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we don't know how much the other 5 drugs were sold for only the fact that the atty who handled it claims that they were sold much higher than anticipated
another board was discussing liquidating trust and it seems it could be beneficial to shareholders too in the long run
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=38351150
So basically...they have extra cash in a trust that
is owed to us and is any Lawyer working on the case
to get us the money...are they waiting for a time
limit to run out or are they just going to make the
payouts..and when?
Also am I hearing that I bought shares at .006 (down a little)
and that for every share I could get a buck?
I also notice that there is no way to contact the company and the numbers do not answer?
Do we need a lawyer or what?
.005x.006 fill the gap again?
Interesting points...
-- $80m debt went down to $40m by consummation of chapter 11 restructuring
http://www.millerbuckfire.com/html/deals/viewDeals.asp?dealType=2&dealYear=&industryID=1006
-- "Six of the pharmaceutical product lines were acquired through several spirited sales and auctions resulting in significantly higher value than originally projected."
(Vaniqa alone was sold for $38.85M, five more were sold)
-- "In accordance with the chapter 11 plan, a liquidating trustee has been appointed to, among other things, liquidate any remaining assets, prosecute avoidance actions and reconcile claims."
(imho with only $40M in debt at the time of confirmation, there could be some value left for shareholders after six drugs were sold for much higher than anticipated
Liquidating Trust might end up with a distribution to shareholders imho)
http://www.ycst.com/case.htm?a=188
-- NOLs tax credits alone is worth $1.93 per share
http://www.aswechange.com As We Change(R) is a wholly owned subsidiary of Women First
HealthCare, Inc.
not sure if this website continues to be a subsidiary of the company
it's mentioned in this article...
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/08-03-1999/0000995993&EDATE=
Liquidating Trust Structure Is Key to Maximizing Payouts
by Jeffrey Ayres
Oct 1, 2006
(TMA HQ Chicago)
The use of liquidating trusts in Chapter 11 reorganizations or other restructurings continues to grow. By segregating into a trust specific assets available for liquidation and eventual payment on creditors’ claims, practitioners have created an effective tool for streamlining the confirmation of a plan of reorganization or an out-of-court restructuring.
Maximizing the recovery for unsecured creditors is the primary goal of every liquidating trustee. However, not every liquidating trust is structured in a manner that allows its trustee to achieve that goal easily. Recently, the liquidating trust created at the confirmation of the liquidating plan of Farmland Industries, Inc., paid out more than 100 percent of the allowed claims of unsecured creditors. The company’s unsecured creditors received about 20 cents on the dollar more than anticipated at the time of confirmation.
However, that was not a result of uncovered assets, a “mega-judgment” in favor of the liquidating trustee, or just plain luck. Rather, several structural factors and initial strategies played crucial roles in maximizing the payout for the beneficiaries of the liquidating trust. This article highlights those factors, which turnaround practitioners should consider in structuring and negotiating a liquidating trust to facilitate a trustee’s ability to maximize recoveries for creditors.
Most large corporate Chapter 11 cases or restructurings are very contentious. Consensus among the debtor, the creditors’ committee, and other parties in interest is often difficult to achieve, resulting in more time and money being spent to obtain a resolution. However, with the creation of a liquidating trust and the appointment of a liquidating trustee, that adversarial environment can change immediately, provided that certain structural enhancements are incorporated into the governance provisions for the liquidating trust.
First, the trustee should report to a governing committee that is representative of the beneficiaries of the liquidating trust. Generally in a Chapter 11 scenario, the governing committee is comprised of former members of the creditors’ committee(s), but at a substantially reduced number. In Farmland Industries, for example, representation of the two former creditors’ committees on the governing committee was limited to four members (two from each committee). Reducing the number of members on the governing committee, while maintaining a representative balance, allows the governing committee and the liquidating trustee to operate, deliberate, and make decisions more efficiently.
Second, a liquidating trust’s structure should provide that, absent a conflict, the governing committee and the liquidating trustee may be represented by the same counsel and other professionals. This should assist in the common goal of maximizing value for the beneficiaries of the liquidating trust. The liquidating trustee’s administrative efforts in obtaining necessary approvals from the governing committee will not be hampered or delayed by the logistics of obtaining the consensus of a large number of people. Additionally, regularly scheduled in-person meetings among the governing committee, liquidating trustee, and counsel fosters good working relationships and are instrumental in keeping all parties well informed and on task so that decisions can be made promptly when circumstances require.
