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Hey Jaxs do I take it you like what you have been digging into?
ShengdaTech's voluntary petition lists its address as the office of a local law firm and its county of residence/principal place of business as Washoe County, Nevada.
The company's petition also lists the following basic information:
$295.4 million in assets (as of Sept. 30, 2010)
$180.9 million in liabilities (as of Sept. 30, 2010)
Two persons/entities which directly or indirectly own, control or hold, with power to vote, 5% or more of its voting securities:
Goldman Sachs Asset Management (as manager for certain of its funds)
Xiangzhi Chen (listed as the company's Chief Executive Officer, President and Director on its website, but see below for an update on his status with the company) and his wife
200-999 estimated creditors
The petition also states that ShengdaTech's board of directors created a special committee in March of this year to "undertake an internal investigation of issues identified by KPMG arising out of its audit for the year ended December 31, 2010." Minutes and resolutions from a meeting of the special committee today (attached to the petition) report that, after receiving reports on the status of the investigation and obtaining advice from "various counsel," the special committee took the following steps:
-Removed from office each officer of ShengdaTech "effective immediately," specifically noting that Xiangzhi Chen has been removed as President and Chief Executive Officer
-Removed all officers and directors of wholly-owned subsidiary Faith Bloom Limited
-Added an officer position designated as the Chief Restructuring Officer
-Appointed Michael Kang as the Chief Restructuring Officer "with such powers and duties previously held by all officers of the Corporation, including, without limitation, the Chief Executive Officer, such other powers and duties set forth in the engagement letter by and between the Corporation and Alvarez & Marsal . . . and such additional powers and duties as authorized by the Board"
-Determined that "it is desirable and in the best interests of the Corporation" to file for chapter 11 protection and authorized the bankruptcy filing
-Retained the following professionals:
Greenberg Traurig, LLP as general bankruptcy counsel
Skadden, Arps, Slate, Meagher & Flom LLP as special counsel to the Special Committee of the Board
Jun He Law Offices to assist on China law matters
Conyers Dill and Pearman to assist on British Virgin Islands law matters
PriceWaterhouseCoopers to continue forensic accounting work necessary to the ongoing internal investigation
Alvarez & Marsal as noted above
On Saturday, ShengdaTech filed a declaration providing much more detail on the specifics of the investigation and an adversary complaint seeking a temporary restraining order against Chen and other defendants.
The company's largest unsecured creditors are listed as The Bank of New York Mellon, as indenture trustee for 6.5% notes due December 2015 ($130 million claim) and The Bank of New York, as indenture trustee for 6.0% notes due December 2018 ($36.3 million claim).
Bond debt claims in unknown amounts are also listed for Zazove Associates, LLC; CQS (UK) LLP; Radcliffe Capital Management; Citadel Group; CNA Partners; Lazard Asset Management LLC; Deutsche Bank Securities; Advent Capital Management, LLC; and CNH Partners.
Other large claims are listed for outstanding professional fees owing to several firms.
Twenty Largest Unsecured Creditors
http://www.scribd.com/doc/81114949/Twenty-Largest-Unsecured-Creditors
many block bought in the 0,24 and 0,25 today and some in high 0,28
I'm long like you dorian
good luck
MA50 = 1,15$ look it dorian
good luck and I'm long too
this used to be a 4$ to 8$ stock
I love it when the shorts get killed... I know the stock is worth $6.00 per share and am perfectly happy to wait until it goes there before selling... See ya'll in dollar land... :)
Dorian, it seems like open market buying to me, why would they execute when they can buy cheaper on open market?
The steamroller continues, a 7 bagger in one week, almost for sure we are the #1 stock gainer of the week. Shorts are getting killed.
Cheers
If this can get back into SEC compliance, with clean books and proper business protocols in place this could go through the roof. The stock was depressed when trading was first halted, and at that time it was trading around $3.55.
At the rate it is going I would not be surprised to see it hit a dollar by the end of the week.
could shenda return to 1$ someday? this year or next?
opinions
and good luck bough 5000 today at 0,026
8-11-2011, however keep in mind, it's executable at any time and doesn't expire until 12/15/2015 is schedule I (executable at the brokers discretion) and represents 1,511,034 shares (estimated value per share is $6.07), the average 10 day volume before this buying streak was only 45,000 shares (currently 120k) ShengdaTech only has 75 million shares and only 54 million outstanding.
Had this order been executed previously the share volume would have skyrocketed months ago, but it didn't clearly indicating that this order is being executed right now.
