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More Amazing: Who from Sequiam went to work for this BMRX company. What did BMRX get?
Hitech:
I couldn't agree with you more concerning Crestview Capital. Who is Linden you make reference?
Crestview Capital stated they would be lead investor to fund BMRX for $10M to $15M while they couldn't fund Sequiam on the remaining $5M which they were obligated while they accepted issuance of entire warrant package.
Crestview Capital is scum with a C in my opinion. The recent rise in BMRX will be shortlived in my opinion.
What a mess after Sequiam's supposedly best quarter in history.
Jake Smith of Intel, Bob Aoki of Microsoft, Chris Barrow of HWP/Compag, Robert Allen of Frost and Sullivan join the company in November and within less than 2 months Sequiam is in default and all the common stockholders are wiped out shortly thereafter.
It will be interesting to see how this plays out.
The 110 million you mention are warrants not shares of common stock. Before becoming common stock the warrants would have to exercise at .01 which not a huge amount woule be approx. $1.1 million back to Sequiam.
Not Ch. 7. It was Ch 11, announced 3/15/08. The BK in my opinoin puts on hold Crestview's plans to sell to BMRX.
Excuse me for the correction but Nick doesn't hold 110 milion shares and warrants.
Crestview Capital thru BIL holds the warrants and shares. Looks to me like Sequiam just put Crestview in their place after Crestview tried to screw all the common stockholders.
Millman: I agree it is called Collusion! BMRX and Crestview Capital:
Is an agreement, usually secretive, which occurs between two or more persons to deceive, mislead, or defraud others of legal rights, or to obtain an objective forbidden by law typically involving fraud or gaining an unfair advantage and can involve "wage fixing, kickbacks, or misrepresenting the independence of the relationship between the colluding parties."[1] All acts effected by collusion are considered void.
Loanstew:
This definition explains it all:
Collusion! BMRX and Crestview Capital:
Is an agreement, usually secretive, which occurs between two or more persons to deceive, mislead, or defraud others of legal rights, or to obtain an objective forbidden by law typically involving fraud or gaining an unfair advantage and can involve "wage fixing, kickbacks, or misrepresenting the independence of the relationship between the colluding parties."[1] All acts effected by collusion are considered void.
Collusion! BMRX and Crestview Capital:
Is an agreement, usually secretive, which occurs between two or more persons to deceive, mislead, or defraud others of legal rights, or to obtain an objective forbidden by law typically involving fraud or gaining an unfair advantage and can involve "wage fixing, kickbacks, or misrepresenting the independence of the relationship between the colluding parties."[1] All acts effected by collusion are considered void.
What Every Investor Should Know ...
Corporate Bankruptcy
What happens when a public company files for protection under the federal bankruptcy laws? Who protects the interests of investors? Do the old securities have any value when, and if, the company is reorganized? We hope this information answers these and other frequently asked questions about the lengthy and sometimes uncertain bankruptcy process.
What Happens to the Company?
How Are Assets Divided in Bankruptcy?
Why Would a Company Choose Chapter 11?
"Prepackaged Bankruptcy Plans"
Sometimes companies prepare a reorganization plan that is negotiated and voted on by creditors and stockholders before they actually file for bankruptcy. This shortens and simplifies the process, saving the company money. For example, Resorts International and TWA used this method.
If prepackaged plans involve an offer to sell a security, they may have to be registered with the SEC. You will get a prospectus and a ballot, and it's important to vote if you want to have any impact on the process. Under the Bankruptcy Code, two-thirds of the stockholders who vote must accept the plan before it can be implemented, and dissenters will have to go along with the majority.
Most publicly-held companies will file under Chapter 11 rather than Chapter 7 because they can still run their business and control the bankruptcy process. Chapter 11 provides a process for rehabilitating the company's faltering business. Sometimes the company successfully works out a plan to return to profitability; sometimes, in the end, it liquidates. Under a Chapter 11 reorganization, a company usually keeps doing business and its stock and bonds may continue to trade in our securities markets. Since they still trade, the company must continue to file SEC reports with information about significant developments. For example, when a company declares bankruptcy, or has other significant corporate changes, they must report it within 15 days on the SEC's Form 8-K.
How Does Chapter 11 Work?
The U.S. Trustee, the bankruptcy arm of the Justice Department, will appoint one or more committees to represent the interests of creditors and stockholders in working with the company to develop a plan of reorganization to get out of debt. The plan must be accepted by the creditors, bondholders, and stockholders, and confirmed by the court. However, even if creditors or stockholders vote to reject the plan, the court can disregard the vote and still confirm the plan if it finds that the plan treats creditors and stockholders fairly. Once the plan is confirmed, another more detailed report must be filed with the SEC on Form 8-K. This report must contain a summary of the plan, but sometimes a copy of the complete plan is attached.
