Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Scrooge,
Edit: Never mind.
Over,
03
went goofy there for a bit
just a bounce after the pullback, I assume
I had that one! LMAO...it is/was a CAD POS...did a r\s at some point
Tried all that. Looking for my list and I will seek everyones help. IRS has my sales but doesn't provide me buys as I assume they were symbol changes. Been back thru monthly statements from ETrade and my memory is now shot LOL Will post when I find my list. Thanks One big one was Dejour Resources and I don't see where I bought it
well, post the tickers...maybe someone will know - also, go to PINKSHEETS.COM & enter the current ticker cause in the COMPANY INFO section of an existing company, it giaves all the previous names of that entity...may also want to try www.otcbb.com & do a search there
Thanks Churak, I will try that but can't find some. Being audited from 2004 on a few that I show sold but can't figure out what they were before and now the are something else as well. I am fiueked LOL
if you are able to do a PUBLIC SEARCH on iHub of the existing ticker, look back on what crops up until you hit a post that references the DAILY LIST or ticker change...failing that, there is ADVANCED SEARCH by year...but I have found that you can find ticker changes pretty easily that way
Hello Pat. Thanks for the hello a few weeks back. Need your help on finding old symbols for tax purposes. Could you private message me your #. Been lurking some and saw your hello, but don't have private messaging
hhhhmmmmm....... yet again, they broke out of the rubber room.
RPRX on watch today - Repros Requests Lift of Clinical Hold on Proellex®
I know...just busting your chops
hey...it was only up 40% when I bought it, lol.....but it had CANCER news...I knew traders would react to that...
yeah...needs to be up 80% like ARQL
well...but it's up 30%...I can't buy that! LOL
CHCI - nice profit report & removal of going concern note by Auditors
We're having the same here starting Thursday...looking forward to that!
ahhh....understood...I'm playing tomorrow....and we're having 5 days in a row in the 80's...that ought to get the bermuda going!
No golf until Thursday...
Upgraded to DSL over the weekend and it has not been a smooth process...was off-line all afternoon yesterday...
you need to lurk day and night...after golf even, lol....
welcome to my world
Yeah...just got caught up with the Bounce board posts...always the last to know...lol
yeah...time to buy was AH yesterday in the .60s...lol...
GNVC down huge on news...
GOVX - gonna watch this POS today - GeoVax Labs Granted Allowance By FDA to Start Phase 1 Clinical Trial For HIV/AIDS Therapeutic Vaccine
SOMX - unfreakingbeal
VSTNQ might be interesting tomorrow - Ad Hoc Equity Committee Sends Letter to Board of Directors of Visteon Corporation
Date : 03/25/2010 @ 7:50PM
Source : PR Newswire
Stock : Visteon Corp (OTC) (VSTNQ)
Quote : 0.885 0.075 (9.26%) @ 4:51PM
Ad Hoc Equity Committee Sends Letter to Board of Directors of Visteon Corporation
Ad Hoc Equity Committee Sends Letter to Board of Directors of Visteon Corporation
PR Newswire
NEW YORK, March 25
NEW YORK, March 25 /PRNewswire/ --
Dewey & LeBoeuf LLP, acting on behalf of Ad Hoc Equity Committee, sent today a letter to the Board of Directors of Visteon Corporation (Pink Sheets: VSTNQ). Following is the full text of the letter:
March 25, 2010
Board of Directors of Visteon Corporation
c/o Kirkland & Ellis LLP
601 Lexington Avenue
New York, NY 10022
Attn.: Jamie Sprayregen, Esq.
Marc Kieselstein, Esq.
Re: In re Visteon Corporation,
Chapter 11 Case No. 09-11786 (Jointly Administered) (CSS)
Dear Members of the Board of Directors:
As you know, we represent an ad hoc committee of equityholders (the "Ad Hoc Equity Committee"), the members of which collectively hold 7.87% of the outstanding common stock of Visteon Corporation (the "Company" or "Visteon").(1) The Company's most recently proposed chapter 11 plan, dated March 15, 2010 (the "Plan"), completely ignores the true value of the Company and, accordingly, wrongfully extinguishes shareholders and must be revised. Delaware corporate law requires a shareholder vote to sell substantially all Visteon's assets, but the Company is undertaking to effectuate the same result as a transfer of virtually all of Visteon's assets to certain creditors without a shareholder vote.
