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They need to dump em all out at once - that would impress me ALOT.
Coins are gettin restless and want to be invested.
Keep selling morons, this could be worth $1.50 in a week and a half, LMAO, who sells this at .08 cents when we have an equity committee backed by the US Trustee? This is insane.
They're sticking to the 50DMA like glue
I wish they would slam it hard - I got coin on the side waiting to add.
Not to mention someone has a ridiculous trading program going on right now where they're hitting the bid with 1000 shares every few minutes or so, odd. Been like this for over a week now.
Yeah I see a good outcome for this one, although the PPS now does not even come CLOSE to accurately reflecting potential recovery. And someone has been slowly slamming the bid for about 2 weeks now, have to be crazy to sell now
I read the transcript of the phone hearing from start to finish and I think we are gonna be in good shape.
It seems the EC is trying to over reach in their attempt to get Bayside's insider information. They would be much better off if they just concentrate on developing the real value of the Dolan estate. I noticed that DiscoveReady was mentioned so it would be logical that the court is not going to allow the fact that Bayside wants all the goodies for free while dumping the debt on the public company.
I seriously doubt that this will get a confirmation at the end of the month without offering equity something.
JMO
weeeee....this sure is fun isn't it? Nice dumpage going on here. Geez.
No, it's the market makers manipulating it and taking it down on low volume to the 50-day moving average. Not worried here, will be much much higher in the end of May, hearing May 27th
Since its moving down - I will have a chance to load some more.....just gotta get close to the bottom where ever that may be.
Bummer....the chart turned alright...but not the direction that I was hoping for with the 25% haircut today.
I guess it was more of a bearish gravestone doji instead of a bullish inverted hammer...lol
DD22
Well at least we finished in the .12ss versus .11s.
The daily chart technicals could be read to see a Bullish Inverted Hammer Morning Star Doji if combined with the ACC/DIST and upturn of Fast Stochastics and Wm%R.
We'll see if the turn is confirmed Mon-Tuesday.
DD22
Nobody in particular - they seem to working together to lower PPS (i.e. pulling bids with 5000 smacks). There hasn't been any significant selling at the bid, all buying at the ask and still being lowered. I do believe in manipulation, I think they all collectively want more shares cheaper, but there are no sellers. They have to raise PPS in order to include selling, not lower it.
Any particular MM doing the 5K bidwhacking? I can't access Level II right now.
You do realize MMs can legally short a stock in order to "make a market" in it right? For them it's all about creating the transaction fees and staying liquid within a stock.
Of course MMs and traders are "manipulating" the stock. That's exactly what buying, selling and actively trading is all about.
When you take stock YOU are manipulating the trading dynamics of the stock by placing your order.
Sorry, just not a fan of the evil conspiracy "they are manipulating" line we always hear on these forums.
DD22
That may be the case, but they are manipulating the crap out of it right now, I count 10 smacks of 5000 to the bid in a row
Wait for the Turn and MM Shizzle Shuffle as they head North to gain transaction fees and sell accumulated shares from the recent consolidation.
Daily and Weekly Charts and technicals are cooled off and reset to healthy stage again.
After lunch, We Ride!!
DD22
Let's see how many times they can consecutively hit the bid with 5000 shares, LMAO. Being held down for sure by the MM's because no volume. Once news of this one breaks out, watch out. For right now, they can play with the low volume.
Very nice development actually.
More time for Discovery is good for the EC.
DD22
See top of page 3 in that link - the May 1 hearing will only deal with uncontested matters, they are giving the equity committee a month to conduct discovery.
Judge agreed to keep equity committee in tact, and postponed the confirmation hearing until May 27:
http://www.kccllc.net/dolan/document/1410614140429000000000004
Judge agreed to keep equity committee in tact, and postponed the confirmation hearing until May 27:
http://www.kccllc.net/dolan/document/1410614140429000000000004
I think I'm gonna like this judge. The judge must know that those on the hearing call would be insider buying or selling if a decision was done before the market closes.