Who Develops the Reorganization Plan for the Company?
Committees of creditors and stockholders negotiate a plan with the company to relieve the company from repaying part of its debt so that the company can try to get back on its feet.
One committee that must be formed is called the "official committee of unsecured creditors." They represent all unsecured creditors, including bondholders. The "indenture trustee," often a bank hired by the company when it originally issued a bond, may sit on the committee.
An additional official committee may sometimes be appointed to represent stockholders.
The U.S. Trustee may appoint another committee to represent a distinct class of creditors, such as secured creditors, employees or subordinated bondholders.
After the committees work with the company to develop a plan, the bankruptcy court must find that it legally complies with the Bankruptcy Code before the plan can be implemented. This process is known as plan confirmation and is usually completed in a few months.
Steps in Development of the Plan:
The debtor company develops a plan with committees.
Company prepares a disclosure statement and reorganization plan and files it with the court.
SEC reviews the disclosure statement to be sure it's complete.
Creditors (and sometimes the stockholders) vote on the plan.
Court confirms the plan, and
Company carries out the plan by distributing the securities or payments called for by the plan.
What is the Role of the U.S. Securities & Exchange Commission in Chapter 11 Bankruptcies?
Generally, the SEC's role is limited. The SEC will:
review the disclosure document to determine if the company is telling investors and creditors the important information they need to know; and
ensure that stockholders are represented by an official committee, if appropriate.
Although the SEC does not negotiate the economic terms of reorganization plans, we may take a position on important legal issues that will affect the rights of public investors in other bankruptcy cases as well. For example, the SEC may step in if we believe that the company's officers and directors are using the bankruptcy laws to shield themselves from lawsuits for securities fraud.
How Will I Know What's Going On?
Sometimes, you may first learn about a bankruptcy in the news. If you hold stock or bonds in street name with a broker, your broker should forward information from the company to you. If you hold a stock or bond in your own name, you should receive information directly from the company.
You may be asked to vote on the plan of reorganization, although you may not get the full value of your investment back. In fact, sometimes stockholders don't get anything back, and they don't get to vote on the plan.
Before you vote, you should receive from the company:
a copy of the reorganization plan or a summary;
a court approved disclosure statement which includes information to help you make an informed judgment about the plan;
a ballot to vote on the plan; and
notice of the date, if any, for a hearing on the court's confirmation of the plan, including the deadline for filing objections.
Even when stockholders do not vote, they should get a summary of the disclosure statement, and a notice on how to file an objection to the plan.
Stockholders may also receive other notices unrelated to the plan of reorganization, such as a notice of a hearing on the proposed sale of the debtor's assets, or notice of a hearing if the company converts to a Chapter 7 bankruptcy.
Secured Creditors - often a bank, is paid first.
Unsecured Creditors - such as banks, suppliers, and bondholders, have the next claim.
Stockholders - owners of the company, have the last claim on assets and may not receive anything if the Secured and Unsecured Creditors' claims are not fully repaid.
Federal bankruptcy laws govern how companies go out of business or recover from crippling debt. A bankrupt company, the "debtor," might use Chapter 11 of the Bankruptcy Code to "reorganize" its business and try to become profitable again. Management continues to run the day-to-day business operations but all significant business decisions must be approved by a bankruptcy court.
Federal bankruptcy laws govern how companies go out of business or recover from crippling debt. A bankrupt company, the "debtor," might use Chapter 11 of the Bankruptcy Code to "reorganize" its business and try to become profitable again. Management continues to run the day-to-day business operations but all significant business decisions must be approved by a bankruptcy court.
I'm here to warn you that future buying in AERP will only cause you more grief and loss than you have ever imagined.
AERP is a shell company that will not be under the same ticker symbol within the next 6 months.
Good Luck with your Investments!
DERBENSKI, I understand the AERP board needs some input about the questions about how to report in a timely fashion.
Is this the way a legitimate company conducts business? I think not. AERP has many issues which are very skeptical which resembles a Pump and Dump campaign ongoing.
Don't expect any answers concerning AERP.
AERP should be completely delisted. No reason for this company to be publicly traded at all! Smells like a fraud, looks like a fraud, and in my opinion is a fraudulent company.
It is strange that birds of a feather flock together for some reason. Why this has anything to do with Gas fumes begs for reasoning.
AERP appears to be fraudulent in their activities IMO!
Yes, Chris Barrow is new blood and with the PR today which ties into the 8-K filed last week I get the impression they are moving along fairly quickly.
Hopefully the default issues will be addressed in short order as well. The last 8-K stated the Employment agreements were a precedent in order for Biometric Investors to committ to additional financing.