As with the initial chapter 11 plan proposed by the Company, the recent Plan is based on an unrealistically low valuation of the Company and its assets and a suboptimal capital structure, which together provide an indefensible windfall to the Company's secured lenders at the expense of the Company's other creditors and shareholders. The Ad Hoc Equity Committee's analysis shows the Company is worth significantly more than the Plan and Disclosure Statement would lead the Court, creditors, and equityholders to believe for the following reasons, among others:
First, as pointed out in our letter dated March 8, 2010, the Company's prior projections must be viewed with a healthy dose of skepticism. (2) Relative to the improving macroeconomic picture, consensus assumptions for worldwide production volume growth in the industry and the improving market positions of the Company's largest customers, the Company's top line projections appear to present an unreasonably low revenue forecast.
Second, given the Company's successful cost cutting (including exiting all of the Company's US manufacturing operations, which will have the effect of lowering manufacturing costs significantly) and general margin improvement illustrated in Q3 and Q4 of 2009, it appears the projections do not reflect the operational improvements the Company has achieved.
Third, the Company's valuation of its equity in its non-consolidated joint ventures is far below their fair market value. The Company values all these joint ventures at $195 million or about 5 times 2009 dividends, 2.5 times 2009 net income and 65% of 2009 book value. Our financial advisors are willing to provide you with numerous examples of comparable Asian automotive suppliers, which currently trade at forward net income multiples in the teens. If the Company truly considers $195 million to be a fair value for its non-consolidated joint ventures, the Ad Hoc Equity Committee recommends the Company offer these assets to the Ad Hoc Equity Committee at that price.
Fourth, the Company inappropriately values its 70% stake in Halla Climate Control Corporation ("Halla") on a consolidated basis (using a market multiple in-line with US comparables, not the higher multiples afforded to Halla's Asian competitors), and then subtracts out the market value of the 30% of Halla not owned by the Company. This creates an artificial, negative multiple arbitrage that results in a lower valuation. Halla's value should not be up for debate or manipulation, as shares of Halla trade publicly; at the most recent closing price of Halla shares at current exchange rates, Visteon's stake in Halla is worth $915 million before any premium for Visteon's control position. A proper valuation of Halla would assign a premium to the current trading price for Visteon's controlling interest in this valuable enterprise. The Company's position that its 70% stake is worth ratably less than the 30% minority stake is not only incorrect but is also troubling.
Put simply, the sum of the Company's $1.1 billion of cash on its balance sheet as of December 31, 2009, its $915 million stake in Halla (before including a control premium) and the Company's overly-conservative valuation of the non-consolidated joint ventures is in excess of the Company's estimated valuation in the Plan, before including any value for Visteon's core business, which the Ad Hoc Equity Committee, Ford and the Company's other customers firmly believe has value. Furthermore, using a reasonable valuation of both the Company's non-consolidated joint ventures and Visteon's core business (ex-Halla) together with the Company's cash and the public market value of Halla would result in a total valuation well in excess of the $3.1 billion of total claims against the Company, leaving significant value for shareholders. (3)
The Ad Hoc Equity Committee is eager to learn more about the Company's motivations and processes by which it arrived at its valuations and reserves all rights to seek discovery on this issue and all issues.
Additionally, there are more optimal capital structures which preserve, create, and distribute value more fairly to all of the Company's stakeholders. Any such structure should reinstate the existing bank debt or provide the bank debtholders with a new note at the lowest interest rate the law allows, and we urge the Company to do so.
Based on the Ad Hoc Equity Committee's projected cash flows (and even using the Company's onerously conservative projections), Visteon has ample cash flows to support both this interest expense as well as annual contributions to its domestic pension plans. Furthermore, the Company will generate significant cash over the projection period to address future maturities. Therefore, the notion that Visteon must be free of long-term debt is an unreasonable view that directly robs equityholders of value resulting from the preservation of the Company's bank debt at an attractive interest rate. There are many comparable companies in the automotive sector, domestically and internationally, that have debt. Indeed, several of these comparable companies have emerged from bankruptcy with leverage and yet continue as important suppliers to Ford as well as to other Visteon customers.
