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huge bid! at 0.0038 and all ask dissapear immideatly when bid came to 0.0038
someone wants big, none fore sale
TY SB! I had no idea. Much Appreciated! EM
The only statement that TOUS shareholders need to know is :
" Current holders of TOUSA common stock will receive no distribution , and those securities will be canceled and shall be of no further force or effect . "
Shareholders get wiped out completely .
Renee
TOUSQ Merger Play. Low Risk/High rewards. EM
TOUSQ about to Wake UP!!! Another LFGRQ! EM
Extinguishes Over $1.6 Billion in Bond Debt and Other Unsecured Obligations
HOLLYWOOD, Fla., Oct. 14 /PRNewswire/ -- TOUSA, Inc. (Pink Sheets: TOUS) and certain of its subsidiaries, today announced the filing of their Plan of Reorganization (the "Plan") and related Disclosure Statement (the "Disclosure Statement") with the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division.
"The filing of our Plan of Reorganization is an important achievement and we are excited to announce this development. We have made significant progress over the past nine months in restructuring our operations and have transformed our business in this very difficult market environment. Our 'stand-alone' Plan of Reorganization includes a substantial reduction in our debt obligations, allowing us to emerge from Chapter 11 with a stronger balance sheet and greater financial flexibility that will position TOUSA to compete effectively in the industry and to continue to deliver quality homes to our customers," said TOUSA CEO and President, John R. Boken.
Key provisions of the Company's Plan, as filed with the Bankruptcy Court, include:
The conversion of more than $300 million in Second Lien debt to equity and full ownership of the restructured enterprise, subject to the outcome of certain litigation.
Use of the Company's significant cash balance at emergence, which is expected to be in the range of $125 million to $145 million, to fund operations post-emergence.
The extinguishment of approximately $1 billion in bond debt and approximately $600 million of other unsecured obligations.
The creation and funding of a litigation trust for the purpose of continuing to pursue certain claims, including the Creditors' Committee Action, challenging the liens of certain secured creditors of TOUSA, and the distribution of litigation trust interests to unsecured creditors, while at the same time preserving the status quo of the relative rights, claims and defenses of all parties to the Committee Action, including the defendants named therein.
Issuance of new first lien debt to the Company's first lien bank creditors such that they will receive full payment of their claims, subject to the outcome of certain litigation.
Issuance of $15 million in new second lien debt to the Company's second lien bank creditors in partial satisfaction of their claims, subject to the outcome of certain litigation.
Current holders of TOUSA common stock will receive no distribution, and those securities will be canceled and shall be of no further force or effect.
"The filing of our Plan of Reorganization represents the culmination of an extensive effort to identify and pursue numerous opportunities to restore TOUSA's financial health and maximize recoveries for our creditors. As we move through the next stages of this process, we will continue to work closely with the holders of our second lien debt, and our other creditor constituencies, to explore potential variations that may result in modifications to certain aspects of the Plan of Reorganization," added Mr. Boken.
Upon emergence from Chapter 11, the TOUSA enterprise will continue to be a leading national homebuilder. Moreover, the Company's non-debtor affiliates Universal Land Title, Inc., Preferred Home Mortgage Company and Alliance Insurance and Information Services will remain an integral part of Company operations and an important element of TOUSA's service offering.
VLF
July Sales 90 Million
gross profit 7.5 million
net -25 million
Inventory remaining 1.1 billion
If the real estate market starts turning up, then it should be easy to turn the business around and start generating net profits again.
This is about where the plan suggested we would be at this time.
wah!
no news...market down....tous down (modestly).
nobody here , either..
larger volume today ...and down...not so good right now. any opinions.........?
Anybody round here!!! Duff, I enjoyed your info. on TOUSA. It helped me understand what is going on with the company as I'm new to this trading stuff.
sorry for my incorrect spelling on prior post! :(
hold and hold until BK decision is over. eceonomy is getting worse in general. Houses are foreclosed or sold lower than sevceral years ago. Even if they still have hmoes to seel , doesnt mean that they make money. But I still own shares for that small chance that it will be OK and go to $1
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