Linda is biotch...! LOLz JayKay
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"NIO lift after Bloomberg report that top Tesla (TSLA) investor took 11% stake in the company..."
Bloomberg 3:47 pm ET 10/9/2018
The only thing coming to old equity is a capital loss for tax year 2015. Eom
Bob Corr uses RSHN & APRU as an ATM machine. imo
I dumped it on the last pump. eom
I don't think you have a choice, it can't get any lower... eom
Not me, dumped this a loooonnngggg time ago and moved on. EOM
Quote:
"
WaMu Trust Defeats Challenge To Ch. 11 Warrant Deal
By Jamie Santo
Law360, Wilmington (February 03, 2015, 10:09 PM ET) -- A Delaware federal judge on Monday tossed a individual challenge to Washington Mutual Inc.'s settlement with a class of investors in the defunct bank’s litigation tracking warrants, finding the appeal failed to properly address the deal.
U.S. District Judge Gregory M. Sleet dismissed the appeal of warrant holder Benjamin Bush, ruling that the investor had no grounds to contest the agreement because he appealed a previous decision of the bankruptcy court regarding warrants but never appealed the settlement itself."
APRU restricted shares and regular shares were reverse split into oblivion.
Yup, too many bag holders selling from the dilution pollution Corr ATM machine days, and we are talking about BILLIONS of shares, not millions.
Robert J. Corr has always been moving trademarks from shell company to shell company leaving the old/former companies in debt, judgments, liens, and un-updated corporate filings.
Last I heard, the Apple Rush trademarks use to belong to Apple Rush COMPANY (NOT Incorporated), then moved again to Corr International.
Robert J. Corr will have the last laugh all the way to the bank as he always had.
I am out of this after almost $2,000 of fees/commissions from selling this POS.
imo
If the original Washington mutual shareholders who didn't hold in the Street's name and held shares through the transfer agent, the transfer agent would have a means of receiving escrow "placeholders" as part of the distribution made through the bankruptcy proceeding.
IMO
Attempt delivery of the escrows shares in certificate form. Eom
Yes, average joe creditors only.
It was known that shareholder were not entitled to anything from the beginning.
IMO
The only this would be if enough average joe creditors object/oppose confirmation of the the plan.
Imo
The average joe who owns Seniors are only getting between 2.x% to 10%.
IMO
Actually, if an average joe bought seniors, they got the shaft as well, almost wiped out.
IMO
Yup, the hedge funds were going to steal Patriot Coal from from the creditors from the beginning.
10/10/13 Knighthead Capital Management, LLC owns $57,356,000 of 8.25% Senior Notes
11/08/13 Knighthead Capital Management, LLC increases its holdings to $70,356,000 of Senior Notes
10/10/13 Davidson Kempner Capital Management LLC owns $35,000,000 of First Out DIP Facility
11/08/13 Davidson Kempner Capital Management LLC increases it holdings to include $13,000,000 of Senior Notes in addition to their $35,000,000 of First Out DIP Facility
4/19/13 Aurelius Capital Management, LP owns $77,901,000 of 8.25% Senior Notes and $19,665,000 of 3.25% Convertible Senior Notes
http://www.patriotcaseinfo.com/pdflib/4765_51502.pdf
www.patriotcaseinfo.com/pdflib/4970_51502.pdf
imo
DEBTORS’ THIRD AMENDED JOINT PLAN OF REORGANIZATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
First Amended Joint Plan of Reorganization: http://www.patriotcaseinfo.com/pdflib/4762_51502.pdf
Disclosure Statement: http://www.patriotcaseinfo.com/pdflib/4763_51502.pdf
Common stock = CANCELED source: DS & POR
Patriot Coal settles claims with Peabody, eyes Chapter 11 exit
Thu Oct 10, 2013 1:34am EDT
* Peabody to provide $310 mln to fund health and pension benefits
* Peabody to provide $140 mln in liquidity funding to Patriot
* Knighthead Capital to infuse $250 mln of new capital in Patriot
* Patriot also reaches settlement with Arch Coal
* Patriot expects to emerge out of bankruptcy by year end
Oct 10 (Reuters) - Patriot Coal Corp said it settled all health and pension-related claims against Peabody Energy Corp in exchange for key funding, which would help the company emerge out of chapter 11 bankruptcy by the end of the year.
The two companies have been fighting over the funding of benefits for about 3,100 retirees that Peabody agreed to continue covering after it spun off the now-bankrupt Patriot Coal in October 2007.
Peabody had later said it had no obligation to fund health and pension benefits for Patriot retirees affected by the company's insolvency, arguing that new labor deals between Patriot and the United Mine Workers of America (UMWA) effectively relieved Peabody of any funding obligations.
However, Peabody continued to fund healthcare benefits for retirees during Patriot's bankruptcy proceedings, said Peabody's Chief Legal Officer Alexander Schoch.
