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ah, there it is.
Q coming tomorrow
finally
MK
Why bother with what? If that's the case, which it looks like it will be, there is supposed to be "Q" attached for BK tickers.
Why bother we already know the commons will be wiped clean.
Still..why no "Q"?
OUCH! BYE BYE COMMONS!
Read the news - all explained there ....
New company owned by certain (rat) bondholders; commons canceled (in August)
what happens next ??
they got green light to exit chapter 11 a bout a week a go..
is SPCB is heading in the right direction ???
Do you have any DD to back up why you think it will go back up again?
it looks like theres plenty of juice left in this one. I got my ticket to ride at .054 I hope we go on back to the .25 level soon. WOOOOOWOOOOOO
Yes, this one is well overdone!
(burnt) Toast indeed.
Equity Committee had a very good case but had a stunning verdict against them.
I like the ones that the company is not against the shareholder; like the one we both know.
Looks like it's done.
6.8% spread, not tradeable right now
be back for some trades if they tighten up the spread
turned south pretty quick
will be looking for good re-entry, play the bounce
this is gonna fly today
Yes, for sure i'm not taking any position until further notice. For now i'll treat it as commons will be wiped. Thanks.
I’ll point out some important information that is publicly available
The Judge who ruled on the approval for the re-org/bk is:
Honorable Judge King of the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division
Which is in the 5th Circuit:
http://www.txwb.uscourts.gov/information/administration.htm#king
Then you have the 5th circuit court of appeals:
http://www.ca5.uscourts.gov/
Scroll down to page 29
http://www.ca5.uscourts.gov/clerk/docs/frap2007.pdf
There is appellate information for bankruptcy proceedings and rulings etc.
Some circuits have Bankruptcy Appellate Panels:
http://en.wikipedia.org/wiki/Bankruptcy_Appellate_Panel
The 5th circuit appears to have the same but it’s referred to as a appellate panel.
"when the appeal is from a bankruptcy appellate panel, the term “district court,”
as used in any applicable rule, means “appellate panel.”
By gathering public information, it would appear that it is not over until its over imo. The Committee has 2 months to explore its options in the interest of its client base. Will they pursue further action? I do not know but I am speculating that they could.
Again, its high risk vs. reward scenario and I wouldn't recommend anyone take any position in the stock, nor do I have any professional legal knowledge that would vindicate anything I am posting here.
It seems it may be a very hard uphill climb to have the current status overturned but maybe there still may have the commons might still have a chance!
I wouldn't rule anything out yet
Will the commons survive? That would be entirely be up the courts if the Committee still pursues the fight and has other legal avenues of having the current ruling overturned imo.
Will the Committee continue to fight for its client base and will there be speculation that the fight is only in the 2nd round with 2 months to go?
Read some of the language from the Committee and be your own judge.
The Official Equity Committee remains optimistic that its presentation, with the
assistance of its financial advisor Allen & Company, to the Bankruptcy Court
during the confirmation hearings beginning June 15th, will show that the current
Plan of Reorganization must be found to be unconfirmable because, among other
reasons, it proposes to give noteholders new notes and new common stock with a
value greater than the amount of their claims under their existing notes, and is
thus not fair and equitable to existing shareholders.
Highlighting the Plan`s lack of fairness, the final disclosure statement
quantifies for the first time that Spectrum`s management and board of directors,
who today own approximately only 3% of the stock, may be awarded up to 10% of
the reorganized company`s stock under the proposed equity incentive plan which
seems like a perverse reward for their decision to put the company through this
highly questionable chapter 11 filing , and to support a reorganization Plan
which seeks to wipe out existing shareholders.
Again, I'm not a lawyer and do not know what, if any further action can be taken in an attempt to have the current order overturned, I just know anything is possible in the United States and nothing is over until its over and then some.
All of the is my own opinion and I would not recommend anyone take a position in the stock.
So the saga still continues and commons may still survive?
That would be great. I would probably just settle for the 10 cents and then get out.
anything can happen in 2 months
keep in mind the Committee of Equity Security Holders has strong interest for their clients to avoid dissolution of common equity.
http://www.reuters.com/article/pressRelease/idUS111089+17-Apr-2009+BW20090417
I'm not a lawyer but I would imagine the Committee is not done in the fight. Can they extend a stay and request hearings at a higher court? Are there other legal avenues in the fight?
I just wouldn't throw in the towel yet with 2 months left, until more is heard from the Committee.
all my own opinion and I wouldn't imply or suggest anyone should take any position in the stock
I don't think so. Once the news has leaked that commons will be wiped this one has no more gas left in the tank. It's now just another "Q" POS..
should get a bounce around .10-.15 Monday
Are you implying something could happen where the common shares of SPCB would NOT just be voided by August? I don't see that but I do think it can still fly before then and the time in NOW because the closer we get the day of death for the stock the lower SPCB would be you would think.
Well the first time i rode this to the 20's i bought at 8 cents and held till it dropped to 11 cents where i sold. This second climb i kicked myself for selling at 11 cents, but no way was i chasing a BK stock
One thing i learned tho about this or any gambling if your afraid to lose money you will never win either. Thats why the rich always win and always will
Well as I said when it rose to .08 from the low, I got out thinking it would drop back as it had done a few times previously. But it kept going to .20+ and I was not gonna chase it.
At this point the facts are known and the end is near. To try and gage how this will climb and who will buy my shares as time 0 gets closer, is to much thought for me.
heading north because anything can be changed in 2 months in respect to the securities, add short covering and you've got all the right ingredients for the explosive upward move we are seeing, the entire world can change in 2 months. Maybe you should have stayed in for a few more weeks.
Man what happened to this one??????
I think it is very apparant we have players on this one even with the commons having less than two months to live. This penny could possibly rise to new highs. Who knows? But it is trying to get rid of it that I am concerned with. I take chances all the time but this could be like speeding into a brick wall. I am out and very happy to have my purse.
I'm just wondering if it's going to be a GMGMQ, not that there is bailout money for the fish industry.
Another possible BK I'm looking at is LEA
But you can never tell exactly how the market will react to the BK. Do you guys think they'll take this up to .10 or .15 on Monday or next week before it could go down again?
I think .10 is almost a given and maybe .15 too.
Good DD right here on the board. Look back a few pages - you will also find they recently confirmed that the shares will be canceled in August.
The new company shares will be worthwhile if they are made public, but the management sux for what they did to the commons.
It's funny that I found this company. Is there a good post with some good DD? I know they are bankrupt and will be raising the prices on some items.
(One of my jobs is I work in the aquarium industry and also do marketing for their products).
Monday is going to be fun, glad I held from .05.
sprinting for hod..shes a marching strong
gonna have some nice follow through on Monday ;->
soldiers marching, 5m chart turned north
big lots starting to cover..just gettin revvin ;->
holdout shorts cover last 10 mins imo
bid strenghtening
nite/able - looks good
Level 2 screen - Buyers/Sellers
12:31 PST
BUYERS:
3 buyers @ .0705
1 buyer @ .0707
1 buyer @ .0710
SELLER:
2 sellers @ .0073
1 seller @ .0076
she's gettin active, mm's lining up for a sprint
mm's heading back ot the ticket booth after lunch ;->
bid is creeping up now. we should be moving up now
yeahhhhhhhhhhhhh
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