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JRCCQ: Bankruptcy PLAN effective. All shares cancelled.
http://otce.finra.org/DLDeletions
Me too. Any idea when that Q is gonna fall.
HOLDING
JRCCQ
Be watching this one...
How much time do you think we have?
Thanks.
That's v"viicq" not voice stupid phones
I too was in voice for all of last year once they went seven I've truly never looked back. But the curiosity keeps me tuned into it there products were are phenom! Gltu peace stok
What the heck is going on with this one? Just read the latest 8k. What are they planning on doing with the $8 million in cash?
Interested.
This will definitely be a long term investment. If you are playing it.
I see that happening as well
Question is how will James river benefit? Considering the position they are in.
Looks like it will be a volatile investment.
Blaze :)
Coal is coming back
I like how you think ahead. All this natural gas garbage will be a nightmare when the prices soar and they've put nearly all of the coal supplying fields out of business. It will take awhile to recover. But it isn't over. IMO
You know coal will never go away. now we have electric cars. They need power and the power is from COAL. When the Nat gas goes back up we will be king once again JMO
It is a gamble.
I like to have better math before i make these decisions.
This is a big change in my trading style.
I would not recommend this to anyone, other than as a throw of the Dice. Kinda like a lottery ticket with better odds and lower payout.
I may regret it later but it is uplifting for now.
Wow Beta, Looks like your VIIC is up over 100% today!
I had no idea it got so low.
Good luck with it!
>>Ugh. there will be more opportunities Joe.<<
..a mere flesh wound. lol!
I just briefly looked at VIIC. Interesting story, but why no revenues? This type stock can make you think you are saavy investor, or a dumbarse depending on which way it goes. I got to think that the story is known and for some reason the market is passing on it. The balance sheet just shows $7,000 in cash, and $2.665 mil in CURRENT liabilities. Obviously they probably can't borrow money, so they will have to issue new shares to raise money. At a penny a share the dilution will be a killer. I don't know what to tell ya?
Well, our personal lives seem to be tracking along similar lines sans...dumping money in penny stocks. But, total loss bk issues are worse I guess. I have so little in it, I did not notice the value of the bonds have been dropping.
Keep in touch.
Joe
Ugh. there will be more opportunities Joe.
I have confidence in you!
i am rebounding from a personal issue and bought way too many VIIC last week.
I bought at the top of the chart and a little more on the pullback Friday.
I almost feel like buying more and becoming majority stock holder- LOL
No kidding though i bouth 6 million shares of a subpenny stock- i have been watching it in decline. Lots of promise but No, zip, nada, pro forma or financial information, i must be nucking futs.
i think the outstanding shares is 134mm . If i get 5% do i hafta let someone know?
My life is in the toilet, maybe i should just give my house away, and go live in a van on Long Beach. Probably cannot do that anymore.
Actually the company is very Kool, they do or will be modifying Dryage trucks in the port of long beach and la. The modifications turn electric trucks into hydrogen fuel cell hybrids.
The eliminate diesal fumes and smog contribution.
lots of gmnt money.
I think you and i both want to see some financial stuff. not much out there.
I am not plugging, almost letting you know this might be a swan song for me.
>>sold substantially all the assets and some assumed assets<<
Should be "liabilities". The buyers assumed some liabilities along with buying the assets.
Well, this sucks. I haven't been watching closely but it appears that the court has sold substantially all the assets and some assumed assets like those associated with black lung disease for $52 mil, leaving those holding about $821 mil in unsecured senior debt sucking wind.
http://dm.epiq11.com/JR2/Docket#Debtors=5405&RelatedDocketId=&ds=true&maxPerPage=25&page=1
Read dockets 505, 544, 561, 569.
Never thought I would take a total loss on senior unsecured, unsubordinated debt with buys in the 15 cents on the dollar area.
http://www.creditbubblestocks.com/search/label/JRCC
Only if they buy them above the $800 million debt
I don't think so. That being said the law says "just and equitable" not "absolute priority rule." In other words, absolute priority is a "tendency" not a "rule" especially where the senior creditors "volunteer" to agree to a settlement that violates the "absolute priority rule." I could see the commoners getting a few shares in the successor company or something like that. Coal's prospects could look better in 2016 or 2017 depending on where natural gas prices go.
