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.
From Direxion website...about GUSH/DRIP or any of their leveraged ETFs.
Strategy & Benefits
You know that TRADING is different than investing. But the opportunity to take advantage of short-term trends is only won, if you get the direction right.
Whether you’re a bull or a bear, Direxion is with you. Our leveraged ETFs are powerful tools built to help you:
Magnify your short-term perspective with daily 2X leverage
Go where there’s opportunity, with bull and bear funds for both sides of the trade; and
Stay agile – with liquidity to trade through rapidly changing markets
Leveraged and inverse ETFs pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They seek daily goals and should not be expected to track the underlying index over periods longer than one day. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments.
GUSH is not a buy and hold for the most part, it's often traded intraday. It's mostly based on XOP Spyder Select, but the holding right now are quite a bit in cash as well. Not sure why that is.
You can check the holdings here. https://www.direxion.com/product/daily-sp-oil-gas-exp-prod-bull-bear-2x-etfs/
Under "Documents and Downloads" it says 'Daily Holdings'
To answer your question, there have been two recent reverse splits 11/22/2019 1 for 10
03/24/2020 1 for 40
But that 20,000 is still relatively correct, it was just never trading for '20,000' per share at any time. So last time GUSH split, I think it was because the dollar value went down to under $1.00 and they were at risk of losing the listing. So, .90 or whatever became (.90 x 40) = $36 per share and if you owned 40 shares you would receive 1. It basically destroyed the options as well. Instead of 100 shares, it became two shares plus a 'cash settlement'.
Any thoughts on GUSH to $250?
My old $5 GUSH2 calls dated to Jan 2022 are ITM at $250.
So double once more and then 50%.
Explanation of the old GUSH options after the split.
Document from the clearinghouse.
https://drive.google.com/file/d/1x4MK6Y3tuhJlRNrMJZo9J53DcuDm3WAR/view?usp=sharing
Options are called GUSH2 from the old one...
They are worth 2 shares of the new GUSH instead of the normal 100 shares. Plus a very small sum of cash in lieu.
With the new multiplier for example (I called OCC to confirm this)
A $5 GUSH2 call is in the money at $240 share price. So you can calculate when your old contracts are in the money based on that number.
Another 50% gain and my GUSH2 $2.00 calls will be in the money.
June 9 is the hearing date. We shall see.
If anyone is truly a believer that this has a turnaround...
I have a handful of $1 calls expiring on January 2022 and you can have them for the $0.85 average that I purchased them for.
Pumpers are ridiculous. The company is bankrupt. One of two things happens here...
A. This is most likely, common shares are worth zero cents. (99% chance)
B. Common shares are worth a fraction of new shares post bankruptcy. (When has this happened in history? Give me one example, please.)
SEND YOUR MONEY SOMEWHERE ELSE, BEEN FOLLOWING THIS FOR MONTHS AND LOST PLENTY. DON'T BUY IT!!
INTEQ?
That may well be an old buy.
They filed recently a sale to get under 4.9% reporting requirement.
Would be very surprised if this was a new buy.
Aweee, how cute.
“It was a burden on us, and it wasn’t allowing us to invest in as much of the innovation and new things that we have wanted to over the years.”
Delisting to OTC, how is there not a trading stop?
Have shareholders ever survived a bankruptcy?
One other point, their BK motions were approved by the court within two days of filing. Are we in ancient Rome?
This one is interesting. https://cases.stretto.com/public/X070/10255/PLEADINGS/1025505152080000000194.pdf
Hopefully your vibe is correct.
It's also possible that they are just keeping the drum beating so they can actually get rid of the shares they already purchased.
After seeing the 13d filing, the addition of a large bond purchase by Cyrus is definitely screaming to me that Tepper is fighting for the bonds and unlikely for the common shares.
The bible says that all things happening in secret will be revealed, I loathe the thought of being in the room when the secrets of wall street come to light. Not saying mine aren't bad, but dang.
Currently Filed Dockets - Get ready for the storm my friends.
