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I don't know. I think it's just bouncing. It did come down a considerable amount. That's why I'm saying I think I need to wait until things calm down a bit and see where she settles.
I have been thinking that same scenario myself.
Decided to watch this one from the sidelines since I missed my re-entry.
Ya,,, I made nice money from .02 to .159 on first run.
Still holding bunca my .02s and bought more at .08 and I'm still in-the-money.
Somethings strange here because imvho we should be at .05 or less.
maybe mgmnt an mm's are in cahoots and that 8-k was to scare 22mln of us low holders outa our cheep shares n now they whisper in judges ear something different - all illegal, but the whole system is corrupt imo anyway.
e
I waiting for the dust to settle before trying to mess with this again. It's treated me well so I can't complain.
As soon as I decided to get-out something completely out of the blue will pop-up.
it appears somethings brewing.. .27
e
Well people are still going to trade it...just like they did before Friday's hearing. I'm not touching it right now myself. GLTY
That the 8-k showed mgmnt wants to cancel common shares, but it still has to go before the judge for his sign-off on the plan. Question is - will he have discression over how they treat us - and another question is who's buying and why is the pps continuing to creep up.
e
Ok boyz...what is it that you are finding so weird?
Agreed...
Forget I said it because I can't find it, but the 2nd 10-2 yahoo PR speaks of a two-week time frame then another disclosure to come after the plan was released, and I take that to be the 8-k.
imo-fwiw
e
I'm trying to find it - but can't remember where I read it - thought it was here and it was within the last two days.
could of been a writup thrown up on our edig board.
still looking
e
thanks emit, do you have a link, I've been looking for that info
I read somewhere the judges decision isn't till 26th or 28th...
so still play-time imo
e
frontier air just screwed the loyal sh,s so it seems pretty easy to do with no recourse for the trusting investor------------------tmonkey
In my mind...how do they settle without doing a disclosure statement and how do they show the need to x out all the commons...with the lawsuit pending that already had a big amount of money ready for a settlement and the judge tossed it supposedly cause it was not a good enough deal? Where does that lawsuit stand now. WTF...are they trying to x us out and suddenly the lawsuit settles for hundreds of millions and the NEW shareholders get it all...bs
note paragraph 2 and 3. Spansion still trying to play games. the river has been dealt...time to show your cards!
Oct 2 (Reuters) - Bankrupt flash memory chips maker Spansion Inc said it plans to file a reorganization plan with the U.S. bankruptcy court in the near future and aims to exit Chapter 11 protection in the late fourth quarter of 2009 or early 2010.
In a statement, the company said it had submitted a motion with the court seeking permission to file its reorganization plan without the related disclosure statement.
A disclosure statement must provide "adequate information" about a bankrupt company's affairs and enable claim holders to make an informed judgment about the proposed reorganization plan.
In court documents, Spansion said its disclosure statement continues to be a work in progress and that it will file the statement within a few weeks of the filing of the reorganization plan.
Spansion filed for bankruptcy in March after succumbing to plunging chip prices, as more consumers eschewed electronic gadgets during the recession.
The company said it had reached an agreement on the material economic terms of the reorganization plan with a consortium of holders of the company's senior secured floating rate notes and a committee of the company's unsecured creditors.
The case is In re: Spansion Inc, U.S. Bankruptcy Court, District of Delaware, No. 09-10690. (Reporting by Santosh Nadgir in Bangalore; Editing by Maju Samuel)
thx...will be looking to do it again...had an order for .18 but it seems to be holding at .20+
I flipped too...too much incertainty to hold at this point and I think it's just a hard bounce.
This is the craziest sob I have seen in a while...I have to run out for a minute...but I don't really want to leave the screen...lolol
.15 out at .235 for a quickie...this thing is an ATM
Oh my low of 14 to high of 245...wowowo...somebody believes we will get out of this alive....I am holding for now and watching....jerking around like this is just too funny. I hate the games when I am down...but looking a bit better right now...lolol. Did you say where is my riverboat and can we get a little game of 5 card going while we wait...lolol
.25?! sorry for all the posts, but wtf? blew through .22 resistance. if it makes it through .286 resist we might be back in business. congrats to any smarty pants who sold at .50 and bought back in .14. 9 million served and not yet 10am
Is quotestream screwed or are we flying...dam
Bummer lindy. Another coulda-woulda-shoulda on my part as well. Quite a few big flyer bets on Spansion going up from here though if the judge does not approve. it is a tentative proposal so it's possible it will be changed. the judge did quash that other deal so he might have our interests in mind. (lol .193 as I post)
Seems to be stabilizing here around .15/.16
As far as I can tell it hasn't been approved yet but it's clear that the commons are in trouble.
No, i had no access to a computer. I knew it was going down but had no info as to whether it was just a pullback to ramp up again. Probably should have sold at .50 but, alas.
Any info about the judge's ruling?
Yeah I took a small position on Friday at .19 but it looks like I'll be bailing out I think this morning. Maybe it will bounce a bit though. Did you sell of any Thursday and Friday?
