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Was the same case yesterday...and those same whacked missed out on the best gains. Day two of the move, so looking good here IMO.
CDEL is running the show here. It will go where he wants it to go.
Up 100% on 2mil ?? It can and probably will go down 100% on 200,000 or less
Too many whackers again...this is thin but the whackers keep killing it.
what ya think??? is the run over???
If this gets volume like SDOCQ (in the 20 million range) it could see .12-.15 like it did 90 days ago.
Yep...had you done it you'd be in great shape now.
Me too. I caught SDOC* but not this one.
WRESQ, great run. Bought tons of shares at $0.006, now 400% gains in 1 day!!!!!!!
amazing
where we going ? 05 ?
Sweet Jesus!! LoL
looking good bro
I honestly believe 3's are coming. Nothing much moving and this is showing some very good support!!
I'll start with being happy with 2's though!!
lets see if we can push trough 02 looks like a major squeeze in the making to me
do u think the run continues here today??
Some arse-wipe threw up 1mil shares on that ask @ .0174 right as volume was coming in and it was exploding. After that, it became a whack-a-thon. SMH...sometimes I really gotta wonder if some folks should even be trading.
In either event, he chased the bid down and finally got relieved of his shares at .0124. WRESQ is good to go now should the volume continue.
This is true.
I don't think WRESQ has any shot of commons getting anything in the long run, but in the short term, there is potential opportunity to make some fast money here. It's a brutal stock to watch, but even a small bounce could mean a lot of money in return.
I would never entertain the idea of loading up to hold long here, but I'm just now considering grabbing some for a potential quick flip.
At this point I'm wondering - how low will she go? I'm still not convinced to get into this one - yet!
Long time from now doesn't mean it can't bounce 100% deeply over sold
Load a sub penny stock that is in bankruptcy which will most likely render commons worthless...?
A handful of lawsuits filed. I doubt anything will become of them. Bankruptcy seems to protect even the most corrupt companies.
Anyone have a different view?
a class action lawsuit, on behalf of stockholders who purchased common stock of Warren Resources, Inc. (NASDAQ: WRES) between November 4, 2014 to June 2, 2016
http://www.prnewswire.com/news-releases/gardy--notis-llp-files-securities-fraud-class-action-against-warren-resources-inc-nasdaq-wres-executives-300312652.html
http://finance.yahoo.com/news/equity-alert-rosen-law-firm-225900450.html
http://finance.yahoo.com/news/important-shareholder-notice-lundin-law-001300637.html
http://finance.yahoo.com/news/shareholder-alert-bronstein-gewirtz-grossman-140500320.html
http://finance.yahoo.com/news/important-shareholder-alert-khang-khang-173100521.html
Officially on the stinky market...but I guess we all knew that was coming.
Still hard to believe this company was on top of the world not that long ago, when they rang the opening bell at NASDAQ.
Fell hard & fast from that top though.
you are correct sir..no reach around...no kiss..not even any K-Y
I smell rotten security certificates lying in the trash heap of bankruptcy.
The only persons getting anything are the lien holders. Everyone else has already lost everything in this company, it's just that some don't know it yet, or don't want to admit it.
I doubt there will be any real "equity committee". And what is the definition of a strong equity committee?
This thing will wind up with an equity cancellation and re-issuance, which is the only thing on the table. Equity holders are not bringing additional capital to the table as are the lien holders.
Current equity holders will have their stock cancelled and new stock will be issued to current lien holders.
Yep. Sickening. GM has always bothered me. A double punch in the gut.
Dear Shareholders of GM,
Your shares are now worthless. All of the hard earned money that you put into this company is now gone.
Furthermore, as a shareholder you are also a taxpayer. We are going to use your tax dollars to pay for numerous services, including but not limited to: Fees to cancel your shares and then create new shares to sell to the next generation.
We appreciate your money. BOTH TIMES!
Regards,
GM
I didn't see anything about the current shareholders getting anything after the reorganization so I think the current shareholders get the shaft & they'll issues new shares benefiting only the note holders/insiders & their friends just like GM did to its shareholders. JMO
I do agree. WRESQ hasn't moved any which way with oil over the past weeks. I hope we have/get a strong equity committee.
