (fka SSCC)

[Mustang66]

ok.

[Mustang66]

I suppose it will depend upon the new share structure. However, with the agreement, it appears that the commons and preferred will stay intact meaning no new symbol, new shares, etc. Someone correct me if I am wrong here on my assumptions.

[emailjanum]

For 2.25% oof new company, what price should be ssccq at?

[Mustang66]

me either. Many I have never seen before as well.

[nostocks]

20 different mms between .21-.23 I have never seen the likes of that before.

[Mustang66]

they will be out of BK and re-organized, and show profitability in a matter of days imho. The wall at .21 by MM's is insane as they try to keep this down. Could be thin. Hard to tell of course unless we had the same criminal tools (L3). The news of exiting BK will blow through that fake crap.

[paidmyway]

Yes we did> Pref up 7.80 already this morning. Not sure just where it will go from here. Real values hard to figure just yet!!


Paid

[Dolly]

SHAREHOLDER AGREEMENT REACHED....We Did it!!! Dolly


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May 24, 2010 11:36 AM ET


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Smurfit-Stone Reaches Agreement With Stockholders

May 24, 2010 09:00:00 (ET)


CREVE COEUR, Mo. and CHICAGO, May 24, 2010 /PRNewswire via COMTEX/ -- Smurfit-Stone Container Corporation today announced that it has reached a resolution with Mariner Investment Group LLC and Senator Investment Group LP, each an investment advisor to funds under management, as holders of the Company's preferred stock, and funds and accounts managed by P. Schoenfeld Asset Management LP and Fir Tree, Inc., as holders of the Company's common stock, who were prosecuting objections to the Company's Chapter 11 Plan of Reorganization (collectively, the "Holders").


In general, this resolution provides that certain of the new common stock of the reorganized Company that the plan previously provided for distribution to the general unsecured creditors of the Company (the "New SSCC Common Stock Pool") will now be distributed to the Company's current stockholders. Specifically, 2.25 percent of the New SSCC Common Stock Pool will be distributed pro rata to the Company's existing preferred stockholders and 2.25 percent of the New SSCC Common Stock Pool will be distributed pro rata to the Company's existing common stockholders. Additionally, the resolution provides for the payment of certain of the fees and expenses of the Holders and their professionals. The resolution has the support of the Official Committee of Unsecured Creditors.

"Reaching this agreement with our stockholders is a major milestone for our company and positions us to emerge from bankruptcy in the coming weeks," said Patrick J. Moore, chairman and CEO of Smurfit-Stone. "Our focus has been, and continues to be, driving value for our stakeholders and helping our customers grow their businesses."

The Company will ask the United States Bankruptcy Court to approve notice procedures with respect to this resolution and to schedule a hearing to approve the resolution and related non-material modifications to the Company's Chapter 11 Plan of Reorganization. This resolution resolves all of the objections to the confirmation of the Chapter 11 plan raised by the Holders and as a result, the Company anticipates an exit from Chapter 11 by early Summer 2010.

Smurfit-Stone's U.S. and Canadian subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code and under the Companies' Creditors Arrangement Act (CCAA) in Canada on January 26, 2009.

Smurfit-Stone Container Corporation is one of the industry's leading integrated containerboard and corrugated packaging producers, and one of the world's largest paper recyclers. The company is a member of the Sustainable Forestry Initiative(R) and the Chicago Climate Exchange. Smurfit-Stone generated revenue of $5.57 billion in 2009; has led the industry in safety every year since 2001; and conducts its business in compliance with the environmental, health, and safety principles of the American Forest & Paper Association.

SOURCE Smurfit-Stone Container Corporation

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[avarice99]

yeah,i am considering it myself.

[angelopappis]

risky, but this has always bounced back. watch for it to shoot up pretty soon. people always come back to swim in this pool...

[avarice99]

yeah,pretty risky now.....

[bigtoe1963]

lol I bought in at .048 dumped it at .73 the next day went to 1.12 I believe it was...however things look grim for shareholders now.....

[avarice99]

don't feel bad,your not alone.i had about 500000 shares at 6 cents,and sold it at 28 cents.a month later it was over a buck. ouch!