Incentive plan to run a good auction. Hope they run a really good data room and so on.
They are in process of being bought out..
Will stockholders get any?
Bonuses !!!!!!!!!
officers get bonuses, approved by the bankruptcy judge and
common shareholders get the bone !!!
what a country...love it or leave it.
A66
Joe I'm old professonal at q stock, this stock just got started with bk/11, there will plenty bounces to come!!!
You asked for my opinion, and I gave it. I assume you are long the common and think they will see a nice recovery? There is like one Chemtura for every 100 bk's where the common do not see a recovery. I think the bonds offer the better risk/reward here.
CEMJQ Multi-Millionaire Tuesday, 05/19/09 07:08:52 PM
Re: None
Post # of 67202
2009 Chemtura bond up $1.50 to $37.50 Highest since BK I believe.
The I-hub system does not go back far enough to get to 20, but u can see far from 110 bonds!!! Game over!!!
>>so did cemtura<<<
Chemtera was not the same. As I recall the bondholders never got near to 20 cents on the dollar or less. In fact...
Whatever. Clueless
I know u were member of EC, kinda use to your agenda... to prove u are wrong ill am back paging a few messages to u I and will attempt!!!
Not when the company was offering over twice that. You don't know the half of it, so don't even attempt
when I got in with shares at 4 cents, those bonds were not trading 110%, they moved up while in b/k, gots to tell the whole story man...
I don't think 4 cents to 75 cents was a bad deal to me!!!
Not hardly. Those bonds were trading at 110% and the stockholders still got a bad deal. Special thanks goes out to Alan Carr for that snafu and Anton over at Y... Capital for all those insider trades. Revenge is a b..........
so did cemtura did and they came out ok...
With the bonds trading at less than 20 cents on the dollar, I can't see how the common would be worth anything.
that is a good idea!!!
not today...
JRCCQ breaking into some new lows...
You think its worth anything after ch11???
JRCC delisted from Nasdaq to OTC. Ticker changed to JRCCQ:
http://www.otcbb.com/asp/dailylist_detail.asp?d=04/16/2014&mkt_ctg=NON-OTCBB
Interesting indeed. I may take a position here and see what happens.
JRCC $0.2685
JRCC wins $130M Bk loan
11:49 am et
James River Coal Co. won court approval to start drawing on a $110 million bankruptcy loan as it looks for a buyer or investor in its newly filed Chapter 11 case.
Judge Kevin R. Huennekens of the U.S. Bankruptcy Court in Richmond, Va. , on Wednesday authorized the Appalachian coal miner to borrow up to $80 million of the loan, court papers show.
Judge Huennekens will consider allowing James River to borrow the full amount of the loan at a May 7 hearing.
James River sought Chapter 11 protection earlier this week with plans to continue an ongoing search for either a buyer or fresh capital. The loan, arranged by Deutsche Bank Securities Inc. with Cantor Fitzgerald Securities as agent, will fund James River's operations in the meantime.
The company also plans to use the loan to refinance its existing debt, including paying nearly $190,000 in fees and other charges owed to its existing lenders and another $4.2 million owed under lease agreements with General Electric Capital Corp.
The loan terms require James River to secure at least one sale or investment proposal by July 15 to avoid default, court papers show. The company has filed its bidding procedures proposal with the bankruptcy court, which must sign off on the timeline.
James River sought bankruptcy protection after skipping an interest payment on its debt, amid mounting losses and tight liquidity. The coal industry has seen sharp declines, as the cost of natural gas, a competing energy source, has fallen and as gas demand has risen in the U.S.; consequently, James River has seen its earnings fall dramatically.
For 2013, James River posted a net loss of $16.4 million on the sale of approximately 8.4 million tons of coal. The company entered Chapter 11 protection with $818.7 million in debt overall.
James River has eight mining operations, with 16 active mines in Indiana , Kentucky and West Virginia , which contain about 340 million tons of coal reserves. The company ships coal to electricity generators, industrial users and steel companies in the U.S. and abroad.
