no, this company is gone they are just selling assets, stock will be canceled, even bondholders didnt receive face value of the debt...

something is going on for sure, the stock will rally like crazy look where are the market makers, no news, no volume...just wait

Nortel Networks announced that it, its principal operating subsidiary Nortel Networks Limited and its other Canadian subsidiaries that filed for creditor protection under the Companies' Creditors Arrangement Act (CCAA) obtained an order from the Ontario Superior Court of Justice further extending, until July 22, 2010, the stay of proceedings that was previously granted by the Canadian Court . The purpose of the stay of proceedings is to provide stability to the Nortel companies to continue with their divestiture and other restructuring efforts.

Simon Property Group (SPG) announced that it sent a letter to General Growth Properties (GGP) offering to invest $2.5 billion in a GGP reorganization at the same per share price as the Plan of Reorganization sponsored by Brookfield Asset Management. SPG's proposal is substantially more favorable to GGP and its equity holders than the currently proposed Plan because it would eliminate the highly dilutive warrants that GGP proposes to issue to Brookfield , Pershing Square and Fairholme Capital. SPG states that its proposal also includes a $1 billion co-investment commitment by Paulson & Co.

Point Blank Solutions and its subsidiaries filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 10-11255. . The Company, a leader in the field of protective body armor, is represented by Laura Davis Jones of Pachulski Stang Ziehl & Jones. The Company also announced that it reached an agreement for up to $20 million of debtor-in-possession financing, pending Court approval. The decision to file for Chapter 11 protection was driven primarily by continued expenses associated with legacy issues from former management, and the lack of financing available to the Company given the state of the credit markets. The Company states that it had been seeking financing alternatives that would allow it to continue operating outside of bankruptcy, however, the board determined that a Chapter 11 reorganization was in the best interests of the Company, its customers, creditors, employees and other interested parties. James Henderson, C.E.O. and chairman, stated, "Despite all of the legacy issues we have faced over the past several years, we continue to produce what I believe, are the industry's best products for the most important customers in the world. We have won several key contracts, paid down a substantial amount of our debt and realigned our business to return to profitability. Without a financing facility and with mounting legacy expenses, however, we had to take this step to reorganize. I am confident that we will continue to operate in an efficient manner and meet our customer requirements during the reorganization process and that we will emerge a stronger organization, due to the quality of our products and our people."

Tribune filed a Joint Plan of Reorganization and Disclosure Statement with the U.S. Bankruptcy Court based on a settlement that would resolve all potential claims arising from the Company’s 2007 going-private transactions. Tribune states that it developed a Plan “that would keep the company intact, sharply reduce its debt, and provide it with sufficient liquidity to expand its business in the future.” Under the Plan, senior noteholders would be paid in a combination of cash, debt and stock, and the Company’s senior credit facility lenders would receive cash and debt, as well as stock representing in excess of 91% of the equity of the reorganized company. Holders of allowed loan claims will receive a share of 8.8% of a new senior secured term loan, minus the amount of the term loan to be distributed to senior noteholders, the portion of another parent claims allocation that is the new term loan and the amount of cash to be distributed to holders of convenience class claims. These creditors will also receive 8.8% of new common stock, minus the stock distribution to noteholders and holders of other parent claims. Holders of senior noteholder claims will receive a share of 7.4% of the new term loan, 7.4% of distributable cash and 7.4% of the new common stock. Holders of other parent claims will recover 35.18% in distributable cash. Holders of loan guaranty claims will receive 91.2% of the new term loan, plus the other parent claims portion of the term loan, as well as 91.2% of distributable cash, minus the amount of cash to be distributed to holders of general unsecured claims and to other parent claims in excess of the portion of other parent claims that is distributable cash. These creditors will also receive 91.2% of the new common stock, plus the portion of the other parent claims allocation that is distributable cash. Holders of general unsecured claims against relevant filed subsidiary Debtors will be paid in full with distributable cash, provided, however, that if the Company decides that the total sum of these claims will exceed $150 million and a senior lender settlement committee does not elect to provide additional consideration, these general unsecured creditors will receive a share of $150 million in cash. The Disclosure Statement hearing has been scheduled for May 20, 2010.