Short attack trying to break that .126 support level with a close below it. Healthy churning and solid lower volume sideways consolidation is a great sign for now in my book.
The chart will cool off and reset from overbought conditions and we will establish a new higher low from which to assault and break the .15s once and for all IMO.
The ruling update lights the fuse or causes the panic sell...a catalyst one way or the other.
DD22
Not surprised they are trying to shake it right now, manipulating POS's
It always happens when there is not much volume! The important thing is price is holding up! Those fills below .14 were all BUYS! L2 showing the same action as yesterday; Buying in the high .12's and .13's
I've yet to see one substantial sale at the bid, it's all 5000 share bid whacks. Manipulating a-holes
I was going to say that; LOL speculation alone would send this above the .20's and .30's Long term trend is up! $$$$$$$$
This is going to explode in the afternoon IMO
.137 X .141 FANC bidding watch out above! Load now below .15 $$$$$$$$$
Pretty classic manipulation opening dip by the market makers - clearly there were no sellers so now they are back to chasing
Yesterday's Buying before the closing and pps holding above .13 was significant for this to move higher! Chart is detecting a new uptrend forming while consolidating near resistance at .17 a good sign DOLNQ heading higher $$$$$$$$$$
Noteworthy information and I respect your approach. I am almost entirely a chart analyzer and I must agree that news is one of those variables that can throw chart analysis out the window. To much of a risk for me trying to game how big money will perceive news. Many times seemingly good news isn't good enough and boggles the average invester when it tanks...seems like a black and white scenario with the hearing tomorrow, I hope it works out in your favor. Good luck.
That would be totally great except for the fact that there is a hearing tomorrow determining whether or not the Equity Committee will continue forward. A ruling that the committee can move forward sends this skyward, which is the most likely scenario since the Trustee is on the side of the committee.
Chart analysis doesn't work when there are events this important coming up.
lol .126 base... candlestick analysis, clear as day doji after a multiday run; also pulled away from the trendline and stochastics overbought, will test before it can continue up, watch and learn.
This is the exact point I was making about Dolan and the CFO.
Just to show how unprecedented this case is, the same US Trustee was strongly against an Equity Committee in a previous bankruptcy case (as they are in most) - here, it's almost unheard of that they are siding with equity:
Smurfit-Stone Trustee Balks At Equity Committee Bid
Share us on: TwitterFacebookLinkedIn By Leigh Kamping-Carder 0 Comments
Law360, New York (September 24, 2009, 6:53 PM ET) -- The U.S. trustee overseeing the Smurfit-Stone Container Corp. bankruptcy proceeding has joined the creditors committee in opposing a bid from investment manager Caspian Capital Advisors to appoint an official committee of equity holders.
In an objection filed Sept. 23 in the U.S. Bankruptcy Court for the District of Delaware, U.S. Trustee Roberta A. DeAngelis said Caspian failed to demonstrate that equity holders would receive a distribution from the estate and that their concerns would be ignored without the appointment of a committee.
“Caspian is a sophisticated institutional investor who is represented in these cases by competent legal counsel, which only underscores the argument that equity is adequately represented without the formation of an official committee,” she said.
Caspian had argued that Smurfit-Stone is far from insolvent, since it has $7.45 billion in assets, received hundreds of millions of dollars in refunds from the Internal Revenue Service and has trimmed its operating and administrative costs.
But Caspian cited out-of-date numbers and asset values that included Smurfit-Stone's nondebtor subsidiaries, DeAngelis said. The company has closer to $5.4 billion in assets and an equity deficit of $1.37 billion, according to the trustee.
Echoing the debtors and the creditors committee, DeAngelis also noted that Smurfit-Stone's unsecured bonds currently are trading at 62 cents on the dollar.
“This large deficit for these unsecured creditors does not bode well for the likelihood that equity will be able to recover a distribution in these cases,” DeAngelis said.
Moreover, the official committee of unsecured creditors can bolster the equity holders' interests, since both groups are working toward preserving the value of the estate, he said.