Another essential component to preserving and maximizing the value of the liquidating trust’s assets is the trustee’s access to key employees of the debtor. If the corporate debtor is to be dissolved, the liquidating trustee should be given power to retain and manage key employees to perform specific tasks related to the preservation of assets. In the case of Farmland Industries, the liquidating trustee retained about 25 former Farmland employees through the first six months of administration. Specific functions necessary for the effective administration of the liquidating trust’s assets should be identified at the outset, and former employees with extensive historical knowledge and appropriate skills should be matched to those functions.
A liquidating trustee also should have authority, subject to approval of the governing committee, to provide appropriate retained employees with performance incentives tied to the recoveries of the trust’s beneficiaries. The contributions of the former Farmland employees in assisting the liquidating trustee in resolving $120 million in disputed claims, preserving and managing volumes of documents and records material to pending litigation, and otherwise winding down the business of the debtors benefited the beneficiaries and more than offset the cost and expense of their continued temporary employment.
Another critical point for laying the groundwork for a liquidating trustee’s success is the decision of which professionals to retain. The overall strategy to maximize the recovery for beneficiaries in an efficient and cost-effective manner should be predicated on the liquidating trustee’s ability to retain the professionals, usually those already involved in the restructuring or bankruptcy proceedings. This is a core strategy that will allow the liquidating trustee not only to hit the ground running, but also to maintain that momentum in achieving the liquidating trust’s goals. If conflicts arise or existing professionals simply decline to continue their involvement in the matter, other appropriate professionals and experts should be retained.
The parties involved in establishing and negotiating the structure and terms of the governing trust documents must ensure that sufficient funds are provided to administer the liquidating trust properly. With Farmland, an amount equal to the budgeted operating expenses and professional fees for the liquidating trustee was fully funded in a separate reserve account from day one. Although this may segregate a significant portion of money from the funds initially transferred to the liquidating trust that otherwise might be available for immediate distribution to beneficiaries, the long-term administrative requirements and goals of the trustee require that the trust be fully funded at the outset. Having adequate reserves allows the liquidating trustee, the governing committee, and their professionals to avoid having their thoughtful strategies limited or their reasoned decision making unduly influenced by the need for immediate operating liquidity.
Finally, a suggestion about the mechanics of actually liquidating assets in today’s economy is in order. The challenge for every liquidating trustee is locating—or more often, creating—the “market” that results in maximum proceeds for the beneficiaries. Although most governing trust agreements empower a liquidating trustee to liquidate assets through private sales, one also should consider the potential benefits of using Section 363 of the U.S. Bankruptcy Code if it is available.
Presently, a liquidating trustee may easily create a market for an asset by selecting a stalking horse bidder, noticing the asset for sale by auction to qualified bidders under Section 363, and obtaining court approval for the sale with clear title. The expediency of Section 363 sales, coupled with the unprecedented amount of capital seemingly available today, may expand what previously was perceived as potentially limited markets for certain assets and thereby materially increase the anticipated liquidation value. Admittedly this strategy may not result in a “home run” sale price; however, it may result in a consistent series of “doubles” that can add up over the term of the liquidating trustee’s administration.
This article represents the views of the author and not those of JPMorgan.
Jeffrey Ayres
Vice President, Relationship Manager
JPMorgan Bankruptcy & Settlement Services
Ayres has 20 years of bankruptcy and legal expertise, including extensive experience in managing the administration of liquidating trustee appointments.
http://www.turnaround.org/Publications/Articles.aspx?objectID=6590
I believe this is a shell after what's left of the chapter 11 filing
there is evidence that the old company has already emerged from bankruptcy and the stock remains tradeable and not cancelled
I still have to find the trustee and find out what happened to the company or the stock
last court filing indicated they formed a liquidating trust where all the proceeds of the liquidation went into, what happened to that trust, I have no clue
I am having difficulty understanding why this stock
is going up, and I did buy some..but what is all the talk about the bk and taxes? I am a newby and somewhat lost
if you could let me understand what is going on with the BK and why it makes this stock so interesting to you ect..
