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I along with some others told you folks it was over six months ago.
Sorry you lost,and hopefully learn a lesson and not live in a fantasy world of delusion when the writing is on the wall.
ps I lost also but at least was able to recover some of my money when things headed south.
The small paragraph you pasted disclosed in the 10-Q certainly showed what happened. Investor relations stated their debt payment wasn't due until December of this year. They stated they implemented cost savings already worth millions, closing non performing stores, planned on selling the real estate and leasing it back. Even though the 10-Q does states otherwise as you pointed out, they had funds from the loans they could draw from. They could have regained compliance and continued thru at least a few quarters of 2016. That tone changed after BK statement to a "we've been hurting for awhile statement." Gosselin at least talked about a few issues, Ernie Sibal won't and he's doesn't have any duty to as of now.
There are questions I do have as why did the Greek investor dump shares in March 2015? He knew as of then BK was going to happen and even knew a month later there would be a catalyst that would tank the share price. The upside down flag shirt on memorial day probably done by the Golden Gate crew, with Psun insiders complicit. Went under $1 and never recovered right after that event. What would be the bonus to tank the share price? Why didn't Adage Capital start selling a percent of the shares they owned. Why file to regain compliance and state they could reverse split and switch the capital market? Seems it was just a formality?
Nobody would invest after the last 10-Q anyways but if you were in before 2015 and were there thru the conference calls and other filings and the new product lines coming out there was a real feeling they were going to survive as a company. And that is what investor relations stated. There was no mention of possible BK yet obviously false assurance was given they would continue.
You seem have more knowledge about PSUN rather than just the last 10-Q, maybe you worked for the company or invested at some point? Either way thank you for the replies. Talking about it does provide some closure. And even if a legal firm can bring the insiders to the courtroom to explain certain events that tanked the share price, there wouldn't be much of a pool for lost equity. I'm sure all shareholders have sold and moved on by now. Looking at the BK statement the unsecured creditors have a pool of $400k to divide up.
Yes that 10Q lists what was stated may or may not happen. They listed they may be granted additional waiver. Maybe later in the year but I didn't expect BK so soon in April, especially after the webcasts or phone calls to investor relations. Given the impression that the company would continue 2016, which they still are. I see now the investment should have been avoided. Maybe the big investment from the Greek investor helped keep them afloat. Yet his dumping of shares should have been a clue. Many shareholders didn't sell include Adage Capital. Why would they continue to hold until the last minute? And detective work about for sure BK in April would have required someone inside giving details that were not available to retail investors. Not focusing on just that 10Q but other filings as well would have led to believe there wouldn't be bankruptcy in April. Yet analyzing your statements about the last 10Q they would have and the April BK already planned way in advance 2015, and not a spur of the moment decision made early 2016. Even the CEO Schoenfeld states they are an improved company now, yet he doesn't mention it is a Golden Gate company. He stated in an article the lease problems and focusing in on shoes was the main reason for the company's downfall. Not mentioning anything about their loan covenants with Wells Fargo and Golden Gate.
They submited for a reverse split to regain compliance and move to the Capital market exchange.
while your points from the 10q are valid, and describe what may or may not happened, kinda up in the air at that timeframe. There was still no notice of potential BK in April and their statements made it seem like they would continue at least thru 2016. Stating their debt payments weren't due until December. Even the initial press release of BK came from a media outlet in India that was tipped off by and unnamed source. Insider info?
You seemed to be indulged in trying to convince the insiders only had BK as a choice. Did you own shares, or do you just study BK companies?
They didn't use all the money from the loan and they were given extra funds for seasonal use.
"The assets on the balance sheet were grossly overstated"
Exactly. While your points of looking at Quicksilver and knowing the retail mortar was in dire straits. Listening to the webcasts and reading the filings and talking with Gosselin on the phone, led shareholders to hang on and potential investors that they will continue thru 2016. There was no notice of possible BK. Especially as fast as they did it. and guess what....they are still in business and will continue to be. The CH11 BK just makes it easier. and now they don't have to worry about the cost or hassles with being listed on the exchange. They knew what they were doing and screwed over shareholders, employees and vendors they buy their stuff from.
They had plenty of money to draw from the golden gate loan. And they would have survived, as they stated to have enough funds for the calendar year, implementing cost reductions and selling the real estate. The first debt payment wasn't until December. They didn't have to declare bankruptcy, especially without notifying the share holders. Some shareholders didn't find out until May/June. They didn't have to rush into bankruptcy. However apparently it doesn't matter. The company is being taken private and all the shares are cancelled. Millions of dollars in executive bonus money? Obviously there was incentive to tank the share price and delist. None of the execs should be forgiven in how they handled this. Hopefully people will remember this and the upside down flag shirt fiasco on Memorial day and not shop there. At least the employees that got screwed, have legal representation and will get something.