1 05/14/2020 Chapter 11 Voluntary Petition Non-Individual Filed by Michael A. Condyles (T1) of Kutak Rock LLP on behalf of Intelsat S.A.. (Condyles (T1), Michael)
2 05/14/2020 U.S. Treasury receipt of Chapter 11 Voluntary Petition(20-32299) [misc,824] (1717.00) filing fee. Receipt number 32528340, amount $1717.00. (Re: Doc#1) (U.S. Treasury)
3 05/14/2020 Motion for Joint Administration with 20-32296, 20-32305, 20-32324, 20-32328, 20-32295, 20-32297, 20-32309, 20-32318, 20-32323, 20-32313, 20-32308, 20-32301, 20-32316, 20-32314, 20-32300, 20-32302, 20-32304, 20-32306, 20-32311, 20-32310, 20-32319, 20-32307, 20-32303, 20-32325, 20-32298, 20-32312, 20-32294, 20-32317, 20-32326, 20-32327, 20-32315, 20-32322, 20-32321, 20-32320 Debtors' Motion for Entry of an Order (I) Directing Joint Administration of Chapter 11 Cases and (II) Granting Related Relief filed by Jeremy S. Williams of Kutak Rock LLP on behalf of Intelsat S.A.. (Williams, Jeremy)
4 05/14/2020 Application to Employ Debtors' Application for Entry of an Order Authorizing the Retention and Appointment of Stretto as Claims and Noticing Agent filed by Michael A. Condyles (T1) of Kutak Rock LLP on behalf of Intelsat S.A.. (Condyles (T1), Michael)
5 05/14/2020 Motion to Extend Time to File Lists, Schedules and/or StatementsDebtors' Motion for Entry of an Order (A) Extending Time to File Schedules and Statements of Financial Affairs and Rule 2015.3 Reports, (B) Authorizing the Debtors to File a Consolidated List of Creditors in Lieu of Submitting a Separate Mailing Matrix for Each Debtor, (C) Authorizing the Debtors to File a Consolidated List of the Debtors' Forty Largest Unsecured Creditors, (D) Waiving the Requirement to File a List of Equity Security Holders, (E) Authorizing the Debtors to Redact Certain Personal Identification Information, and (F) Granting Related Relief filed by Michael A. Condyles (T1) of Kutak Rock LLP on behalf of Intelsat S.A.. (Condyles (T1), Michael)
6 05/14/2020 Declaration Declaration of David Tolley, Executive Vice President, Chief Financial Officer, and Co-Chief Restructuring Officer of Intelsat S.A. in Support of Chapter 11 Petitions and First Day Motions filed by Michael A. Condyles of Kutak Rock LLP on behalf of Intelsat S.A.. (Condyles, Michael)
7 05/14/2020 Motion to Authorize Debtors' Motion for Entry of Interim and Final Orders Authorizing the Debtors to Satisfy C-band Vendor Claims and Implement C-band Clearance filed by Michael A. Condyles of Kutak Rock LLP on behalf of Intelsat S.A.. (Condyles, Michael)
8 05/14/2020 Motion to Authorize Debtors' Motion for Entry of Interim and Final Orders (A) Authorizing the Debtors to (i) Continue to Operate Their Cash Management System, (ii) Maintain Existing Business Forms and Books and Records, and (iii) Perform Intercompany Transactions and Granting Administrative Expense Status to Intercompany Transactions and (B) Granting Related Relief filed by Michael A. Condyles of Kutak Rock LLP on behalf of Intelsat S.A.. (Condyles, Michael)
9 05/14/2020 Motion to Authorize Debtors' Motion for Entry of Interim and Final Orders (A) Authorizing the Debtors to (i) Pay Prepetition Wages, Compensation, and Benefit Obligations and (ii) Continue Employee Compensation and Benefits Programs, and (B) Granting Related Relief filed by Michael A. Condyles of Kutak Rock LLP on behalf of Intelsat S.A.. (Condyles, Michael)
10 05/14/2020 Motion to Authorize Debtors' Motion for Entry of Interim and Final Orders (A) Authorizing the Payment of (i) Foreign Claims, (ii) Lien Claims, (iii) 503(b)(9) Claims, and (iv) Critical Vendor Claims, (B) Confirming Administrative Expense Priority of Outstanding Purchase Orders, and (C) Granting Related Relief filed by Michael A. Condyles of Kutak Rock LLP on behalf of Intelsat S.A.. (Condyles, Michael)
11 05/14/2020 Motion to Authorize Debtors' Motion for Entry of Interim and Final Orders (A) Authorizing the Debtors to Continue to Honor Customer-Related Obligations in the Ordinary Course of Business and (B) Granting Related Relief filed by Michael A. Condyles of Kutak Rock LLP on behalf of Intelsat S.A.. (Condyles, Michael)
