If you tell me I need patience on your beloved stock I will be waiting patiently on the sidelines until it's ready to go!
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And did you see what the stock that was being compared to CDIV did today?.....Whoa!
I think they just might have a dartboard in their office with your picture on it.
VNDM and NITE are playing leap frog now.
These times make all that waiting soooo worth it!
Can't wait.
That brought a tear to my eye, was that a Walt Whitman poem? Hope to see you guys in San Antonio for my first Monkinar.
Much appreciated.
Congrats man.....NICE! I'm at w-w-w#@% right now and that just gave me a glimmer of hope. You're a year younger than me and that's proof positive that we're all on to something here.
We just had a SAR flip on the daily. Last time we flipped under it lasted for a month. I've been patiently waiting for this one especially though, I think the fun is about to begin.
They deserve it....they've done it to me many times.
I think the Den will be doing some of this too....
Nevermind....VNDM just jumped back in. I still think they're almost done though.
We have some big buyers on the ask AND....VNDM is off the ask. I think the 200M is just about wound down like a few posters have mentioned this weekend.
The balance sheet is the football, and they have possession right now. They're going to hold on to it until the very last minute.
I think the balance sheet will be out before they start playing with shares. I'm not sure if they'll be able to pull off LAMCO in the time frame they stated. They're trying to make a sky hook shot from the half-court line. They're trying to bully countless entities, and common sense tells me that the process will be a little more tedious. They're already starting to catch an enormous sh*#storm.
Well said. I think throwing shareholders under the bus is par for the course. I can't beleive I actually thought for a moment that there would be a fair distribution of equity for ALL claims, barring the A/L gap was closed. That's what I've been betting on most of this past year. I should have been better prepared for the shenanigans that will be taking place during the reorg. It's all a game to them and they will try and offer nothing and make you have to jump through hoops to get what you deserve. It's all de rigeur, petty shenanigans, and they will try and screw us and lot's of people (myself included) will sell off, then we'll get our ray of hope and the stock will pop again (hopefully when I get shares really low....sorry guys), and when all is said and done hopefully they will make us an 11th hour offer that we can be satisfied with. Just a thought.
I think the stock will be much more volatile in the coming weeks than it has been for the last 6 months, and that should bring in more traders which should hopefully bring the SP closer to the commons. Gl
Here's a look at how another companys' shareholders are dealing with bankruptcy....
Resilient Capital Management Files Motion in Six Flags Bankruptcy Proceeding
OBJECTS TO INACCURATE VALUATION WORK INTENDED TO SUPPORT MANAGEMENT TEAM'S INTERESTS AT EXPENSE OF PIERS AND COMMON SHAREHOLDERS
Apr 15, 2010 9:00:00 AM
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NEW YORK, April 15 /PRNewswire/ -- Resilient Capital Management, a holder of Six Flags Preferred Income Equity Redeemable Shares ("PIERS") notifies all PIERS (OTC Bulletin Board: SIXOQ) and common shareholders of Six Flags (OTC Bulletin Board: SIXFQ) concerning its Motion to Participate in the Confirmation Hearing (Premier International Holdings Inc., et al., Case No. 09-12019, Docket Number 1989) scheduled for April 28, 2010 which it filed last night in the bankruptcy court in Delaware. The motion can be accessed at http://www.kccllc.net/documents/8812019/8812019100414000000000011.pdf.
In its motion Resilient highlights the valuation work performed on Six Flags by Amherst Capital Partners, L.L.C. - http://www.amherstpartners.com.
Amherst valued the company at a total enterprise value of $2,679,000,000. At this valuation the holders of the PIERS are entitled to approximately a 100% recovery or approximately $300 million. This compares to the current market capitalization of the PIERS of $2.75 million (SIXOQ closing price $0.25 per share - 11 million PIERS shares outstanding).
This contrasts sharply with the inaccurate valuation work performed on the company by Houlihan Lokey and Lazard Freres (NYSE: LAZ). These purported "experts" valued the company at approximately $1.5 billion only days before the SFI Bondholder group offered a deal which the market valued at between $2.3 and $2.5 billion.
The SFI Bondholders are poised to take over control of the company, having wrested control from the common shareholders by entering into a transaction which benefits management at the expense of the PIERS and common shareholders. According to Resilient's motion, "The valuation contest has been skewed such that it has been conducted within an artificial range defined by the parties with the resources to pay the costs of admission to the contest and by a management team with a more than $100 million vested interest in a particular outcome."
Lance Laifer, CEO of Resilient Capital Management said, "A cottage industry of lawyers is conspiring with management teams to take companies into bankruptcy and enrich management teams at the expense of the very shareholders they are supposed to be protecting and representing. This motion is about much more than just Six Flags. When a management team can take over a company, drive it into bankruptcy and then emerge with ten times more equity than it had prior to the bankruptcy filing, the system is seriously messed up and people - mostly individual investors - are losing massive amounts of money unnecessarily". Laifer continued, "We filed our motion at great expense, because we believe that real people are losing real money on the basis of faulty valuation reports. Resilient is committed to making sure we do our part to highlight and fix the problem that seemingly has developed in the Delaware bankruptcy court and corporate boardrooms throughout America."
