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New 52-week low 0.0012 was created yesterday! Why the good news made
the price down further from the previous 52-week low 0.0013? Shorter
must be very happy now! The asking sides are extremely thin now! Buy
Yeah. Hard to understand the recent trading behaviors! WLVTQ may run
1000% ~ 2000% after the news exiting from the CH11. Very thin asks!
Gettin down to the wire though , huh ? Someone kick this pig one more time !!!
It seems to me last Friday's short rally was not due to the shorters
covering because 1,010,256 more shares were shorted during that day among the total 3,165,512 shares of trading volume! I think it was a
short bounce due to extremely oversold recently from 0.002 to .0013!
Wolverine Tube Officers and Directors Identified, Plan Confirmed
Wolverine Tube filed with the U.S. Bankruptcy Court a designation for its First Amended Joint Plan of Reorganization, identifying the officers and directors of the reorganized Debtors. The Court also issued a ruling confirming the First Amended Joint Plan of Reorganization, as Modified, of Wolverine Tube and its affiliated Debtors. According to documents filed with the Court, "On the Effective Date, the management, control and operation of the Reorganized Debtors shall become the general responsibility of the board of directors of Reorganized WTI, which shall, thereafter, have responsibility for the management, control and operation of Reorganized WTI and its direct and indirect subsidiaries....the board of directors of Reorganized WTI shall be composed of a newly-organized five-member board of directors which shall consist of (i) one director nominated by Plainfield, (ii) one director nominated by the Ad Hoc Group, (iii) Steven S. Elbaum, who will serve as initial Chairman, and (iv) two other individuals to be mutually agreed upon by the Ad Hoc Group and Plainfield prior to Confirmation."
I agree with you: 06/24 will be the key date to decide WLVTQ's fate!
Read that 3.10 section b, says on effective date, they will be canceled. There should be no question that they will be, just a matter of when. What is "effective" date? My reasoning for the 24th is due to emerging from bankruptcy on that date. Chuck has been on this for weeks about the cancel. I think you will see some trading till then. And its possible you could get another pop like friday. Thats just my guess.
When? The court already confirmed last Friday! Why not canceled yet?
They will be cancelled , page 11, section 27 of the final plan approved by the judge.
Everyone can read it for themselves.
http://www.donlinrecano.com/
You kept saying the common shares would be canceled. Why it is still
in trading after last Friday's court confirmation of exit from CH11?
um...its down 5% and the bid is only .0014 and the ask is .0017 which is below the last sale. It is the definition of a sell off.
Anyway it is up 5.26% so far which is a good sign to go up today! No
more big sell-off!
Are you sure the shares will not be canceled before 06/24? Since the
company said they already exited from the CH11 last Friday. Confuse!
I dont see how these shares will survive. Every document has stated otherwise. They dont state a specific date, but they do state a date for emergence which is 24th, thats why i was guessing that could be the date shares stop trading. Almost every Q bankrupt stock issues new shares and cancels old ones, even GM did. Who would have ever thought that.
At the 52-week low .0013 the MV is only $52,811 based on the current
OS which is very low as a exiting-from-CH11 technology company! Hope
no more sales tomorrow! I bet the shares survived since the company
did not mention when to cancel it! Tomorrow will be a key test date!
Thanx for your response Gary. I havent played many of these "Q" so i wasnt sure if this friday pop was that last pop and it was going to be last day of trading. But i kept reading the 24th as a day of emergence. Maybe been better to have just held on too it yet. We will see monday. If it drops i might reenter with hope of another pop in a week or two.
Hi Unflushable.... I hear you in that a couple hundred here and there all adds up. I used to go for the "Killing" in my younger and stupid days and that never worked :( Now I just get a little here and there and it all adds up at the end of the month. Like I said, I've been holding this one for a few months and had almost forgot about it til yesterday when I saw the news and it popped up to only come right back down. My strategy is throw alittle more in this week as I said and then on the "Pop" when the emerge I will sell and be out of it. Regardless if the shares are cancelled or stay intact; I have no interest to find out! I used to hold and never made out. GLTY and all on the Board.