12 05/14/2020 Motion to Authorize Debtors' Motion for Entry of Interim and Final Orders (A) Authorizing the Payment of Certain Prepetition Taxes and Fees and (B) Granting Related Relief filed by Michael A. Condyles of Kutak Rock LLP on behalf of Intelsat S.A.. (Condyles, Michael)
13 05/14/2020 Motion to Authorize Debtors' Motion for Entry of Interim and Final Orders (A) Authorizing the Debtors to (i) Maintain, Renew, or Supplement Their Insurance Policies and Honor All Obligations in Respect Thereof, and (ii) Maintain, Renew, or Supplement Their Surety Bond Program, and (B) Granting Related Relief filed by Michael A. Condyles of Kutak Rock LLP on behalf of Intelsat S.A.. (Condyles, Michael)
14 05/14/2020 Motion to Approve Debtors' Motion for Entry of Interim and Final Orders (A)(i) Approving the Debtors' Proposed Adequate Assurance of Payment for Future Utility Services, (ii) Approving the Debtors' Proposed Procedures for Resolving Additional Assurance Requests, (iii) Prohibiting Utility Providers from Altering, Refusing, or Disconnecting Services, and (iv) Authorizing Fee Payments to the Debtors' Third-Party Utility Service Vendor and (B) Granting Related Relief filed by Michael A. Condyles of Kutak Rock LLP on behalf of Intelsat S.A.. (Condyles, Michael)
15 05/14/2020 Motion to StayDebtors' Motion Seeking Entry of Interim and Final Orders (I) Restating and Enforcing the Worldwide Automatic Stay, Anti-Discrimination Provisions, and Ipso Facto Protections of the Bankruptcy Code, (II) Permitting the Debtors to Modify the Automatic Stay in Their Sole Discretion to Proceed with Litigation or Contested Matters Commenced Prepetition, (III) Approving the Form and Manner of Notice, and (IV) Granting Related Relief filed by Michael A. Condyles of Kutak Rock LLP on behalf of Intelsat S.A.. (Condyles, Michael)
16 05/14/2020 Motion to Approve Debtors' Motion for Entry of Interim and Final Orders (A) Approving Notification and Hearing Procedures for Certain Transfers of and Declarations of Worthlessness with Respect to Common Stock, and (B) Granting Related Relief filed by Michael A. Condyles of Kutak Rock LLP on behalf of Intelsat S.A.. (Condyles, Michael)
17 05/14/2020 Motion to Authorize Debtors' Motion for Entry of Interim and Final Orders (A) Authorizing Postpetition Use of Cash Collateral, (B) Granting Adequate Protection to the Prepetition Secured Parties, (C) Authorizing Postpetition Use of Letters of Credit, (D) Modifying the Automatic Stay, and (E) Scheduling a Final Hearing filed by Michael A. Condyles of Kutak Rock LLP on behalf of Intelsat S.A.. (Condyles, Michael)
18 05/14/2020 Declaration Declaration of Steven Zelin in Support of the Debtors' Motion for Entry of Interim and Final Orders (A) Authorizing Postpetition Use of Cash Collateral, (B) Granting Adequate Protection to the Prepetition Secured Parties, (C) Authorizing Postpetition Use of Letters of Credit, (D) Modifying the Automatic Stay, and (E) Scheduling a Final Hearing (Re: related document(s)17 Motion to Authorize filed by Intelsat S.A.) filed by Michael A. Condyles of Kutak Rock LLP on behalf of Intelsat S.A.. (Condyles, Michael)
19 05/14/2020 Declaration Declaration of Justin Schmaltz in Support of the Debtors' Motion for Entry of Interim and Final Orders (A) Authorizing Postpetition Use of Cash Collateral, (B) Granting Adequate Protection to the Prepetition Secured Parties, (C) Authorizing Postpetition Use of Letters of Credit, (D) Modifying the Automatic Stay, and (E) Scheduling a Final Hearing (Re: related document(s)17 Motion to Authorize filed by Intelsat S.A.) filed by Michael A. Condyles of Kutak Rock LLP on behalf of Intelsat S.A.. (Condyles, Michael)
20 05/14/2020 Motion to Approve Debtors' Motion for Entry of an Order (A) Establishing Certain Notice, Case Management, and Administrative Procedures and (B) Granting Related Relief filed by Peter J. Barrett of Kutak Rock L.L.P. on behalf of Intelsat S.A.. (Barrett, Peter)