[icecreamman]

Likewise I'm looking for a good exit point also but have been holding out to at least break even at .33. I have a feeling we will get back to there soon. Some news just came out of the Wall Steet Journal about a half hour ago talking about bankrupt companies.



http://online.wsj.com/article/SB10001424052748704247904575240414159619180.html?mod=WSJ_hpp_LEFTWhatsNewsCollection

[Dolly]

Docket 7556, The Trabscriber requests a standing order of all hearings 5-11 through 5-25, 2010. You have to call the phone no listed for transcript info...and Docket No. 7546 restricts access of May 4. 2010 transcript till 8-9-2010. This transcript in a rough draft form has ALREADY BEEN RELEASED in Docket No. 7443 for May 4, 2010. What gives here? Several other transcript dates have been restricted also AFTER already being posted in the Dockets. Did someone make a mistake and release these dockets by mistake?

Would have made a bundle had my Brother and I, sold for the $1.11 in November but did not understand how PKQ stocks work at that time so am holding and looking for a good exit point as I think emerging from BK is very slim of us Common's seeing warrants or whatever especially if Bonds are down.

If memory serves correctly, I read somewhere in these transcripts, final rebuttal is somewhere around May 18th. After that I suspose anything could happen when the Judge decides this case. I remember other court dates around June 22nd and a Smurfit request to extend BK till July 21st. Dolly

[icecreamman]

We will still be trading no matter what happens at least through June or July dont you think? Big drop today for pretty much a wash as far as buys vs sells go. May be trying to get rid of the weak.

[Dolly]

No not a thing. People are buying today when it dropped low in the teens though. Think there are important court dates tomorrow and in June...so its the waiting game again. Personally I think its a toss up which of course, means 50-50 on what the Judge does. Dolly

[emailjanum]

Check out ABWTQ post.....

[icecreamman]

Has anyone heard anything about the hearing today?

[icecreamman]

Much appreciated.

[porkchopranch]

finra.org

http://cxa.marketwatch.com/finra/BondCenter/QuickScreener.aspx?ShowResult=true&BondType=Corporate&Symbol=ssccq&YieldMin=&YieldMax=&CouponMin=&CouponMax=&MaturityMin=&MaturityMax=

[icecreamman]

Where can you go to find what the bond price is?

[porkchopranch]

Pretty easy in my mind, if 112 is the "magic" number for bonds, stock gets warrants that kick in at that exact valuation. So if 112 equals $3.4BB EV, we get warrants and upside above $3.4BB.

[porkchopranch]

Dolly, bonds were 102-103 area couple days ago, with today's market crash bonds traded down to 93-94 area.

[Dolly]

The Sells and the Buys are almost the same with a few more in Buys right now. I see 100,000 shares just bought and several 30+ thousands bought also.

I am surprised there are not more people looking at these Dockets and Posting their thoughts. After reading the testimony, you can then see how the Smurff looses points at times with the Judge, on the other hand you can see how it works on both sides. As said when you read these Dockets all 300 pages or near that, you can get a feel for whats going on in Judge Shannon's mind. I personally think to hold on till the 18th till after the final closing statements.

And now I just checked the Dockets and just read Docket 7463 where the Debtors (The Smurf) where a hearing will be held on May 10th. Part of the agenda has to do where the Debtors are working to address the concerns raised by the US Trustee and will be adjourned until June 22nd. Read the Docket as other things are being addressed also including something to do with the Committee of the Unsecured creditors. So it looks to me like this is not going to be settled soon. I do remember Smurf asked and was granted an extension for BK and believe the date granted was July 21st or 22nd.

Read these Dockets as you can see our side has definately put a bug in the Judges ear and he is listening. Unless its the Law, I think our side has proven that Smurfit is NOT insolvent, and the burden of proof is on the Debtors side to prove beyond a shadow of a doubt or by preponderance of Evidence that they are infact insolvent.

