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Top filing on this link shows the moneys owed. I don't see much of anything happening for the next 3 months if Ms Waterhouse's past performance is any indication. Not sure what will happen after that.
https://fintel.io/sf/us/abmc
From the way it looks there will not be much if any meat left on the bone. The CEO, Ms Waterhouse will stay on for 3 months earning $5k/mo as a consultant. Basically, what will be left is a shell for a new company to possibly go public with. Not sure what that is worth but doubt much.
I've been in the market for decades and this is one of the worst run companies I have seen, other than ones who turned out to be complete scams. Sad because the company had such potential at one time.
Still have the same leadership so we should not expect things to change any time soon.
Yes, and under the terms, if no one is appointed before sale goes through, Melissa will stay on as a consultant for 3 months. This would further drain funds.
It's a no for me. Why don't they just distribute the funds? If this passes, Melissa is going to stay as an advisor for 3 months, which will further drain funds. After that period, no one will be left unless she finds someone in those 3 months.
Better to get the .06 now then nothing later.
I think it was you Smilin that dug up all the info including one of the subsidiaries being located in Australia. Good to see that finally materialize.
Weren't they also working on 5g that was 50 or 100x faster than normal 5g?
.037 per share.
Yeah, it was one of my biggest wins. Was in it for about 15 years. Hung with it through all it's ups and downs, there were a bunch...luckily it ended on an up!
Good luck with your future endeavors.
That is the final payment. Company is liquidated.
Might take a day or two for funds to clear. Mine was deposited yesterday and funds were available to me today with Fidelity.
SYCRF announced a cash dividend of 0.037 with an ex-date of Jan. 24, 2023
Final distribution is in our accounts this morning. Ticker is gone.
Thank you for the info! Will be interesting to see what the final payout will be.
Someone probably just needed some gas money.
The voting that I saw was for appointing lawyers to liquidate, not on the how to distribute funds. More than likely, the attorneys being elected will need to rack up a bunch of billable hours before it closes. I suspect we will be well into next year before anything happens.
That would be nice, but highly doubt it. I always expect a long wait any time attorneys are involved.
Yes, hoping we are coming close to the end.
Not sure what you are referring to about my reasoning being wrong. This email from Scott Beinhacker might help you understand my, and apparently his timeline for total liquidation:
We sold our interest in Crown Global in October 2021 and issued a press release. We still have an interest in Swap Financial Group. The litigation is still active, and I can’t comment beyond what is in the public court filings. We will have a better sense of the liquidation timeline once the litigation is resolved.
I don't think so. Believe it is against our subsidiary Swap Financial but cannot remember for sure. Like I said earlier, contact Scott in IR if anyone if really interested in knowing about it.
Syncora is defendant. Cannot find link to the court case. IR will probably let you know details of the case if you are interested.
Syncora is defendant. Cannot find link to the court case. IR will probably let you know details of the case if you are interested.
They are involved in a lawsuit. Liquidation should happen shortly after it gets settled...whenever that happens.
I would like to know how much we received for the Detroit property. I thought it was 13.9 million but after re-reading the press release, I see it was not disclosed. Why?
http://scafg.gcs-web.com/news-releases/news-release-details/shl-holdings-ltd-announces-sale-its-real-estate-related-assets
Not sure about Hosedragger but Denny cashed out after the sale of the core business.
They didn't mention still owning it, but I had heard a good while back from a reliable source that it was part of the equity funding company we still own.
I listened to the call. They said the Equity Funding business is the only thing left to liquidate. There is a lawsuit involved with it that needs to be resolved but it is being worked on. There was not really a definitive answer to a question asked as to a timeline for total liquidation other that it is being worked on.
Does anyone have a link to the conference call today? Apparently, directions for joining were in proxy voting materials. I must have voted and then deleted so don't have. Call is at 11:00.
"I believe" we still have about .16 in cash + still have our equity funding business (funding startup companies for an equity stake). I don't believe we have the EF business valued at much on the books. At one time, I had heard we had funded a business, Credit Sesame, that had done pretty well so might have some value there but not sure. I saw one of their commercials during prime time.
Those are the only things left that I am aware of.
Got mine in Fidelity. Showed up in "activity and orders" a day before it showed in my account balance as cash.
Reminder in case you have not seen...shareholder meeting and conference call next Friday. Hopefully they will give us a timeline when the company will be completely liquidated.
Yes, current share value is mainly due to cash. I believe they also still have the venture capital biz, Swap Financial, but not sure. I had heard that Credit Sesame was one of the startups that we funded. I think Swap is the final asset that needs to be sold.
Distribution just hit my account.
I still have not received the distribution. Scott Beinhacker in IR said the delay is with FINRA and the DTC. They have all the necessary information. I have not been able to talk to either of those but plan to. Will post what I find out.
Tomorrow after market close 10Q?
Less than 2 weeks until NT10Q!
OTC markets used to put a stop sign on a stock when financials were not current. I guess they changed that to "dark and defunct" now. It is just their way to warn investors that trading in a stock not current is extremely risky.
https://www.otcmarkets.com/stock/SYCRF/overview
OTC just began a new rule(I believe on 9/29) that any stocks with a stop sign do not have a market made on them...no bid/ask. Syncora has a stop sign. I knew the rule was coming and called Scott B in IR to ask if the stop sign would be removed by the deadline. He said financials are current but OTC Markets could not understand Syncora is liquidating He had been in communication with them to try to get it resolved before the deadline but apparently that didn't happen.
Anyone putting in a market order is just asking to have their money stolen.
At this point it is best to just wait for the final closeout. The good news is Scott said they had made significant progress in the past couple months in the liquidation prcess.
Sounds like a good opportunity for a market maker to steal your shares. Do you think it would go through for a nickel or less?
I talked to Scott B last week. Said they had made significant progress in the past couple months in regard to closing everything out. I actually called about whether the stop sign would be removed before new OTC rules took effect. He said he was working on it. I now see he was not successful as we are no longer trading.
Was it 4 or 5 late filings ago that Melissa said financials should be on time from that point on?
I have heard Melissa is a nice person but find it hard to believe. Would a nice person have such blatant disregard for other's finances as well as jeopardizing their employee's futures?
Not really sure why so many of your posts have to be political. Neither presidential choice was in their right mind. I voted for Trump but pinched my nose while doing it.
I would imagine you are right about John referring to someone with a big stake. Things could get interesting.
Thanks for your knowledgeable input on this. Great to see you posting again! Are you still holding your Syncora?