21 05/14/2020 Motion to Expedite Hearing Debtors' Motion for an Expedited Hearing on "First Day Motions" (Related Document(s)3 Motion for Joint Administration filed by Intelsat S.A., 4 Application to Employ filed by Intelsat S.A., 5 Motion to Extend Time to File Lists, Schedules and/or Statements filed by Intelsat S.A., 7 Motion to Authorize filed by Intelsat S.A., 8 Motion to Authorize filed by Intelsat S.A., 9 Motion to Authorize filed by Intelsat S.A., 10 Motion to Authorize filed by Intelsat S.A., 11 Motion to Authorize filed by Intelsat S.A., 12 Motion to Authorize filed by Intelsat S.A., 13 Motion to Authorize filed by Intelsat S.A., 14 Motion to Approve filed by Intelsat S.A., 15 Motion to Stay filed by Intelsat S.A., 16 Motion to Approve filed by Intelsat S.A., 17 Motion to Authorize filed by Intelsat S.A., 20 Motion to Approve filed by Intelsat S.A.) filed by Jeremy S. Williams of Kutak Rock LLP on behalf of Intelsat S.A.. (Williams, Jeremy)
22 05/14/2020 Motion to Appear Pro Hac Vice Motion Pursuant to Local Rule 2090-1(E)(3) for Admission Pro Hac Vice (Ameneh M. Bordi) filed by Brian H. Richardson of Kutak Rock LLP on behalf of Intelsat S.A.. (Richardson, Brian)
23 05/14/2020 Notice of Appearance and Request for Documents filed by Dennis T. Lewandowski of Kaufman & Canoles, P. C. on behalf of SES Americom, Inc.. (Lewandowski, Dennis)
24 05/14/2020 Motion to Appear Pro Hac Vice [Motion for Admission to Practice, Pro Hac Vice, of Michael A. Rosenthal Under Local Bankrutpcy Rule 2090-1(E)(3)] filed by Dennis T. Lewandowski of Kaufman & Canoles, P. C. on behalf of SES Americom, Inc.. (Attachments: # 1 Exhibit(s) A # 2 Exhibit(s) B) (Lewandowski, Dennis)
25 05/14/2020 Notice of Appearance and Request for Service of Papers filed by James Ryan Sims of Jones Day on behalf of Ad Hoc Group of Intelsat Jackson Debtholders. (Sims, James)
26 05/14/2020 Notice of Motion and Notice of HearingNotice of Filing of Chapter 11 Petitions and First Day Motions and of Proposed Hearing on First Day Motions (Re: related document(s)3 Motion for Joint Administration filed by Intelsat S.A., 4 Application to Employ filed by Intelsat S.A., 5 Motion to Extend Time to File Lists, Schedules and/or Statements filed by Intelsat S.A., 7 Motion to Authorize filed by Intelsat S.A., 8 Motion to Authorize filed by Intelsat S.A., 9 Motion to Authorize filed by Intelsat S.A., 10 Motion to Authorize filed by Intelsat S.A., 11 Motion to Authorize filed by Intelsat S.A., 12 Motion to Authorize filed by Intelsat S.A., 13 Motion to Authorize filed by Intelsat S.A., 14 Motion to Approve filed by Intelsat S.A., 15 Motion to Stay filed by Intelsat S.A., 16 Motion to Approve filed by Intelsat S.A., 17 Motion to Authorize filed by Intelsat S.A., 20 Motion to Approve filed by Intelsat S.A., 21 Motion to Expedite Hearing filed by Intelsat S.A.) filed by Jeremy S. Williams of Kutak Rock LLP on behalf of Intelsat S.A.. Hearing scheduled for 5/15/2020 at 10:00 AM at Judge Phillips' Courtroom, 701 E. Broad St., Rm. 5100, Richmond, Virginia. (Williams, Jeremy)
27 05/14/2020 Motion to Appear Pro Hac Vice / Motion Pursuant to Local Rule 2090-1(E)(3) for Admission Pro Hac Vice of Bruce Bennett (Related Document(s)25 Notice of Appearance filed by Ad Hoc Group of Intelsat Jackson Debtholders) filed by James Ryan Sims of Jones Day on behalf of Ad Hoc Group of Intelsat Jackson Debtholders. (Sims, James)
28 05/14/2020 Motion to Appear Pro Hac Vice / Motion Pursuant to Local Rule 2090-1(E)(3) for Admission Pro Hac Vice of Joshua K. Brody (Related Document(s)25 Notice of Appearance filed by Ad Hoc Group of Intelsat Jackson Debtholders) filed by James Ryan Sims of Jones Day on behalf of Ad Hoc Group of Intelsat Jackson Debtholders. (Sims, James)
29 05/14/2020 Motion to Appear Pro Hac Vice / Motion Pursuant to Local Rule 2090-1(E)(3) for Admission Pro Hac Vice of Nicholas J. Morin (Related Document(s)25 Notice of Appearance filed by Ad Hoc Group of Intelsat Jackson Debtholders) filed by James Ryan Sims of Jones Day on behalf of Ad Hoc Group of Intelsat Jackson Debtholders. (Sims, James)
30 05/14/2020 Motion to Appear Pro Hac Vice / Motion Pursuant to Local Rule 2090-1(E)(3) for Admission Pro Hac Vice of Peter S. Saba (Related Document(s)25 Notice of Appearance filed by Ad Hoc Group of Intelsat Jackson Debtholders) filed by James Ryan Sims of Jones Day on behalf of Ad Hoc Group of Intelsat Jackson Debtholders. (Sims, James)
