HEARQ HearUSA, Inc. Common Stock 6/18/2012 Bankruptcy plan effective as 6/18/2012 at 12.01 AM . Pursuant to the plan, On the Effective Date, all existing Interests in the Debtor shall be cancelled and extinguished. $0.95/Share for record holders of 6/18/2012, Pay date=7/18/2012. Transfer books closed effective 6/18/2012

http://www.otcbb.com/asp/dailylist_detail.asp?d=06/15/2012&mkt_ctg=ALL

Recovery value per ds is 101

I'd like the docs as well please. nycarb106@yahoo.com

thanks!

can you send me the docs please? faraz_88@yahoo.com

If anyone wants a copy of the docs below, PM me your email address and I'll send them to you.

02/16/2012 656 Chapter 11 Plan of Liquidation of HearUSA, Inc. (n/k/a HUSA Liquidating Corporation) Filed by Debtor HearUSA, Inc. (Gart, Brian) (Entered: 02/16/2012)

02/16/2012 657 Disclosure Statement in Connection with Chapter 11 Plan of Liquidation of HearUSA, Inc. (n/k/a HUSA Liquidating Corporation Filed by Debtor HearUSA, Inc. (Attachments: # 1 Exhibit B)(Gart, Brian) (Entered: 02/16/2012)

02/16/2012 658 Motion to Approve Re: 657 Disclosure Statement ; Motion for Order (I) Conditionally Approving Disclosure Statement; (II) Establishing Record Date; (III) Setting Date for Consolidated Hearing On (A) Final Approval of Disclosure Statement, And (B) Confirmation of Plan; (IV) Establishing And Consolidating Deadlines to File (A) Objections to Disclosure Statement, And (B) Objections to Confirmation; (V) Determining Solicitation of Common Shareholders Is Not Required; and (VI) Granting Related Relief Filed by Debtor HearUSA, Inc.. (Gart, Brian) (Entered: 02/16/2012)

Exclusivity period expires at midnight tonight. Let's hope they haven't asked for yet another extension.

no sign of any new filings on PACER or HearUSA docket.

Update from Diligent Investor
HearUSA (HEARQ)

On the very same day that the Court entered an order approving the 3rd extension of Exclusivity through and until January 17, 2012, the Debtor asked for a one week continuance on a couple of other matters. If that request is approved by the Court, the near-term HearUSA calendar would look as such:

January 12, 2012:
Status Conference Regarding the Notice of Removal by Plaintiff HearUSA, Inc in connection with the Celestial Holdings matter.

January 17, 2012:
Lapsing of the Debtor’s Exclusivity Period

January 19, 2012
Hearing on: Motion for Authority to Implement Amendments to Existing Equity Compensation Plans; And

Motion to Extend Time to Exercise Vested Stock Options, or, in the Alternative, Motion to Stay Ninety Day Period to Exercise Vested Stock Options

The case is In re HearUSA, Inc., Case No. 11-23341-BKC-EPK (SDFL – West Palm Beach Division).

I'm new to this HearUSA liquidation situation but wanted to give a summary of my understanding and see if you all agree with the likely outcome. Siemens has agreed to acquire HearUSA's assets with different forms of compensation, consisting of cash, assumption of debt, and a waiver of their stock ownership distribution. With the current market cap of HearUSA at 43M, if there is a simple distribution to shareholders, it looks to me like shareholders could receive around 56.8M.
And with the equity committe appointed to ensure the equity holder's interests are taken into consideration, it would seem they will expedite the process and pursue the largest possible distribution for shareholders.
Are there any other possibilities to the upside or downside?
In the file I'm looking at it says Siemens will pay 66.8M in cash but 10M is reserved for loan repayment to an individual, so i simply subtracted that 10M from what shareholders would get.
Also, will this likely be the final extension? I saw that the Equity Committee allowed this extension but could fight against future extensions.
From my limited understanding, it looks like a cash distribution 25% higher than the current share price by the middle of 2012 is probable.

thanks Grudge.