General Motors (GM) announced the appointment of Dr. Cynthia A. Telles to its board of directors. Dr. Telles, 57, has been on the faculty of the University of California , Los Angeles School of Medicine Department of Psychiatry since 1986. She is currently the Director of the UCLA Neuropsychiatric Institute Spanish-Speaking Psychosocial Clinic. Among many corporate, non-profit, and public service board memberships, Dr. Telles was recently appointed to the White House Commission on Presidential Scholars by President Obama. Dr. Telles was also appointed to the National Advisory Council of the Substance Abuse and Mental Health Services Administration, the advisory group on Health Care Reform, and the Regional Selection Panel for the White House Fellows Program during the Clinton Administration. Her work has been published extensively in the area of mental health, particularly with respect to the assessment and treatment of Hispanic populations. Dr. Telles received her B.A. from Smith College and doctorate in Clinical Psychology from Boston University . Dr. Telles currently is a member of the board of the Kaiser Foundation Health Plan and Hospitals (Kaiser Permanente) and Americas United Bank, which she has served on since its inception. The bank is the largest Hispanic-owned bank based in California . She previously served on the boards of Burlington Northern Santa Fe Corporation and Sanwa Bank California (United California Bank). ‘The addition of Dr. Telles to GM’s board of directors ensures that the company will continue to benefit from a diversity of perspectives and experience in our mission to provide consumers with the world’s best vehicles,’ said C.E.O. and GM board chairman, Ed Whitacre. Steven Arnold Seiden, president of Seiden Krieger Associates, spoke with Bankruptcy Professional about the unique needs of a post-emergence board: “First and foremost, the new directors, aside from the CEO, should be unquestionably independent and unfettered by any conflicts including any loyalties, however subtle, to management. Boardroom savvy is also important. That’s the ability to understand and be a valuable contributor in a group dynamic setting. It’s about being constructively critical when demanded but never destructively critical. There are potential directors who have never been on a board but who instinctively have the requisite skills and know how to comport themselves. In short, the new board should become a competitive advantage to the company. ”

The U.S. Bankruptcy Court scheduled an April 14, 2010 hearing to consider Lehman Brothers Holdings’ motion for an exclusivity extension.

The U.S. Bankruptcy Court scheduled an April 14, 2010 hearing to consider Smurfit-Stone Container’s Plan and for financing approval.

The U.S. Bankruptcy Court scheduled an April 14, 2010 hearing to consider Fleetwood Enterprises’ Disclosure Statement. On the same date, the Court will consider the Company’s motion for sale approval.

Fleetwood Enterprises filed a First Amended Joint Plan of Liquidation and related Disclosure Statement with the U.S. Bankruptcy Court. According to the Disclosure Statement, “The Plan is a liquidating plan. Pursuant to prior orders of the Bankruptcy Court, the Debtors have sold or will sell substantially all of their Assets. The Plan provides for the orderly liquidation of the remaining Assets of the Debtors and the distribution of the proceeds of the liquidation of the Debtors’ Assets according to the priorities set forth in the Bankruptcy Code. To accomplish these liquidation and distribution goals, the Plan contemplates the creation of a Liquidating Trust to hold estate assets and the appointment of a Liquidating Trustee to administer such assets. The Plan also provides for the substantive consolidation of all fifty (50) of the Debtors’ estates. Following entry of the order approving the Plan…on the Effective Date, (i) all Intercompany Claims by, between and among the Debtors shall be eliminated, (ii) all assets and liabilities of the Debtors shall be merged or treated as if they are one set of assets and liabilities, (iii) any obligation of a Debtor and all guarantees thereof by one or more of the other Debtors shall be deemed to be one obligation, (iv) the Equity Interests shall be cancelled, and (v) each Claim filed or to be filed against any Debtor shall be deemed a single Claim against, and a single obligation of, the consolidated Debtors.”