Resilient's motion alleges a pattern of conduct by the SFI bondholders and the Six Flags management team, including the following:
-- The SFI bondholders managed to raise over one billion dollars of
consideration at approximately a $2.5 billion valuation even though it
was battling management at the time it raised the capital.
-- The lawyers and other professionals involved in this case are working
off of a wrong valuation for the current deal on the table and that this
incorrect and low valuation is being utilized to encourage the Honorable
Judge Christopher S. Sontchi to confirm a plan of reorganization that is
based upon an artificially low valuation that fails to address the
points raised in the valuation performed on behalf of Resilient.
-- Based on Amherst's valuation, management is poised to achieve a $150-200
million jackpot for steering the company into and out of bankruptcy and
wiping out shareholders. It also points to under-explored and
under-examined pockets of potentially substantial value, including Six
Flags TV and the value likely to be realized from Six Flags' licensing
business.
-- The Debtor's management team is continuing to clearly violate its
fiduciary responsibilities to the PIERS and common stockholders of Six
Flags.
-- During March at the confirmation hearing, management stressed that the
company was off to a poor start in 2010, which contrasts with a recent
NY Post article in which Mark Shapiro stated that, "we're having a
terrific spring right now."
This motion supplements an earlier motion made by Resilient which calls for a Trustee to be appointed to replace management -http://www.kccllc.net/documents/8812019/8812019100211000000000004.pdf
Resilient is encouraging all shareholders of Six Flags to object to the Debtors' current plan of reorganization. Any such objections should be filed with the Delaware Bankruptcy Court at the following address:
Honorable Christopher S. Sontchi
United States Bankruptcy Court
District of Delaware
824 Market Street, 3rd Floor
Wilmington, DE 19801
T: 302-252-2900
Bankruptcy court in Delaware
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Nice move selling last year. Might as well play with the houses money. Seems like the C/T's bounced back....a little...sigh...this could all just be panic selling that will eventually bounce back. We'll see.
Thank you, and gl to you as well. I still have a bunch of CT's that, if the story starts getting better, will make me happy....even if it's only 10% of face value.
I sold all my J's today, but am going to keep my CT's. I only had 100k but my average was a lot higher at .155, than a lot of people on this board. I didn't like how level 2 was setting up and think it might go closer to .01 soon. I had to go into preservation of capital mode. When this selling stops I may jump back in. It doesn't look good for the short term. Longer term we'll have to see. We'll still probably be trading volatile with ups and downs, so I do think they'll go higher than this in the future, but I was also getting a bad vibe about the EC as well. Gl everyone.
Same to U. I'm trying to clean out some old bags myself and put them where they should go....FLD's.
Bought in at .65 myself and will not sell. Even if it touches .20. I will watch the ticker without emotion. I see on the chart it went from .13 to .01 then up to .71, so these are just how the waves roll. Monk has given me no reason to doubt his system, but every reason to trust it.
No prob....gltu.
No, that whole sites' for Venture Capital, start-up companies.
It looks like the bulls are stacked on the bid right now.
PERFECT! Let him feel empowered while reading it. Good job all around.
Good stuff man and thanks for the effort.
Couple of things...
Paragraph 1
A&M's philosophy that "that all interested.... (should be only one that imo)
paragraph 3
threw the financial world into a tailspin (,) it wiped out... (need a comma)
paragraph 4
before the bankruptcy filing (,) I have followed... (need comma)
paragraph 7
original filing in 2008 (,) the composition of.... (need comma)
Also, respectfully, I think you sounded a little accusatory in paragraph 7 on Peck giving latitude, and the similarity to the 2008 collapse. IMO, we want to stay on his good side.
All in all it was very professional and an outstanding display of DD.
Click the orange level 2 icon at the bottom of this message.
You just hit the nail right on the head.
Went to see The Wild Hunt last night at Gen Art and personally loved the movie. For people who love independent films, this was incredible. I don't know if it would appeal to the masses, but I definitely see it as a kind of cult classic. The acting and storyline were superb. There were some unexpected twists and turns as well. This one probably won't come close to Racing Dreams, 12, or HTYMP, but it might surprise everyone.
It's getting close to the time where we see the other players' hand.
I really hope they do, that would be an ace for us.
I'm really just a trader and not an accountant, but from all the info I've gathered from these boards and the news releases I would "guess" that Lehmans wanted the balance sheet to look as bad as possible to get maximum benefit from the NOL carryback.
Yeah, my wife and I loved the trailer.... it seemed interesting.
Will be going to the Gen Art to see Wild Hunt on Sunday. Looking foward to it. I'll post opinions,reactions afterwards.