Wellman, Inc. (fka WMANQ)

[crad]

know your pain but this should be over soon the pe ratios are getting reasonable

[thesource]

Everyone is getting hammered . I am down 50% in Ford stock alone .

[crad]

good luck to you i hope you are not getting hurt in the market like me

[thesource]

I hear you . I went ahead and took the losses and rolled on today . I figured $80.00 was better than nothing .

[crad]

o i know i talked to them about two months ago what is the point at selling at this level? another two hundred will just help in tax losses. the company officers should be horse whipped the lot of those self serving sobs. it is a deal to f shareholders crimminal charges should be filled

[thesource]

You can believe what you will but their investor relations dept point blank told me the stock holder would get nothing for their shares . You can contact them if you'd like . They respond very quickly to emails .

[crad]

correct but i do believe in miricles

[thesource]

I got a hold of the IR team for Wellman and he told me the company is going private . There is nothing for the share holders and the stock is basically worthless .


If you are still holding stock in this , you might as well dump it . I dumped my 46,xxx shares today for whatever I could get for it .

[thesource]

FORT MILL, S.C., Oct 22, 2008 (BUSINESS WIRE) -- Wellman, Inc. ([OTC]: WMANQ.OB) and the newly formed Wellman Plastics Recycling announced today that they have completed the sale of Wellman's Engineering Resins business and other assets located on its Johnsonville, SC site to a new company backed by an investor group led by J.H. Whitney & Co. and management. The new company will be known as Wellman Plastics Recycling and will operate businesses under both the Wellman Plastics Recycling and Wellman Engineering Resins names.

Mark Ruday, Wellman, Inc.'s Chief Executive Officer, stated, "We are very pleased to have completed the sale of our Engineering Resins Division and the entire Johnsonville site. Today marks an important step forward for both the new organization in Johnsonville and Wellman, Inc.'s remaining chemical based businesses. Most importantly, I am pleased to have reached a conclusion that not only is in the best interest of Wellman, Inc.'s various stakeholders but the employees in Johnsonville and the surrounding community."

Robert Fotsch, CEO of the newly formed Wellman Plastics Recycling, said: "We are very pleased to have been able to complete the purchase of Wellman's Johnsonville facility today and we look forward to continuing the Wellman name and tradition as a leader in plastic recycling. This transaction would not have been possible without the commitment of our equity partners, the City of Johnsonville, Joe King (Florence County Economic Development Partnership), Daniel Young (SC Department of Commerce), Ken Ard (Florence County Council) and all our dedicated employees at the Johnsonville site. I would like to take a moment and personally thank each of you for all the hard work you put into making this project a success. With the commitment of our equity partners and sound financial structure, we plan to make the necessary investments to support the high quality team in Johnsonville and reestablish Johnsonville's leadership in Engineering Resins so that it remains a critical partner with companies in the automotive and other industries." Robert Fotsch will maintain his position as CEO of New Horizons Plastics Recycling, a Greenville, South Carolina-based PET recycling business.

About the assets at Wellman's Johnsonville facility.

The Engineering Resins business has the capacity to produce over 70 million pounds per year of engineered plastics, which is used in a wide variety of applications including automotive, lawn and garden, and electronics. Other assets include a 235 million pound polyester staple fiber plant and a 190 million pound PET bottle recycling operation.

About J.H. Whitney & Co.

J.H. Whitney & Co., established in 1946, was one of the first U.S. firms to pioneer the development of the private equity industry. Today, J.H. Whitney remains privately owned and its main activity is to provide private equity capital for small and middle market companies. J.H. Whitney is currently investing its sixth private equity fund, J.H. Whitney VI, L.P., for major endowments, foundations, pension plans, and high net-worth families. Investment activities are focused on small and middle market buyouts of market leading companies that are poised for growth in a number of industries including consumer products and retail, healthcare services, specialty manufacturing and business services. ( www.whitney.com )

About Wellman, Inc.

Wellman, Inc. manufactures and markets high-quality PermaClear(R) brand PET (polyethylene terephthalate) packaging resin.