The numbers from the MORs have been in line with my own expectations. There are some open issues the largest of which involves taxes from the sale and to what extent the NOLs are available to cover any gains from the sale. There is also apparently a nasty little dispute between the EC and Siemens and possibly even the Debtor over cure costs and lease rejection of the headquarters. The amount of money at issue is just a couple of million dollars but the way the event has unfolded has left me questioning the Debtor's "Business Judgment" because the issue probably could have been avoided for less than $300k and Siemens doesn't care because they aren't having to pick up the tab and they get to continue using the facility.

We should be seeing a liquidating plan in the next 4 to 5 weeks which will tell us a lot more on the value.

Got your pm. Thanks.

MrH.
What is your estimate of the recovery now?

HearUSA Seeks 3rd Extension of Exclusivity

On November 30, 2011, HUSA Liquidating Corporation, Inc. (f.k.a HearUSA, Inc.) filed a motion seeking a 3rd extension of its Exclusivity from December 1, 2011 out through January 17, 2012. While the Debtor was only recently granted an extension up through December 1st and while the Equity Committee had hinted that it might oppose a 3rd extension and seek authority to file its own liquidating plan, it was announced that both statutory committees approve of the extension. The Debtor announced in its papers that it anticipates this will be the last request for an extension of Exclusivity. Additionally the Debtor announced that it is working with the Equity Committee to finalize a proposed liquidating plan structure, as well as procedures to streamline the overall confirmation process and that it may shortly file a motion to seek court approval to establish the plan procedures in order to expedite the plan and confirmation process.

Last month we discussed that it may be possible to use a "No Vote" Plan Construct in order to get to the confirmation and distribution phases more expeditiously. Let's hope that those seeds found purchase with the Debtor.

The case is In re HearUSA, Inc., Case No. 11-23341-BKC-EPK (Southern District of Florida – West Palm Beach Division).

http://thediligentinvestor.blogspot.com/2011/12/hearusa-seeks-3rd-extension-of.html

HearUSA Equity Committee Responds to Debtor's Second Motion to Extend Exclusivity

On November 9, 2011, the Official Equity Committee of HUSA Liquidating Corporation, Inc. (f/k/a HearUSA, Inc.), filed a response [D.E. 540] to the Debtor’s second motion to extend exclusivity. In its response, the EC expressed disappointment with the fact that the Debtor did not file a liquidating plan during the first extension of exclusivity and that it looks likely that distributions will not be made until 2012. While the EC did not object to the Motion to extend exclusivity until December 1, 2011 it did reserve the right to oppose any additional extensions and also reserved the right to propose its own liquidating plan.

In order to expedite the Plan and Distribution process, the Parties may want to consider filing a “No Vote” liquidating plan whereby all Classes are either deemed to accept or reject the Plan. In the instant case, it is expected that all allowed claims are to be paid, in full, with interest, and it is also expected that shareholders will also receive a meaningful distribution from the liquidating estate. As such all creditor classes should be deemed to accept the plan and therefore would not be entitled to vote. With respect to the equity constituency, equity interests are either unimpaired, or therefore deemed to accept the Plan under §1126(f), or they are impaired and should be deemed to reject the Plan under §1126(g). Accordingly, holders of equity interests would not be entitled to vote to accept or reject the Plan. In the Middlebrook Pharmaceuticals bankruptcy (Case No. 10-11485 (MFW) this particular plan construct was successfully implemented and the liquidating plan was confirmed on December 30, 2010 and became effective on January 3, 2011.

Some may argue that it is unfair for equity holders to not have a vote on the Plan (and in certain reorganizations, I agree) but in a liquidation scenario it would beg the question “what exactly would equity be voting for or against?” In a straight liquidation with no continuing operations, voting for or against will not change the ultimate distribution. One might only vote “no” and elect to receive no distribution while giving no releases.