The Company should also consider distributing shares of Halla to its guaranteed note holders. While the Ad Hoc Equity Committee believes there is great value to the Company's majority ownership in and control of Halla, the Ad Hoc Equity Committee also believes there is very little incremental value or strategic benefit from owning 70% of Halla, as opposed to owning 51%.
Finally, the Company should satisfy remaining unsecured bonds with a combination of cash and convertible preferred securities. Cash can come from either excess balance sheet cash, or a $200 million rights offering. (4) The convertible preferred securities should contain a mandatory dividend payable in securities at the Company's option at an appropriate rate, be callable at the Company's option, and be convertible into common equity in certain circumstances. Such a structure would enable Visteon to reinstate its existing equity (subject, of course, to dilution for the rights offering, if necessary, a management incentive plan, and the convertible preferred securities described above). Designed properly, such a structure ought to preserve the value of the Company's significant net operating losses.
The Ad Hoc Equity Committee reserves its rights to seek termination of exclusivity to propose a plan and/or seek the appointment of an examiner to protect its interests, as well as all other rights granted by the Bankruptcy Code. The appointment of an examiner may be particularly appropriate given the wide gulf between the Company's prior projections and actual results, the limited changes made in the Plan, and the issues the Company's Plan raises as to whether the Company and its Board are carrying out their fiduciary duties.
Of course, the Ad Hoc Equity Committee's preference is to work collaboratively with the Board, management, and the Company's other stakeholders to ensure a consensual chapter 11 plan that treats all stakeholders fairly, and rewards management for improved performance. The shareholders are the Company's owners, and we trust the Board and management will act in accordance with the shareholders' best interests consistent with their fiduciary duty.
We look forward to your response.
Sincerely,
Martin J. Bienenstock
MJB/ds
(1) The members of the Ad Hoc Equity Committee may also hold other Visteon securities from time to time.
(2) As we noted in our letter, the projections in the Disclosure Statement, dated December 17, 2009, issued in support of the debtors proposed plan just two weeks before the end of the 2009 fiscal year, egregiously understated actual income and cash as of the end of 2009. Additionally, the Company's projections did not materially change from December 17, 2009 to March 15, 2010 notwithstanding its proven understated 2009 projections.
(3) The Company improperly considers only "excess cash" as part of its valuation, and not "total cash". We are well advised by the Company that much of the Company's $1.1 billion of cash is located overseas and not able to be repatriated without tax consequences and understand that dividends from the Company's affiliates which are not wholly-owned are uncertain. But neither of these facts allows the Company to simply ignore the value of these assets and hand them over to senior creditors at the expense of other stakeholders to whom it owes fiduciary obligations to preserve value.
(4) While the Ad Hoc Equity Committee doesn't believe the Company needs additional liquidity, the Ad Hoc Equity Committee is willing to demonstrate its fundamental belief that the present Plan undervalues the Company by agreeing to participate in such a rights offering. The rights offering would be offered first to existing equity holders and then to unsecured claimholders if they would like to participate. To ensure full subscription, the members of the Ad Hoc Equity Committee will consider backstopping the rights offering, which would be subject to standard and customary conditions.
SOURCE Dewey & LeBoeuf LLP
CSRH - interesting news today - http://ih.advfn.com/p.php?pid=nmona&article=42083520&symbol=CSRH
APCVZ...might want to keep an eye on that one today...gonna be goofy on FDA approval
hope it works...lol
yahoo...anything for a pump I guess...
SOMX - YAHOOLIGANS are talking about a possible buyout over the weekend????? WOWSERS...
ZANE - Zanett's Stock Refuses to Die
By Robert Holmes 03/18/10 - 07:01 AM EDT
Loading Comments...
