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A rather interesting day. Is someone trying to get stock for the purpose of moving a company into the shell? See if there is any follow thru.
T
An industry leader, perhaps, in very low margin fields.
Anyone know if all their old operations are still functioning (under the new ownership)? I'm sure their clients and employees aren't amused by this ongoing soap opera.
Too bad, they used to be an industry leadee
Translation: We're utterly broke and we may even get brok-er.
"...the Company continues to have significant liabilities and it anticipates that its liabilities may increase as a result of its inability to satisfy its obligations to third parties under various contracts that it is a party to. As the Company is insolvent, no assurance can be made regarding its ability to successfully conduct an orderly wind down of its operations, or that it will not be required to pursue bankruptcy protection. It is not anticipated that there will be any assets remaining at the conclusion of this wind-down of its operations to distribute to its shareholders."
Pretty much what was expected.
Anybody investing in this POS should read this:
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11434953
Company is insolvent, winding down operations and no employees except contractors used to wind down operations.
Bunch of buffoons that ran this company.
You've been consistently wrong. I'm not aware of any assets remaining in SPDC.
Thanks for the quick reply.. I'll do some reading and get caught up.
Depends on what Garrison does moving forward. They essentially acquired SPDC in liquidation when they defaulted on the debt. It was planned that way imo. IMO, they continued to fund the operations knowing the company would eventually default essentially handing over the assets in foreclosure. They are reorganizing absent of share price consideration. If that changes, the pps could reach $1.00+ easy. On the fence and watching.
I'm interested in hearing your predictions?
The lender doesn't agree based on their funding practices in past months imo. The "pros" dumped for a huge loss so not much interested in them. The pps has been in decline for some time with one pop to .20 pre split where some won but most lost their ass. SPDC traded at .025 post split which is comical at $150,000 market cap. Just a few months ago, SPDC traded at $20 million market cap with the same problems. No buyer for the company to be found and a pending delist. I buy severely devalued positions and rarely lose. You do it your way, I'll do it mine. No emotion. GLTY
Better question, why did you buy shares in a hopelessly defunct business with a negative net worth and a going concern warning as I recall? It was well known too that they were losing clients.
I wouldn't have invested in SPDC. It looks like the pros dumped a long time ago. You bought a worthless stock and ZERO is fair compensation for it.
I'll stick around to see the outcome here but I suspect the downtrend to Dark will continue. Unlike you, I've never been wrong about SPDC.
BTW, I'll also repeat that I'm interested in their fulfillment and eCommerce business... and absolutely not interested in stinkin' SPDC shares.
Based on continuing operations, I'm guessing offer consideration for the remaining 6 million outstanding or majority up to 90%. The company did a great job depressing the market cap allowing for a more affordable private shift. What was the market cap at .20 with almost a 100 million outstanding not but a few months ago? Now $330,000 at .055? Funny how the lender kept feeding a failing company. Why is that? $330,000 or even $6 mil at $1.00 per share 6 mil outstanding is quite a bit less than $20+ million weeks ago. GLTY
As a lawyer you should know going private doesn't just happen overnight when you've been operating publicly for some time. It's not like POOF, I'm private after filing a few new DBA's. I suspect a few law suits would come if the company attempts to skirt the public market but just a bunch of "presuming" on my part.
The lender foreclosed on the assets which is no accident considering they have been funding $1 mil at a time over many months to keep Speed operating. Now they want to go private with zero consideration for the remaining 6 million outstanding? Anything is possible I guess.
How do you think they will pull this off absent of common holder consideration Mr. attorney? Considering they still operate and all.
Yep, same name in Texas: "SPEED COMMERCE OPERATING COMPANY LLC," as of 4/25/2016
https://mycpa.cpa.state.tx.us/coa/servlet/cpa.app.coa.CoaGetTp?Pg=tpid&Search_Nm=sc%20n%20&Button=search&Search_ID=32060282574
As a lawyer I'm doing more than presuming. Missouri Secretary of State's site, for example, shows the recent creation of a foreign registration of a Delaware entity called Speed Commerce Operating Company, LLC.