How long ago was that filing? I think it is something else, 300% up this week, HUGE DEMAND, gotta think news coming.
No, more like a purchase of 1.5 million shares by Wellesley Investment Advisors it's noted in a form 3 filing with the SEC.
Volume up, it is starting to look like some one knows something, maybe a buy out?
And it hit's .20 with the ask at .23
.20 hit
ask was briefly at .23, back to .18
Probably this...
It just hit .19, the sky is the limit...
there it goes... the bid is now at .19
Looks like it is going into a high L6 orbit, .20, it's currently at .15 and already hit .16 once today, yea, .20 is extremely possible if not higher.
where is sdthq going?
I have some loaded at 0,07 and others at 0,057
could we go to 0,20$?
Thanks. BTW still .09B .12A
That would be my guess.
Dorian, having trouble figuring that out. Wel could buy it at that time for $.05, so why would they pay $6? So its more likely they bot debt and got convertible at $6, is that correct?
Yes I know SDTH was a very real company with Chinese scandall with management, and in BR now.
That report did not say how much money or missed it. Please do explain if they put in money at that point 8/11/2011 and how much.
Thanks!
ShengdaTech, Inc is a profitable company that has been fighting a chapter 11 due to former Senior Executives embezzling a large amount of money from the company. The investor I pointed to looks like he is putting up $6.00 plus per share for 10% of the outstanding shares. So yea, considering that they have a Chapter 11 court breathing down their neck I do think they will protect the investors.
Dorian, what is your take on that? That since a powerful investor like them has alot in SDTHQ they will protect the investors?
I think this is what you are referring to.
Its up another 90% today. Do not think it is related to that article, which BTW has wrong PPS for SDTHQ in it, Could be, but we have About $25,000 of buying today. It was about $1000 a day before the last two.
JMHO, someone knows something and is very inpatient to buy the stock, hence another 90% today.
Looking forward to finding out that catylst.
http://www.sectorspdr.com/news/?do=newsstory&stype=db&newsID=9413243
ShengdaTech Ranks the Highest in Terms of Gross Margin in the Diversified Chemicals Industry (SDTH, PPG, FMC) - February 02, 2012
February 2, 2012 11:06 a.m.
Feb 02, 2012 (Comtex SmartTrend? Morning Call via COMTEX) --
Below are the three companies in the Diversified Chemicals industry with the highest gross margins. Gross margin represents the amount of revenue retained after deducting direct costs associated with producing the goods or services which led to that revenue. The higher the gross margin as a percentage of revenue, the better.
ShengdaTech (NASDAQ:SDTH) is highest with a gross margin of 40.7%. ShengdaTech, Inc. manufactures and supplies nano precipitated carbonated calcium for tires, plastics, paints, and papers in China. The Company sells its products directly to tire and plastic manufacturers in Northern China. ShengdaTech also manufactures coal baased chemicals including ammonia biocarbonate, liquid ammonia, methanol, and melamine. In the past 52 weeks, shares of ShengdaTech have traded between a low of $0.12 and a high of $4.48 and are now at $0.14, which is 17% above that low price. The 200-day and 50-day moving averages have moved 0% lower and 0% lower over the past week, respectively.
Following is PPG Industries (NYSE:PPG) with a gross margin of 34.6%. Finishing up the top three is FMC (NYSE:FMC), with a gross margin of 33.3%. ---------------------------------------------------------------------------------------------
Financial News Network Online (FNNO) is a leading provider of digital financial news content for distribution on the web. You can count on FNNO to bring you the latest market news, earnings reports, analyst comments, economic data reports and more. Visit http://www.fnno.com today.
*****
Peter Chu
Copyright, Comtex News Network, Inc. 2012
can you post what is in that link it takes you to the login page
Yes... It's about to go right through the roof...
<a href="https://trading.scottrade.com/quotesresearch/ScottradeResearch.aspx?page=%2fqnr%2fStocks%2fArticle%3fdockey%3d100-033z1930-1">ShengdaTech Ranks the Highest in Terms of Gross Margin in the Diversified Chemicals Industry (SDTH, PPG, FMC) - February 02, 2012</a>
anyone know why the volume and price spike reason today?
All I see is the "official" delisting from Nasdaq on the 16th.
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8293478
But we all knew that was gonna happen.
Wasn't there supposed to be some kind of hearing on this in December?
Shengdatech website has been down for months. Information on site was outdated anyway. Here is the link to bankrupcy website.
http://www.gcginc.com/cases/sdt/info.php
I do not know if a Chinese website exists. It looks as if each factory may have something? Any info from anyone would be great.
