small investor looking for big life changing gains
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
TAIT - JUST WAIT!
I agree. If they issue earnings tomorrow and they are bad, I would think that the insider could face some liability? It was very impressive that there was strong bidding right after that form 4 came out, so perhaps the market is thinking the same as you, that earnings must be okay.
I hope so, I think this company has a lot going for it and they can build something really good here.
Sorry it ended up like this. Seems like the only ones that make out in BK filings are the management that over pays themselves, Wall Street that puts together all the loans for bankruptcy loans, and others that squeeze small companies. This will not be the last.
I think the only reason this is trading are people covering shorts and those with unrealistic hopes that against all odds, there is some recovery, even though there won't be.
Good luck with your next investment - at least you got something out of it before it got wiped out with a BK judges pen.
I don't know what other proof you can give anyone here. It says plainly in the filings that common stock would be wiped out, the unsecured bonds had traded at a low of 0.01 (that's right for every $1000 of debt held before BK, it was selling for only 10 cents, 10 CENTS for every $1000 in debt!!! And that has way more priority in BK than PFDs, let alone common.
PFDs, Common and even some debt seems like will become totally worthless. If anyone needs money in the common stock, get it while you can, because under the plan, it will be worth zippo. They can't even pay back the money that was lent to them to get them through the BK process. For common and PFDs, it's over as soon as the judge signs the line.
The current plan is that common and preferred get wiped out, and even the unsecured creditors get any equity left after the DIP creditors get theirs. I don't know why anyone would pay anything for these shares at this point, they will all be wiped out at the stroke of the judge's pen.
Why do you think insiders are buying?
The company is billions in negative equity, the bonds trade at less than 5 cents on the dollar, and there is a ton of preferred other convertibles. Even the latest Q seemed to raise the possibility that even the debt wouldn't be paid, which would have to be paid before the preferred, let alone the common get anything in a BK? Wouldn't they buy the bonds or pfd stock instead?
I just don't see how this will get any value other than speculative bumps, but if you see something that isn't apparent, I'd love to hear it. Good luck, it would be nice to see a phoenix rise from the ashes, but I don't think common stockholders will benefit.
Another biotech goes Piffffttt. Sad.
well, that was a big fizzle.
Interesting. Maybe required to keep some leases? I'm afraid that with the bonds trading at 5 cents, even the bondholders look to take almost a total loss. Looks like no chance of hope for PFDs let alone common.
We all done got burned. Hopefully everyone learned a lesson, but I'm sure history will repeat.
As you said - ZERO - It is after all a nice round number that they are shooting for.
There are a few good posts with links on this board. The current filing seems to wipe out all interests in the PFD and common stock. Then depending upon whether you had secured or unsecured debt, you would receive a percentage of equity in the new company. The link that someone so thoughtfully provided also shows that the bond holders are objecting to that plan. I don't think that the current equity holders have any possible recovery in either scenario, as the bond holders will be in control here.
I have to say, if I were a bond holder, I wouldn't accept equity if what was disclosed by the one link is true, that there was bonuses paid just before the filing. Bond holders expect payment in full, and if management did that, they have no right to control a bondholder's fate IMO.
As you said, I feel badly for those that lost here. They should have done well for all the stakeholders, and I'm sure there will be a postmortem for this, but that will be little comfort to those that lost big time here. Sad.
The filed. It be over. Not like the management took a pay cut or anything, but the way the objection of the creditors read, they paid themselves. If I were a creditor, I'd object too, and have the company liquidated rather than give management a penny to run it into the ground again.
I for the life of me don't understand why people will continue to throw money at these companies after they stiff you with an offering well below the last market price. Fool me once... stockholders' need to have recourse against management that does this stuff, the best one I guess is never give them another dime.
Seems that they turned this oil company into the dirty Sanchez by giving themselves bonuses a day before they filed the way it looks in that DIP objection filing? Maybe the debt holders should push them into Ch. 7 and just liquidate it.