It is understandable that the Debtor would proceed with caution and with the utmost diligence but in proposing a “No Vote” Plan the Debtor could invoke the concept of “Business Judgment” as a reason to expedite the process. The Debtor has already cited to this concept earlier in the case. Often in bankruptcy, the Debtors “Business Judgment” is used as a sword and shield against the junior creditor and equity constituencies. In this instance it could actually be used for the benefit of equity in expediting the distribution process if the Debtor can ultimately satisfy the statutory predicates for an expedited Plan process.

http://thediligentinvestor.blogspot.com/

Any reason why? Or is this just an out and out pump?

another big move coming..imo

Looks like do let #528 gives us some idea on distribution but not amount. Motion to extend exclusivity to Dec 1 but more importantly #12- no distribution expected in 2011 due to tax issues etc.

Sorry, can't link from my phone.

Thanks for the answer. I was trying to figure it out as the deal has closed, Demant was withdrawn from udpates so I was trying to figure what would be left.

Seems like everything is wrapped up but the options repricing that the OEC objected to. I agree with their logic but at the same time I want it resolved and payout to occur hopefully before the new year but I doubt it.

Just a formality. Since it is a short extension, the plan will likely be filed on or before that date. Then you will have some indication of the timing of distributions from the terms in the plan.

Can anybody help me out with the point of #508; the motion to extend exclusivity through Oct 28, 2011.

My understanding is the deal has closed as of Sept 9 so is this just a formality or is there something else?

If so, does this give us an idea of when they think an equity distribution will occur? If not, anybody have any estimates? Thanksgiving, end of year, does this go in 2012 due to taxes?

Do we have any better sense of a recovery?

Yep.

I wanted to read it with my own eyes. Without this equity holders would have had to file that they are a shareholder to be eligible for distribution which as you know is usually not needed.

This confusion dating back to this summer makes the claims on file a mess as many did. Similar to the list of claims in AICPQ but here they were going to require it filed by the end of September.

I just was in PACER and printed it out.

Thanks again.

MH are you sure Doc #491 is what you wanted? This is both pages of the Doc.

================================================

Case 11-23341-EPK Doc 491 Filed 09/26/11

UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF FLORIDA
WEST PALM BEACH DIVISION
www.flsb.uscourts.gov
In re: Chapter 11 Case
HearUSA, INC., Case No. 11-23341-BKC-EPK
Debtor.

ORDER GRANTING OFFICIAL COMMITTEE OF EQUITY SECURITY HOLDERS’ MOTION TO DISPENSE WITH REQUIREMENT TO FILE PROOFS OF INTEREST

THIS MATTER came before the Court for hearing on September 15, 2011 upon the Official Committee of Equity Security Holders’ Motion to Dispense with Requirement to File Proof of Interest (the “Motion”) [ECF No. 412]. For the reasons stated on the record it is ORDERED as follows:
1. The Motion is GRANTED.
2. Equity security holders shall not be required to file proofs of interest on account of their equity securities in the above-captioned case.

Submitted by:
Jesse Stellato, Esq.
GREENBERG TRAURIG, P.A.
Counsel for The Official Committee of Equity Security Holders
333 Avenue of the Americas
Miami, FL 33131
Phone: (305) 579-0500
Fax: (305) 579-0717

Email: stellatoj@gtlaw.com

Copy furnished to:
Jesse Stellato, Esq.
Greenberg Traurig, P.A.
333 Avenue of the Americas
Miami, FL 33131

(Attorney Stellato is directed serve a copy of this Order on all appropriate parties and to file a Certificate of Service.)

Thanks!

There is a few in there that I need/want to look at. Of most immediate importance was 491.

