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here it is 1 year later at less than half a penny, i remember i traded this at 1.25
LOL, Thx, I was only in short term looking for about 10-15%, but nice surprise!
LOL congrats :)
2x22 1x23 bid, lol, my bundle is ready for a sell-off into the happy weekend
wauw! solid bid at .02 can't stop this (for a time)
WTF didnt expect that
oh wow.... i remember holding this stock in 6-7 range within the past year for an intraday or two swing...
actually didnt work out in my favor but HOLY
.03??!?!?!!!!!?!?!?!
wooooooooow
Save your BRLC shares just like you're saving your Confederate money! The South and BRLC will rise again! What a bargain, pick up some shares for a few pennies!!!!! Man, this really bites and I'm glad I didn't get back in....those guys were a bunch of crooks to treat the stockholders this way....I'd never invest in their companies EVER again since they belong in JAIL with ENRON and Worldcom.....
Well. Crapola... Thanks BHS... Damn it.
I sold this morning. I think I read once bankruptcy is filed in a month, stock will be worthless. Worse investment I ever made. Makes me sick.
Harvey
Common Shareholders get nothing in this Bankruptcy.
However, the pps will likely fluctuate over the next few months while this is worked out. But after today, it never again will trade at this level so sell what you have today.
Syntax-Brillian Announces Asset Purchase Agreement, Files Voluntary Petition for Chapter 11 Reorganization to Facilitate Sale
Transaction Designed to Strengthen the Supply Chain for the Olevia Brand Vivitar Excluded From Syntax-Brillian's Chapter 11 Filing; Continues to Conduct Business as Usual Syntax-Brillian to delist from NASDAQ Announces Additional Management and Board Changes
Jul 8, 2008 2:45:00 AM
Copyright Business Wire 2008
TEMPE, Ariz.--(BUSINESS WIRE)--
Syntax-Brillian Corporation (Nasdaq: BRLC), a leading manufacturer and marketer of LCD HDTVs, digital cameras and consumer electronics products, today announced that, pending court approval, it has entered into an asset purchase agreement to sell certain of its assets to a newly-created company, Olevia International Group, LLC, which is under common ownership with TCV Group. TCV Group is one of Syntax-Brillian's original partners for industrial and mechanical design and it provides the plastic injection molded parts for the Olevia branded high-definition widescreen LCD televisions. Under the terms of the transaction, in exchange for the purchased assets, Olevia International Group has agreed to assume $60.0 million of Syntax-Brillian's secured debt.
Concurrent with this announcement, Syntax-Brillian filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Company filed a motion pursuant to Section 363(f) of the Bankruptcy Code to seek Bankruptcy Court approval for the sale. The proposed sale is subject to higher and better offers, bankruptcy court approval and other conditions customary in a transaction of this type. The Company anticipates closing this transaction by August 31, 2008.
"Following a careful review of all of our alternatives, Syntax-Brillian's management and Board of Directors - working in close consultation with outside legal and financial advisors - unanimously determined that a sale, expedited through the Chapter 11 process, represents the best long-term solution for our retail partners, suppliers, employees and consumers," said Gregory F. Rayburn, Interim Chief Executive Officer at Syntax-Brillian. "This process will allow us to operate business as usual, even as we address liquidity and leverage issues experienced in the past year. It will allow us to honor our commitments to our retail partners, suppliers, employees and consumers, continue to advance initiatives that improve and develop our product lines, and better position us to capitalize on the demand for our products going forward."
"We believe the proposed transaction would enable us to stabilize our business and execute on our growth prospects," Mr. Rayburn continued. "Moreover, we believe the purchaser would gain a competitive advantage by being the first in the LCD TV industry to unite design, sourcing, manufacturing and delivery of HDTV products under common ownership."
The Chapter 11 filing includes all of Syntax-Brillian's subsidiaries with the exception of Vivitar, the Company's brand of digital still and video cameras. Syntax-Brillian has initiated a process for the sale of Vivitar, which will occur separately from the Chapter 11 filing announced today. In the interim, Vivitar continues to conduct business as usual.
Syntax-Brillian intends to continue normal business operations at all of its facilities, consistent with its obligations as a Chapter 11 debtor-in-possession (DIP) under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. The Company is currently in negotiations with lenders to secure DIP financing, which will provide the working capital and financial resources necessary to fund the transition to new ownership.
The Company is seeking, and expects to receive, approval for a variety of first day motions, including requests to make wage and salary payments, honor existing employee benefits, continue certain customer programs and pay suppliers for goods and services delivered after July 8, 2008.
