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"The Debtors, pursuant to the terms of the Bidding Procedures Order, have determined that the Auction is not necessary and hereby provide notice that the Auction is cancelled.”
I have to say that I find this line very interesting.
Hello Ronnie, nice to see you around. Hope you and your are well.
interesting decision by the debtors. i wonder how much Silver Point had to do with this.
question remains, now that they own the company, will they take shareholders along for the ride or not ?
NEW YORK: Attorneys for Young Broadcasting cancelled the asset auction scheduled for today. Jo Christine Reed of Sonnenschein, Nath & Rostenthal, LLP filed a Notice Cancellation of Auction with the U.S. Bankruptcy Court for the Southern District of New York, dated July 13.
“The Debtors, pursuant to the terms of the Bidding Procedures Order, have determined that the Auction is not necessary and hereby provide notice that the Auction is cancelled.” No further information on the cancellation was provided.
Young filed for Chapter 11 in February after defaulting on $10.6 million in interest payments. The company listed assets of $575.6 million versus $980.4 million in debt. When the auction date was scheduled, Young’s attorneys said there was a “healthy amount of interest” in the assets. B&C said two private equity concerns among prospective shoppers--HIG Capital and Oak Hill Capital.
I think this is good news for us. eom
auction has been canceled.. not postponed... something has happen.. if stations are no longer up on the block either young has sold the whole sha-bang or we are about to see one hell of a merger and someone is going to help assume some of the debt....
No problem.
Yes, the games continue each day with NITE being the main player. NITE sold 42K at .0199 today and then posted a BS sell of 2698 shares at .015 ($40??) to bring the price back down, even though there's a bid at .0155. It's amazing what those leeches can get away with.
Good support at .015 anyway. 4 MM's lined up there, hoping people will be foolish enough to sell them some shares. This looks like rock bottom.
no doubt the mm's are having some fun with this one.. I would think we would see some major buying in the next few days.. thanks for the level 2
NITE still trying to suck up shares. Also keeping the ask low. Where do you think we go with a little buying pressure? LOL
level 2 for pinks... does anyone have level 2 for pinks.. sure would like to know which MM keeps bumping the ask to .14 at close?????
ask is at .14 again.. all the employees got packets today... waiting to see a copy.... should be interesting.. my best guess.. oak hill has bought.. most local news anchors will be gone.. lets just hope we get a good price for our stock or some type of trade.. with only 23mill out there.. one can only hope....
Lets hope for a repeat performance! Thanks for posting the great info on the yahoo thread.
closing ask at .14.. last time we had that had a big run!!!!
you said it.. this stock has fallen off of most people's radar.. when it starts to run it will run big.. float is too low.. I bought one time back when it was running in the low .40's and sold at .95 in one day.. on a little over a million share volume.. there has not been much buying at these low prices so should not be many pps walls when it does start to run.. I have been crunching some numbers and even with 4 stations left and the revenue from those.. the low o/s // no matter how you slice it this stock is a buy..
I've been adding steadily as it's dropped. The way I figure it, even if they end up with only a couple of profitable stations in the end, with so few shares, this is way undervalued, especially at this level. It's only been the low volume and constant tiny sells that has walked it down. I still believe NITE sold too many shares when this hit over .10 and has been trying to suck up all the shares that are sold to replace what they didn't have. NITE also sold over 100K a few days ago, so I believe they are in even deeper. Of course, with NITE on the bid most days, all the tiny sells replenish their supply of shares, cheaper. I've done my part to outbid NITE on many, many occasions to snatch those shares from them. Of course, they have retaliated at times by selling me 50 shares and then raising the bid, costing me commissions in the process. But if there's one thing I find intolerable it is the fact that NITE, CONSTANTLY, on this and many, many others stocks, rides both the bid and ask, dropping the PPS lower and lower, only because they can get away with it when there is little buying pressure. Market makers are supposed to help create a market, NOT control and manipulate it to their own advantage. Anyway, for now, I'm happy to slowly load up more and more, here and elsewhere, until people see the potential value of these hidden gems. I don't ever recommend stocks or encourage people to buy, based on my opinions, but this is one I'm holding and still buying for a very nice payday. We've seen how this can move with steady buying pressure, even on low volume. This went from .007 to almost .11 in about 3 weeks. What happens when there is real interest with heavy buying pressure and volume?
word on the street is the 4 station deal is done.. if you look at the docket filings the sale of the stations is sealed and cannot be accessed.. I assume that is the filing for that.. I am hearing its sanfran/lafayette/richmond/albany/ for around 400 mill.. I also know(from the filings in court) that they have managed renegotiate about 250 mill of their debt and contracts.. they have also cut about another 150mill in fixed expenses.. vinnie just pulled that rabbit out of his hat.. just when I was losing faith.. I just added that 15k this a.m so lets go boys..