Good reply. But with the debt payment due in December 7th of this year why the rush into BK in April... They still had time and even stated that. The Greek investor sold and the upside down flag shirt issue, hindsight I can see now that they knew what they were going to do and the 10/15 10Q and last conference call was a charade. Not sure why G2(Greek investor)bought all those shares in the first place? He was even on the Board because of his big purchase. This Greek investor apparently still owns millions of PSUN shares, unless he dumped them on the OTC? Be interesting to find that out.
I also noticed all the millions of shares Adage Capital owned, they sold right after the BK notice. I wonder why they didn't sell at least some before? They just dumped them at the last minute like that. I called their office, but they didn't answer and didn't return my calls.
The insiders knew in advance what they were going to do, and it did mislead shareholders. Apparently they don't have to repay any of the loan or even the $27 million of payable-in-kind interest. Writing it all off as forward looking statements or uncertainties when they already had their plan in action is fraud.
So I don't think it's text book example.
Good points, however they are still in business and will continue to be selling the same overprice clothes, doing the exact same thing before the BK. Ultimately this was just to eliminate cost of being listed, and all the other debt they were looking at. They knew this and had this all planned out. Good bye Tedford and Gosselin with nice severance packages. Schoenfeld still at the helm making millions. Golden Gate is even giving them an additional $20 million to continue! Wet Seal and Quicksilver are no longer in the malls but PacSun is! They shouldn't even be allowed to continue as brick and morter stores. Just a warehouse and website maybe.
Are you a shareholder or were you one? Why chime in?
Fine, except that the bottom absolutely fell out of the casual wear market in mid-late 2015/early 2016. Their estimate of being able to hang on was wrong. Things changed quickly and their ability to keep creditors at bay quickly evaporated when Quicksilver went bankrupt in September 2015, but the writing was on the wall when Wet Seal went bankrupt in January 2015. There was little hope for PSUN's retail segment from that point forward.
PSUN was in a desperate situation for a long time before they finally went bankrupt in April. For anyone reading the SEC filings and the financial statements, the surprise wasn't that they went bankrupt, but that they were able to keep going for as long as they did. It had been a question of when, not if, for a long time before April 2016.
Another lesson - believe what you read in the SEC filings over what you hear in conference calls or analyst reports.
I'm talking about before April 2016, you'll see the could have r/s the shares and tranferred to the NASDAQ Capital Market.
"we believe that our cash flows from operations, together with our working capital, cash reserves, availability under the Wells Credit Facility and expected benefits associated with the Cost Reduction Program, will be sufficient to fund our operating and capital expenditure needs through December 7, 2016"
They rushed in to bk to get eliminate their debt and force a lower lease on their current stores for a fresh start. This robbed employees and shareholders. Listen to their last webcast were they made no mention of possible bk, stated their debt payement wasn't due until December 2016 and they are going to sell real estate and lease it back. Yet they already knew they were going to tank the company so Golden Gate could take over.
They withheld actual debt numbers, they said they were going to sell the real estate and lease it back. They stated any debt payments were not due until December 2016, yet they rushed into BK anyways. There was no mention of possible bankruptcy in their SEC filings or webcasts. The Greek investor sold most of his shares in March 2015. The upside down flag shirt issue in Foley Al was in May 2015. The share price decreased the next day and never recovered.
Rumors are it was staged to tank the PPS and make it easier for Golden Gate to take over. They had it planned. "golden state of mind"
The last SEC filing states shares are cancelled and that Golden Gate gets all the shares and the company. Employees, vendors were not paid, and Shareholders were robbed.
They are still in business.
Ernie Sibal, Gary Schoenfeld, Craig Gosselin, Michael Kaplan are crooks and should be taken to court to explain their actions. They are getting their million dollar salaries, bonuses and retirement packages.
Yes, yes I did miss the news.
apparently you missed the news.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=125042369
I mean just incase, is it crazy to buy like 3,000-5,000 shares? What if they down wipe out the shares and continue to trade?