I like that post as well . I'm the same , I will try to buy as low as I can and wait it out for the big pop . I don't want a bunch of medium pops , just that one sizeable bounce that's just big enough to register when I log on to my account or show real good in the chart on this page . Just one nice one and I'm out . I don't know how to PLAY them yet so I just try to nab a couple hundred $ . That way if I lose it won't be missed . It's like coservitive risk . Plus it depends on what kind of BK in some cases don't it? I'm unsure. I also still have LEHMQ , there's been a couple nice pops in that when they have a decison on a part of their BK . They bounced a month and a half ago when I think they won a decision against Barclays . And just so you know C is trying to keep some amount of collateral , it might be good if C has to give it back . Who knows for sure .
@ Value , the day the judge stamps the paper and signs and dates it saying the BK is done is when they are worthless . I don't know what day but it said this month .@ bhinde , I don't know what happen exactly , it jumped to .005 Friday then settled back down. Anymore 1 sizeable buy can cause that with this stock. @ ALL , PROCEED WITH CAUTION . Do what you want . Still holding here , it would cost more to sell then to just let go .GLTA
I'm gone for a couple days, and WLVT makes the HOT board, what the heck! glad to see the court has finally moved forward, now we can start making some money and stop playing with these little games.
looking forward to next week or until June 24 to see what action this plays.
Do you still own WLVTQ shares now? I have garbed some bottom shares
at 0.0013 ~ 0.0019 recently and hopefully it soars to 0.0059 ~ 0.013
again in the coming weeks! The common shares may be survived because
the company didn't say when to cancel them! Great risk and return...
ChuckD.... Don't be so greedy and put that much in :) Be happy with a small gain. These are Pennies. Take care and be good. Thanks for the replies and your insight.
I have seen it and played that game as well, the bad thing on this one for me is the volume. With the position size I prefer to take on these plays($10K) its just so low that the odds of being able to get out on time or be left holding the bag don't look good.
Thanks ChuckD. Longtime investor but just started posting in the past 9 months. Some like me and others hate me. Oh well. I try to speak reality on this site. Like I said, I have seen and been in these BK stocks many, many times. Mostly failed years back. My plan (and only my plan and opinion) is to add to my position this upcoming week in WLVTQ. I know it may sound crazy but here me out. Like I said; most of these when they emerge from BK skyrocket with the News. I think that will be the case here. But, I will exit immediately with the spike as like I said most that emerge wipe their shares out within days after. Good luck to all on the Board with whatever strategy you use. This will be a great bounce play in the days ahead but do not hold it. This thing moves on Air. GLTA. Have a great weekend!
Now that is probably the best post I have seen in this thread in months.
Exlax... from my experience with these over the years they typically trade several days past emerging from BK and then they are wiped out if that is the plan of the reorganization. I have seen just a handful of Co's post BK that held their share structure and continued trading thereafter. I haven't read too much into this specific Co but have been holding shares for a few months now. I can say that typically on the day they announce they are out of BK the stocks of these type Co's generally spike quite hard with the news as so many get into them just on the news on that day. There may be a good exit point on 6-24 or so when they emerge for anyone to exit with a decent pps sell. I am holding on til then and will base my sell on that theory (selling on the day the news comes out they are out of BK) but will NOT hold thereafter for the risk of shares being wiped out the next day. Hope this helps others on the Board.
I called the transfer agent and he said he does not see anything pointing to that now.I also called td ameritrade and he gave me a number for reorganization info I will call monday.I got in this after seeing the jump which I know better next time. I actually lost on this.I need to find a news site that is real time to catch the hot ones before thay jump.If you know of any please let me know thanks
Most likely today's pop was a short cover pop. Chuck has been on this about the cancel of commons from the get go. I bailed on mine today and took a loss. I was hoping that we would have got a bigger pop so i could have got out break even. JAVOQ did the same thing on the last couple days it traded. The only question i have is they are to emerge from bankruptcy on June 24th. When will these commons be canceled? Today? or maybe this still trades until the 24th? If your still in, thats probably the best scenerio for you. We shall see monday.
Will be my common shares intact after WLVTQ exiting from CH11 today?
Well... anyone know the new ticker symble yet . I have been unable to find out how to get any of the new shares yet . Alpine has nothing I can see about it.
Direct him to the court documents
I just called the transfer agent and talk to him.He said he does not see anything that show where the common shares are being cancelled.He also said that it doesnt mean it could happen but he is not seing that now.
How come the burst to .005's tday if this is a bad buy?