[crad]

me to but we tried nice gain today wonder why what you think? if that happens two more times i breack even.

[Duffau]

The court just approved orders extending certain leases until December 2008. That's also the end date for getting enough votes from creditors for the approval of the plan plan of reorganization.

The super priority of debtor in possession financing and the fact that the company can only muster break-even without paying interest guarantees to me that nothing will be left.

But I will continue to hope.

As to the board directors and management, there is no chance of finding them culpable IMO.

I've learned a lot about chapter 11 bankruptcy lately. And what I learned the hardest is that it is foolish to hang on to a stock that is in bankruptcy. I was so foolish.....

[crad]

what about suing the board them selves?

[crad]

at this price could thier be a take over of the stock and a monkey wrench thrown in thier plans? just wondering why we also had no vote on this?

[crad]

my only thought is how on earth can they get out of br less than a few months after they dump us shareholders? I think it smells rotten and usualy that means it is.

[Duffau]

IMO, there is no recourse worth pursuing, because there are no assets available above those going to the priority creditors.

I was hoping that a buyer would want this plant and be willing to pay a premium above the current valuation.

[crad]

dp we have any recourse mabe class action

[crad]

going going almost gone like my money. dirty rotten mothers. get the horse whip and lets start whipping all of welmans board and ceos

[Duffau]

June Profit/Loss was slightly worse than May IMO.

DIP financing conditions were not met, but probably will be waived again.

IMO, there is nothing on the horizon to justify expectations of anything for common.

Management was asleep at the wheel for too many years IMO.

[crad]

any thing change with todays info? is this good or bad for us

[Duffau]

Hope is all we have.

I've moved my pennies to another longshot in bk.

[crad]

think we have even a hope of a buy out?

[crad]

we never had a shot with this one.

[Duffau]

Another dismal post.

Reading the posted transcript on valuation, the value of the company was never even close to break even. Therefore the equity holders never stood a shot at getting a penny in the exit from ch11.

Also unscrupulous scumbag insiders came up with a ploy to rob secured creditors with some kind of undeserved compensation.

What a bunch of losers that were running this company.
...

[crad]

up a the river with out a paddle

[thesource]

So where are we standing with this stock ?

[Duffau]

Liquid Trading Market for the New Common Stock is Unlikely to Develop

"A liquid trading market for the new common stock is unlikely to develop. As of the effective date, the new common stock will not be listed for trading on any stock exchange or trading system and Reorganized Wellman will not file any reports with the SEC. Consequently, the trading liquidity of the new common stock will be limited..."

This is out of context and a disclaimer, but fun to read as I don't have a dog in this hunt. Of couse, this will change if the new shareholder want to.

[crad]

Do we have any recourse to stop this? It does not seem fair they can start over totally and give us nothing. they are on the back of us shareholders. the higher ups are getting the benifets while we get nothing. how can they do this with out a shareholder vote? I own 1% of the common stock and i did not get a vote. the ceo and everone else should not benifet of my money.

[Duffau]

Yes, you are right.

That will happen on some day in the future. Might be in 3 months or 12 months but it will happen.

I was wondering what to recommend one do with their Wellman shares. I don't know if this is the time, but I would probably recommend selling and buying another bankruptcy or near bankruptcy penny stock that has a chance to jump 20 or 50 fold given enough time.

I have my favorites but there are dozens more that will out-perform my picks. I just don't know which ones....

[crad]

i hope you are right. but under the current plan am i correct in thinking our shares are worthless and we get nothing?

[Duffau]

I was shocked that the 'Plan' that Wellman offered proposed the continuation of the business. I had assumed that the plan would be to auction off the assets before the end of the year and give the creditors the money raised that exceeded the DIP financing. I was wrong.

Therefore, I still have hope that while the debtors and creditors fight over the details of the plan, the Knight on the white horse will come in and offer to buy the whole shebang.

So don't jump yet.

[crad]

it is hard not too we have not seen an uptick passed 1.8 cents in over four months. are we totally out of the new company? are our shares worthless? the bridge is looking good to jump off right about now!