Dis STock iz DEAD! Very Dead. The most recent 10-Q on AERP looks horrible
When the 10-K is filed in the proper manner in the proper deadline your questions concerning SQUM will be answered in the proper manner.
What is wrong with waiting for the 10-K to be filed? Anything else would be insider information.
Sequiam in the past has filed 10-Q's and 10-K's in the statutory timeframe. Why would it be any different this time?
First glance of AERP's 10-Q is all I had to do to sum up that this company will have another ticker symbol within the next 12 months.
How many zeros can you place after a decimal point before it becomes a waste of time.
AERP is a waste of time. No sense arguing about it. AERP's 10-Q spells it out very clearly.
Not to be critical but you are 6 months behind concerning royalty payments.
Check out Black and Decker's most recent quarterly announcement. It will give you some idea concerning the potential of the Biometric Industry.
Best of Breed? Don't make me laugh. AERP is a scam in the making. They have no business plan. Their past transformatin of what they were and where they are now is a penney stock scam in the making or example of how companies use the bulletin board to suck in unknowledgeable fools
I really don't understand your post? Very off topic and nothing material contained. I also don't understand why all of a sudden you have decided to take up refuge on the Sequiam board.
FWIW, Sequiam has a credit facility that has not been utilized and the company owes approximately $6 million. This can all be verified.
There is no Bank financing and your wind statement is exactly like your opinion.
Comparing AERP to Google and Bidu is like comparing? Heck there is no comparison.
AERP is a company in trouble. I agree with the statements in the 10-Q. Best thing you can look forward to is another symbol change for this dog of a company.
Sequiam is not a creditor to Sharper Image. Sequiam is a supplier much like hundred of other companies that more than likely not be treated as creditors.
Creditor status versus Supplier status are two different issues. Your numerous experiences should include comparisons concerning your experience in how suppliers versus creditors versus lease holders are handled in Chapeter 11 bankruptcy proceedings.
To cut off the suppliers of products to Sharper Image would be the kiss of death if Sharper Image reorganizes. SHRP's bankrupty is only a bump in the road for Sequiam and other suppliers if not just a small pothole.
Specialty retailer Sharper Image Corp. won interim court approval to tap $35 million worth of financing to operate its business while it restructures in bankruptcy.
Pending litigation over Sharper Image's air purifiers was one of the factors cited for the liquidity crisis that drove the company to file for Chapter 11 protection. Once one of Sharper Image's highest margin products, the Ionic Breeze air purifiers have drawn lawsuits, including one in Florida that the company attempted to settle.
Rejection of the settlement last year fed uncertainty over Sharper Image's liability exposure. That, in turn, caused vendors to tighten trade terms, the company said in court documents, contributing to Sharper Image's financial woes
Usually, the filing of a bankruptcy petition means existing bills won't be paid until a Chapter 11 plan is in place. Sharper Image, however, said it would be "extremely disruptive" to its business to force the Asian suppliers to wait for payment.
Pending litigation over Sharper Image's air purifiers was one of the factors cited for the liquidity crisis that drove the company to file for Chapter 11 protection. Once one of Sharper Image's highest margin products, the Ionic Breeze air purifiers have drawn lawsuits, including one in Florida that the company attempted to settle.
Sharper Image Corp., which operates two stores in the St. Louis area, plans to close 90 stores and has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware, the company said Wednesday.
The San Francisco-based company said in a release it intends to conduct business as usual while it develops a reorganization plan. It operates 184 stores, including locations in the St. Louis Galleria and Chesterfield Mall, in 38 states and Washington, D.C.
The company has not yet identified the sites it plans to close.
Like Sequiam is the only supplier to Sharper Image. Look at the thousands of products Sharper Image resells. I serously doubt Sharper Image is going to cut off all their suppliers.
As I said, Sharper Images problems are more due to leases and liabilities with the Air Purifier.
Sharper Image will more than likely come out of this a stronger company with the catalog business in tact.
Stay tuned. The Fat Lady hasn't even been give directions to the concert at this point.
Who said Sequiam was not paid? Have none of the suppliers to Sharper Image not been paid?
Sequiam is not the only supplier to Sharper Image. You are incenuating false statements that Sequiam has not been paid.
Those incenuations are false comments and you should research the bankruptcy laws in more detail before forcing your conclusions on this board unless you have something to back it up!
Again, where do you get your information that Sequiam was not paid?
I agree. However, I feel Sharper Image's issues are more related to the retail stores and associated leases on the locations. I sense they will continue to operate the catalog business.
The Retail locations and liability with the Air Purifier are the primary reasons for their financial problems.
If I was Sharper Image and had a plan to work this out, the last thing I would do was default on the suppliers of products for the catalog business. If they intended to default on the suppliers of products they would have filed for full liquidation which is not the case at this time.