Just got this Google Alerte'd to my email:
https://www.google.com/url?rct=j&sa=t&url=http://www.optionsclearing.com/webapps/infomemos%3BOCCPROD0PUBSESSION%3DFFDE9B1BA807988219A3F7349E7CEF18.occ-ppube4l%3Fnumber%3D39654%26date%3D201609%26lastModifiedDate%3D09%252F08%252F2016%2B15%253A45%253A23&ct=ga&cd=CAEYACoUMTIxNzU5ODU1MjIxMjYyOTU4ODkyGjU0NDhiZWM3MzBkZGUyZDc6Y29tOmVuOlVT&usg=AFQjCNGg0tL-2i6xpHJCBU1ea0QsHzHR3Q
Official OCC PDF explaining the cancelation/expiration process.
If I'm reading this correctly, shareholders do get smth in return?
Thanks Renee. Just the final notice of what any investor in this stock should have known was coming a long, LONG time ago.
PSUN told everyone that the equity was going to be cancelled in the 8-K announcing the bankruptcy way back in April. Assuming everyone read the SEC filings, as any investor should do, there was absolutely no reason to be holding this stock, much less buying it, since that announcement on April 8th.
Hmmm that's it no more trading for Psunq? ...RIP PSUNQ?????...ohhhh well if that's the case you win some you lose some. ..anymore takers here????..jmo
PSUNQ: BK PLAN effective. All shares cancelled at 14:58 (2:58 P.M. E.S.T.)
http://otce.finra.org/DLDeletions
That's not Investor Relations.
Call their IR department for yourself:
(714) 414-4000
Common Stock is delisted, not canceled. Show me documents.
Called PSUN Investor Relations yesterday left them two voicemails, got a call back later on in the afternoon saying common shares will be wiped out. Straight from the horses mouth. I asked how were they were still trading same day and they said smth about day-traders making some final moves.. sounded unreliable so I called E-trade (Where I'm holding 230k shares of PSUNQ) and they couldn't see anything on their end regarding a potential buyout of shares or any other news. But advised to take PSUN's word for shares being cancelled. Still holding against all odds, but very tempted to sell at this point. If they get cancelled best case scenario is that it's a tax write-off..
What the he'll ur talking about. I'm a shareholder losing some investment, I want this company to stay public so I can profit. Insiders my as s. Maybe u are. I'm trying to think or recommend possible ideas for this to stay public, kapish. .jmo
No rename the company to a better braND that can relate to the market..jmo
If they make a "new company" then all hope is lost. jMO
Ok bonds n shares, don't you have to stay public to sell or trade them?..such a low floater, that 20 millions bonds or shares will be profitable if company stay public, reorganize and 20 millions in equity loan.. correct me if I'm wrong. .jmo
Let's hope something will positive comes out. CrossING my fingers they will plan to stay public. ..crossing fingers n legs..lol...jmo
Golden Gate is Taking stock, then adding an additional 20 million in bonds. the question remains, will common shareholders be wiped clean? No date has been set. http://www.bloomberg.com/news/articles/2016-09-06/pacific-sunwear-has-retailer-s-dream-as-bankruptcy-wraps-up
Nice, but as long as this deal does not screw common shareholders, hmmmm then again, we been screwed, hopefully they can see the light of $$$$$... Will the owner own majority of the shares, if yes, my opinion since it is a low floater, stay public with new name, then raise the pps and dump and increase the shares then dump more..lol..just my 2 cents opinion
Well, duh. I'm not saying it doesn't happen. But ZQK had over 500 million in debt. PSUNQ has a different scenario in front of them. Maybe I'm wrong. Everyone should do their own DD.
I won't write a page, but Quicksilver also did a private firm reorg for a debt/equity swap....commons were cancelled.
Correct me if I'm wrong, but they are doing a debt for equity swap.... Meaning, debt-holders exchange bonds for common stock... Correct? About 70 million shares outstanding, wonder how many are Individual vs. institutional S/Hs.... GLTA.
Emerging with 20 Million in equity! Hold on everybody!
Private Equity Firm deal....commons bye bye.
Blue chips are for safe spaces. Go find yourself some bonds. Anything goes on this one. I'm going with my gut instinct, this cash cow is dried up looking for more green to munch on.
We will see this thing either hit triple 0's by december, or it will be sitting pretty. No in between. Risk it here or go find yourself a blue chipper.
It ain't over until the very day lady sing. .. but the song we are hearing now isn't pleasant. .lol... such a low floater less than 80 millions shares... be great if we see a hostile takeover of the shares..the kaboom she goes..just my 2 cents opinions. .lol
Lol, I wouldn't put any real money in these rigged markets. Fools.
To all I hope you guys did not put all your marbles into one stock like this?if u did, DAYUMMMMM. .,?????jmo
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