NASDAQ Delisting Expected
The Company also announced today that on July 1, 2008, it received a letter from the Nasdaq Stock Market notifying the Company that for the last 30 consecutive trading days its common stock has closed below the minimum $1.00 per share requirement for continued inclusion under marketplace rule 4450(a)(5). Syntax-Brillian has been provided 180 calendar days, or until December 29, 2008, to regain compliance.
Due to filing a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court, the Company does not intend to attempt to regain compliance with this marketplace rule and expects that its common stock will be delisted from the Nasdaq Global Market within the next 10 days.
Syntax-Brillian expects that shares of its common stock will have no value as a result of the reorganization and subsequent transaction.
Management and Board Changes
The Company also announced today the resignation of several directors. Effective June 30, 2008, Vincent F. Sollitto, Jr, James Ching Hua Li, Bruce Berkoff, David Chavoustie, Yasushi Chikagami, and Max Fang, resigned as directors of the Company. Following these resignations, Michael Garnreiter constitutes the sole member of the Board of Directors. Furthermore, on July 2, 2008, the Board of Directors terminated James Ching Hua Li as President and Chief Executive Officer. Gregory F. Rayburn remains Interim Chief Executive Officer of the Company.
About TCV Group:
TCV Group is one of Syntax-Brillian's original partners for industrial and mechanical design and provides plastic injection molded parts for Olevia branded high-definition widescreen LCD televisions. It is currently one of the OEM/ODM partners for Syntax-Brillian, manufacturing LCD televisions using its own vertical integrated facilities within TCV Group and its strategic partners in the LCD TV industry.
About Syntax-Brillian:
Syntax-Brillian Corporation (www.syntaxbrillian.com) is one of the world's leading manufacturers and marketers of LCD HDTVs, digital cameras, and consumer electronics products. The Company's lead products include its Olevia(TM) brand (www.Olevia.com) high-definition widescreen LCD televisions -- one of the fastest growing global TV brands -- and Vivitar brand (www.vivitar.com) digital still and video cameras. Syntax-Brillian has built an Asian supply chain coupled with an international manufacturing and distribution network to support worldwide retail sales channels and position the Company as a market leader in consumer digital entertainment products.
Forward-looking Statements:
Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and Syntax-Brillian intends that such forward-looking statements be subject to the safe harbor created thereby. Syntax-Brillian cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include changes in markets for the Company's products; changes in the market for customers' products; the failure of the Company's products to deliver commercially acceptable performance; the ability of the Company's management, individually or collectively, to guide the Company in a successful manner; and other risks detailed in Syntax-Brillian's Annual Report on Form 10-K for the fiscal year ended June 30, 2007 and subsequent filings with the Securities and Exchange Commission.
Brillian and Vivitar are trademarks or registered trademarks of Syntax-Brillian Corporation. All other trademarks are the property of their respective owners.
Source: Syntax-Brillian Corporation
----------------------------------------------
FD for Syntax-Brillian Corporation
Kal Goldberg or Hannah Sloane
212-850-5600
or
Sarah Brown
415-293-4428
The Blue Horse Shoe Saloon Email ALERTS
http://investorshub.advfn.com/boards/chairmail_sub.asp?board_id=9665
still baffled that BRLC trades at these levels
We're off SHO, but CINN is still there churning shorts. So... we wait.
Yep, I'm watching and waiting on this one...sad to see it is the price of a soda or 3 packs of cheap Ramen noodles....
Not much... CINN is still churning the stock, so they are still cleaning up a bit. Nonetheless, I am watching and expect the holidays (LCD sales) to be bright.
What happened here since getting off the SHO? Still on my watch list...
CINN is out of help -- now the market is pushing them up :o) Hehehe idiots. That's what you get for shorting 10%+ of the float.
Agreed... if we can squeeze our way there, I'll take it :)
Be nice to see us back over $1...
We made a good play here... this squeeze is paying nicely.
Yep testing .65 now!
It's looking good... we called that bottom!
Well, I have to admit, this is volatile... I like it.
I'm hoping for a big squeeze...
Bought in here on Tues. Looks like a little squeeze action is on the horizon.
I think we're starting to clean up :)
Beacon has trading notes on BRLC -- check your wire service.
Slow but good... Squeeze that CINN shorting bastard.
It's a slow squeeze, fine with me... I'll take the money!
I think the squeeze is starting...
Despite all the churning w/ CINN covering, I am still 100 up. LOL. This will be nice when the short finishes.
Well, we're green today... so we must be close.
Got to be a bottom somewhere...
