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There was a lot of loading this morning, now manipulation on low volume to scare sellers
Lots of dumping (or loading) at the bid today.....wonder how the hearings are going?
Market makers are surely having fun manipulating it today
I wonder how the disclosure hearing is going. Anyone on the call who can provide updates?
Transcipt to the telephonic hearing on May 15 was loaded to KCC, as an attachment to docket 362. The equity committee won this telephonic hearing for production of a valuation report from Mesirow - it seems the judge and trustee here are leaning in the equity's favor so far . . . .
I can't believe there wasn't more speculative buying today, next trading day is the day of the hearing.
ErnieBilco, yep I've learned a long time ago "you win some and you loose some" Have a great night all here and good luck to all here.
Ohhhhh, that is the drawback on the IRA. Sorry, it has happened to me that way also.
ErnieBilco, No loss on taxes, it was all in an IRA account. No tax consequences if in a IRA account. Cannot take a tax loss.
So you already wrote off the loss on your taxes for 2013 -
At 11 cents it really isn't too late like everett says.
Gotta be in it to win it, and this is shaping up nicely IMO
everett7, thanks for the answer, it is appreciated.
Need to hold shares at the time the ruling is issued, not too late, you can still buy.
everett7, I have a question here. I sold all my shares the day the company announced the BK filing that shareholders get nothing.
If the court finds wrongdoing here by the company, CRO or Bayside and grants the company shareholders a piece of this company in the BK restructure, will I get anything from the new settlement? Or am I out of luck on this one? I was a shareholder way before the BK filing and lost my A$$ on this one. I sold all for around seven cents.
EC didn't ask court to seal, I think they had to seal because their objection contained confidential valuation information. They just won 2 motions to file un-redacted versions of their objection.
I think that the objection from the US trustee is a heavy argument for the court not to grant the pre-packet BC plan.
http://www.kccllc.net/dolan/document/1410614140424000000000008
And I think the conclusion is pretty clear.
".. CONCLUSION
50. The Disclosure Statement should not be approved. The Plan should not be
confirmed. This is a purported prepackaged bankruptcy case in which the plan proponent seeks to
utilize the expedited provisions applicable to prepackaged bankruptcy cases to prejudice rather
than to enhance the rights of creditors and interest holders. The Disclosure Statement contains
numerous material omissions rendering it inadequate.
51. The Plan should not be confirmed. The Plan has not been solicited to all classes of
impaired claims. The Separation Agreements violate the Bankruptcy Code and may not be
assumed through the Plan. The claim resolution procedure proposed would permit the Debtor to
forum shop at its convenience. The Plan contains overbroad release and exculpation provisions.
[rest of page intentionally blank].
Case 14-10614-BLS Doc 202 Filed 04/24/14 Page 20 of 21
21
52. The U. S. Trustee reserves all rights and leaves the parties to their burden of proof,
and prays that confirmation of the Plan and approval of the Disclosure Statement be denied.
So the big question is what information the EC has asked the court to seal.
Equity committee had 2 motions granted today by the bankruptcy judge, booyaaaaahhhh
That's not bad - US Trustee said $50M of shareholder equity, and that's without throwing out Bayside claims, still leaves commons over $1 per share
Oh I got my answer. There were 700k preferred shares outstanding. At liquidation value of $25, total value would be #17.5MM.
Did you mean $25million? Thanks.
I wonder where I read $10 - I did see where you got the $25 from the prospectus.
As to the prospectus the liquidation preference was $25. Not $10. As I read the prospectus.
And in my opinion the preferred stock should be redeemed in full, as to the prospectus in regard to change of controle. With $ 25 and outstanding interest.
Especially in regard to the time of issue 1. quarter 2013, and the then knowledge of the company's financial situation. And no one knows if the Lender was the mastermind behind the issuing of the preferred stock, this late in the comp. financial struggle.
As I wrote earlier, it's either an ill fait issuing, and thus a criminal offence, or at least a full redemption if the BC is in some form, to grant the filed restructering plan from the lenders.
They had a $10 liquidation value
Any idea what the face value of the preferred stock is?
Reading the docket, and the EC objection, stating that they believe that the comp. got bids for Edisc. at prox. 170 mio. in sept. 2013, and their objection to the Lenders claim. I start to believe, that either the Dolan board of D, acted in ill fait, when they issued the preferred stock in early 2013, or they did not act prudent if an offer for Edisc. actually was given in the exess of 170 mio. in sept.2013.
and if the Lender at that time halted a sale of Edisc. in ill faith, because they had a plan of taking over the comp.
So in any way, either the comp acted in ill fait and thus should face a criminal charge, or the Lender from the beginning acted in ill faith ( loan to own ) and their claim should be dismissed.
