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I agree with you. I’m voting no against Daniel Strauss.
Www.goldenmountainfincorp.com/falcon-issues
News incoming. Docs being sent out for a vote. We shd see some mail in the next week or so.
This one has been in the works for quite some time. FNBCQ is responsive to emails but responses always seem to indicate that an update is around the corner but that has been the case for years.
Now I just wait and check in once in a while here and on the BK docket. I still believe and hope this one will work out but it’s been over 5 years now.
I need a new BK stock to look into to occupy myself if anyone has any to suggest!
With these types of plays that is the way to go. Forget that you have it because there’s nothing you can do about it once they stop trading. BK stocks can sometimes take 8 years for anything to happen. For the record, I don’t think this one is dead.
Who’s ready for this to pop? Maybe if we talk about it something will happen! Lol
I took a quick look at the docket, which is public info. Looks like one of the entities of FNBC was successful in obtaining $118MM in federal New Market Tax Credits. That was from a filing late last year. Things seem to be moving along, but again with these BK stocks you have to forget about them and hope in anywhere from 1-10 years later you get a big distribution in your bank account!
Still here but lurking because this moves so slow. Thanks to everyone for their contributions.
Special thanks to sc777!!!!! He’s been awesome with this whole thing! Thanks man.
Court ruled against the appeal on 4/1. I recall reading that investors were nervous about the appeal and they were holding up their funding. Hopefully now that it is resolved we can move forward.
Thanks bud
Nice... hopefully this results in a golden mountain for all of us
Haven’t heard anything but maybe better for things to move with this stock after the markets gets over this craziness with Reddit/gme
Nothing in my account yet
The court just entered the order making the plan effective on 1/22. They secured their first round investment.
Shares shd be reissued prob without the Q. I’m surprised it happened so quick but didn’t notice anything different on the ticker
I’ve been waiting for almost two years now on this stock. I was tempted to buy more but it trades so thin I would be averaging up.
Yea... so far so good. Looks like someone bought a little chunk today.
The plan indicates that they are going to cancel the ticker and replace it but commons are intact. I spoke with a BK atty and he said that this is not uncommon to do in order to remove any liability that may be associated with the old ticker.
Looks like someone bought in before the hearing date. Any positive volume is good news.
Hearing for 1/5 is for an application to pay attorney fees. Effective date hearing is at the end of the month. 1/29 I believe.
They are asking for another extension to January 31, 2021 for two reasons. First round of investors were nervous about the pending Treasury appeal so they filed a motion to expedite the appeal to try to get a ruling as soon as possible. That motion was granted by the district court to expedite but they still have not received a ruling yet from that court. While this was pending they believed that obtaining additional investors would reduce the risk to all investors sufficiently to a point where they could move forward regardless of the Treasury appeal. They believe they have secured additional investors but they need to provide those additional investors with a due diligence period of 45-60 days before they can secure those additional investments.
So it seems they are hoping for the appeal to get resolved before the next extension or they hope to secure the additional funding from the other investors before that date.
There should be an order that comes out. Usually after the hearing date. Could take several days though.
8k is out.
A motion would need to be filed to extend the date out again. Generally I believe you need to give at least 7 days notice. Of course the court can reduce the period but likelihood of a motion being filed and the date getting extended gets lower as the upcoming date gets closer.
The filing was a proposed order. It hasn’t been signed yet. Could be a few more days before the signed order is filed (assuming the judge approves).
Q stocks to check out:
BRTXQ
FNBCQ
Thanks for the update Renee.
For those shareholders that held the stock, it is now a waiting game. Hopefully, Griffons will obtain FDA approval and is able to sell the Aradigm products it purchased as Aradigm receives royalties from those sales. It will likely be years before we hear anything new on this stock, so best to file this stock away and forget about it. The projection was that shareholders would receive $0-18m.
First round of investors got nervous because of the appeal. The debtor made a motion to extend the deadline for the plan effective date in order to understand the impact of the appeal and/or to work out a deal to resolve the appeal issues. This is going to delay the plan effective date by a month or two.
I agree with your synopsis. I read that the FDIC keeps the refund, and see below for add’l language re Tax Assets.
“Of the Tax Assets, the Debtor estimates that, as of the Effective Date, its net operating losses will total $365 million in net operating losses. The Debtor would be entitled under the Plan to use its existing net operating loss carryforwards in future years to eliminate taxes on a corresponding amount of its income, subject to any applicable limitations resulting from change in ownership and/or other limitations imposed under applicable tax laws. The present value of the tax savings that could be generated by the existing net operating loss carryforwards cannot be determined with any certainty, as use of the carryforwards may be subject to the limitations described above and is dependent on the Reorganized Debtor having sufficient future income.
In addition, the Debtor has tax credits approximating $147 million in the aggregate through 2017, which amount may increase through the filing of subsequent or amended tax returns. The Debtor is not aware of any additional Tax Assets. Under the Plan, the Reorganized Debtor will retain any available tax credits to the extent allowed by applicable tax law or as otherwise set forth herein.”
The plan states, “Except as otherwise provided in the Plan, on and after the Effective Date, assets and property of the Debtor and its Estate, including any Tax Assets and any other assets of the Debtor but excluding the Litigation and Distribution Trust Assets, will re-vest in the Reorganized Debtor free and clear of all Claims, Liens, charges and other encumbrances.”
It goes on to mention the “estimated” 365M NOLs and the “approximate” 147m in tax credits as part of the Tax Assets.
Noticed there were some typos in the previous post. I copied this from doc 558, the Plan.
“3.3.5 Class 5 - Equity Interests (Common Stock).
Holders of Class 5 Equity Interests in the Debtor shall have left unaltered the legal, equitable, and contractual rights to which each such Holder is entitled on account of such Interests. Upon the Effective Date, pursuant to 11 U.S.C.§1145, all Class 5 Equity Interests shall be canceled and reissued to the exact holders of Class 5 Equity Interests in exchange for such interests.”
Quote from the BK Plan (doc 558):
“3.3.9 Class 7 - Equity Interests (Common Stock)
Holders of Class 7 Equity Interests in the Debtor shall have left unaltered the legal, equitable, and contractual rights to which each such Holder is entitled on account of such Interests. Upon the Effective Date, pursuant to 11 U.S.C.§1145, all Class 7 Equity Interests shall be canceled and reissued to the exact holders of Class 7 Equity Interests in exchange for such interests.”
I’m still waiting for the plan to be effective. Plan was confirmed just over thirty days ago. Hopefully it happens soon.
It’s certainly a possibility but if the debtor can effectuate the plan quickly their appeal will be moot.
Is there a new symbol?
Maybe stock share price of new stock will be higher than expected.
Plan was confirmed 5/15 so hopefully we get there soon.
Another BK I was following (Pioneer Energy) took them less then a month from confirmation to make the plan effective. Also found one other BK and it took them two months. Maybe we are closer than I originally thought.
This is a reorganization. It is not a liquidation so we are not banking on BK claimants being paid off and having leftover funds for equity.
Now that the plan is confirmed I am hoping we see some real developments soon. It’s been a couple of years I’ve been in this and I believe we are getting close. That said, these types of things takes some time but I think we are getting there.
Thanks for the reply! No worries. I abandoned Q plays for about a decade or so and got back into them about two years or so ago. I stopped back then because I was not finding much, but I think that might be changing. If you do ever get back into it, check out the Disclosure Statement of FBNCQ (Doc 622). I would love to get your thoughts on it if you do get back into it.