Well, I picked a fck of a time to go out of town for a few days. I, too, am long an strong...through my own foolishness and, surprise surprise, greed.
utmost, maybe you can chip in hear: My understanding is that the share cancellation still has to be approved by the judge. Was that hearing on Friday, or is it still to come? I thought there was supposed to me a nr after hours on Friday. Can you clear this up?
was it just a fake? why -50%?
Well...not sure what all this means...but of course it is clean that the company is attempting...thru its debtors in possession...which is the company in possession of the assest of Spansion...is attempting to cut out all the common stockholders who have invested in their company....and with the judge denying the settlement that had been reached...it appears he can allow them to simply steal our money...reorganize with new clean stock and when the settlement is done...they get it and the common shareholders can simply just go eat dirt. It also appears that it is not a done deal as yet...but is filed on 10/2 and there will be a hearing I believe on 10/29
My pleasure,.............ppejalw
I can't open it for some reason that's why I'm asking.
lol.
thanks for your shares man.
I was wondering when the first reply would come back with a bashing comment, didn't take long. Oct 2 was the day I was born, as it was the day I registered on the boards. I Don't believe I was bashing the stock, just trying to make heads or tails of it and why others are still purchasing it now. I held several thousand shares of SPSNQ @ .12 and sold .49 for a nice profit. This stock will remain on my radar as a possible buy after they emerge from chapter 11. As far as my philosophy? Buy and sell after a nice run-up, then look for something else, it's called discipline, or sticking to a plan and executing it. SPSNQ was a good play and I am out, good luck to all those still holding. Oh, I will fill out my BIO as time permits, busy looking for another play, later,................ppejalw
hmm, very interesting bashing.
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Novel idea (to me at least)-catching these companies AFTER they emerge from Ch 11-buying the new stock would be like getting a secondhand IPO..
So we still don't know anything?
Just wondering, is there anything more to be said regarding buying this stock? I think it may be a good buy when the new stock is issued after coming out of chapter 11. What say you?
http://blogs.barrons.com/techtraderdaily/2009/10/02/spansion-sees-chapter-11-exit-soon-current-shares-to-expire-worthless-stock-drops-48/
Message to IR dept
"So basically anyone who invested in your company by buying stock...is thrown under the bus. That is what I get from the filing. As an average person, with limited funds...who saw a company who had been purportedly wronged by the big guys and thought...hey I like this..being on the winning side of a lawsuit, etc. I put up my money in good faith and what you have said in that filing is...so sorry...we have your $$$ and will now move forward without you. I hope the SEC and all those who do business with you are watching carefully."
So is this the hearing information or the final outcome of the hearing...are we toast or not?
Dockets
1270 10/2/2009 Order (I) Authorizing The Sale Of Certain Equipment Free And Clear Of All Liens, Claims, Encumbrances And Other Interests; (II) Authorizing The Debtors To Enter Into A Sales-Transfer Agreement With Micron Technology, Inc. Or A Higher Bidder; (III) Approving Bidding Procedures [And Bidding Protections]; And (IV) Granting Related Relief Filed by Spansion Inc.. (Related Doc # [1139]) Order Signed on 10/2/2009. (LMD)
Debtor: Spansion Inc.
271 10/2/2009 Letter /Email from Philip Mathers Dated 10/1/2009 re: Equity Security Holders Hearing, 2nd October, 2009 (related document(s)[602], [1269]) Filed by Spansion Inc.. (Riley, Richard)
Debtor: Spansion Inc.
Related: 602, 1269
Sure would like to hear something too. I have arrived in Austin and will leave shortly for the youngest grandsons football game...but keeping the computer on...and hoping for some good news. Anybody know where the hearing was being held? What time zone?
L
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Sector: Technology
Industry: Diversified Electronics
Web Site: http://www.spansion.com
Court Docket
http://chapter11.epiqsystems.com/default.aspx
BUSINESS SUMMARY
Spansion, Inc. engages in the design, development, and manufacture of flash memory products and systems in the United States, Japan, Malaysia, Thailand, and the People’s Republic of China. Its wireless product family primarily includes PL family, which is used for a range of mobile phones; WS family that is used for mobile phones with capabilities, such as polyphonic ring tones, color displays, higher resolution cameras, and internal storage for multimedia content; GL family, which enables code and data applications in mobile phones; and MS family products for data applications in higher-end mobile phones. The company’s embedded products include the AL and GL product families that address consumer, networking, and telecommunication applications; the CD product family automotive engine and transmission control applications; and the FL product family that addresses personal computers and peripheral applications, and consumer applications, such as hard disk drives and graphics cards and in consumer markets. In addition, Spansion provides flash memory products development tools and subsystems for the design of flash devices. Its products are used in a range of electronic products, including mobile phones, consumer electronics, automotive electronics, networking and telecommunications equipment, and personal computer peripherals. The company was founded as Fujitsu AMD Semiconductor Limited in 1993 and changed its name to Spansion LLC in 2003. Further, it changed name to Spansion, Inc. in 2004. Spansion is headquartered in Sunnyvale, California.
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Short Interest - 2009-Oct-B
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