Stockholders' and PFD's were given the shaft. No matter what the creditors get, there isn't zip for them.
$1. Ya done got burned. Wake up and smell the dog poop!
10-k is out.
If only they would just do something as simple as put a few pizza shops around, how hard can that be?
@timothy_smith, are you still long this? I haven't sold a share and am thrilled with the 3:2 split and today's 15% jump. With EGAS and DGAS being bought out, this has to be on the radar, as I feel it is a much stronger company than either of the other two. All this buying in the last hour is an eye opener.
@timothy_smith, are you still long this? I haven't sold a share and am thrilled with the 3:2 split and today's 15% jump. With EGAS and DGAS being bought out, this has to be on the radar, as I feel it is a much stronger company than either of the other two. All this buying in the last hour is an eye opener.
Blew through a nice bid today. Grrrrrr. I hope that we hear more about their plans.
Last two days there seems to be some bids and buys at the ask? The microscopic price finally low enough? Would be nice to see something tangible.
AGREED! A Happy and Prosperous New Year to you!
Pry those shares from my cold dead hands, LOL
Was nice volume and move. I'm probably as enthusiastic as you are :)
I think you have it right. At the price today, I think it might be fairly valued without news or other events one way or the other. Often I'll pay fair value or a bit above just because of one thing --- if you wait for the event, you won't be able to buy (or sell) the shares once that event is announced.
Question is, when or if there will be such a move is something we can only guess at.
With things bottoming out, I would hope that they would move quickly while there is still blood in the oil patch. I would think that management here realizes that, and I hope they can find good deals, hopefully sooner than any later. Anything that drops from the trees is a gift I think, but I've been wrong before, but I've also had some fantastic home runs too :)
Good luck to you as well. I think those shares were sold to strong long term hands, I'm in for a long term hold. Take care.
Sign of confidence, again. Less in the float. GLTA longs.
Thanks, we'll do well. Putting bids in can let we the faithful collect more shares. The tax loss trend usually reverses itself in January. If the company deploys its capital they could make this a game changing holding. GLTY!
Thanks, we'll do well. Putting bids in can let we the faithful collect more shares. The tax loss trend usually reverses itself in January. If the company deploys its capital they could make this a game changing holding. GLTY!
I think you might see some tax loss selling perhaps, but hoping shares fall from the sky to hit your bid might be a mistake if this runs quickly. I haven't felt as confident in a stock as this one in a long time.
Yup! I think someday we'll wonder why we didn't snatch up all these shares that are offered here. I always wondered why when stocks are low, you can buy bucket loads of shares, but when they move, there isn't any around. Hopefully that history will repeat here too, and soon.
Yup! I think someday we'll wonder why we didn't snatch up all these shares that are offered here. I always wondered why when stocks are low, you can buy bucket loads of shares, but when they move, there isn't any around. Hopefully that history will repeat here too, and soon.
Agreed. Our secret now, but people will catch on :)
Agreed. Our secret now, but people will catch on :)
You're right. Patience will pay off. Lots of tail winds here that could give this thing flight at any time. Hopefully management is doing what they can to address the stock price (surely they must be I would think). As they say, Rome wasn't built in a day.
No sellers. I own some, but wanted a lot more :(, so I'm happy to see the company doing well, but sad I didn't buy more cheaper. Still time to load up, just waiting for some $$ to hit my account. Like you, I see the potential with their pristine balance sheet.
I agree with you. Moment of truth is right. The stock price goes much lower it will pretty much end my faith. The one thing is that there is tax loss selling that might hit this thing, so, if there isn't life by mid January, I'm going to have to call it a loss and get out myself. I don't think that I will have to sell, but after awhile, you just have to admit that it has gone wrong.
Gotta love the balance sheet. As one of the only penny stocks with large amounts of cash, I would think that they should be able to find some great deals where other companies are getting crushed. GLTA
Same here!