I don't think so IMO. Haven't really researched it too much. Check the stickies.
Will the common shares be survived after out of CH11?
Will be interesting to watch. It seems AUTO thinks otherwise.
Plan approved, common shares to be wiped out according to the plan, I have been saying the same thing for many months, its been in the court docs since the beginning , get out while you can and remember those who tried to mislead you.
Under the Plan as confirmed by the court, $139 million of senior secured notes and accrued interest at the petition date will be converted to equity plus a $30 million note, and all unsecured creditors will be paid in full. The company's pension will be terminated and assumed by the Pension Benefit Guaranty Corporation (PBGC).
Page 20 Section 3.10, Old Commons Cancelled
http://www.donlinrecano.com/dr201/wti/First%20Amended%20Plan%20as%20Modified.pdf
I dont know, I might be wrong but looks like short covering
Strange! The comomon shares have not been canceled yet. Maybe after
the market close?
I just saw the news. Will it out of CH11 today or next week? Will it
cancel the common shares afterwards or keep it as a shell stock?
plan of reorganization approved, I am doing the DD on it
Nice post , thank you for the info .
Yep, the final nail is going in the coffin for the current common shares, absolutely NO recovery for them. This was known from almost the beginning of this case.
Objections From Plainfield Resolved; Wolverine Will Seek Approval of Its Reorganization Plan on June 10, 2011
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Press Release Source: Wolverine Tube, Inc. On Wednesday June 8, 2011, 11:36 am EDT
DECATUR, AL--(Marketwire - 06/08/11) - Wolverine Tube, Inc. (Pinksheets:WLVTQ - News) today announced that it has reached agreement with its largest noteholder, Plainfield Asset Management ("Plainfield"), resolving all differences over the terms of proposed agreements that will become effective upon Wolverine's emergence from bankruptcy and reinstating Plainfield's support for Wolverine's reorganization plan. Wolverine will seek Bankruptcy Court approval of its reorganization plan at a June 10 hearing.
Steven S. Elbaum, Chairman of Wolverine, stated that, "Wolverine is pleased that differences between Plainfield, Wolverine and others have been resolved. Along with the overwhelming support Wolverine has received for its plan of reorganization, this allows the company to proceed with Friday's scheduled confirmation hearing, a key final step in its emergence from bankruptcy. Wolverine is now poised to successfully complete its reorganization and extends its appreciation to noteholders, customers, suppliers and employees for their continued support."
For access to Court documents and other general information about the Chapter 11 case, please visit http://www.donlinrecano.com/cases/caseinfo/wti
About Wolverine Tube, Inc.
Wolverine is a global leader in offering proprietary custom-engineered components that provide a thermal management solution for our customers in multiple markets including HVAC, refrigeration and appliance, electronics cooling, power generation, petrochemical and chemical processing. We deliver the most advanced metal surface technology enhancements for heat transfer solutions in today's marketplace. We have also earned a reputation for having the broadest engineered product offering in the non-ferrous metals market.
Throughout our more than 90-year history, we have utilized our proprietary tooling and process technology to enhance surface geometry for tubular and flat metal surfaces to expand our product lines, effectively meeting our customers' increasing needs for effective enhanced heat transfer performance. Our tailored solutions or many OEM customers are globally recognized.
Today's news: Wolverine Tube Plan Supplement Filed
Wolverine Tube filed with the U.S. Bankruptcy Court a Third Amended Plan Supplement for its First Amended Joint Plan of Reorganization. The Supplement contains the following documents: Amended Form of Stockholders' Agreement, Amended Form of New First Lien Indenture and Amended Form of Management Incentive Plan. The Court is scheduled to consider confirming the First Amended Joint Plan of Reorganization on June 10, 2011.
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WLVTQ Wolverine Tube, Inc.
Common Stock6/29/2011 100 Plan
of bankruptcy effective. All shares
have been cancelled.
WLVT is under CH.11 Bankruptcy proceedings in the state of Delaware
The following URL's can be utilized to follow the court proceedings.