Here's a peak at PACER to see what you missed as of Sunday morning 12:03am

Filing Date # Docket Text

09/30/2011 507 Notice to Withdraw Claim by: Cisco Systems Capital Corporation Re Claim Number: 23 Filed by Cisco Systems Capital Corporation. (De Lara, Natalia) (Entered: 09/30/2011)

09/29/2011 506 Certificate of Service by Attorney Debi Evans Galler Esq (Re: 468 Notice of Hearing, 485 First Interim Application for Compensation and Reimbursement of Expenses for Bryan Cave LLP, Special Counsel, Period: 5/16/2011 to 8/31/2011, Fee: $99,736.10, Expenses: $230.21. filed by Special Counsel Brian C Walsh, 488 Notice of Hearing, 489 Notice of Hearing, 490 Order on Motion to Extend Time, 492 First Interim Application for Compensation and for Reimbursement for Expenses for Michelle Campbell, Consultant, Period: 5/16/2011 to 8/31/2011, Fee: $47,791.50, Expenses: $2,654.32. filed by Consultant Michelle Campbell, 494 Notice of Hearing, 500 Order on Application for Administrative Expenses, 501 Order (Generic), 504 Order (Generic)). (Galler, Debi) (Entered: 09/29/2011)

09/29/2011 505 Notice to Filer of Apparent Filing Deficiency: A withdrawal of appearance must comply with Local Rule 2091-1. NO ACTION WILL BE TAKEN BY THE COURT.
(Re: 496 Notice of Filing Notice of Withdrawal from Case and Request to Stop Electronic Notice by Attorney Robert A. Schatzman Esq..) (De Lara, Natalia) (Entered: 09/29/2011)

09/28/2011 504 Agreed Order Resolving General Electric Capital Corporation's Objection to the Debtor's Noticed Cure Costs (Re: 372 Limited Objection filed by Creditor GE Capital Corporation). (De Lara, Natalia) (Entered: 09/29/2011)

09/28/2011 503 Certificate of Service by Attorney Brian K Gart Esq. (Re: 502 Notice of Hearing). (Attachments: # 1 Master Service List) (Gart, Brian) (Entered: 09/28/2011)

09/28/2011 502 Notice of Hearing (Re: 497 Motion for Authority to Implement Amendments to Existing Equity Compensation Plans Filed by Debtor HearUSA, Inc..) Hearing scheduled for 10/19/2011 at 01:30 PM at 1515 N Flagler Dr Room 801 Courtroom B, West Palm Beach. (Klopp, Cindy) (Entered: 09/28/2011)

09/27/2011 501 Agreed Order Resolving Verizon's Objections to the Debtor's Noticed Cure Costs (Re: 350 Notice of Filing Third Amended Notice to Counterparties to Potentially Assumed Executory Contracts and Unexpired Leases filed by Debtor HearUSA, Inc., 352 Limited Objection filed by Interested Party Verizon Communications Inc.). (De Lara, Natalia) (Entered: 09/28/2011)

09/27/2011 500 Order Granting Agreed Motion For Allowance of Administrative Expense Claim of Warner Tech-Care Products, Inc. (Re: # 482 ) (De Lara, Natalia) (Entered: 09/28/2011)

09/27/2011 499 Certificate of Service by Attorney Brian K Gart Esq. (Re: 497 Motion for Authority to Implement Amendments to Existing Equity Compensation Plans filed by Debtor HearUSA, Inc.). (Attachments: # 1 Master Service List) (Gart, Brian) (Entered: 09/27/2011)

09/27/2011 498 Notice to Withdraw Document Filed by Debtor HearUSA, Inc. (Re: 495 Miscellaneous Motion). (Gart, Brian) (Entered: 09/27/2011)

09/27/2011 497 Motion for Authority to Implement Amendments to Existing Equity Compensation Plans Filed by Debtor HearUSA, Inc.. (Gart, Brian) (Entered: 09/27/2011)

09/27/2011 496 Notice of Filing Notice of Withdrawal from Case and Request to Stop Electronic Notice by Attorney Robert A. Schatzman Esq.. (Schatzman, Robert) (Entered: 09/27/2011)

09/27/2011 495 Motion for Authority to Implement Amendments to Existing Equity Compensation Plans Filed by Debtor HearUSA, Inc.. (Gart, Brian) (Entered: 09/27/2011)