[crad]

I got it from the welman link to sec fillings.

[Duffau]

Don't despair. The pps should rise and fall with new news over the next few months. The fat lady hasn't sung yet.

[Duffau]

The Bankruptcy Info about Wellman is at:
http://www.kccllc.net/wellman

Click on documents and 0308 for the 'plan'

>but where are you getting this information..

[crad]

found what you are talking about. this is a total f to all of us who have held. do we have any hope. the front of thier own web site is a lie incress for share holder value what a lie.

[crad]

I am not trying to be ugly but were are you getting this information about this or the class 6?

[Duffau]

(a) Classification: Class 6 consists of all Old Common Interests.
(b) Treatment: On the Effective Date, all Old Common Interests shall be deemed canceled
and extinguished, and shall be of no further force and effect, whether surrendered for
cancellation or otherwise, and there shall be no distribution to the Holders of Class 6 Old
Common Interests.

[crad]

I saw nothing said about us recieving nothing. what makes you think so?

[Duffau]

Reorganization Plan submitted by Wellman.

No surprises here. Creditors get everything under the plan and shareholders get nothing.

If plan accepted, then new shares issued in a new company. They say they don't expect to liquidate, but a plan has to be approved for that not to happen.

Eastman damages if any and NOL money goes with the new company.

Where is that knight on the white horse??

[crad]

any news on the eastman suite?

[Duffau]

May Net Sales jumped from 85 million to 94 million.

I'm impressed with that. What it means to me is that the company may stay in Chapter 11 longer than I suspected.

[Duffau]

I see absolutely no chance that the auction will bring enough to pay off all the debt, so shareholders will NOT receive anything IMO. Nor do I see a long term ability to make annual profits that could dent the debt. But between now and then, hope springs eternal so I could see a rise or two in pps. In fact, I expect it to double real soon now.

[the_dow_bum]

Think what we saw today is the realization that for shareholders, WMAN has more potential value going through with the BK reorg than they have on the auction block. It is interesting to see all the jocking around by the creditors for that proposed sale. We still have a TBD in the Eastman lawsuit.

I'm still holding and added some 1-cent shares.

I also still expect that this will take off some day on rally volume and we won't find the reason for a couple days after. Today's rise was probably not that rally.

-the bum

[crad]

nice up tick to day still need it to triple from here to breack even now. still hoping for the rabbit out of the hat. why do you think long is a bad investment?

[Duffau]

Motion granted. And lots of action today in pps although not so much volume.

My apologies to writing this off too quickly. From today's action, it still has the potential to generate some day trading action.

Prognosis is still not so good for holding long term, I think.

[Duffau]

Here is an update:
" ... Plastics manufacturer Wellman Inc. will ask the Wilmington, Del., bankruptcy court for a three-month extension to file its Chapter 11 reorganization plan while it continues to mull whether to sell its assets or complete a stand-alone restructuring.
The company is seeking an extension through Sept. 30 of its exclusive right to file a plan detailing how it will repay its creditors. Wellman is also seeking an extension through Nov. 30 of its sole right to solicit creditor support for a Chapter 11 plan.
The extension would prevent creditors and other parties from filing competing proposals while Wellman works to complete its own plan. Wellman's current exclusive periods end June 21 and Aug. 20, respectively.
Wellman, which sought Chapter 11 protection in February, has been weighing whether to sell its assets or to reorganize as a stand-alone company. Wellman's $225 million bankruptcy financing, provided by a group of lenders led by Deutsche Bank AG (DB), requires the company to sell its assets or to complete a reorganization by mid-August.
The company had said it would most likely sell its assets, but it is now attempting to persuade its lenders to give it more time to work out a standalone reorganization plan"

[crad]

anybody hearf anything?

[thesource]

Lets hope some good news comes some time soon . I personally think it will but we will just have to wait and be ready when it does .

[crad]

another extension. I have to believe this must be good out of bankrupsy this yar that would be nice.

[thesource]

YAWN ........ Come on Wellman , lets get things updated here and get the ball rolling already .