In an amended reorganization plan filed with a bankruptcy court on Wednesday, Patriot said Peabody has agreed to provide $310 million, payable over four years through 2017, to fund the health and pension benefits to settle all Patriot and UMWA claims.
Peabody will also provide about $140 million to Patriot in the form of letters of credit.
As per the settlement, Peabody's existing contractual commitment to fund healthcare benefits for a certain group of Patriot retirees would terminate on Dec. 31.
After this date, all healthcare benefits would be funded by the newly established Voluntary Employee Beneficiary Association (VEBA).
In a settlement with Arch Coal Inc, Patriot will receive $5 million in cash and a release of a $16 million letter of credit posted in Arch's name. Arch Coal had spun off a unit that was later acquired by Patriot.
UMWA had claimed that Peabody and Arch deliberately shunted their obligations onto Patriot in an effort to avoid having to pay the full amount.
The settlements with Peabody and Arch Coal will be presented to the bankruptcy court for approval at the Nov. 6 hearing.
Patriot Coal also said it will receive $250 million in new capital through a rights offering backstopped by Knighthead Capital Management.
"As a result of the transaction with Knighthead and the company's settlement with Peabody, the VEBA is expected to receive more than $400 million in cash over the next four years. These agreements resolve all matters with the UMWA," Patriot Coal said in a statement.
The case is in re Patriot Coal Corp et al, U.S. Bankruptcy Court, Eastern District of Missouri, No. 12-51502.
PRESS RELEASE
Oct. 9, 2013, 11:55 p.m. EDT
Patriot Coal Secures Financial Sponsor And Reaches Key Funding Settlements; Plans Emergence From Bankruptcy By Year-End
- Knighthead agrees to sponsor Patriot's bankruptcy reorganization - Company settles all claims against Peabody and Arch in exchange for key funding - More than $400 Million to be provided to VEBA for UMWA Retiree Healthcare - Company files amended Plan of Reorganization and Disclosure Statement - Emergence targeted by year-end
ST. LOUIS, Oct. 9, 2013 /PRNewswire via COMTEX/ -- Patriot Coal Corporation PCXCQ 0.00% today announced that it has achieved several major milestones toward successful emergence from bankruptcy, which the Company detailed in a Disclosure Statement and an amended Plan of Reorganization (the Plan) filed today with the U.S. Bankruptcy Court for the Eastern District of Missouri.
As described in the documents, the Company reached an agreement with Knighthead Capital Management, LLC (Knighthead) to financially sponsor Patriot's emergence from bankruptcy. In addition, after months of litigation and negotiation with Peabody Energy Corporation (Peabody) and Arch Coal, Inc. (Arch), Patriot has entered into settlements with both companies. These agreements will provide the Company with a significant liquidity infusion and position it to obtain the exit financing necessary to emerge from Chapter 11 as a strong, well-capitalized business. Additionally, the agreements will result in funding for the United Mine Workers of America (UMWA)-sponsored Voluntary Employee Beneficiary Association (VEBA) trust of more than $400 million to provide healthcare coverage for UMWA retirees.
"Reaching these agreements represents a pivotal juncture in Patriot's restructuring. With Knighthead's financial backing and the funding provided by Peabody and Arch, Patriot is now well-positioned to secure exit financing," said Patriot President and Chief Executive Officer Bennett K. Hatfield. "This sets a clear path forward for Patriot to emerge from Chapter 11 by year-end as a strong competitor in the coal industry."
Under the terms of the Plan, the Company will receive an infusion of $250 million in new capital through a rights offering backstopped by Knighthead. Pursuant to agreements with the UMWA, the Company will make $75 million in direct cash payments to the VEBA, plus future payments from royalty and profit sharing commitments.
The Company and the UMWA also reached a global settlement with Peabody that will provide the VEBA and the Company with significant additional funding. Under the terms of the settlement, Peabody will provide $310 million, payable over four years through 2017, to fund the VEBA and settle all Patriot and UMWA claims involving the Patriot bankruptcy. Additionally, Peabody will provide liquidity totaling approximately $140 million to the Company in the form of letters of credit. The final agreement is expected to be signed in the coming weeks and presented to the Court for approval at the November 6 hearing.
Under the terms of the Company's settlement with Arch, the Company will receive $5 million in cash and a release of a $16 million letter of credit posted in Arch's name. In addition, certain expiring coal leases in Patriot's Logan County mining complex will be extended and Patriot will receive $16 million in cash for the sale of certain non-strategic metallurgical coal reserves. As with the Peabody settlement, the final Arch agreement is expected to be signed in the coming weeks and presented to the Court for approval at the November 6 hearing.
As a result of the transaction with Knighthead and the Company's settlement with Peabody, the VEBA is expected to receive more than $400 million in cash over the next four years, and will have continuing income from royalty payments and profit sharing opportunities. These agreements resolve all matters with the UMWA.