I smell equity commitee written all over this, not with big oil rebounding.
Yes, oil got slammed today and WRESQ sits in the green today. Not bad. It seems ready for a spike/volume increase soon. I wonder if this will take until the 25th to happen though.
I will wait and watch.
Oil prices dont seem to effect this at all. I guess on July 25th we will hear from them.
Maybe end of jule... But , i think it s dead...
We will see !
Is everyone out or there's still a chance for this cat to bounceback?
agreed...it's most likely just a formal legal requirement that they send it out to all the bagholders.
I haven't yet but I'm sure its in the mail.
I will most likely put it with the rest of the junk mail, sales papers, & pizza coupons.
Did anyone else receive a packet of forms for the warren bankruptcy?
Could be just a bunch of stuff thats sent to all the unfortunate bagholders of this disaster.
I received the following forms from my broker
1. Chapter 11 Bankruptcy Case Treatment
2. Proof of claim
Official form 410
3. Order Establishing Notice Procedures
4. Notice of Proof of Claim Bar Date
5. Notice of Chapter Bankruptcy Case
Official Form 309F
6.Notice of Interim Order Approving Restrictions on Certain Transfers
of Interest in the Debtors Estates.
06/20/2016 | 02:30 pm
Warren Resources Plan Filed -- Warren Resources filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, "The primary purpose of the Plan is to effectuate the restructuring of the Debtors' capital structure by, reducing their overall indebtedness and improving free cash flow. Presently, the Debtors have a substantial amount of indebtedness outstanding under various secured and unsecured debt issuances in an amount of approximately $486.3 million, and other obligations to various third parties. If the Debtors are not able to consummate the Restructuring, the Debtors will likely have to formulate an alternative plan or liquidate, and the Debtors' financial condition will likely be further materially adversely affected.... Pursuant to the Restructuring: - Allowed Administrative Expenses, Professional Fee Claims, Priority Tax Claims, Other Priority Claims and Other Secured Claims shall be paid in full or reinstated on the later of the Effective Date and the date of their allowance. - Class 1A claims of the First Lien Lenders will be converted into 82.5% of the equity (subject to dilution by the Management Incentive Plan) in the Reorganized Debtors and the New First Lien Facility. Additionally, at the Plan Sponsor's option, the amount outstanding under the DIP Credit Agreement may be rolled into the New First Lien Facility. - Class 2A claims of the Second Lien Lenders, the Senior Notes Claims, and the claim of Citrus Energy (if allowed as a general unsecured claim, and if so allowed in an amount less than $8.5 million) into the remaining 17.5% of the equity (subject to dilution by the Management Incentive Plan) in the Reorganized Debtors, pro rata based on the amount of their respective claims. - Unsecured Claims in Class 2B will receive cash or an unsecured note (in each case without interest) in an amount equal to the same economic recovery provided to the holders of allowed Class 2A claims." The Court scheduled a July 25, 2016 hearing to consider the Disclosure Statement.
Sorry, I meant to say, that the judge in Washington Mutual bankruptcy case, awarded all shares previously owned by a handful of hedge funds who had insider knowledge, and as a result participated in insider trading and gave them to shareholders. Thus making the shareholders owner of WMIH Corp. which is a by-product of the former Washington Mutual Bank.
However, while in bankruptcy, a corporation sees significant improvement in their earnings due to increasing oil prices as an example. Shareholders have the right to contest by way of legal representation in the form for an equity committee.
Furthermore, WRESQ bankruptcy is more so unique since the company or rather Warren Resources Inc and it creditors agreed to transfer ownership to as a means to relieve their debt obligations.
Folks, I believe that an equity committee would prove productive in these negotiations if established and presented before the courts.
Remember, nothing is final in a bankruptcy unless ruled by the presiding judge
GGP and American Airlines aren't rare cases whereas shareholders are safe in bankruptcy. Those are only a couple out of several I was invested in directly. It all comes down to Equity Representation in the bankruptcy process in the form of an equity committee.