The U.S. Bankruptcy Court confirmed Aviza Technology’s revised Plan of Liquidation. The Plan provides for the consolidation of all assets and all liabilities of ATI, Aviza and TTI into a single estate as of the effective date of the Plan. The consolidation of the estates eliminates any inter-company claims between the three Debtors not previously cancelled as well as the guaranties of the obligations of one Debtor by either of the others. Consolidation also ensures that multiple and duplicative claims filed against more than one Debtor will not improperly receive more than one distribution. The Court approved the sale of certain of the assets of the Debtors and the assets and stock of certain of their direct and indirect subsidiaries to Sumitomo Precision Products. The purchase transaction closed on October 16, 2009, and the consideration, valued by the Debtors at approximately $60 million, included cash, certain promissory notes and the assumption of certain liabilities. The Debtors’ Plan will be implemented by distributing cash received from the promissory notes, liquidation of the Debtors’ remaining assets and the wind down and upstreaming of cash by direct and indirect subsidiaries of ATI to the Debtors.

Vion Pharmaceuticals’ Second Amended Chapter 11 Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection. The Plan, which the Court confirmed on April 6, 2010, “effects a transfer of all of the Debtor’s Assets and liabilities into the newly formed Vion Liquidating Trust created for the purposes, among others, of making distributions to the Holders of Allowed Claims, pursuing Causes of Action, and otherwise completing the liquidation of the Estate, all as more fully set forth in this Plan.” This pharmaceutical company filed for Chapter 11 protection on December 17, 2009, listing total pre-petition assets of $40 million.

The International Union United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) filed with the U.S. Bankruptcy Court a response and objection to Visteon’s motion for an order (I) approving (A) an asset purchase agreement related to the sale of certain assets to Johnson Controls Interiors and Johnson Controls Automotriz Mexico, S. DE R.L. DE C.V., (B) the assumption and assignment of certain executory contract and unexpired leases related thereto and (C) procedures for designating certain executory contracts and unexpired leases to be assumed and assigned, providing notice and determining cure amounts and (II) granting related relief. The document explains, “The UAW generally supports a ‘going concern’ sale of Debtors’ assets which allow facilities to continue operating and preserve jobs and employment opportunities for the Union ’s represented employees. However, the UAW and Debtors are parties to a collective bargaining agreement governing the terms and conditions of employment for hourly employees at the Highland Park facility. That collective bargaining agreement contains a ‘successorship’ clause which requires, as a condition of any sale involving the Highland Park facility, that the purchaser assume the existing labor agreement. Given that the Debtors have negotiated an asset purchase agreement that does not provide for a complete assumption of the UAW collective bargaining agreement, the UAW objects to the proposed sale of the Highland Park facility.”

NutraCea’s official committee of unsecured creditors filed with the U.S. Bankruptcy Court a limited objection to the Company’s motion to (1) sell equine brands and associated inventory and (2) enter into a supply agreement with Manna Pro Products. Among other things, the objection maintains, “Despite the Committee’s multiple requests, the Debtor still has not provided the Committee with sufficient information to meaningfully assess the administrative risk posed by the Supply Agreement.”

The First Amended Joint Plan of Liquidation filed by Eddie Bauer and its official committee of unsecured creditors became effective, and the Company emerged from Chapter 11 protection. According to documents filed with the Court, “The Plan contemplates and is predicated upon the substantive consolidation of all the Debtors with respect to the voting and treatment of all Claims and Interest other than General Secured Claims. This means that the Debtors propose to satisfy the claims of all their respective creditors from a common pool comprised of their collective assets. The Plan divides the Claims against and Interests in the Debtors into Classes. Certain Claims – in particular, Administrative Expense Claims, Statutory Fees, Professional Claims and Priority Tax Claims - remain unclassified in accordance with section 1123(a)(1) of the Bankruptcy Code.”