Well, you have to make you own choice, but I am building a position with the extra cash I keep on hand. Come the holidays (when LCDs sell), BRLC should do quite well.
Also when we get word of SEC forms being complete and mgt getting settled, that'll be good moments as well. As for now, I just buy the bottoms.
Does anyone really think that BRLC is in a good buy position at .49? I lost a handful of dimes on it over the past six months, and would love the opportunity to make it back. At .49 a share I might invest what I would on a tank of gasoline for my vehicle on it! Anyone agree on this being a solid company that is merely having trouble, and therefore a good buying opportunity or should I run like heck and keep investing in Visa? Thanks for your frank judgments up front, and I look forward to your responses.
Well, SHO got the SEC's attention now!
SEC Response - File HO1280992
Dear Mr. 'Bubbles',
Thank you for your email and taking the time to alert us to your concerns regarding Syntax-Brillian Corp. We appreciate the opportunity to review your correspondence.
Please be assured that we will carefully consider the information contained in your correspondence. However, we cannot tell you whether or not we will-or have already begun to-look into the issues raised in your correspondence. This is because the SEC generally conducts its investigations on a confidential basis. We also cannot provide you with updates on the status of your complaint. We know this policy can be frustrating, but it protects the integrity of our investigative process and preserves the privacy of the individuals and entities involved. Our policy is more fully described below.
Once again, thank you for your correspondence. Investor complaints alert the SEC to securities fraud and abuse and are often the first indicators of wrongdoing. I hope this information proves helpful to you.
Sincerely,
David Powers
U.S. Securities & Exchange Commission
oiea@sec.gov
Definetly looks like a bottom...
It'll be slow as we work out the short. But I am glad to see it's bottomed and slowly working up.
Man, I hope this stock goes up but I'm not sure I'm willing to risk it; I already lost quite a bit on this one when it was $5-6... with the management change hopefully it will turn around but I can almost see them going out of business or getting bought out with a deal that stiffs stockholders....however, the .50 per share price is probably a good time to buy again...can't imagine it going even lower with the size of BRLC and the Feb 2009 deadline looming.
SRS Labs Partners With Syntax-Brillian to Bring 5.1 Surround Sound to New Olevia LCD HDTVs
Wednesday June 11, 8:00 am ET
- New Olevia 2 Series & 6 Series LCD HDTVs to feature SRS TruSurround XT(R)
- Consumers to experience 5.1 virtual surround sound from built-in TV speakers
SANTA ANA, Calif., June 11 /PRNewswire-FirstCall/ -- SRS Labs, Inc. (Nasdaq: SRSL - News), the industry leader in surround sound, audio and voice technologies, announced today that U.S.-based Syntax-Brillian (Nasdaq: BRLC - News) has licensed SRS TruSurround XT surround sound technology for their 2 Series and 6 Series brand LCD HDTVs.
ADVERTISEMENT
(Logo: http://www.newscom.com/cgi-bin/prnh/20070322/LATH036LOGO)
Syntax-Brillian, one of the fastest growing TV brands, selected SRS Labs as their audio partner because of the unique and demonstrable features of SRS' advanced sound enrichment technologies. SRS TruSurround XT deployed in Olevia LCD HDTVs processes multichannel audio content found in television shows and movies to create an immersive surround sound experience over the TV's built-in stereo speakers. Olevia LCD HDTV customers will feel as if "phantom" speakers are placed around them, producing an amazing surround sound effect, without the clutter, wires, added expense or complexity of a multi-speaker configuration.
"SRS TruSurround XT is not only easy to integrate into our platform, but, more importantly, provides our customer's with a high-quality, immersive audio experience that matches the rich, vibrant images of our new lineup of Olevia LCD HDTVs that we plan to introduce this Summer," says Sam Miller, Senior Vice President of R&D for Syntax-Brillian. "We're happy to be working with an innovator like SRS Labs and look forward to developing our partnership further in the future."
According to the Consumer Electronics Association (CEA), 76% of all flat panel TVs are used without a separate audio amplification system. Yet, the CEA also found that consumers consider audio to be nearly as important as video in terms of importance in an entertainment system. Further, SRS Labs' MarketTools study found that over 71% of HDTV buyers indicated that "audio quality" was their 3rd most important buying criteria out of a list of 18. By featuring SRS TruSurround XT in Olevia LCD HDTVs, Syntax-Brillian is providing consumers a convenient solution to experience the full extent of the surround sound capabilities built into DVD movies and TV programs.