Take WMIH Corp. formerly known as WASHINGTON MUTUAL Bank as an example. Like WRESQ, everyone counted shareholders value as worthless, and that they would be wiped out; however, that wasn't the case, since WMIH shareholders had the insight to form an equity committee which forced the senior creditor to revise the POR or Plan of Reorganization whereby equity would be included upon reemergence from bankruptcy due to insider trading.
Furthermore, due to insider trading from a few hedge funds, the judge awarded all shares of the former Wahington Mutual Bank which the hedge funds owned and used to short Washington Mutual Bank to shareholders thus giving shareholders ownership of the newly emerged WMIH Corp.
All former Washington Mutual Bank shareholders who signed release as a condition to receive future recovery were also given additional shares and Escrow Placeholders (LT)
Another interesting bankruptcy is ZINCQ formerly known as ZINC or HorseHead Holding Corp. There is a good chance that shareholders in this bankruptcy case are safe too due to the recent introduction of an equity committee. Look at how much ZINC shares sold for before and after they filed chapter 11.
Much too often in bankruptcy, the company and senior creditors are quick to rule out shareholders for the simple fact, that shareholder typically do not contest nor fight for representation in court and believe that it is a normal process to lose everything when a company they invest in files for n\bankrutpcy.
I'm not too concern on the prospects of commons getting wiped out. It's about making a profit long before that happens. However, if something changes in the bankruptcy process which allows shareholders to see recovery value, I'm all for that too.
This stock will end up at zero, that's for sure, but not before it bounces around a lot. You see, this is no ordinary bankruptcy. It's supposed to be a prepack, but not all the creditors are on board. Blackstone and the junior unsecureds signed the RSA and left Claren Road out in the cold. As you can imagine, that didn't go down well with Claren Road and they've already started accusing Blackstone's GSO capital of wanting to rush this case through BK court before gas prices get a chance to recover. It didn't make any sense to me that Claren Road would get the same share of equity as the unsecureds, even though they are senior to the unsecureds. Further more, the fact that the valuation at which GSO is getting converted is almost a third of that at which the other creditors are getting converted is totally nuts.
Is it possible that the creditors all hug it out and come to an agreement before trying to get the court to approve the RSA? Absolutely. But if they couldn't agree prior to BK filing, my sense is they won't agree without the intervention of the BK court judge -- that's probably the reason they haven't put forward a motion to approve the RSA at this point. So we're probably going to be hearing arguments about valuation and what not.
Needless to say, this is shaping up to be one of those contentious BKs and as the drama plays out in court, the share price will bounce around accordingly and buyers at these levels will make some money if they exit at the right time.
In addition to all of that, over 95% of the float traded in the 4 trading days just after the BK announcement. I initially thought that was due to short covering but the short interest prior to BK was low. So my sense is that some hedge fund(s) has accumulated and will be moving this up as we move along.
Watch this space, this stock isn't done just yet.
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When a company is involved in bankruptcy proceedings, the letter "Q" is added to the end of the company's stock ticker symbol. In most cases, when a company emerges from bankruptcy, the reorganization plan will cancel the existing equity stock and the old shares will be worthless. Given that risk, before purchasing stock in a bankrupt company, investors should read the company's proposed plan of reorganization. For more information about the impact of bankruptcy proceedings on securities, please read our online publication, Corporate Bankruptcy.
EXCERPTS OF JUNE 3 , 2016 PRESS RELEASE:
3-Jun-2016
Entry into a Material Definitive Agreement, Bankruptcy or Receivership, Crea
Item 1.03 Bankruptcy or Receivership.
Restructuring Support Agreement
The lenders under the Company's first-lien credit agreement will become lenders under a new first-lien credit facility and will obtain 82.5% of the post-restructuring common equity of the Company (subject to dilution under a new management incentive program and the exercise of certain warrants, to the extent issued, as described in the bullet below);
The lenders under the Company's second-lien credit facility, the holders of the Company's unsecured notes and, at the option of the Plan Sponsor, a holder of another claim (if allowed) will be entitled to share pro rata in 17.5% of the post-restructuring common equity of the Company; and
Item 8.01 Other Events
The Company cautions that trading in the Company's securities during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks. Trading prices for the Company's securities may bear little or no relationship to the actual recovery, if any, by holders of the Company's securities in the Chapter 11 Cases.
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