31 05/14/2020 Statement First Day Agenda for Hearing on May 15, 2020, at 10:00 A.M. filed by Jeremy S. Williams of Kutak Rock LLP on behalf of Intelsat S.A.. (Williams, Jeremy)
32 05/14/2020 Notice of Appearance and Request for Service of Papers filed by Alexander Francois Antypas of Akin Gump Strauss Hauer & Feld on behalf of Intelsat Jackson Ad Hoc Group. (Antypas, Alexander)
33 05/14/2020 Motion to Appear Pro Hac Vice / Motion Pursuant to Local Rule 2090-1(E)(2) for Admission to Practice Pro Hac Vice of Ira S. Dizengoff filed by Alexander Francois Antypas of Akin Gump Strauss Hauer & Feld on behalf of Intelsat Jackson Ad Hoc Group. (Antypas, Alexander)
34 05/14/2020 Motion to Appear Pro Hac Vice / Motion Pursuant to Local Rule 2090-1(E)(2) for Admission to Practice Pro Hac Vice of Abid Qureshi filed by Alexander Francois Antypas of Akin Gump Strauss Hauer & Feld on behalf of Intelsat Jackson Ad Hoc Group. (Antypas, Alexander)
35 05/14/2020 Motion to Appear Pro Hac Vice / Motion Pursuant to Local Rule 2090-1(E)(2) for Admission to Practice Pro Hac Vice of Scott L. Alberino filed by Alexander Francois Antypas of Akin Gump Strauss Hauer & Feld on behalf of Intelsat Jackson Ad Hoc Group. (Antypas, Alexander)
36 05/14/2020 Motion to Appear Pro Hac Vice / Motion Pursuant to Local Rule 2090-1(E)(2) for Admission to Practice Pro Hac Vice of Brad M. Kahn filed by Alexander Francois Antypas of Akin Gump Strauss Hauer & Feld on behalf of Intelsat Jackson Ad Hoc Group. (Antypas, Alexander)
37 05/14/2020 Motion to Appear Pro Hac Vice / Motion Pursuant to Local Rule 2090-1(E)(2) for Admission to Practice Pro Hac Vice of Kate Doorley filed by Alexander Francois Antypas of Akin Gump Strauss Hauer & Feld on behalf of Intelsat Jackson Ad Hoc Group. (Antypas, Alexander)
38 05/14/2020 Motion to Appear Pro Hac Vice Motion Pursuant to Local Rule 2090-1(E)(3) for Admission Pro Hac Vice (Neil E. Herman) filed by Brian H. Richardson of Kutak Rock LLP on behalf of Intelsat S.A.. (Richardson, Brian)
39 05/14/2020 Motion to Appear Pro Hac Vice Motion Pursuant to Local Rule 2090-1(E)(3) for Admission Pro Hac Vice (Derek I. Hunter) filed by Brian H. Richardson of Kutak Rock LLP on behalf of Intelsat S.A.. (Richardson, Brian)
40 05/14/2020 Motion to Appear Pro Hac Vice Motion Pursuant to Local Rule 2090-1(E)(3) for Admission Pro Hac Vice (Casey J. McGushin) filed by Brian H. Richardson of Kutak Rock LLP on behalf of Intelsat S.A.. (Richardson, Brian)
41 05/14/2020 Motion to Appear Pro Hac Vice Motion Pursuant to Local Rule 2090-1(E)(3) for Admission Pro Hac Vice (Anne McClain Sidrys, P.C.) filed by Brian H. Richardson of Kutak Rock LLP on behalf of Intelsat S.A.. (Richardson, Brian)
42 05/14/2020 Motion to Appear Pro Hac Vice Motion Pursuant to Local Rule 2090-1(E)(3) for Admission Pro Hac Vice (Michael B. Slade) filed by Brian H. Richardson of Kutak Rock LLP on behalf of Intelsat S.A.. (Richardson, Brian)
43 05/14/2020 Notice of Appearance filed by Joseph D. Wilson of Kelley Drye & Warren LLP on behalf of U.S. Bank National Association. (Wilson, Joseph)
44 05/14/2020 Notice of Appearance of U.S. Bank National Association filed by Joseph D. Wilson of Kelley Drye & Warren LLP on behalf of U.S. Bank National Association. (Wilson, Joseph)
45 05/14/2020 Notice of Appearance by Hannah Leah Uricchio for the Pension Benefit Guaranty Corporation. Filed by Hannah Leah Uricchio of Pension Benefit Guaranty Corporation on behalf of Pension Benefit Guaranty Corporation. (Attachments: # 1 Certificate of Service)(Uricchio, Hannah)
46 05/14/2020 Amended Notice of Hearing Amended Notice of Filing of Chapter 11 Petitions and First Day Motions and of Proposed Hearing on First Day Motions with Notice of Hearing, (Related Document(s)3 Motion for Joint Administration filed by Intelsat S.A., 4 Application to Employ filed by Intelsat S.A., 5 Motion to Extend Time to File Lists, Schedules and/or Statements filed by Intelsat S.A., 7 Motion to Authorize filed by Intelsat S.A., 8 Motion to Authorize filed by Intelsat S.A., 9 Motion to Authorize filed by Intelsat S.A., 10 Motion to Authorize filed by Intelsat S.A., 11 Motion to Authorize filed by Intelsat S.A., 12 Motion to Authorize filed by