"We are very excited about our new partnership with Syntax-Brillian. The combination of their leading edge designs and our ability to fine tune and customize our world-class sound enrichment solutions to optimize the overall performance of their Olevia LCD TVs enables us to provide today's demanding AV consumers with the best possible entertainment experience," said Allen Gharapetian, Vice President of Marketing for SRS Labs.
Beginning this Summer 2008, Syntax-Brillian will ship the new 2 Series and its 6 Series Olevia LCD HDTVs with SRS Labs' TruSurround XT to its North American retailers. Olevia LCD HDTVs range in size from 26-inches to 65-inches.
About Syntax-Brillian
Syntax-Brillian Corporation (http://www.syntaxbrillian.com) is a leading designer, developer, and distributor of LCD HDTVs, digital cameras, and consumer electronics products. The company's lead products include its Olevia(TM) brand (http://www.Olevia.com) high definition widescreen LCD televisions -- one of the fastest growing global TV brands -- and Vivitar brand (http://www.vivitar.com) digital still and video cameras. Syntax-Brillian has built an Asian supply chain coupled with an international manufacturing and distribution network to support worldwide retail sales channels and position the company as a market leader in consumer digital entertainment products.
About SRS Labs, Inc.
Founded in 1993, SRS Labs is the industry leader in audio signal processing for consumer electronics. Beginning with the audio technologies originally developed at Hughes Aircraft, SRS Labs holds over 150 worldwide patents and is recognized by the industry as the foremost authority in research and application of human auditory principals. Through partnerships with leading global CE companies, semiconductor manufacturers and software partners, SRS audio, surround sound and voice processing technologies have been included in over one billion electronic products sold worldwide including HDTVs, mobile phones, portable media devices, PCs and automotive entertainment. In fact, SRS Labs is the de-facto standard of HDTV audio processing with nine of the top ten name brand flat panel TVs featuring SRS technology. Additionally, SRS Labs surround sound solutions provide the professional broadcast and recording industries with high-performance production, back-haul, storage, and transmission capability. SRS Labs supports manufacturers worldwide with offices in the US, China, Europe, Japan, Korea and Taiwan. For more information, visit http://www.srslabs.com.
Except for historical information contained in this release, statements in this release, including those by Mr. Gharapetian, may constitute forward-looking statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events that are based on management's belief, as well as assumptions made by, and information currently available to, management. While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that the Company's goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect the Company's actual results and may cause results to differ materially from those expressed in forward-looking statements made by or on behalf of the Company. Some of these factors include the acceptance of new SRS Labs' products and technologies, the impact of competitive products and pricing, the timely development and release of technologies by the Company, general business and economic conditions, especially in Asia, and other factors detailed in the Company's Form 10-K and other periodic reports filed with the SEC. SRS Labs specifically disclaims any obligation to update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.
SRS Labs, Inc. Contact: Press Contact:
Cyndee Pelino, Sr. Marketing Manager Jim Noyd, Noyd Communications Inc.
949-442-5518 310-374-8100
cyndeep@srslabs.com jim.noyd@noydcom.com
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8-Jul-2008
On July 7, 2008, we and two of our wholly owned subsidiaries, Syntax Groups Corporation and Syntax-Brillian SPE, Inc., entered into an asset purchase agreement with Olevia International Group, LLC, an affiliate of TCV Group, one of our original partners for industrial and mechanical design and a current provider of plastic injection molded parts for our Olevia-branded high-definition LCD televisions. Under the terms of the asset purchase agreement, Olevia International Group, LLC will assume $60.0 million of our secured debt in exchange for the purchased assets. The asset purchase agreement is subject to the approval of the United States Bankruptcy Court for the District of Delaware in connection with the filing of our voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code as more fully described in Item 1.03 of this Current Report on Form 8-K.
The description of the material terms of the asset purchase agreement, attached hereto as Exhibit 10.85 and incorporated herein by reference as if set forth in full, does not purport to be complete and is qualified in its entirety by reference to such exhibit.
Item 1.03. Bankruptcy or Receivership.
On July 8, 2008, we and two of our wholly owned subsidiaries, Syntax Groups Corporation and Syntax-Brillian SPE, Inc., filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. We will continue to operate our business and manage our properties as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code.
A copy of the press release relating to the foregoing is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Board of Directors
Effective June 30, 2008, Vincent F. Sollitto, Jr., James Ching Hua Li, Bruce Berkoff, David Chavoustie, Yasushi Chikagami, and Max Fang resigned as directors of our Company.
Refernece: http://biz.yahoo.com/e/080708/brlc8-k.html
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