09/27/2011 494 Notice of Hearing (Re: 492 First Interim Application for Compensation and for Reimbursement for Expenses for Michelle Campbell, Consultant, Period: 5/16/2011 to 8/31/2011, Fee: $47,791.50, Expenses: $2,654.32. Filed by Consultant Michelle Campbell.) Hearing scheduled for 10/19/2011 at 01:30 PM at 1515 N Flagler Dr Room 801 Courtroom B, West Palm Beach. (Klopp, Cindy) (Entered: 09/27/2011)

09/27/2011 493 Certificate of Service by Attorney Jesse Stellato (Re: 491 Order on Miscellaneous Motion). (Stellato, Jesse) (Entered: 09/27/2011)

09/26/2011 492 First Interim Application for Compensation and for Reimbursement for Expenses for Michelle Campbell, Consultant, Period: 5/16/2011 to 8/31/2011, Fee: $47,791.50, Expenses: $2,654.32. Filed by Consultant Michelle Campbell. (Galler, Debi) (Entered: 09/26/2011)

09/26/2011 491 Order Granting Motion to Dispense With Requirements to File Proof of Claim Re: # 412 (Montygierd, Hebe) (Entered: 09/26/2011)

09/26/2011 490 Order Granting Motion to Extend Time to File First Interim Fee Applications(Re: # 454 ). Time Extended Until 09/19/2011. (Montygierd, Hebe) (Entered: 09/26/2011)

09/26/2011 489 Notice of Hearing (Re: 485 First Interim Application for Compensation and Reimbursement of Expenses for Brian C Walsh, Special Counsel, Period: 5/16/2011 to 8/31/2011, Fee: $99,736.10, Expenses: $230.21. Filed by Attorney Debi Evans Galler Esq. .) Hearing scheduled for 10/19/2011 at 01:30 PM at 1515 N Flagler Dr Room 801 Courtroom B, West Palm Beach. (Klopp, Cindy) (Entered: 09/26/2011)

09/26/2011 488 Notice of Hearing (Re: 484 First Application for Interim Compensation for Joseph J Luzinski, Other Professional, Period: 5/16/2011 to 8/31/2011, Fee: $369,068.50, Expenses: $3,797.25. Filed by Other Professional Joseph J Luzinski.) Hearing scheduled for 10/19/2011 at 01:30 PM at 1515 N Flagler Dr Room 801 Courtroom B, West Palm Beach. (Klopp, Cindy) (Entered: 09/26/2011)

09/26/2011 487 Notice to Filer of Apparent Filing Deficiency: Incorrect Party Filer Selected. THE COURT HAS CORRECTED THIS ENTRY - NO FURTHER ACTION IS REQUIRED. (Re: 485 First Interim Application for Compensation and Reimbursement of Expenses for Brian C Walsh, Special Counsel, Period: 5/16/2011 to 8/31/2011, Fee: $99,736.10, Expenses: $230.21. Filed by Attorney Debi Evans Galler Esq. .) (De Lara, Natalia) (Entered: 09/26/2011)

09/24/2011 486 BNC Certificate of Mailing of Clerk's Notice of Transfer of Claim and Deadline to Object (Re: 475 claim #155 Transfer/Assignment of Claim Transfer Agreement 3001) Service Date 09/24/2011. (Admin.) (Entered: 09/25/2011)

09/23/2011 485 First Interim Application for Compensation and Reimbursement of Expenses for Brian C Walsh, Special Counsel, Period: 5/16/2011 to 8/31/2011, Fee: $99,736.10, Expenses: $230.21. Filed by Attorney Debi Evans Galler Esq. (Galler, Debi) - Modified on 9/26/2011 to correct party filer. (De Lara, Natalia). (Entered: 09/23/2011)

09/23/2011 484 First Application for Interim Compensation for Joseph J Luzinski, Other Professional, Period: 5/16/2011 to 8/31/2011, Fee: $369,068.50, Expenses: $3,797.25. Filed by Other Professional Joseph J Luzinski. (Gart, Brian) (Entered: 09/23/2011)