General Motors (GM) announced that it has completed fresh-start accounting, and will file its third quarter 2009 Form 10-Q and 2009 Form 10-K with the SEC. “We are building the foundation that will allow us to return to public ownership,” said Chris Liddell, GM vice chairman and C.F.O. “Completing fresh-start accounting is an important step in that process.” The new company, which was formed on July 10, 2009 through the acquisition of substantially all the assets and certain liabilities of Motors Liquidation Company (formerly General Motors Corporation), had to complete the process of adopting fresh-start accounting to record the acquisition and establishment of the new GM as well as determine the fair value of assets and liabilities and implement new accounting policies. During the period, the Company reported a $4.3 billion net loss, which includes the pre-tax impact of a $2.6 billion settlement loss related to the UAW retiree medical plan and a $1.3 billion foreign currency re-measurement loss. The Company also reported a $3.4 billion fourth-quarter net loss. “As the results for 2009 show there is still significant work to be done. However, I continue to believe we have a chance of achieving profitability in 2010,” said Liddell. “We are also dedicated to delivering on our commitments to our stakeholders. For example we remain committed to repaying the outstanding balance of the U.S. Treasury and Export Development Canada loans by June 2010 at the latest.”

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I respect him, once he made a killings buying dips in stocks everybody disliked and bought few flats in US and Canada only from this penny assassinations he made, now he is selling one his flat ($260,000) and buys millions of shares everyday. I bought some too (1,000,000 and will bring it up to 10,000,000) it makes sense, he says there is no competition and it's cheap MagShoe everybody can afford and even without airports this is a good product for securing big gatherings (concerts, sport, entertainment, office buildings) after debt will be slowly repaid IDOI is $010, the debt is the biggest reason why investors are not buying and he is contrarian as he says this is BS as other stocks have billions of debt and trade like this for decades. We will see.

The shares are worth well north 0.10$ even as much as $1 and probably more, insiders still want to take VION private or exchange debt for equity which is more likely. In the first case we will be paid something but I am somehow sure we will see new injection of money and then $1 is cool no problem. I am holding indefinitely at this prices it's a steal.

you will have it for 1 penny before september 2010

this is what i told him, he is sick and either he will lose his flat or he will be a millionaire, i wanted to buy but trend is down it looks soo bad now.

Common equity will be canceled, I made good rides but not buying anymore, never. They are selling assets and hiring in Asia to sell even more. If you remember Qimonda, Spansion will go the same hammer sale soon. Stay away.

My friend lost $40,000 already, today he bought more, he is crazy buying everyday. he says $0.10 is very real long term.
Should I buy for $10,000 ?

Long 550,000 shares from $0.01, target $0.10

I am short 18,000 shares at $0.55, watch me "buy to cover" for $0.05

Exactly, that's why optimists must be very cautious in WAMUQ equity, in the summer before Sept. I see WAMUQ about $0.06

General Electric Credit (GECC) filed with the U.S. Bankruptcy Court an objection to Gottschalks’ motion to enforce the D.I.P. financing order. The objection states that in seeking to compel GECC to turn over funds being held as security for the Debtor’s obligation under the final D.I.P. order, the Company ignores or misinterprets the plain terms of that order. According to GECC, the Court order, among other things, provides that all funds held by GECC constitute D.I.P. collateral that secure and are to be applied in reduction of all D.I.P. obligations and pre-petition obligations of the Company to GECC.

Strange news?

General Motors’ legal representative for future asbestos claimants (Dean M. Trafelet) filed with the U.S. Bankruptcy Court a motion seeking to retain Analysis, Research & Planning Corporation (Contact: B. Thomas Florence) as asbestos claims valuation consultant at the following hourly rates: principal at $450 to 750, senior consultant at 350 to 425, consultant at 225 to 350 and analyst at 150 to 225.

I expect bad news are coming after this.

The U.S. Bankruptcy Court scheduled an April 6, 2010 hearing to consider Washington Mutual’s motion for settlement approval.