An attorney for Caspian, Rachel C. Strickland of Willkie Farr & Gallagher LLP, declined to comment on the trustee's objection.
The creditors committee also has filed an objection, contending that publicly available financial information and the current trading prices of Smurfit-Stone's unsecured debt show that the equity is out of money.
“The committee agrees with the positions advanced by the U.S. trustee and has also objected to the formation of an equity holder committee on many of the same grounds,” said Robert T. Schmidt of Kramer Levin Naftalis & Frankel LLP, an attorney for the unsecured creditors.
Caspian, which said it holds about 14 percent of Smurfit-Stone’s outstanding preferred stock for the benefit of investors, contended in an August motion that the company's finances were improving and the appointment of an equity holders committee would help protect shareholder interests.
The company has received about $294 million in tax credits for using alternative fuel mixtures in its operations and expects to submit further refund claims of about $45 million per month for the rest of the year, Caspian claimed.
Further helping its financial outlook, Smurfit-Stone has closed three converting facilities, announced five additional closings, rejected 30 leases and 100 unfulfilled contracts, and slashed its employee headcount by about 1,000, the motion said.
Before filing the motion in August, Caspian asked DeAngelis to appoint an official equity holders committee, but it said it did not receive a formal response from the trustee.
Paper product maker Smurfit-Stone filed for Chapter 11 protection in January, listing assets of $7.45 billion and debts of $5.58 billion.
Attorneys for Smurfit-Stone did not immediately respond to a request for comment Thursday.
The committee is represented by Pachulski Stang Ziehl & Jones LLP and Kramer Levin Naftalis & Frankel LLP.
Getting some press here Ernie:
Dolan Co.'s Ch 11. Plan Missing Crucial Info, US Trustee Says
Share us on: TwitterFacebookLinkedIn By Matt Chiappardi 0 Comments
Law360, Wilmington -- The U.S. Trustee’s Office blasted Dolan Co.’s Chapter 11 plan and related disclosure statement Thursday in Delaware bankruptcy court, arguing that it is missing crucial financial information and “challenges notions of due process and good faith” by seeking to be fast-tracked even though some claims are impaired.
In a motion before the Delaware bankruptcy court, U.S. Trustee Roberta A. DeAngelis contends that the prepackaged Chapter 11 plan for the business information firm and mortgage default processor lacks required information, including the amount of debt in each class of claim, the reason why general unsecured creditors were not solicited and whether credit agreement claims got a preferential transfer by granting mortgages.
Moreover, the bankruptcy watchdog argues that the plan impairs certain claims by depriving them of setoff and recoupment rights, and current equity holders are getting no distribution at all.
Prepackaged Chapter 11 plans, which typically move through the court on a faster timetable, traditionally have impaired classes of creditors consenting prepetition, but DeAngelis contends that only one creditor class, consisting of five claims, was solicited.
“This Plan has been negotiated with, by and through a handful of parties for their benefit and to the exclusion and prejudice of the debtors’ other creditors and most particularly in this case, of equity interest holders,” the motion states. “Use of the expedited procedures applicable to pre-packaged bankruptcy cases in this manner borders upon a denial of due process. The cumulative effect of this case proceeding as a pre-packaged bankruptcy case is tantamount to an ex-parte Chapter 11.”
DeAngelis also argues that Dolan’s disclosure statement fails to reveal what she says is a “substantial” increase in the interest rate and fees for a prepetition credit agreement administered by H.I.G. Capital LLC affiliate Bayside Capital Inc. — which, under the plan, is slated to have funds managed by it become the debtor’s majority owner through a debt-for-equity swap — in the months preceding the bankruptcy filing.
What’s more, Dolan doesn’t mention valuable net operating losses in its disclosure statement, doesn’t explain what the bankruptcy watchdog says is a $50 million loss in shareholder equity from the petition date to the effective date and doesn’t discuss details of separation agreements with senior management, according to the motion.