I'm surprised that NITE has been able to manipulate this down so low. No one else seems to be paying attention to this one.
well.. we kept the nashville rights for the nfl team... good things must be happening there anyway.. at least the ratings will stay high so some good rev to come in.. lets hope we dont sell that station!!!
even with the sale of 4 or 5 stations we are still looking at a company with only about 1/2 the gross sales of last year but the debt load is reduced greatly.. with the low float they have I could see a buck or more if the sells go according to plan.. I am about to load up some more if it will go just a little lower... glta
Provided they are able to make these sales -- are they able to emerge from bk then -- or do they get absorbed by another entity? If so, what price? Is .50 realistic, higher? Your thoughts would be appreciated. TIA...
I'll be glad when they get the auction completed.
Once that is behind them it seems like the share structure is such that we could make a serious move.
One day with the kind of volume charter gets (to sit there and do squat) would make believers out of a lot of people.
Good luck custom, I guess for now we can wait in the weeds.
GLTA !!
looks like july 14th is the new auction date.. Im taking bets that they sell a group of stations before then...san fran.. green bay.. richmond and nashville//// 425mill is the price...
Way cool ! GL C4e
GLTA !!
no doubt about that.. almost all of the stations have been visited by potential buyers .. for the judge to delay because of a lack of a "stalking horse bidder" is a good thing.. I am betting we see a merger with oakhill before the end date..
Nice catch Pete ! Any links would be great too. This thing is ready to go with a little more positive news. GL P.
GLTA !!
Judge gives extension to Young Broadcasting Bankruptcy - 9/7
the bk judge has given Young Broadcasting an extension to Sept. 7 to complete their bk restructuring.
Any way to have a quote for this active again on the board?
TIA
Sweet ! Look at the spread today! .0461 to .0749.
Think anybody made money today LoL? !?!
GLTA !!
Light volume spurs a 61% jump..... nice. eom
8k filed yesterday.. this thing should be running.. looking good
http://pinksheets.com/pink/quote/quote.jsp?symbol=YBTVQ#getFilings
Right TNC, the MM's can play with themselves all they want, we know what happens with any kind of volume at all!
Somebody (not me darn it) got a double in the same day last week while they were playing with themselves like this! GL
GLTA !!
No volume gives them the chance to put through little BS buy and sell markers. Not a problem. No one is selling. Of course, no one is buying today either. LOL
mm's are playing with this alot this am?? 7 to 5 to 6.. gezzz
I placed a few orders that never showed on L2. Had orders for the hell of it at .05, 07 and .08. None ever showed and none were filled, even when orders were filling LOWER than mine. Placed more orders at the ask, which were only partially filled at .085 and .089. I finally gave up and put the cash I had elsewhere. My guess is that large order this morning was filled by an MM who didn't have the shares to cover it, so they're fishing for shares. Holding all my shares. GO FISH, NITE!
Darn right NoviceChicago! MM's are desperate for shares.
Vinnie owns 30% himself, and there were only 99 other stockholders according to the BK papers.
That's why this thing moves so good.
Somebody that bought this morning is gonna get a double TODAY if they want to take it.
That kind of says it all, and without a lot of hoopla at that! GL
GLTA !!
there goes the spare change for the week ...
Hiding bids, huh? Apparently NITE needs some shares, since their bid shows at .0001 above the bogus high bid. And most likely they won't fill orders at the bogus .089 ask. IMO BTW, all this after a VERY LARGE ORDER was filled first thing, HIGHER than the current ask. LOL
interesting ...
I have a small little order at .08 ... that I placed last night after close just for giggles and to use up some spare change.
makes you wonder why they wouldn't sell to me or show it
I don't generally make predictions, even to myself. That can be dangerous. It creates expectations. I prefer to watch L2 trading patterns, charts and keep an eye on potential changes that may or are affecting price. Not to mention MOMO, which we don't even have here. Based on all those things, my expectations adjust constantly. There's nothing like taking profits too soon (although any profit is a good thing!). Short term, I think the next couple of trading sessions are critical, especially with a long weekend coming up. Long term, the potential is much better and easier to judge. Just look at a three year chart and then consider what could be if they trim all the fat. If you do that, the difference between .50 and $1 is minimal.
As I've stated many times, some of the best gains are made by swimming against the flood. When others are running scared, many times, that's the best time to be loading up. This one is a prime example of that. High risk with high rewards. Based on the slow, steady action we've been having here, it's only barely begininng it's move. Even without the WEEEEEE's! LOL
I think YBTVQ has been overlooked and still sits in relative obscurity to some of the "bigger" name Q's.