Add CommentStock quotes in this article: ZANE NEW YORK (TheStreet) -- Zanett (ZANE) has become a hot topic in the world of small-cap traders, as the stock's 1,000% surge this month has baffled those who refuse to call the IT solutions company a comeback king.
More on ZANE
Pushing It to the Maximus: Under the RadarStocks Facing Delisting DeadlinesZanett, Conexant: Early Volume PlaysMarket Activity
Zanett Incorporated| ZANE DOWNZanett made headlines on March 3 when it acknowledged it would receive a second delisting notice from the Nasdaq after it failed to meet the exchange's minimum bid price requirement before the March 15 deadline.
One day later, Zanett announced the closing of over $12 million in new business during the first two months of 2010, which have sent shares up tenfold from 30 cents.
That jump in share price has brought out skeptics who are attempting to poke holes in the company's survival story. Although Zanett's stock continues to fly high, short traders argue that with a tiny amount of cash on hand and diminishing revenue, Zanett's fundamentals are poor and shouldn't support this type of rally.
A key argument in favor of short traders is that Zanett's stock has been in a downtrend for years. Shares traded above $260 on a split-adjusted basis in June 1996. Since then, though, the stock has lost nearly 99% of its value, even when taking the recent jump in share price into account.
One of the other major criticisms leveled against Zanett is that the company had only $87,602 in cash equivalents at the end of the quarter ended Sept. 30, 2009, which is down sharply from a balance of $450,304 as of Dec. 31, 2008. As one Zanett short trader joked on Twitter, "My Ameritrade trading account has more cash then they do."
Zanett's small cash level is made to look more miniscule by the $13 million in debt the company is carrying.
Detractors will also point out that Zanett saw revenue fall 22% in the same quarter to $9.9 million, which the company blamed on the weak economy and decreased demand in the IT industry.
Of course, Zanett's management is more upbeat about the company's prospects. When announcing the $12 million in new business in 2010, Zanett's management said that, at this rate, the first quarter will easily overtake the fourth quarter, when $13.7 million in contracts closed.
http://www.thestreet.com/_yahoo/story/10705594/1/zanetts-stock-refuses-to-die.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA
your luck sounds worse than mine!
today's hard luck story...so as I have posted, I've been watching VHC for eons...decided to buy @ the open after the settlment is announced...put in for 6.9 & got filled 6.85 & 6.87 after the first tank. Right after I'm filled, I get a quote & see it's 7.50...holy cow I think...I'm gonna sell...go to put in a sell and.....shares haven't been posted to my a\c yet...keep hitting refresh on the current holdings...nada...by the time the account updates...it wan't 7.50 but rather 6.75...and so it goes...into the shttr....
nope... I need 10+ by Friday...lol
XNPT 9.60's isn't helping you any?
wow...you suk also...lol
lmao...that's exactly where my sell is!
ZANE looked good there for a nanosecond...had a sell @ 2.79 but no fill
yesterday wasn't good for it...
XNPT trying for ya...
I guess if it had big volume I'd be concerned about the slow tank...doesn't take much to move it either way
Me too although I'd like the rest to fill...only got 400...lol
Everyday I see and often play (sometimes successfully) stocks that are up or down a ton in pre market. For example, these might have moved huge on minor news and irrational exuberance into open creating a highly inflated or deflated PPS. This turn around 9:35-9:45 a.m. EST on these plays is often the EASIEST and must lucrative play of the day. Especially on the very liquid mid or large caps with underlying options.
This board is dedicated to the a.m. bounce or reverse bounce into open of the U.S. Markets. Specifically a stock club that scans a.m. gappers or tankers and looks to capitalize on the sharp a.m. turnaround.
I really would love some participation from like minded individuals who would like to work together and truly capitalize on the a.m. reversal.
My idea is to get in and make an a.m. scalp on this volility and call it a day. For more on showmanship and leaving on a high note please take a lesson from George Costanza http://www.youtube.com/watch?v=QpUyb37CFT4
#1 RULE: From 7:00 a.m. EST to 10:00 am. EST lets work hard to identify that play and/or plays that have made a very unjustified move and we can make some cash off the volitility. Thanks to all for your participation in this objective.
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |