Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Provided there is remaining available coverage, the claim coincides with timely coverage, and there aren't any unforeseen clauses that would prevent coverage. IE, things no one has a firm grip on because it's not public.
510(b) is a statutory requirement. You act as though it's a bad thing it was brought up. It could actually become a good thing. It has an implication on priority.
There will be no settlement of DIME. Walrath will have to make a decision. The GSA will not be affected.
Grudge is correct. Listen to what he said.
Nope. The chairman on that committee cost stockholders over a dollar a share because of his actions. Insider trading and self dealing is the name of the game in the distressed world.
You are obviously dreaming. Maybe you're a bopfan follower. I, on the other hand, have served on an EC, so I kinda know how they work. The ONLY way the IT claims could be dealt with in a trial holding up confirmation, is by pure incompetence from the debtors and the judge. I doubt Rosie is sympathetic to your cause. If he is so dumb that him and his crew at Weil can't put a confirmable plan together notwithstanding the IT claims, then you may be right. If that happens, dozens of motions to convert to a chapter 7 will be filed. Then, if granted, your precious EC colorable claims and standing will be relegated to the duties of a trustee, and the EC will no longer exist. Bye bye
I'm not wasting my time on this much longer.
Your 'colorable claims' you rely on?
Translation = the threat that Walrath disallows a portion of the SNH's recovery during confirmation. If she does this, it will be added directly to the waterfall. That means, commons are still toast. Preferreds may benefit, but I doubt by much. If DIME were to land in 18, they'd still get to reap any disallowance ahead equity.
Mediation is going on for more than one issue. It's just not equity jumping up and down.
If equity doesn't like the mediation outcome, they can still be crammed down.
It won't be long when the court and the debtors say "go ahead with your insider trading claims, but we aren't going to pay for it".
Then what you gonna do? Fund it yourself?
I seriously doubt the court will withhold a distribution to the SNH's to be set aside for Equity's benefit to go after it later.
What? Bopfart said the Equity Committee was running the show now. In other words, she is saying the EC will do DIME's negotiating, as in the EC agrees that DIME won't get anything until they are paid dollars, lololoolllll!!
People need to do themselves a favor and quit listening to that fool's drivel.
I wasn't a big short squeeze. It was a big pump by all the regulars on the MB's, coupled with several penny stock promotions, and the delisting delay.
Best short opportunity in a long time.
And all those !!!!!! don't change a thing. Commons to zilch.
Well right now the market is paying about 6 cents more than they are worth. It's a good deal, really. Selling at a premium!
Well that's just not very nice.
Besides, I'm not the one that needs to be convinced, JMW is.
Once they read this board, they'll have to spend a few more dollars on a PR to cancel the conference call.
They sell a ton of re-furbished parts too. Like starters, alternators, engines, etc. No different than a re-furbed computer.
A business model predicated on 'pre-sold' reselling is a business model that has underlying problems. Like a lack of credit worthiness.
It's no different than a drop ship ebay model from someone doing business out of their garage.
Or a body shop that wants payment up front for parts and labor.
That gives me a great idea. How about an automotive parts store with no inventory and everything is pre-paid special order.
Yeah, that should work out well.
Now that is some backwards thinking. Listen, if there isn't enough funds to reach commons, guess what, they get zilch. If the SNH's want to give a gift, that is one thing. If Mr Willingham is actively trying to fund his common interest to the detriment of preferreds, dime, etc., then that is just as an illegal activity as the SNH's have allegedly done. That would be a breach of fiduciary duty and self dealing by Mr Willingham. He could be open to liability, and damaged parties could seek equitable disallowance of his interests, have him removed from the committee, have him removed from the liquidation trust advisory board, litigation advisory, etc.
If he tries that, he's an arrogant fool.
Maybe I oversimplified it a bit. Sure, they are saying class 18 based on a security without defining whether or not it is equity or debt. But if it is debt, they will be in 12. Therefore, even if the court doesn't determine whether it would be debt or equity, the debtors are saying "judge, you don't have to rule on that, just put them in 18". Well that's bs, because the 12 or 18 depends on the ruling of whether it is equity or debt. By default, if it is not debt, then wth is it? A security that the court doesn't want to define, only that it isn't debt?
I seriously doubt the court would leave that ambiguity.
Couple of minor problems with that scenario, imo. First, if DIME lands anywhere besides class 12, then that means they are equity. At that point, the EC owes a fiduciary duty to the DIME holders. That presents a minor problem when you try to screw one group of your equity constituency. Second, if they land in class 18, not only are they equity, they are equity given priority over all other equity.
Rosie wasn't trying to screw DIME holders, he was trying to screw the current equity classes.
If DIME were to get the shaft from the EC, they would blow up that settlement in short order. Plenty of case law out there on 'insider self-dealing'.
If she is, she is the most un-informed misguided one in the BK arena. She is more than likely an ex filing clerk, or something along those lines. Her summation of DIME is truly pathetic. Either that or she is leading drones off a cliff for her own trading benefit. I prefer the simple 'fraud' description myself.
You would be guessing wrong
And we have a winner. This may be trading at 15%, but that damn well may be twice what it actually pays....after you wait 2 years. Is it worth it? No. For this to be a decent play, in reality it needs to be in the dollar range, imo.
Section 4068 of ERISA provides for liens that can take priority over secured debt. You can bet the farm that the Pension Benefit Guarantee Corporation, a government entity, will be wanting a priority lien for $10 billion ahead of your precious secured debt, much less unsecured liabilities. Then, to make matters worse, some of the secured debt is secured with assets and leases that AMR will want to kick to the curb. Those guys will want to be paid deficiency claims.
I don't really care what some piss-ant know-it-all hotshot 30 something year old hedge fund managers and/or rating managers think, because they don't know squat.
They are probably stupid enough to think Eagle will still be spun off. Won't happen now, no need to. Slash and burn, and that ignorant 'business judgment' rule in the SDNY will dictate this BK.
In other words, there may be a lot of disappointed distressed players in this BK.
Like GM, for example.
Apparently due to the thinking that the PBGC will have a 10 billion dollar priority claim ahead of everyone else (except restructuring legal fees)due to a shortfall in pension funding.
And Fitch is estimating some secured obligations will see less than 10% recovery.
Unsecureds, preferreds, commons predicted to get zilch.
Just like GM, and the likely recovery may be the same = nada.
Thanks to yet another cancerous union
Just like the company
This place is dead
That's 10 billion, not 1 billion. In other words, insurance commons are toast toast toast.
Now what in the hell is this wallstreet greed you refer to? It's the union greed that ran yet another airline in the ground. Wallstreet got nothing to do with it.
The BOD will have to pass a resolution to sell about 30,000 shares in order to raise enough cash to fund a PR, lol.
Nope. Are you forgetting she drug her feet forever on the 4+billion dollar deposit decision? Waited so long the GSA got done and made the decision unnecessary?
Depending on her court schedule, and vacation schedule, and her assistant's vacation schedule (the person doing most all the work), I wouldn't be at all surprised if it came in mid-january.
Working late nights and weekends to meet a mediation schedule = not a chance in hell. (You seem to forget that mediation was supposed to be finished prior to final arguments in DIME).
I wouldn't hold my breath. JMW is going to take her sweet time, and she isn't going to jump through hoops because of some petty mediation.
Agreed. Walrath's legal assistant's holiday vacation schedule has more to do with the timing of the outcome than the ongoing mediation.
Wow, like $8,000 dollars worth of trades today. What happened? Did QSGI acquire a port-a-can business or something? Anything behind this big move?