Intelsat S.A., 13 Motion to Authorize filed by Intelsat S.A., 14 Motion to Approve filed by Intelsat S.A., 15 Motion to Stay filed by Intelsat S.A., 16 Motion to Approve filed by Intelsat S.A., 17 Motion to Authorize filed by Intelsat S.A., 20 Motion to Approve filed by Intelsat S.A., 21 Motion to Expedite Hearing filed by Intelsat S.A.) filed by Jeremy S. Williams of Kutak Rock LLP on behalf of Intelsat S.A.. Hearing scheduled for 5/15/2020 at 10:00 AM at Judge Phillips' Courtroom, 701 E. Broad St., Rm. 5100, Richmond, Virginia. Hearing scheduled for 5/15/2020 at 10:00 AM at Judge Phillips' Courtroom, 701 E. Broad St., Rm. 5100, Richmond, Virginia. (Williams, Jeremy)
47 05/14/2020 Motion to Appear Pro Hac Vice [Motion for Admission to Practice, Pro Hac Vice, of Brian M. Lutz Under Local Banrkutpcy Rule 2090-1(E)(3)] filed by Dennis T. Lewandowski of Kaufman & Canoles, P. C. on behalf of SES Americom, Inc.. (Attachments: # 1 Exhibit(s) A # 2 Exhibit(s) B) (Lewandowski, Dennis)
48 05/14/2020 Motion to Appear Pro Hac Vice [Motion for Admission to Practice, Pro Hac Vice, of Keith R Martorana Under Local Banrkutpcy Rule 2090-1(E)(3)] filed by Dennis T. Lewandowski of Kaufman & Canoles, P. C. on behalf of SES Americom, Inc.. (Attachments: # 1 Exhibit(s) A # 2 Exhibit(s) B) (Lewandowski, Dennis)
49 05/14/2020 Motion to Appear Pro Hac Vice [Motion for Admission to Practice, Pro Hac Vice, of Matthew G. Bouslog Under Local Banrkutpcy Rule 2090-1(E)(3)] filed by Dennis T. Lewandowski of Kaufman & Canoles, P. C. on behalf of SES Americom, Inc.. (Attachments: # 1 Exhibit(s) A # 2 Exhibit(s) B) (Lewandowski, Dennis)
50 05/14/2020 Motion to Appear Pro Hac Vice [Motion for Admission to Practice, Pro Hac Vice, of Orin Snyder Under Local Banrkutpcy Rule 2090-1(E)(3)] filed by Dennis T. Lewandowski of Kaufman & Canoles, P. C. on behalf of SES Americom, Inc.. (Attachments: # 1 Exhibit(s) A # 2 Exhibit(s) B) (Lewandowski, Dennis)
51 05/14/2020 Notice of Appearance filed by Christopher A. Jones of Whiteford Taylor & Preston, LLP on behalf of Appaloosa LP. (Jones, Christopher)
52 05/14/2020 Motion to Appear Pro Hac Vice [Paul M. Basta] filed by Christopher A. Jones of Whiteford Taylor & Preston, LLP on behalf of Appaloosa LP. (Attachments: # 1 Exhibit(s) A) (Jones, Christopher)
53 05/14/2020 Motion to Appear Pro Hac Vice [Lewis R. Clayton] filed by Christopher A. Jones of Whiteford Taylor & Preston, LLP on behalf of Appaloosa LP. (Attachments: # 1 Exhibit(s) A) (Jones, Christopher)
54 05/14/2020 Motion to Appear Pro Hac Vice [Kyle Kimpler] filed by Christopher A. Jones of Whiteford Taylor & Preston, LLP on behalf of Appaloosa LP. (Attachments: # 1 Exhibit(s) A) (Jones, Christopher)
55 05/14/2020 Motion to Appear Pro Hac Vice [Irene Blumberg] filed by Christopher A. Jones of Whiteford Taylor & Preston, LLP on behalf of Appaloosa LP. (Attachments: # 1 Exhibit(s) A) (Jones, Christopher)
56 05/14/2020 Notice of Appearance filed by Christian K. Vogel of Vogel & Cromwell, LLC on behalf of Bank of America, N.A. as Prepetition Administrative Agent. (Vogel, Christian)
57 05/14/2020 Motion to Appear Pro Hac Vice (Richard A. Stieglitz, Jr.) filed by Christian K. Vogel of Vogel & Cromwell, LLC on behalf of Bank of America, N.A. as Prepetition Administrative Agent. (Vogel, Christian)
58 05/14/2020 Motion to Appear Pro Hac Vice (Richard A. Stieglitz, Jr.) filed by Christian K. Vogel of Vogel & Cromwell, LLC on behalf of Bank of America, N.A. as Prepetition Administrative Agent. (Vogel, Christian)
59 05/14/2020 Motion to Appear Pro Hac Vice Motion Pursuant to Local Rule 2090-1(E)(3) for Admission Pro Hac Vice (Anthony R. Grossi) filed by Brian H. Richardson of Kutak Rock LLP on behalf of Intelsat S.A.. (Richardson, Brian)
60 05/14/2020 Motion to Appear Pro Hac Vice Motion Pursuant to Local Rule 2090-1(E)(3) for Admission Pro Hac Vice (Steven N. Serajeddini, P.C.) filed by Brian H. Richardson of Kutak Rock LLP on behalf of Intelsat S.A.. (Richardson, Brian)
61 05/14/2020 Motion to Appear Pro Hac Vice Motion Pursuant to Local Rule 2090-1(E)(3) for Admission Pro Hac Vice (Christina Lynn Briesacher) filed by Brian H. Richardson of Kutak Rock LLP on behalf of Intelsat S.A.. (Richardson, Brian)