That is NOT SPDC... as the stock market knows.
Here, be my guest: http://www.sos.mo.gov/business/corporations/
Keep presuming.
Too bad Speed FC isn't Speed Commerce. I presume that SPDC retains nothing... except some liabilities. Correct?
Drove by the 10300 Sanden Drive fulfillment/distribution location yesterday. The sign says "Speed FC". Their Mexico locations the same Speed FC. Big building. GLTA
http://www.speedcommerce.com/about/
Well that just kind of sucks :/ I was hoping to get a good snapshot of "life after the disaster". I hope they PR something soon. Like a future outlook or something.
True. They can put out a PR with sales, eps, etc. but are not required to file the old, expensive way. Saves money.
T
I believe I saw that they filed to no longer have to report regularly anymore? I assume this means we no longer get regular quarterly updates?
They can WANT to go private all day long but there are still 6 million common shares to be dealt with. They deregistered when the share price dropped below a $1.00 for an extended period. The market cap with 96 mil outstanding pre split was far higher than it is now making it much easier to tender offer the remaining 6 million post split. The market cap went from $20+ million to less than $500,000 in weeks with nothing really changing operationally. Even at $1.00 per share, we would be at $6 mil market cap, far below where this once traded. Sub .10 for this stock is ludicrous imo.
Very mysterious, but I like a good mystery.
Thanks for the info.
SPDC GLTA
Deregistered and now trading pink at 16 times less shares outstanding. Market cap at at a mere $540k close of market today. Looks like they planned this for some time. The lender has been floating them and recently foreclosed on some asset in trade for debt. The company continues to operate with little to no layoffs. The lender is essentially calling the shots imo and clearly wants SPDC to survive or they wouldn't have continued pouring millions$$ into continuing operations.
Going private takes the buying of common shares or at minimum an offer. Unless they choose bankruptcy and liquidation where then the stock would be worthless. Someone bought close to $18,000.00 in .10's today. Doesn't look like SPDC is going under but JMHO.
$6 million market cap is $1.00 per share. The company does $120.01M million in revenue close of 2015. Trading at .09?
IMO / GLTA
Can someone explain this please? It's from the 8k that was just released on 5/25/16:
On May 25, 2016, the Company, together with certain of its subsidiaries, received a Protective Advance in the amount of $1 million pursuant to Section 9.9 of that certain Amended and Restated Credit and Guaranty Agreement by and among the Company and Secured Party, as Administrative Agent and Collateral Agent, and the lenders from time to time party thereto, dated as of November 21, 2014, that was attached as Exhibit 10.1 to that certain current report on Form 8-K filed by the Company on November 26, 2014, as amended.
Wasn't going private the reason for the reverse split?
They still plan to delist, so how would this affect current shareholders?
SPDC 1.00+ coming IMO.
8-k out. Edgecomb at the helm and board seat. No layoffs. Looks like restructuring debt by lender. Turnaround coming IMO. NITE has nothing. There are little shares down here. 6 mil outstanding at .04? $250,000 market cap on a company generating 100+ mil in annual revenue? Wait and see.
Focus!! SPDC has 6 million shares outstanding at .04. Do the math. NITE at .50. GLTY
Any news on the law suit? Why is this company keeping a lid on this?
It is after the reverse split. The O/S is 6 mil now.
Who knows I may reinvest after r/s I'll keep an eye on good ole spdc
I'm sure the buyer is happy too. lol
SPDC trading at a $228,000.00 market cap. I see .20+ in coming days which is still well below market cap trading pre split. GLTA
Never this close.
But I'm a gambler at heart and I like the 6 mil O/S. GLTU
Have you never been invested in a pink during a reverse split?