09/23/2011 483 Pursuant to Local Rule 5005-1(A)(2)(b) and Court Guidelines on Electronic Availability of Transcripts and Procedures for Transcript Redaction, Transcript is now electronically accessible (Re: 196 Transcript of 5/31/2011 Hearing. ) (De Lara, Natalia) (Entered: 09/23/2011)

09/22/2011 482 Agreed Application for Administrative Expenses of Warner Tech-Care Products, Inc. Filed by Debtor HearUSA, Inc.. (Galler, Debi) (Entered: 09/22/2011)

09/22/2011 481 Certificate of Service by Attorney Mark D. Bloom Esq. (Re: 456 Notice of Hearing, 457 Notice of Hearing). (Bloom, Mark) (Entered: 09/22/2011
)
09/21/2011 480 Agreed Transfer/Assignment of Claim Transfer Agreement 3001 (e) 2 Transferor: BCB Innovations, Inc. To Tannor Partners Credit Fund II, LP Filed by Tannor Partners Credit Fund II, LP. (Tannor Partners Credit Fund (Tannor)) (Entered: 09/21/2011)

09/21/2011 478 Certificate of Service by Attorney Robert P. Charbonneau Esq. (Re: 466 Notice of Hearing, 467 Notice of Hearing). (Charbonneau, Robert) (Entered: 09/21/2011)

09/21/2011 476 Certificate of Service by Attorney Debi Evans Galler Esq (Re: 460 Notice of Hearing Amended/Renoticed/Continued, 461 Notice of Hearing Amended/Renoticed/Continued, 462 Notice of Hearing Amended/Renoticed/Continued). (Galler, Debi) (Entered: 09/21/2011)

09/21/2011 475 claim #155 Transfer/Assignment of Claim Transfer Agreement 3001 (e) 2 Transferor: Columbus Dispatch To Riverside Claims LLC Filed by Riverside Claims LLC (Herskowitz). (Riverside Claims LLC (Herskowitz)) (Entered: 09/21/2011)

09/21/2011 474 Transfer/Assignment of Scheduled Claim from Greenberg Traurig, P.A. to Riverside Claims LLC in the Amount of $20,207.68 Filed by Riverside Claims LLC (Herskowitz). (Riverside Claims LLC (Herskowitz)) (Entered: 09/21/2011)

09/21/2011 473 Notice of Filing Notice of Withdrawal from Case and Request to Stop Electronic Notice, Filed by Creditor William Demant Holding A/S. (Solomon, Steven) (Entered: 09/21/2011)

09/21/2011 472 Notice of Change of Address Correction Filed by Creditor Committee The Official Committee of Unsecured Creditors. (Gold, Daniel) (Entered: 09/21/2011)
09/20/2011 479 Agreed Transfer/Assignment of Scheduled Claim from Chestnut Commons, LLC to Sierra Liquidity Fund, LLC in the Amount of $845.56 Filed by Sierra Liquidity Fund, LLC. (De Lara, Natalia) (Entered: 09/21/2011
)
09/20/2011 471 Amended Agreed Transfer/Assignment of Claim Transfer Agreement 3001 (e) 2 Transferor: University Moving & Storage To Tannor Partners Credit Fund II, LP Filed by Tannor Partners Credit Fund II, LP. (Tannor Partners Credit Fund (Tannor)) (Entered: 09/20/2011)

09/20/2011 470 Copies of Letter Filed by Grace M Walker. (De Lara, Natalia) (Entered: 09/20/2011)

09/20/2011 469 Agreed Transfer/Assignment of Claim Transfer Agreement 3001 (e) 2 Transferor: Archem International Corp. To Tannor Partners Credit Fund II, LP Filed by Tannor Partners Credit Fund II, LP. (Tannor Partners Credit Fund (Tannor)) (Entered: 09/20/2011)

09/20/2011 468 Notice of Hearing (Re: 464 First Application for Interim Compensation for Brian K Gart Esq., Debtor's Attorney, Period: 5/16/2011 to 8/31/2011, Fee: $719,245.00, Expenses: $30,378.62. Filed by Attorney Brian K Gart Esq..) Hearing scheduled for 10/19/2011 at 01:30 PM at 1515 N Flagler Dr Room 801 Courtroom B, West Palm Beach. (Klopp, Cindy) (Entered: 09/20/2011)