62 05/14/2020 Motion to Appear Pro Hac Vice Motion Pursuant to Local Rule 2090-1(E)(3) for Admission Pro Hac Vice (Edward O. Sassower, P.C.) filed by Brian H. Richardson of Kutak Rock LLP on behalf of Intelsat S.A.. (Richardson, Brian)
63 05/14/2020 Motion to Appear Pro Hac Vice Motion Pursuant to Local Rule 2090-1(E)(3) for Admission Pro Hac Vice (Ashley E. Littlefield) filed by Brian H. Richardson of Kutak Rock LLP on behalf of Intelsat S.A.. (Richardson, Brian)
Court Contact Information - Judge & Dockets
BK Court: Virginia Eastern Bankruptcy Court, No. 20-32299
Judge: Honorable Keith L. Phillips
Court Website: vaeb.uscourts.gov (If it won't load, skip adding www. at the beginning, site is buggy)
Court Phone Number: 1-804-916-2400
Court Address: 701 East Broad Street Richmond, VA 23219 United States
The only reason I have been here is because the fall back always seemed to be that the FCC calls for a timely action. Ajit Pai can't have that without some government interference now. Even that ability is called into question when precedent of BK proceedings like this is in play. There are so many bonds that there are hundreds of people just waiting in the wings to slow this down.
FCC emergency meeting anyone?
I have a little reading to do here, but nothing is set in stone. Many people think there is still life here, there isn't a 'no bid'.
If this starts to go through, again, there will be major interference in the FCC timeline. If anyone is versed about proceedings, how many times can any stakeholder put up a road block to proceedings?
Moreover, with CV, how quickly can the courts actually sort it out?
You could have written, 'Intelsat might file for Chapter 11 tonight' for the past few months by the way. Nothing to see here.
Just a couple more days before the 30 day grace period for the bond payment is up.
Seems to me like the deal isn't set in stone. Would be very cautious on this one. According to the recent price, best you can ask for is 4% to tie your money up for a long time with serious risk that the deal falls through.
Keep this as far away from my money as possible.
If I compare to some other companies I have followed which are 'circling the drain' so to speak, case in point 'CBL Associates' is a mall REIT. They were in bad shape before CV, but they don't even remotely breathe the word of BK. What is the purpose of telegraphing BK this and that? Bloomberg law none the less pushing the same.
Trying to shuffle hedgies? BK talk might do the trick.
But most of me says, since when does the public get a real chance at 10,20,30 bags? Searching $I on twitter and I see guys gurgling, 'just show me the money $I to the moon' and I'm like, oh yeah, I'm going to lose my money as well...
The exact same thing happened last couple weeks. There was random algorithm trading keeping a tight range, then finally letting go here and there. I was asking tons of people what it means. It may well be selling.
I was hoping for a little bit more of a nod about a specific deal, but at this point I think they are so entrenched into deals with cell companies that it's old news to him.
Now being part of the standards body, including SatCom with 5G standards, that is a whole new world of income possibilities. Intelsat is just so ripe for a buyout it's crazy. Can you imagine how FAST the courts would approve $I being purchased by $VZ ?
Funny question as well....who is going to purchase OneWeb assets? Is not Elon Musk doing exactly what OneWeb was going for? Seems like the only viable purchaser.
That is true enough. Though a caveat is that directors have to own 5x their compensation in shares within five years of becoming director. Something to that affect anyhow.
At this point, they have to play the hand in front of them and cash is plainly the better option.
They can revert back to stock offers at any time. Also, these guys already have three boat loads of stock options (though for higher prices, upwards of $3.00 etc.)
The soil feels better right now but I admit, not out of the water yet.
Would you mind to write what you make of all this now?
I want to compare my own read on the situation.
Moving on up.