Actually my bad, it was the Company's response, see below, but still ridiculous, it reads like a teenage girl wrote it:
http://www.kccllc.net/dolan/document/1410614140521000000000001
Yeah, I think we could see a significant pop still today and tomorrow, remember no trading on Monday.
Wait til the plan is shot down - that's when the bigtime explosion is gonna happen. I have memories of Tronox on this one.
What's the docket number?
About time this started to pop back up, geez
Did anyone read Bayside's objection to the EC that was posted a couple days ago? It's completely laughable and has no factual support. They are toast.
Good point, although Bayside will likely have to reach into ITS pockets to make this happen, they're not going to take that money out of the company. Let's see how much it's worth to them.
Although if their $150 pre-petition claim gets thrown out, we have a whole different story.
We will not get a stake in the newco - thats the whole purpose of this fraud of a BK - Bayside wants the assets - free of the bills and equity.
They want to steal it out of being a public company and go private.
In America that means you gotta buy out the owners(equity).
JMO
Yeah, I think the fact that the EC objection was filed under seal says a lot. Whatever it is, the UST obviously thinks it contains evidence that equity has substantial value, and I think the judge will too. That POR is DOA in its current form. No way it gets approved on 5/27 without significant ammendments to settle equity holders.
The alternative will be to put the entire company up for auction, like the judge had "threatened" in one of the earlier hearings, but I wager Bayside will rather settle than let that happen.
Very odd, yeah I just read her objection. I never saw the .10 cents in the plan, but offering anything at all to equity shows that there is value for sure. I would be interested to read the objection of the Equity Committee (which was filed under seal) to see exactly how much value they are placing on the equity, but it's not public.
TWO more trading days left before the hearing on the 27th, I expect to see a bit of a PPS spike in the coming days.
I didn't see it in the POR, but it's in the UST objection (docket #323, pg. 6):
"In addition, the Debtors’ proposed plan of reorganization (Docket No. 15), provides for a distribution to equity holders of approximately .10 per share."
Where did you see the 10 cents per share amendment to the POR? That's first I've heard of that. But I agree, I think Bayside will be forced to settle here, ESPECIALLY considering how the US Trustee is considerably on the side of equity in this case.
I'm not too sure they'll succeed on that front. However Bayside has a lot more to worry about -- read the latest UST objection to the motion to disband the EC. It Seems the company had adjusted the POR to distribute 10cents a share to equity... isn't that weird? The interesting part however is that the UST is saying that the EC's objection shows evidence that there is substantial value for equity.
I wonder what substantial means... I'll start the price at $2/share. This is getting seeweet! My guess is that Bayside settles prior to confirmation hearing and equity gets a part of the reorganized company. If that happens, then $2 seems realistic. Alternatively, equity can get warrants to purchase shares, which of course is not as exciting but even that will be worth a lot more than where the shares are trading today -- see Genco for instance.
However, and this is the big one, if the Bayside claim is thrown out, then booyah! we'll be hitting new 52-week highs on this baby. Gotta love BK's like this one.
Yup, not only a valuation fight, but they are trying to get the $150M pre-petition claim by Bayside THROWN OUT, which would be unbelievable.
Wow, seems the EC is going for the juggler - this is a nice read with the attempt to steal the company laid out pretty well.
http://www.kccllc.net/dolan/document/1410614140501000000000010
I guess nobody likes making money, no ask hits in the .08s, meanwhile the preferred is over $1.30 per share now. I wish I had some more funds because I would be hitting the ask right now.
I saw this and love it, but they had to file the objection under seal, so we don't even know what's in there or what they are placing the value to equity at. I want to read it!
Let them attack all they want. I like this line from the EC objection to the backroom deal called the prepackaged plan.
For the reasons set forth in the Plan Objection and the exhibits attached thereto, as
well as the evidence to be presented at the hearing to confirm the Debtors’ Joint Prepackaged
Plan of Reorganization, the Equity Committee submits that the holders of equity in these cases
are substantially in-the-money and that the inherent value of the Debtors’ businesses
substantially exceeds the allowable amount of the debt
http://www.kccllc.net/dolan/document/1410614140519000000000004
Bid is getting assaulted today, WTF
Seems ready to pop IMO, lots of bidders, no sellers
Waiting for it to be published - either today or Monday.
Anyone seen the transcript of today's hearing or knows how to get it?
Took a few days longer than I thought, but still...
Now, If it cant get above the .08 - .09 area within a few days, watch for a trend line rollover (3-7 day sell off that gets worse and worse till last panic sellers are out)
Of course, then watch for a buy signal.
Any takes for 200K shares at .08 that may be worth over a dollar in 2 weeks? Anyone? Anyone?
I mean, you have to believe that this sees buying pressure starting soon - the risk/reward here is off the charts and we have a hard deadline. I really want to double down but my average is so low, but if they keep playing this nonsense I may be forced to buy more.
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