09/20/2011 467 Notice of Hearing (Re: 455 First Interim Application for Compensation for Brent Williams, Financial Advisor, Period: 6/3/2011 to 8/31/2011, Fee: $177522.50, Expenses: $2791.30. Filed by Attorney Robert P. Charbonneau Esq..) Hearing scheduled for 10/19/2011 at 01:30 PM at 1515 N Flagler Dr Room 801 Courtroom B, West Palm Beach. (Klopp, Cindy) (Entered: 09/20/2011)

09/20/2011 466 Notice of Hearing (Re: 458 First Application for Interim Compensation for The Official Committee of Unsecured Creditors, Attorney, Period: 5/26/2011 to 8/31/2011, Fee: $161009.50, Expenses: $3835.30. Filed by Attorney Robert P. Charbonneau Esq..) Hearing scheduled for 10/19/2011 at 01:30 PM at 1515 N Flagler Dr Room 801 Courtroom B, West Palm Beach. (Klopp, Cindy) (Entered: 09/20/2011)

09/20/2011 465 Notice to Filer of Apparent Filing Deficiency: Incorrect Role Type Selected. THE COURT HAS CORRECTED THIS ENTRY - NO FURTHER ACTION IS REQUIRED. (Re: 451 First Application for Interim Compensation of Greenberg Traurig, P.A., as Counsel for the Official Committee of Equity Security Holders for Mark D. Bloom Esq., Creditors Committee Attorney, Period: 6/30/2011 to 8/31/2011, Fee: $367960.50, Expenses: $12141.65. Filed by Attorney Mark D. Bloom Esq.) (De Lara, Natalia) (Entered: 09/20/2011)

09/19/2011 464 First Application for Interim Compensation for Brian K Gart Esq., Debtor's Attorney, Period: 5/16/2011 to 8/31/2011, Fee: $719,245.00, Expenses: $30,378.62. Filed by Attorney Brian K Gart Esq.. (Attachments: # 1 Volume(s) Part 1) (Gart, Brian) (Entered: 09/19/2011)

09/19/2011 463 Certificate of Service by Attorney Luis Salazar Esq. (Re: 449 Notice of Hearing). (Salazar, Luis) (Entered: 09/19/2011)

09/19/2011 462 Re Notice of Hearing (Re: 352 Limited Objection to) Hearing scheduled for 10/12/2011 at 01:30 PM at 1515 N Flagler Dr Room 801 Courtroom B, West Palm Beach. (Klopp, Cindy) (Entered: 09/19/2011)

09/19/2011 461 Re Notice of Hearing (Re: 372 Limited Objection to) Hearing scheduled for 09/28/2011 at 01:30 PM at 1515 N Flagler Dr Room 801 Courtroom B, West Palm Beach. (Klopp, Cindy) (Entered: 09/19/2011)

09/19/2011 460 Re Notice of Hearing (Re: 317 Objection to) Hearing scheduled for 10/12/2011 at 01:30 PM at 1515 N Flagler Dr Room 801 Courtroom B, West Palm Beach. (Klopp, Cindy) (Entered: 09/19/2011)

09/16/2011 459 Certificate of Service by Attorney Debi Evans Galler Esq (Re: 450 Notice of Hearing). (Galler, Debi) (Entered: 09/16/2011)

Thanks. I was trying to save a few bucks but guess not.

That Trustee Services site is a complete waste of estate resources. The court docket is several weeks behind. Best to follow along using PACER.

Question for anybody else watching this.

Is anyone else having trouble accessing any recent documents on this case. When I go to the website the last docket that I can see is docket #459 from 9/16/2011. However it states there are 492 docket items.

I can understand a few days wait but not several weeks.