Nov 1st 2010: http://www.donlinrecano.net/dr201/wti/10-13522%20Wolverine%20Tube%20Inc.pdf
DEC 2nd 2010: http://www.donlinrecano.net/dr201/wti/Wolverine%20Tube%20Notice%20of%20Commencment%20341%20Meeting%20NOtice.pdf
Wolverine Tube, Inc. Reaches Agreement With Noteholders to Restructure Debt
http://www.prnewswire.com/news-releases/wolverine-tube-inc-reaches-agreement-with-noteholders-to-restructure-debt-106442858.html
Elects to File Voluntary Chapter 11 Petitions to Implement Pre-Arranged Restructuring
Operations Will Continue as Usual
Company to Pay Trade Creditor Claims in Full
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HUNTSVILLE, Ala., Nov. 1, 2010 /PRNewswire-FirstCall/ -- Wolverine Tube, Inc. (OTC Bulletin Board: WLVT), Tube Forming L.P., Wolverine Joining Technologies, LLC, and WT Holding Company, Inc. ("Wolverine" or "the Company"), a publicly held company and a global leader in advanced metal surface technology enhancements for heat transfer solutions, announced that it has reached an agreement in principle with holders of the Company's notes on the terms of a financial restructuring to reduce the company's indebtedness.
(Logo: http://www.newscom.com/cgi-bin/prnh/20081217/CLW110LOGO )
(Logo: http://photos.prnewswire.com/prnh/20081217/CLW110LOGO )
To implement the financial restructuring, Wolverine today elected to file Chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware ("the Court") to effectuate a prearranged plan of reorganization supported by Wolverine's noteholders, which plan the Company intends to file shortly. The Company believes the filings will have little impact on its operations, and it will continue operations during the restructuring process. Wolverine expects to emerge from Chapter 11 within approximately 90 days.
The Company believes its cash on hand, together with the cash generated from ongoing operations, will be sufficient to fund its normal business obligations through the financial restructuring.
"Once completed and approved by the Court, the financial restructuring will reduce the Company's debt by approximately $110 million, leaving Wolverine with $30 million of debt at much more attractive terms and a substantial positive shareholder's equity," said Steven S. Elbaum, Chairman of Wolverine. "We are very pleased to have reached this agreement with noteholders. It is a very positive step for Wolverine, our customers, suppliers and employees because it underscores confidence in Wolverine's ability to achieve sustained profitable growth. Over the last three years Wolverine has successfully restructured its operations, improved its cost structure and competitiveness and repaid a substantial amount of debt. It is highly focused on its core business and customers. The announced restructuring will firmly position Wolverine to successfully compete in the global markets it serves."
"On an operational level, Wolverine has a strong foundation in place with a cash position that is more than sufficient to run its business during this period," added Elbaum. "A court-supervised process will accelerate - and finalize - Wolverine's financial restructuring while ensuring that current business operations continue without impediment."
Wolverine has also filed a variety of customary motions to support its employees and suppliers during the restructuring process. As part of these motions, the Company has asked the Court for additional authorizations, including permission to continue paying employee wages and salaries, provide employee benefits, and pay trade creditors in full without interruption.
Wolverine has retained Proskauer Rose and Cozen O'Connor as legal counsel in connection with the restructuring.
Additional information is available at the Company's website www.wlv.com. For access to Court documents and other general information about the Chapter 11 cases, please visit www.donlinrecano.com
About Wolverine Tube, Inc.
Wolverine is a global leader in offering proprietary custom-engineered components that provide a thermal management solution for our customers in multiple markets including HVAC, refrigeration and appliance, electronics cooling, power generation, petrochemical and chemical processing. We deliver the most advanced metal surface technology enhancements for heat transfer solutions in today's marketplace. We have also earned a reputation for having the broadest engineered product offering in the non-ferrous metals market.
Throughout our more than 90-year history, we have utilized our proprietary tooling and process technology to enhance surface geometry for tubular and flat metal surfaces to expand our product lines, effectively meeting our customer's increasing needs for effective enhanced heat transfer performance. Our tailored solutions for many OEM customers are globally recognized.
Contacts
Harold M. Karp
President and Chief Operating Officer
Wolverine Tube, Inc.
200 Clinton Ave., Suite 1000
Huntsville, AL 35801
256-890-0460
Harold.Karp@wlv.com
David A. Owen
Sr. Vice President, Chief Financial Officer and Secretary
Wolverine Tube, Inc.
200 Clinton Ave., Suite 1000
Huntsville, AL 35801
256-890-0460
David.Owen@wlv.com
SOURCE Wolverine Tube, Inc.
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