Notice how easy this thing moves? It's nuts!
If she hits .50 I think a party is a great idea.
About those dancing girls..........
http://www.spadre.com/springbreak2008/IMG_4057.jpg
Yes! I will be there.
okay guys this is what I could find out from some people I know.. young has managed or will sell 3 of his stations including kron for 300mill.. they have also been able to reduce their secured and unsecured debt by about 200mill thru bk.. that should leave them with about 3 to 400 mill debt left plus the blood sucking kron off the books. they have already managed to write another 150 mill off kron. so my best guess is we are looking at about 250 mill in debt.. considering they will still have the rest of their stations and they are all profitable this is nothing considering the revenue and the cost cutting they have already done. while i dont know this for sure to be true my sources have always been good.. plus looking at the docket filings it adds up to be the case.. I think it will be at .50 in no time..I know .50 looks like a long shot but look at the rise in the pps with such low volume.. who is gonna throw the vegas party!!! Im buying the dancing girls!!!!!!!!!
Any way to have a quote for this active again on the board?
TIA
Got a WAG as to where we may end up?
.50 would be a year maker for me!
Fantastic! I put this one on the back burner a few months ago with the intention of taking a bath.
Things are looking promising.
I have been waiting for a day like today!
Bought some when it tanked with "Q" added, loving it about now.
thinking we will see .12 tommorrow then some people will dump.. go back to .08 then they sky is the limit.. most of the big buys have been at .25 and above!!!!! hell I bought in at .91 but have average down to .03.. go ybtva!!
Pretty cool TNC, I feel like making a joyful noise!
.085 Only 3 MM's to .14.
Yep. It's already a 10 bagger from the lows and no one seems to notice it yet.
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Company Operations to Continue
NEW YORK--(BUSINESS WIRE)--Young Broadcasting Inc. (Pink Sheets:YBTVA - News) and certain of its subsidiaries (“Young Broadcasting,” or the “Company”), today announced that to restructure its balance sheet and to ensure the Company’s long-term financial health, it has filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. As is normal in such cases, Young Broadcasting plans to continue operating its television stations without interruption.
Young Broadcasting has set-up a toll-free reorganization hotline (866-212-0222), for viewers, advertisers, employees, or other interested parties who may have questions related to the reorganization. In addition, parties are encouraged to visit the Company’s Chapter 11 case information website at http://chapter11.epiqsystems.com/ybc, for updates and other information surrounding today’s announcement.
Young Broadcasting Inc.
599 Lexington Avenue
New York, NY 10022
United States - Map
Phone: 212-754-7070
Fax: 212-758-1229
Web Site: http://www.youngbroadcasting.com
The History of Young Broadcasting:
http://www.fundinguniverse.com/company-histories/Young-Broadcasting-Inc-Company-History.html
Young Broadcasting owns ten television stations and the national television representation firm, Adam Young Inc.
Five stations are affiliated with the ABC Television Network:
WKRN-TV — Nashville, TN
WTEN-TV — Albany, NY
WRIC-TV — Richmond, VA
WATE-TV — Knoxville, TN
WBAY-TV — Green Bay, WI
Three are affiliated with the CBS Television Network:
WLNS-TV — Lansing, MI
KLFY-TV — Lafayette, LA
KELO-TV — Sioux Falls, SD
One is affiliated with the NBC Television Network:
KWQC-TV — Davenport, IA
One is affiliated with MyNetwork TV:
KRON-TV — San Francisco, CA
Share Structure as of 09/19/08:
Class A Common Stock: 21,836,161 ( 1 vote per )
Class B Common Stock: 1,941,414 ( 10 votes per, but also Common Stock )
Combined A&B O/S Total: 23,777,575
About Young Broadcasting
Young Broadcasting owns ten television stations and the national television representation firm, Adam Young Inc. Five stations are affiliated with the ABC Television Network (WKRN-TV – Nashville, TN, WTEN-TV – Albany, NY, WRIC-TV – Richmond, VA, WATE-TV – Knoxville, TN, and WBAY-TV – Green Bay, WI), three are affiliated with the CBS Television Network (WLNS-TV – Lansing, MI, KLFY-TV – Lafayette, LA and KELO-TV – Sioux Falls, SD), one is affiliated with the NBC Television Network (KWQC-TV – Davenport, IA) and one is affiliated with MyNetwork (KRON-TV – San Francisco, CA). In addition, KELO-TV-Sioux Falls, SD is also the MyNetwork affiliate in that market through the use of its digital channel capacity.
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