The Amended Employment Agreements were entered into pursuant to stipulations made by, Biometrics Investors, LLC("Biometrics"),as a condition precedent to further funding under Sequiam's financing agreements with Biometrics.
Sounds like this could confusing default notice is moving in the right direction for the best interest of the company.
Loanstew: As today is the 15th of the month and no extension has been filed sends a loud message to me that things will be worked out. Any other comments about delays in filings is defamatory.
Exactly. 90 days for a 10-K.
I'm glad you understand and took time to do some research before jumpint to conclustions.. Some should read and understand more versus posting repetitive information that is false and misleading.
I continue to watch and take notes. Everything posted on this board is public information. It seems that some don't understand nor want to understand the word defamatory.
Good Point!
I've been watching all the nonsense posts on this board recently instigated by some new posters in absense of the old posters that worked dilegently to post false information.
Let's get a little clarification concerning 10-Q's and 10-K's. It seems that someone wants to incenuate a delay and extenstion is a fact concerning Sequiam. In my opinion this is false.
Basically 10-Q's are requred to be filed 45 days after end of quarter unless an extension is filed. However, in the case of end of year results companies can include 4 Q results in the annual report which is due 90 days following the company's Fiscal Year End.
In Sequiam's case the annual report would be due March 31, 2008 which would include fourth quarter results.
For somebody to try and make a case that the 10-Q has been delayed based on any other circumstances is again off base and only trying to confuse legal reporting statutory guidelines.
In Sequiam's case, I feel that 4Q 07 was solid. Then again this is all speculation. However, with the recent events that transpired concerning the Default notice I would assume if everything is made clean it would all be addressed in the 10-K Annual report which is not due to be filed until end of March 2008.
I hope this brings an end to this delay and questions concerning 4th quarter results. In the end I feel Sequiam will survive and come out of this as a much stronger company while addressing all of the miscommunication being speculated upon by individuals that really don't understand the issues.
However, this meaningless bashing which is very obvious concerning the new false claims being mentioned is being noted and hopefully will again be addressed with appropriate action.
Good Luck to all the Long investors in Sequiam and don't feel that nobody is paying attention to the false comments that continue to be the topic of discussion for some reason.
There is plenty left of Sequiam.
Coincidentally, a particular someone disappeared and no longer posts on this board and it seems some new posters have chosen to take up their role. I really don't understand the reasoning behind this but obviously they have reasons but it is strange based on the previous posts by these individuals they all seem to come from the same mold and board.
It is becoming more clear based on what I'm seeing there is more to the Sequiam story than what appears on the surface.
I would suggest stepping back for a few weeks and see how all this unfolds. Repetitively beating on the negatives while being new to this board and not understanding the story really adds nothing.
Agree on the 3 Defaults. Almost like a 3 strikes your out for somebody.
However, if company delivers on what many many had expected to be a turnaround corner, why the default all of a sudden? Did someone do something wrong? Or result of a reaction to something above?
Anyway, for new money probably stay away, better to gamble with others. For existing shareholers,,, maybe better times ahead.
What if?
Sequiam's business is fundamentally sound and the reason for Default is due to the inability of their lender due to overall market conditions?
Think about this. In reading the SEC filings it appears Biometric Investors received 115 million warrants for the availability of a $11.5 million line of credit.
At the present time Sequiam owes Biometric Investors approx. $ 8 million which leaves $3.5 million available on the entire agreement they have upon issuing the 115 million warrants.
What if the overall market decline has resulted in problems for Biometric Investors in which they can't fund Sequiam according to the schedule while Sequiam hasn't done anything besides not being able to pay a $40 thousand interest payment?
This $40 thousand interest payment is a very small payment amount to go in Default over when on the surface it appears they have plenty of availability on their line of credit.
If it is as bad as the filing states I would have expected a much heavier trading day. Having said that I'm holding my breath for tomorrow but I didn't see where there was major panic concerning huge selling.
This is the third default filing in less than a year. I would hope on the third time they get it right. What do they say about things happening in 3's?
Gabeh, I didn't nor have given up on SQUM. Overall bad day but I don't believe this is the end of SQUM at all.
Be interesting to see how this unfolds. This looks similar to what happened last spring and they came out of it.
Jim Profit I agree with you. Has to be more to this than what appears on the surface.
More than an obvious pattern in that regard.
Nice Move. Up to .85 yesterday on very good volume.
Don't see any news.
Sequiam Valuation in the model you posted is ridiculous. $6 million projection in 2008 for revenue is ridiculously low and should be closer to $10 million if not higher.
Sequiam projected profitability in 2008 so the revenue estimate of $6 million in 2008 isn't even close.
The Valuation model you copied is really immaterial and useless in my opinion.