I wish I bought at .00001 but still..I see the website for the company..are they still in business did they get partnered I am really confused on this..and were do I find the information because I can not seem to find anything on this company ..this year
Glad I had a chance to buy some on the dip, .018 pretty easy to reach again ,so thin.
and no bidwhacks
Nice UT today! = )
up 77% so far today, I wonder if we could get back to .018 sometime this week
I'm hoping for much higher eventually
Grabbed some .006 's and .0045 today for a start.
it's only been two weeks here, it took several months for chapter 11 STBP and FMNTQ to hit their highs from subpenny (STBP from .0001 to .51)
I'm not saying WFHCQ will do the same thing but as I've said a similar bankrupt pharma LIPD hit .08 from .0006 with lower NOLs and bigger O/S than WFHCQ
WFHCQ is also in a better bankruptcy status Chapter 11 reorganization than LIPD's Chapter 7 liquidation
I hope so, I'll try to call the Trustee
Does that mean .07 next week? LOL :))
someone made sure we're down today, this happened to HAVA too after hitting close to .02 it went down to sub .002 then it rebounded to .09
004 x008 , 3 x1 nite
01, doms, pert
.018 sali
.020 etmm
2. auto
what's on the ask lineup?
Wow you are on it LG :)) Last trade was a 50K buy @ 008. We are still up for the week.
someone slap the .008 pls
I hope the seller is gone!
we lost a boardmark someone sold, ask back up
That was pretty weird. Looks like Freaky Friday today. :))
can't believe this traded as low as .0025 today
That would be great!!! $ 2.00 PPS! I can take the rest of the year off. OOPs spoke to soon Obama is still the Prez. It would have to be $5.00 pps for me to take the rest of the year off. LOL ;) Hoping for new highs tomorrow and next week. :))
I was just pointing out that they've had merger plans even before chapter 11. They could workout a better deal while under Chapter 11 protection and be able to carryover the close to $2 per share NOLs tax credits into the new company.
That was 5 years ago. Isn't there a time limit on when a Cahpter 11 is to be completed? Since there appears to be some volume I think they may have a deal somewhere. Or maybe not. Hell this is pinkie land. Anything can happen lol :))
Merger Plan before Chapter 11...
In order to address the Company's current debt service requirements and working capital needs, the Company's strategic priorities continue to be: (i) identify an acquisition or merger partner with interest in acquiring the Company or all or a significant portion of the Company's assets; (ii) identify and implement measures to conserve the Company's existing cash resources, (iii) restructure the Company's existing indebtedness and (iv) raise sufficient capital to satisfy its working capital and debt service requirements for the foreseeable future. Specifically, the Company is considering the sale of both strategic and non-strategic products. Although the Company has received indications of interest from potential acquirors of one or more of the Company's pharmaceutical products and potential sources of financing, the Company does not have any definitive agreements in place.
http://www.biospace.com/news_story.aspx?NewsEntityId=15480320
What a roller coaster ride today is Looks like interest is picking up. :))
at least we know it could hit .018, if more volume comes in we should see higher prices imho
007 x013 here doms x etmm
who lowered the ask again?
No nite @ .018
etmm .013 ask
doms .01 bid
is NITE boxing it in again?
Dunno?
2 x .018
nite,sali
fake ask at .018?
wowwwwwwwwwwwwwwwwwwwwwwww
WFHCQ @ .018!
;)
Dollar Land, me encanta esa islita! Brisa, vino y muchas palmas!
;)
*$,land , around the cornerrrrrrr
WFHCQ is moving on lite volume!
;)
.01 , hit already
weekly chart in ibox points to .14
I was very surprised to see this @ 01. Thank you who ever did the beautiful paint job. :)))
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CHAPTER 11
$147M in NOLS per last 10K
$1.93 per share NOLs Tax Credits
26.66M O/S
Women First Healthcare Inc.
Women First HealthCare, Inc. provides pharmaceutical products for midlife women in the United States. It offers Vaniqa Cream, a topical cream to slow the growth of unwanted facial hair; Esclim, an estrogen patch system; Equagesic Tablet, a pain management product; Ortho-Est tablet, an oral estrogen product; Midrin, a prescription headache management product; Bactrim, an antibacterial product line used primarily in the treatment of urinary tract infections; and Synalgos-DC capsule, a pain management product. Women First HealthCare was co-founded by Edward F. Calesa and Randi C. Crawford in 1996. The company was originally known as Healthy Living for Women, Inc. Women First HealthCare is headquartered in San Diego, California. On April 29, 2004, Women First HealthCare, Inc filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. The plan was later approved as Chapter 11 liquidation on December 28, 2004.
Women First HealthCare Inc. is a specialty pharmaceutical company dedicated to improving the health and well-being of midlife women. The Company's mission is to help midlife women make informed choices about their physical and emotional health, and to provide pharmaceutical products and self-care products to help these women improve the quality of their lives. The Company has historically marketed these products in the United States through a number of channels, including its sales force, tele-sales and direct-to-consumer marketing programs, through http://womenfirst.com and http://www.Vaniqa.com
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