Basically, it would stop trading for a couple of weeks, meanwhile MMs can buy and sell, but public can only buy shares, but they can't sell until the change has "settled" and "D" is removed, pending timing on different brokerages, some Canadian brokerages let you trade instantly, but American brokerages differ, etrade is always the last one to clear trading, but they all let you buy.
SPDC was actually a "real" operation that did product fulfillment for a number for major mail order and internet sellers. Financially tho it's a convoluted mess. I have no interest in it as an investment, but I do follow its business operations.
A few weeks ago one of my favorite slime stocks, MMRF (otc-pink), My Medical Records, pulled a puzzling undersized 1:5 reverse split. MMRF was trading for about a penny before the split and it's around the same price now. You might recall that the CEO's wife is a former porn actress about 25 years his junior.
I had been thinking that perhaps FINRA wasn't okaying large reverse splits but another of my bash targets, SEWC, just did a 1:5000 RS last week, although it hasn't traded under its new name yet. It was a Nevada shell hijacking with a decade-long history of non-compliance... and worse.
I was puzzled by the low ratio for SPDC as well because the one for 16 R/S doesn't adequately raise the share price to qualify for even a higher OTC tier.
I don't know the A/S or the O/S but perhaps they were running out of A/S to satisfy any loan for equity commitments.
Udder than that, beats the heck outta me.
Let's not get ahead of ourselves.
Will my online brokerage account automatically reflect the modified SPDC price on Monday morning? Does anyone know if SPDC actually trades this coming Monday post R/S or does it now cease trading?
Renee, do you see a purpose for SPDC's small [1:16] RS? Perhaps management figures it will spur hope that SPDC will continue to trade and even return to a listed exchange. Yet management has previously said shareholder equity is doomed.
SPDC one for 16 reverse split:
http://otce.finra.org/DLSymbolNameChanges
It's appears to be a gray area.
Specifically, can Speed Commerce legally terminate the registration of its common stock prior to resolution of its ongoing lawsuit with Graffiti Entertainment? It could be argued that those stockholders total more than 300 as well. Does Federal Securities registration rules allow that? Can we assume that SPDC has adequately apprised Federal regulators and have received the green light?
Sorry, just thinking out loud. I'm not an attorney.
Wow. Some shareholders will be wiped out. They owe creditors $120 million? I'm more interested in the SDVI suit and the 50 million need to be paying. The creditors need to be paid last.
SEC Disclosure Document.
"The Transaction is a reverse split of our common stock whereby each sixteen (16) shares of our common stock will be converted to one share of our common stock (the “Reverse Split”), with holders who would otherwise receive a fraction of one whole share after completion of the Reverse Split receiving cash in lieu of such fractional interests in an amount equal to $0.01 per share for each pre-split share that becomes a fractional interest (the cash payment, together with the Reverse Split, referred to as the “Transaction”).
As a result of the Transaction, shareholders owning fewer than sixteen (16) shares of our common stock on a pre-split basis at the close of business on February 19, 2016, the record date of the Reverse Split, will no longer be shareholders of the Company following effectiveness of the Reverse Split, which we anticipate will occur on or around March 30, 2016. Our Board has determined that the $0.01 per pre-split share price to be paid for fractional shares resulting from the Reverse Split represents fair value for a share of our common stock...."
http://www.sec.gov/Archives/edgar/data/911650/000143774916026556/ex99-a3.htm
"Speed Commerce seeks to go private"
"...expects the U.S. Securities and Exchange Commission to act on its request to de-register the stock by the end of March, he says. The company owes its lenders $120 million... "
"To de-register the stock, Speed Commerce proposes a [reverse] stock split that will leave it with fewer than the 300 shareholders required of publicly traded stocks and give existing shareholders one share for every 16 they currently own."
https://www.internetretailer.com/2016/03/16/vendor-speed-commerce-seeks-go-private
The SEC filing mentioned .01 as though
it really meant something. So I suspect this is as low as it gets. Now, it would be nice if management would post something in writing regarding Graffiti lawsuit settlement.
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