Anyone know how long the website has been down?
Its about par for some of my other one's. It's painful and a strain on my eyes watching all the bouncing and still not going anywhere.
Hey Ernie what do you think of this cluster ----?
ShengdaTech Announces Resignation of Dongquan Zhang from Board of Directors
Today : Wednesday 12 October 2011
ShengdaTech, Inc. ("ShengdaTech" or the "Company") (OTCBB: SDTHQ), a leading manufacturer of nano-precipitated calcium carbonate ("NPCC") in China, reported today that Mr. Dongquan Zhang has resigned as a member of the Company's Board of Directors effective October 8, 2011. As a result of Mr. Zhang's resignation from the Board of Directors, he has also effectively resigned as a member of all standing committees. The remaining members of the Company's Board of Directors are Mr. A. Carl Mudd and Mr. Sheldon B. Saidman.
About ShengdaTech, Inc.
ShengdaTech is engaged in the business of manufacturing, marketing, and selling nano-precipitated calcium carbonate ("NPCC") products. The Company converts limestone into NPCC using its proprietary and patent-protected technology. NPCC products are increasingly used in tires, paper, paints, building materials, and other chemical products. In addition to its broad customer base in China, the Company currently exports to Singapore, Thailand, South Korea, Malaysia, India, Latvia and Italy.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
Contact:
ShengdaTech, Inc.
Michael Kang
Tel: (415) 490-2308
Email: mkang@alvarezandmarsal.com
SOURCE ShengdaTech, Inc.
""Here is a post from Yahoo Message Board from one shareholder"....(I think it is very informative)....."I actually toured all three of the plants in May, 2009. Zibo was four months from completion at that time. The fourth plant,Anhui had not been acquired at that time. All the plants include large dormitories for the workers. They are like campuses with attractive, high quality buildings and equipment. I saw the dark gray limestone rock ready for the kilns and felt the NPCC as it was being bagged at the end. The plants are there and, I hope, still in production. The CRO will not disclose anything about operations. The KPMG audited cash at the end of 2009 was $115MM. At the end of Q3 2010, the company reported unaudited cash of $120MM. Then in December, 2010, the company floated the $130MM convertible debt and received about $123MM after expenses. Cash on hand at that time should have been $250MM with debt of about $220MM including the balances from the two debt offerings. I think the business itself is sound but Chen has raped the company of the cash, using it for his other personal businesses. I plan to attend the BR hearings in Reno, NV on October 17 to try to get more information about the companies operations. If anyone can share any recent information from Chinese media, it would be appreciated".
On September 9, 2011, the Board of Directors of ShengdaTech, Inc. (the “Company”) received notification from Mr. Xiangzhi Chen that
effective immediately, he resigned as a member and as Chairman of the Board of Directors of the Company. A copy of Mr. Chen’s resignation
letter is included with this Current Report on Form 8-K as Exhibit 17.1 and is incorporated herein in its entirety by reference.
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8149327
If they were "producing" and selling the lights - today's dumpfest would never have happened. My company books 60 to 80 grand a month - and this "publicly traded" ticker shows under 80G for 6 months,,,, just not very impressive IMO.
That is actually a hell of a light that Nexphase is producing.
Todays purchase should put me at about .25 a share for my SDTH.
I like the odds here better than ontc(a So FL scammer). The courts appear on our side with early rulings. Got a restructuring officer working on it. I'll be buying more to avg down soon.
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ShengdaTech Inc. (SDTH), a maker of nano precipitated calcium carbonate for the tire industry, sought bankruptcy protection on 8/19/2011 from creditors without citing a reason.
The company listed $295.4 million in assets and $180.9 million in debt as of Sept. 30 in Chapter 11 documents filed in U.S. Bankruptcy Court in Reno, Nevada.
Nano precipitated calcium carbonate or NPCC, is a chemical additive used in automotive and polyvinyl chloride products. ShengdaTech is a leading maker of NPCC in China, according to the company website. The company says it's the only supplier of NPCC products to the tire industry.
The Reno-based company said in court papers that unsecured creditors should expect to see a recovery from the reorganization.
The 20 largest unsecured creditors are owed about $167.5 million. Bank of New York Mellon Corp. (BK) is the biggest, acting as the indenture trustee for 6.5 percent noteholders owed about $130 million, court documents show. The bank is also listed as the trustee for 6 percent noteholders owed about $36.3 million. Fifteen of the 20 creditors are listed as owed an "unknown" amount.
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