-- Stephanie Gleason contributed to this article.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)
Write to Jacqueline Palank at jacqueline.palank@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
04-10-14 1149ET
Copyright (c) 2014 Dow Jones & Company, Inc.
Bounsing time +++???
JRCC Credit Bubble Stocks Blog
http://www.creditbubblestocks.com/search/label/JRCC
I don't think JRCC has any preferreds...or at least any that trade publicly.
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Electricity and Coalby Sol Palha, Tactical Investor | February 6, 2009Billion Kilowatt hours
Source www.eia.doe.govThe US has been generating over 49% of its electricity from coal for decades now and despite all the noise, we do not think this figure is going to change substantially soon. From 1980 to 2006, US electricity consumption has increased by 89%, which means that coal consumption increased by a similar magnitude, for the percentage of electricity generated from coal has remained somewhat steady throughout the years. The idea that solar, wind and other sources can immediately replace coal is a fallacy; it would take years for us to replace coal plants with a mixture of nuclear, solar and wind power plants. This would not address future demand and so bottom line, while coal is dirty, it is here to stay for years to come. The two main players now are China and India; china now consumes more coal now than any other country in the world; to put this in perspective, China now consumes more coal than US and the Entire European union combined. Last year China consumed 2.62 billion tons, an increase of over 160% from 2000, when it consumed only 1 billion tons. By 2010, it is estimated that China will use approximately 3 billion tons; currently, China alone consumes roughly 1/3 of the worlds total coal output. Roughly, 70% of China’s electricity is generated from Coal (1.93 trillion kilowatts), and it is still constructing roughly one new coal power plant a week. Even Though China has embarked on one of the most aggressive nuclear power plants building sprees ever, when all these plants are built, they will barely supply 5% of Chinas total electricity needs. Thus it’s fairly easy to assume that coal will remain a major driving force of the Chinese economy for decades to come. India is the 6th largest generator of electricity in the world, and it’s also ranked as the 6th largest consumer worldwide. Over the past decade consumption has increased by over 64% and its projected increase in electricity consumption of 8-10% annually is one of the highest in the world. As with China and the United States, coal provides a major portion of India’s electricity; currently, 69% of India’s electricity is generated from coal. In 1996 India consumed 295 million tons of coal; by 2005 the figure had jumped to over 465 million tons. From 2000 to 2005 India’s coal usage increased by 5.5% a year; if we use the same projection, then in 2006 it consumed 490 million tons, in 2007 it consumed 516 million tons, in 2008 it consumed 544 million tons and by 2011 it will be consuming roughly 637 million tons; this off course is based on the assumption that consumption will continue to increase at a pace of 5.5% per annum and not spiral upwards. The EIA Projects that India and China will account for 34% of the world’s total increase in energy consumption worldwide and 85% of the world’s total projected increase in coal usage between 1995 and 2020. China and India have increased their power output by 1000% and 500% respectively since 1980 and at the rate China is going; it will eventually surpass the United States. The only way it’s going to be able to increase its output in a significant way it’s to embrace every single source of energy out there and that includes coal. These two countries are already operating well below optimal capacity; in fact, rolling black outs are the norm in both these countries and thus the question does not fall into the” if” category but the must category when it comes to the construction of new power plants. No matter how aggressively they build new nuclear, solar, or hydroelectric plants, they will still need to continue building coal fired plants in order to meet demand, which continues to increase at a record pace. Hence even if by some miracle the U.S. could implement some plan in record time that would cut down the need for new coal plants, it would in no way affect long term prices because most of the world’s electricity is still derived from coal. There are several ways to play this sector, some more rewarding than the others, but the simplest way if you are bullish, would be to purchase shares in KOL, the coal ETF. As market conditions are currently far from normal, individuals should refrain from taking huge bites, but instead deploy their money in bits and pieces. Finally, one needs to take the long term view, for the short term ride is bound to be volatile. Copyright © 2009 Sol Palha contact information Sol Palha | Tactical Investor | 38-11 Ditmars Blvd. Astoria, NY, 11105 | Email | Website |
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