The reason I ask is that on 9/26/2011 the website changed stating that an equity holder did not have to file proof of ownership and similar to the repsonse that I heard from someone else on this board as This was docket #491.

http://www.trusteeservices.biz/HearUSA/Documents/DE%20491%20-%20Order%20Granting%20Motion%20to%20Dispense%20with%20Requirement%20to%20File%20Proofs%20of%20Interest.pdf

We do know that the Debtor gave Siemens credit of $6 to $7 million for canceling their 6.4 million shares so that provides some baseline value which was likely discounted somewhat. It's not likely that they would have given them credit for their high end estimate of value.

Agreed. I left a lot of things out of my calculation.

I forgot about the preferred shares and I didn't even check to see if there were any options that could be excercised.

I would say my amount is the high amount.

I'm not going to opine on a per share value because all of the facts are not known. I haven't seen the Asset Purchase Agreement between HearUSA and Siemens yet and that will spell out with more specificity what is and what is not being assumed. When you are attempting to determine the amount of cash left to be distributed to shareholders you need to consider that there are likely employee related severance costs, sale transaction fees, F/A success fees, Demant's breakup fee ($2 million), payment to Preferred holders (~$2.3 million) and some level of unassumed unsecured claims that still need to be vetted that come out of the cash recovery.

Looks good. Congratulations. Best article I think I have found.

http://www.bizjournals.com/southflorida/news/2011/08/01/siemens-wins-bidding-for-hearusa.html?page=all

Total Value of $129.3

Cash in the amount of $66.8 million, including the repayment of a $10 million loan from William Demant Holdings that HearUSA used to fund its operations during the bankruptcy.
A credit bid of $30.7 million based on Siemens’ secured claim against the debtor.
Assumption of liabilities and court costs of about $11.7 million.
Waiving the distribution of its ownership of HearUSA stock, which is worth $6 million to $7 million.

Adding this up gets me to $116.2 short of the $129.3. But lets use that. Using only the cash less the $10M DIP gets you to $56.8M. Subtracting out the value of Siemens 6.4M shares from the 45M outstanding shares gets me to about $1.47/share.
$56.8M/38.6 = $1.47

Any thoughts on how my math looks?

wow...looks like dollar-land just appeared right after the bell

well congrats to those that took advantage of it.

value of deal around .80..be careful

HearUSA Announces Agreement for Sale of Assets to Siemens

http://www.marketwatch.com/story/hearusa-announces-agreement-for-sale-of-assets-to-siemens-2011-08-01

Did this have news today? Why's it running? TIA.

Traditionally, the business of hearing healthcare has conducted itself in a fairly courtly and discrete manner. It’s been a gentleman’s game for players who hold their cards close. Not so these past months with HearUSA and Siemens. You can almost see HearUSA swaggering into the saloon, throwing money around, raising a ruckus, and ending up in a mainstreet shootout with its main supplier and banker.

NOT THE COMPANY I WOULD WANT TO INVEST IN...STILL DOING DD...

In a nutshell, HearUSA couldn’t meet its debt payment to Siemens last December. Siemens called the loan, which prompted a slew of legal petitions and counter-petitions between the companies throughout the spring. HearUSA found a temporary safe haven in backrupcy, negotiated a big loan from a rival suitor (William Demant Holding), and sent out scarey notices to its employees and network affiliates. At the moment, HearUSA is spending the summer grooming itself to be auctioned off to the highest bidder, an effort that includes talking about its rosey future with AARP in “45 states and counting” [4].

Sounds good, thanks for the reply.

you have to jump in the sewer and sort through countless hours of legal bloviation and take your best guess on an unsure outcome.

Damn that sucks. Missed out. Thanks anyway. Last question, how do you go about doing research for bankruptcy plays? Are there any great websites?

that's because there's not any

Can you please send me the link to the auction results? I did not find anything anywhere lol

auction results

Can you simplify why HEARQ went up today lol? Also how did you find out about it -- was it through their filings?

Why did it go up today? Did HEARQ go up because of a filing, if so which one and what was said specifically? Please answer.