Those severance deals, struck about a week before the company sought court protection, aim to pay CEO James P. Dolan nearly $938,000 and Chief Financial Officer Scott Pollei nearly $563,000, but the maximum amount either executive can receive under bankruptcy rules is nearly $49,000 based on a statutory formula connected to the mean average of recent separation pay already doled out, DeAngelis argues.
“The separation agreements violate the Bankruptcy Code and may not be assumed through the plan,” the motion states.
Attorneys for Dolan did not immediately respond to requests for comment late Thursday.
The Minneapolis-based company — which publishes business journals, offers litigation support services and at one point, included a business line that processed residential mortgage defaults in several states — filed for Chapter 11 protection March 24, citing a drop in revenues that stemmed from the so-called robosigning controversy.
Dolan was not one of the entities implicated in the controversy, in which several large financial institutions were accused of foreclosing on homes without human verification on information in related documents. But the wave of high-profile litigation and new regulations that came after curtailed the amount of foreclosure files referred to the company, taking a toll on its bottom line, according to a bankruptcy declaration from Chief Restructuring Officer Kevin Nystrom.
The company listed $236 million in assets against nearly $186 million in total debt and came to court with a prepackaged bankruptcy plan that the court is scheduled to consider May 1.
Under the plan, Bayside would also get 100 percent equity in Dolan's e-discovery firm business, DiscoverReady LLC, which has not filed for bankruptcy protection in the case and would be operated as a separate entity, according to court records.
Outstanding and undisputed general secured claims would be paid in full cash, but existing equity holders would get no distribution, according to the declaration.
The U.S. Trustee is represented by David L. Buchbinder.
Dolan is represented by Laura Davis Jones, Timothy P. Cairns and Michael R. Seidl of Pachulski Stang Ziehl & Jones LLP and Marc Kieselstein, Jeffrey D. Pawlitz and Joseph M. Graham of Kirkland & Ellis LLP.
The case is In re: The Dolan Co. et al., case number 1:14-bk-10614, in the U.S. Bankruptcy Court for the District of Delaware.
--Additional reporting by Benjamin Horney. Editing by Christine Chun.
That is exactly why I want to see clawback filings.
The parachutes to the executives were clearly in exchange for them giving up their stock holdings, I know Dolan had between 2-3 million shares. I'm assuming the convo went something like - "we know you don't want to file BK and give up your equity, but we'll throw you a million bucks to shut you up."
There is no reason to believe the jidge wouldn't allow the EC to counter the noteholders from stealing the assets thru this misguided BK proceeding.
My money says the judge is gonna be very anti company for their slimy attempt to screw everyone except themselves. I would like the trustee to clawback the golden parachutes they gave Dolan and the CFO - if anyone deserves ZERO it is those two characters that bought down this company.
JMO
Seems to be a hearing at 2pm tomorrow - if the judge allows the Equity Committee to remain in tact, we shall explode:
http://www.kccllc.net/dolan/document/1410614140428000000000001
BUY now or cry in the .20's and .30's By thursday or friday! $$$
We will see; Once this breaks .17 a lot more Buyers will be jumping in! $$$$$$$$$
Good Luck. If you are going to hold to at least .17-.18 then might as well hold until .24-.25 for almost a double right??...LOL.
DD22
All in 200K shares from .138 - .14 $$$$$$$$$$$ we should start moving up towards .17 - .18 tomorrow!
DOLNQ seems to be moving much faster than Chemtura on the POR actions to include the formation of an Equity Committee.
Chemtura made it's biggest gains once people realized the majority of the company was healthy and it was just a couple of bad units that had driven up the debt. Meaning once they realized and saw the company had been unfairly valued and beaten down because of emotion and panic. They were in the middle of that 2008-09 crazy period and people were massively afraid and would sell on a hint of bad news.
Fortunes were made off of that one stock and the ride it took.
There were several like it...The Q Plays as we called them.
DD22
So you are BUYING now (Hammering) at .14??? Just want to be clear for later.
LMFAO,
DD22
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