I think after you read these Dockets at Epiq Systems, May 3rd and May 4th you can get a feel for this that the Common's might be given Warrants but it all depends on what the Bonds are trading for. It says in the Dockets $112.00 is the amount needed to save us commons. We are close but not there yet unless testimony admitted into Court records now convince the Judge that Smurf is worth more AND they discuss in these Documents about a take over of this Company and IP is mentioned as other possible buyers. The Judge said these 2 companies whomever they are, kicked the tires of the company and didn't proceed because of retirement of employees concerns and something to do about interest on the Bonds.

We just have to hope and Pray we won't be left holding the bag But that certainly COULD happen. I can only post here 3 times in 24 hrs and I think this is all for today. Good Luck All. Dolly

[icecreamman]

Never mind. I just looked at the stock market. Ugly!!

[icecreamman]

Why is everybody dumping this afternoon?

[Dolly]

May 4th Docket Transcript says the Judge would be "embarassed" if he lets Smurff emerge from BK and then after 6 months or so the Bonds are at $150.00. Final rebuttal is the 18th. Rachael Strickland (I hope I have her name right) and the team representing the Commons, it looks to me like they have REALLY presented an outstanding case.

Does anyone know where I can find the current price Bonds are trading for?

I see in the May 4th Docket testimony it was stated the Smurfit attorney's finds this on Bloomburg, I looked but couldn't find it so need to know How and WHERE to do this as this whole case is based upon these Bond trading prices and I like to have my ducks all line up and want to stay informed etc.

Its around $101 or so currently or the last I knew. The Courts magic # to give us commons warrants is $112.00 if I understand this correctly. And I think I do. Read the May 4th Docket, its about 4 hrs reading if you go word for word but there is a lot of testimony as to Warrants and common's retaining shares. Very interesting reading. Dolly

[9Z]

Yes, I have ssccq stock and in before BK, so I am a long.
I also enjoy reading your posts.

[Dolly]

Anyone Still Holding SSCCQ Shares?

[icecreamman]

Thanks and good luck to you if you are still holding.

[Dolly]

No, nothing about the decision. About 3/4 through our side talks about the share holders and several times you can clearly see that our Attorny's puts Smurf in its place and that they seem confused and can't come up with clear answers to our rebuttal questions. It's long reading took me over 4 hrs to get through it. I see some hope for us but time will tell etc. Dolly

[icecreamman]

That would be great news if that is the case. Does it say anywhere when the desicion will be made?

[Dolly]

Confirmation Hearing Dockets Released.

Read Docket # 7442 Transcript of Testimony for May 3rd.

Judge Shannon rules to allow Mr. Mishkin's report into evidence. (Page 288 Line 4.)
I have little legal training but after reading this entire report of 300 pages or so, it looks to me like Common shares just might come out a winner yet! Appreciate others imput. Dolly

[icecreamman]

Seeing a lot of sells today but the price has not went below .27 which is very odd.

[porkchopranch]

no link

[Atlanta1]

can you give me a link please? thanks

[porkchopranch]

Copyright (c) 2010 by Standard & Poor's Financial Services LLC (S&P), a subsidiary of The McGraw-Hill Companies, Inc.

4-30-10

[Atlanta1]

what's the date and source for this article?

[porkchopranch]

Smurfit-Stone bonds soar on takeover rumors
Smurfit-Stone Container bonds jumped six points today, to trade at 101.5-102.5, on word that the company might become a takeover of International Paper, sources said. The bonds were trading around 92 a week ago.
International Paper CEO John Faraci revealed a call with Wall Street analysts today that IP was bullish on second-quarter demand for paper and packaging and was targeting growth through acquisitions, according to sources, who added that most industry players have no doubt he was talking about bankrupt Smurfit-Stone as his next target.
The various bond issues of the bankrupt firm – the 8.25% and 8.375% notes due 2012 and 8% notes due 2017 – were bracketing 96 yesterday morning and rose to the high 90s over the session, mostly alongside a similar bankruptcy-exit equity play by Lyondell, which is slated to exit Chapter 11 tomorrow. Once Faraci made his acquisition comment today, all Smurfit-Stone issues were trading above par, sources said.
International Paper shares gained more than 5% today after the company said business conditions were improving and forecasted better second-quarter results. IP stock hit $28.58 per share in midday trading.
“There's no doubt about it in our minds: the first quarter represented the cyclical trough,” said Faraci said on the call, according to a Reuters report. “We’ve got a much more positive outlook on the second quarter now, and for the remainder of the year.”
IP today reported a preliminary first-quarter 2010 net loss of $162 million, or $0.38 per share, versus earnings of $257 million, or $0.61 per share, in year-ago quarter.
Meantime, the company’s valuation battle presses on in the courts. An early April disclosure statement by the company had it valuing itself on post-reorganization basis at a midpoint of $1.99 billion. – Beth Campbell

[icecreamman]

Following everyday just keeping our fingers crossed waiting on a decision from the judge after the hearing.