Tepper Sells!! Amended 13D filed on Thursday 4/23. Appaloosa now owns less than 5%, no longer require to report.
https://ih.advfn.com/stock-market/NYSE/intelsat-I/stock-news/82290664/amended-statement-of-beneficial-ownership-sc-13d-a
Their sales as follows.
Is this a nuke?
Read this: https://www.satellitetoday.com/business/2020/04/23/speedcast-files-for-chapter-11-bankruptcy/
So....they have obtained 90m of debtor in possession loans from their current debtors...the largest being INTELSAT and INMARSAT.
Forgive me if I am not reading this correctly but, does a company get to expand their investments in other companies while not paying bond holders and then actually going into Chapter 11 themselves?
bag-------->cat
or
bag-------->shareholders?
Getting interesting.
Intelsat posted a job on their twitter today.
https://careers.intelsat.com/job/McLean-C-Band-Cable-Clearing-Lead-VA-22102/646372300/
According to this, they are accepting the C-Band order. No news yet on the Ch. 11 front.
Could be smoke and mirrors hiding the reality....but is it a sunny day or bullet train we will wake up to? Let's see.
There is only a 50/50 chance that $I shares will be worth a single penny. However, if Chapter 11 disappears from the table, there is a fighting chance for a good bit higher than we see today.
We actually just had a reverse split by the company which affected a 40 shares = 1 share ratio.
[Edit Add Website: https://www.splithistory.com/gush/]
They also reduced is from a 3x exposure to a 2x exposure.
GUSH is not meant to be bought and held. It is meant to be traded as soon as intraday as market conditions change.
The following website explains their split history and also tells you what a $10,000 investment would be after the 4.9 year history of the ETF. Long story short.
$10,000 after five years is worth only $90
Advanced traders only.
GUSH doesn't track oil price, it tracks spx oil companies. The rise in price is based on hopes of reduced oil production, though from my reading which I can't source off hand, those cuts won't do much to prop up oil prices in the near term.
Strong SPX oil companies are a fair place to store cash assuming we have a country to go back to once the dust settles.
From the Direxion website,
"The S&P Oil & Gas Exploration & Production Select Industry Index (SPSIOPTR) is provided by Standard & Poor's Index Provider and includes domestic companies from the oil and gas exploration and production sub-industry. The Index is designed to measure the performance of a sub-industry or group of sub-industries determined based on the Global Industry Classification Standards (GICS)"
http://www.direxion.com/products/daily-sp-oil-gas-exp-prod-bull-3x-shares#
Advanced Television article on potential of Ch. 11 https://advanced-television.com/2020/04/17/intelsats-chapter-11-focus/
If they have a 30 day grace period from the time they stopped paying on their interest that was due on 4/15, I believe that by 5/15 we will have to have an answer on the Chapter 11. Between now and then, it could be a bumpy ride.
I still have it in my mind though, Chapter 11 would turn out really really poorly for shareholders. In truth, would it actually delay transition? What exactly would Intelsat gain from delaying transition? They already have the right to negotiate outside of the required payments.
It seems like Chapter 11 could mean; A. Less of the deafening debt. B. 5 Billion in operating cash to make Intelsat 2.0 a success.
What are some real good reasons that they don't go into Chapter 11?
We have seen a major uptick in the past 30 days in Intelsat social media activity.
They have been consistently promoting their base operations unlike has been seen in the previous year. One fact remains, Intelsat has future plans that are in motion and with the C-Band clearing they are set to get 2-3 brand new satellites, adding to the highest number of any Sat Com flying in space.
What is no longer a 'whisper' of the possibility of Chapter 11 is putting the world on notice, that all of the time and money invested into Intelsat as a pioneer company serving billions, count them, world families with the expectation of fair-use regarding licensed airwaves is going to see an advancement of their equity one way or another.
Where does Chapter 11 put the rollout of 5G? Could there still even be an auction in November? Can adding months and months of litigation to the time frame during the time of the c-19 put us as a nation anywhere close to the 5G that we desperately need?
The so called demise of this Company has been televised and telegraphed for well over a year. What will really happen?
One thing going for your theory, is that employees are likely shareholders. I don't find it likely that the company is going to leave employees out to dry.
The one minute chart becomes oddly range bound with $.01 price difference between buy/sells. Also, many .005 buys printing.
Have not seen this kind of automated trading until recently. Definitely something going on here.
I believe Chapter 11 is basically a 'new lease on life' for the company. Major monetary decisions are given to a judge appointed board that is approved at the time of the Chapter 11.
It would basically be a restructuring where they continue to operate, remove debt, possibly remove shareholders or give pennies on the dollar, money goes first to banks, then senior debt/bonds, then shareholders. Could be that they have an Old Common Stock / New Common Stock for after the proceeding goes through.
It's very much in the air at this point. Buy why come out with a 'hey look over here we are doing a bankruptcy'? Seems like a magic trick still. Could be just to try and put pressure on the FCC.