"I am pleased that we have been able to reach agreements that provide the UMWA with hundreds of millions of dollars in retiree healthcare funding," added Hatfield. "The best result for the UMWA and its members is for Patriot to emerge from bankruptcy as a healthy company that will continue to provide jobs and benefits, and we are now on track to achieve that goal."
Peabody Energy (NYSE: BTU) Reaches Comprehensive Agreement With Patriot Coal And United Mine Workers Of America
ST. LOUIS, Oct. 10, 2013 /PRNewswire/ -- Peabody Energy (NYSE: BTU) today announced that it has reached an agreement with Patriot Coal and the United Mine Workers of America (UMWA) to resolve all issues related to Patriot's bankruptcy.
"Peabody has continued to fund healthcare benefits for retirees during Patriot's bankruptcy proceedings," said Peabody Energy Executive Vice President Law, Chief Legal Officer and Secretary Alexander C. Schoch. "We are pleased to resolve the uncertainty among Patriot retirees by providing substantial funding for the newly established Voluntary Employee Beneficiary Association (VEBA). Future healthcare benefits for Patriot retirees will now be determined by managers of the new VEBA."
Under the terms of the proposed settlement, Peabody would provide $310 million, payable over four years through 2017, to fund the VEBA and settle all Patriot and UMWA claims involving the Patriot bankruptcy. Under the settlement, Peabody's existing contractual commitment to fund healthcare benefits for a certain group of Patriot retirees would terminate on December 31, 2013. After this date, all healthcare benefits would be funded by the VEBA. Peabody would also provide some credit support for a limited time on Patriot's behalf.
The settlement is subject to, among other conditions, a definitive agreement among the parties, bankruptcy court approval and the effectiveness of Patriot's plan of reorganization.
Peabody Energy is the world's largest private-sector coal company and a global leader in sustainable mining and clean coal solutions. The company serves metallurgical and thermal coal customers in more than 25 countries on six continents. For further information, go to PeabodyEnergy.com and CoalCanDoThat.com.
CONTACT:
Kirsty McDonald
314.342.7562
(Logo: http://photos.prnewswire.com/prnh/20120724/CG44353LOGO)
SOURCE Peabody Energy
/Web site: http://www.peabodyenergy.com
The Wall Street Journal news department was not involved in the creation of this content.
I have no speculation. Eom
Expect disclosure statement (and possibly an amended proposed reorganization plan) to be filed after hours today. eom/imo
The current stock will be canceled. There are no guarantees on any security unless it is in writing.
Common stock has no guarantees written nor implied.
Comments by the CEO are on a best efforts basis, not a guarantee.
The creditors deserve and are contractually paid before anything can be paid to common stock holders. This is codified in the federal bankruptcy code.
Time to move on...
imo
Commons = Toast Eom/IMO
Debtor's Joint Chpt 11 Plan of Reorganization
http://www.patriotcaseinfo.com/pdflib/4606_51502.pdf
Regarding your "message" to me RE: CT briefly:
CT is only as secure as its underlying security. If the underlying security is unsecured subordinated bond and has recovery, then the CT will have a recovery in its prorated amount.
If the bond does NOT recover, then the CT will NOT recover anything. There no way for CT to survive withOUT the bond surviving and recovery, PERIOD.
As for bonds being callable (call dates) during bankruptcy, it means nothing as during bankruptcy, the bond is stayed/suspended. No dividend payment, no interest payment, no redemption, no calls, no redemptions, etc. The 20 consecutive quarters and default of the bond is a falsehood because the act of the entity filing for BK is already considered a default.
CT up list from grey to pink. That is likely an MM applying for the pink listing. Means nothing in terms of recovery $$ standpoint.
The entity who files under the jurisdiction of the bankruptcy court, is bound and subjected by the laws of the bankruptcy court for adjudication. Bankruptcy court by petition, can cease, amend, renegotiate, cancel, reaffirm,etc. any contract in favor of the debtor.
This applies to all BKs, but the one you are referring to ***** , I say almost %100, NO RECOVERY.
I hope I answered your questions.
imo
8.25% bond trading higher now since the last I checked. 3.25% still nothing.
Cheers. Ttyl
Looked at the bonds. 3.25% has zero trades. 8.25% are trading lower, the prices have dropped.
So nothing positive happening in the bonds.
IMO
I don't know, but I would guess it is trading/pump n' dump. IMO
The whole premise of filing chap 11 is to reorganize. There is no reason to liquidate as long as the Union settles. eom
Assets minus liabilities = equity or negative equity.
$1.9 bil in coal is accounted for in assets.
It is because of the negative equity. Eom IMO
Total Shareholder Equity (Deficit): -$338,018,000
Total Assets: $3,635,997,000
Total Liabilities: $3,974,015,000
http://www.patriotcaseinfo.com/pdflib/4449_51502.pdf