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ABFIQ SEC Suspension:
http://www.sec.gov/litigation/suspensions/2012/34-66909.pdf
ADMIN Proceeding:
http://www.sec.gov/litigation/admin/2012/34-66908.pdf
ABFIQ @ .03!
ABFIQ @ .025!
ABFIQ @ .05!
ABFIQ @ .03!
hey touc watch it close bid getting strong hmmmm!
ABFIQ @ .08!
good to have you on board!
Sup Toucan, that 5k showing red was my buy
Order Status
Status Action Symbol Quantity Price Timing
Executed Bought ABFIQ 5,000 $0.03
Day
Executed Bought ABFIQ 5,000 $0.03
Day
Trial could be as early as the fall:) of 2010, but this is just a guess
http://www.abfsonline.com/20100115_abfs_status_27.html
ABFIQ @ .05!
I agree, just needs more attention here.
.03 is cheap, this can run to .25 in a heartbeat
ABFIQ - 10yr chart:
http://www.otcmarkets.com/stock/ABFIQ/chart
ABFIQ looking great, going higher imo
ABFIQ @ .03!
Company cannot selling into the open market during BK process
cannot increase O/S?
News? Distribution of ABFS settlement is in dispute
Dec 01, 2009 (The Philadelphia Inquirer - McClatchy-Tribune Information Services via COMTEX) -- A fight has broken out over a $100 million October settlement with three Wall Street banks in the bankruptcy of American Business Financial Services Inc., a Philadelphia subprime mortgage lender that collapsed five years ago.
Two trustees, Law Debenture Trust Co. of New York and Wells Fargo Bank, representing individual investors who bought ABFS securities, are seeking $28 million of the settlement money.
George L. Miller, an accountant responsible for liquidating ABFS, and Greenwich Financial Products Inc., a lender to ABFS caught up in its own protracted legal battle with Miller, filed objections.
A hearing on the requested payment, which would first be used to pay lawyers' fees and other expenses before any money went to investors, is scheduled for tomorrow afternoon in Wilmington bankruptcy court.
The October settlement is one of three -- totaling $136.5 million -- secured by Miller from ABFS's executives and directors, its law firm, and, most recently, its Wall Street banks.
But none of the money has been paid to the 22,000 mostly elderly investors who bought unsecured ABFS notes, which paid high interest rates.
Payment has been blocked by litigation between Miller and Greenwich.
Law Debenture Trust and Wells Fargo said in their motion that they represented the interests of thousands of noteholders.
"The severe financial hardships suffered by some of them as a result of the loss of access to their principal, while in some cases living on a fixed income, cannot be overstated," the filing said.
The $100 million settlement from Wall Street banks gives the noteholders a chance to "recover a portion of their investment," the filing said.
In a footnote, however, the companies say that their fees and expenses will come out before any money is paid to noteholders. Miller said in his objection that the two companies were seeking a total of $12.5 million for these costs; the rest eventually would go to investors, minus any additional costs incurred. Attorneys for Law Debenture Trust and Wells Fargo did not return calls seeking confirmation of that figure.
Even if the first priority were to distribute money to noteholders, that could not happen any time soon. Miller said a list of noteholders and how much each was owed would not be completed for a year.
He also argued that Law Debenture's and Wells Fargo's requested fees were not "reasonable," as required by their contract. Miller said his own general counsel's fees and expenses have totaled $2.7 million.
Two Philadelphia law firms -- Obermayer, Rebmann, Maxwell & Hippel L.L.P. and Kaufman, Coren & Ress P.C. -- are looking at a handsome payday from the $100 million settlement with JP Morgan, Credit Suisse, and Morgan Stanley. The two firms worked on a contingency basis and are due to split $30 million.
The payments were approved by bankruptcy court Nov. 18 but have not yet been made because Miller is waiting for $7.5 million from Morgan Stanley.
Contact staff writer Harold Brubaker at 215-854-4651 or hbrubaker@phillynews.com.
To see more of The Philadelphia Inquirer, or to subscribe to the newspaper, go
to http://www.philly.com/inquirer. Copyright (c) 2009, The Philadelphia Inquirer
Distributed by McClatchy-Tribune Information Services. For reprints, email
tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax
to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave.,
Suite 303, Glenview, IL 60025, USA.
Harold Brubaker
Copyright (C) 2009, The Philadelphia Inquirer
I think that huge spread between the bid and ask have a few folks gun-shy..
nothing but the updates are posted here http://www.abfsonline.com/
Do you have a recent MOR or any other information listing Assets to Liabilities? Thx
apparently not interesting enough to attract attention
interesting, gear.
3.6m o/s with $100M settlement so far
Yeah, was wondering that myself. Seems worth a small investment just to see how things pan out.
that's what I'm hoping for, it could be perfect for a shell with NOLs imho
You think these shares are gonna be worth anything?
per shortsqueeze.com there are 75,000 shorted shares
June 2, 2009 - Pleadings to have aspects of the lawsuit decided without a trial must be filed.
$820M Litigation Assets
$124M in NOLs, market cap $7.2K
pending litigation assets worth $820M in lawsuits filed for the benefit of the bankruptcy estate, trial begins this year---settlement without a trial possibility
http://www.abfsonline.com/20090317_abfs_status_22.html
Yoh what happened to this one? No trading?
"1/9/06 - Trustee reported that secured lenders do not agree with proposals
to liquidate assets."
it seems they want the business to continue imho
Holding 1000% gain and up another 36% seems pretty terrific to me...Hopefully, the subs are cleaned out which means with this low of an O/S, the shares could get very tight..
I hope so, they had big business before and creditors don't want the company to liquidate
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ABFIQ- American Business Financial Services, Inc.
3.6M O/S
[chart]profitspi.com/stock-chart-str.aspx?id=ABFIQ&ca=1358157627[/chart]
$33M SETTLEMENT APPROVED -- 50% GOES TO TRUSTEE IN FAVOR OF BANKRUPTCY ESTATE, ABFIQ NO LONGER A DEFENDANT
American Business Financial Services, Inc. : Notes and Debentures
Summary: On November 3, 2008, the Settlement Hearing was held and Judge O’Neill approved the settlement. On November 21, 2008, the Court entered the Memorandum and Order dismissing the Amended Complaint with prejudice. The plaintiffs’ counsel is awarded 25% of the settlement in fees and $267,946.73 in reimbursement of expenses. On December 8, 2008, an opposition to the settlement was filed, motioning for the replacement of the class counsel based on fraud and misrepresentation. On December 22, 2008, a notice of appeal was filed. On January 7, 2009, the opposition was denied.
NOTE: American Business Financial Services, Inc. is no longer a defendant because it and a number of its subsidiaries filed for protection under Chapter 11 of the Bankruptcy Code on January 21, 2005, and this lawsuit automatically stayed as of ABFI.
http://securities.stanford.edu/1034/ABFI05_01/
_________________________________________________________
COMBINED SETTLEMENT PROCEEDS
The Trustee D & O Settlement and the Noteholder Class Action Settlement will result in combined payments in excess of $33,000,000.00, to be shared equally between the Trustee (on behalf of the ABFS bankruptcy estate) and the Noteholder Plaintiff Class.
http://www.abfsonline.com/20080915_abfs_status_20.html
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