[5953]

This board seems dead. Is anyone following this anymore?

[Phantom_Trader]

Anyone have any updates as to what's going on with the hearings and such? TIA

[Phantom_Trader]

And a 2.3mil block like 16 minutes later...That's over A MILLION bucks on just 2 trades! Someones buying...

[east600]

2.1 mil block at .26 just posted on SSCCQ.

[Jensemann]

Hi there, are there any NEWS regarding the court session?
Yesterday we dropped down after a nice opening running to 0,34.

There was nearly no Volume the rest of the day.

Do you think we will start again trying to get over the 200 day-line (0,34) today or tomorrow, or do you think we will go down futher more to the 50 day line (0,22)

All in All I think it looks quite good for us shareholders.

[darealmr]

Company seems to be worth 1,4 BILLON $ after paying debt !!

Smurfit, shareholders start bankruptcy plan fight
Tue Apr 20, 2010 1:00pm EDT
Stocks

Smurfit-Stone Container Corporation
SSCCQ.PK
$0.28
+0.09+44.74%
8:24pm GMT+0200
* Packaging company seeks to confirm reorganization plan

* Shareholders say company is undervalued and solvent

By Tom Hals

WILMINGTON, Del., April 20 (Reuters) - Bankrupt packaging company Smurfit Stone Container Corp (SSCCQ.PK) began a legal battle with shareholders on Tuesday that will hinge on whether it undervalued its business, unfairly wiping out its stock.

Smurfit, the second-largest containerboard producer in North America, has gotten creditor approval for its plan to reorganize the company by paying secured lenders in cash and giving unsecured claim holders equity in the company.

The plan, which Smurfit presented in court on Tuesday, proposes to wipe out shareholders' stakes.

The company's analysis values the business at as little as $3.4 billion, below $4.4 billion in claims that Smurfit said take priority over shareholders.

Shareholders hired experts who established a value at as much as $5.8 billion, according to court documents.

Smurfit's assets exceed its debt, said David Rosner of Kasowitz, Benson, Torres & Friedman, who represents a group of shareholders.

"The bottom line is, in a solvent company, the equity owns the company."

Shareholders have focused on Smurfit's use of 2009 for their base year in their projections, "the year the company spent 11 months in bankruptcy amid a deep global recession," said Rachel Strickland, of Willkie Farr & Gallagher, which is representing another group of shareholders.

"This management is frankly not experienced with multiyear projections," she said. "The company had never had a well established process to forecast cash."

The company filed for bankruptcy in January 2009 after a rise in raw materials costs coincided with a drop in demand and tight credit markets.

The Chicago-based company plans to issue new common shares that would be traded on the New York Stock Exchange or Nasdaq market. The company has set aside stock for management incentives.

Rosner asked U.S. Bankruptcy Court Judge Brendan Shannon to be aware of what he called "extraordinarily generous" management incentives.

"Giving $200 million to management under the plan and the rest of the equity to creditors, it implies there could have been an exchange. Your honor has to be vigilant in keeping that in mind."

Shannon is not expected to rule until sometime after the courtroom hearings have ended.

The case is In re: Smurfit Stone Container Corp, U.S. Bankruptcy Court, District of Delaware, No. 09-10235. (Reporting by Tom Hals. Editing by Robert MacMillan)

[Phantom_Trader]

Looking Great out the gate! .3249x.325! GREAT buying volume!

[dialedinc]

Big Day today, yesterday was just a start IMO!!!!!

[Atlanta1]

correction - the docket # is 7120. Sorry.