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Don't buy WCIMQ... shares are being cancelled.
Are you still holding?
Selling or diluting today?
Good news indeed.
Correct, a possible short squeeze scenario now.
WCIMQ at 0.055 and virtually no resistance.
WCIMQ very BULLISH!
WCIMQ is the next multi-bagger.
WCIMQ breakout today at 0.055. Look for a huge day tomorrow.
WCIMQ video of their properties >>>
http://www.wcicommunities.com/experience/video
WCIMQ contact info>>>
WCI Communities, Inc.
24301 Walden Center Drive
Bonita Springs, FL 34134
http://www.wcicommunities.com
Phone: (239) 947-2600
WCIMQ contact info >>>
WCI Communities, Inc.
24301 Walden Center Drive
Bonita Springs, FL 34134
http://www.wcicommunities.com
Phone: (239) 947-2600
WCIMQ is a fully reporting pink... most recent filing >>>
http://pinksheets.com/edgar/GetFilingPdf?FilingID=6678027
about WCIMQ ...
http://www.wcicommunities.com/about
For over 60 years, WCI has set the standard for building exceptional communities, creating amenities that challenge and exhilarate, while upholding our unwavering commitment to the places we call home. Over 170,000 people since 1946 have put their trust in our company to build not only their homes, but also to build their communities. To accomplish this, we demand the highest quality construction and customer service to ensure The Experience Is Everything for our valued customers.
The ultimate lifestyle experiences await you at WCI communities throughout Florida and the Northeast U.S. From the beachfront to the lakeside to the fairways, our vast selection of primary, vacation and retirement homes encompass a broad spectrum of tastes, including single-family, villa, condominium and luxury highrise towers, and range from the high-$100,000s to over $10 million. Our world-class amenities include championship golf, tennis, marinas, beaches, dining, spa and fitness facilities, resort hotels, parks, nature trails, theaters, business centers and more.
Adding further complement is WCI’s integrated portfolio of real estate and residential services in Florida, including finance, title, architecture and interior design, which allow homebuyers and residents alike to easily satisfy their homebuying needs with a single and efficient source. Our strategic partners include some of the most recognized names in the world, including multi-national hotel chains, Audubon International, Wells Fargo and well-known golf and tennis professionals.
WCIMQ's reorganization plans >>>>
http://www.wcicommunities.com/about/reorganization
We encourage you to explore this section of our Web site and check it regularly for updates on our reorganization.
WCI Communities has established a toll-free information line for vendors, customers and other interested parties: Information hotline at 800-924-1890
7/17/2009: Click here to view the Disclosure Statement Press Release. [ Text Version ]
7/17/2009: Click here to view the Second Amended Joint Chapter 11 Plan of Reorganization.
6/8/2009: Click here to view the Plan of Reorganization and Disclosure Statement Press Release. [ Text Version ]
3/25/2009: Click here to view the Deregister with the SEC Press Release. [ Text Version ]
9/24/2008: Click here to view the Approval of DIP Financing Agreement Press Release. [ Text Version ]
8/5/2008: Click here to view the Approval of Relief Package Press Release. [ Text Version ]
8/4/2008: Click here to view the Reorganization Press Release. [ Text Version ]
General Questions
1. What is Chapter 11?
First and foremost, it does NOT mean that the Company is going out of business. Chapter 11 is a legal mechanism for Court-supervised reorganization or restructuring of a Companyís obligations. Chapter 11 provides a way for companies to address their financial challenges in order to become a viable entity, while continuing day-to-day operations.
2. Why did you file for Chapter 11?
Like other large homebuilders, WCI has been affected by the recent deterioration of the real estate market and general business environment, which in turn has affected the Companyís ability to satisfy various debt covenants.
The Company determined to file Chapter 11 to prevent the consequences of existing defaults under its senior debt facilities and a potential default under its convertible notes indenture, and to ensure that its capital structure would be aligned with the realities of todayís housing market.
3. Do you have enough money to stay in business?
On September 23rd, the Delaware Bankruptcy Court presiding over WCI's Chapter 11 case authorized the Company to enter into a new $150 million debtor-in-possession (DIP) financing agreement. Simultaneously, the Court also granted the Company final authority to continue using its on-hand cash collateral during the Chapter 11 case. As of September 20, 2008, the Company had approximately $68 million of cash on hand.
The DIP agreement, which includes an $80 million term loan and a $70 million revolving credit facility, provides WCI with access to over $100 million of additional liquidity for the operation of its business while it develops a Chapter 11 plan to restructure its balance sheet. Approximately $50 million of the DIP term loan will be used to permanently retire in full the Company's outstanding tower credit facility. The DIP loans were made by a group of financial institutions led by Wachovia Bank, National Association acting as administrative agent and Bank of America, N.A. acting as collateral agent.
4. Does the filing mean you are going out of business?
Absolutely not. We filed for Chapter 11 to preserve and strengthen our business. The filing will give us valuable ìbreathing spaceî to address our financial situation while keeping our main focus on the Companyís core business and its future opportunities.
5. What happens during Chapter 11?
The Chapter 11 filing triggers an ìautomatic stayî which prevents anyone from collecting debts owed by the Company prior to the filing of the Chapter 11 petition, such as payments to creditors and bondholders, unless those creditors are deemed to be secured (such as suppliers who have valid mechanics liens).
Chapter 11 permits, and even encourages, daily operations to continue as usual. We will continue to serve our homebuyers. Employees will continue to be paid. And materials delivered and services performed after the filing date will be paid for in the ordinary course of business.
While business continues, management will work with the Companyís creditors on finalizing a plan to restructure the Companyís obligations. The restructuring plan is called a Plan of Reorganization. When the creditors and the Court accept the plan, it is said to be ìconfirmedî and at that time WCI Communities emerges from Chapter 11 as a reorganized company.
6. How long will the Company be in Chapter 11?
It is difficult to speculate on how long the Chapter 11 process will take, but managementís goal is to emerge from the financial restructuring process as soon as possible.
7. Which entities are included in the filing?
Besides WCI Communities Inc., 126 entities are included in the filing. WCIís real-estate servicing arm, Prudential Florida Realty, WCI Mortgage and certain joint ventures WCI participates in were not included in the filing.
8. Do companies ever emerge from Chapter 11?
Many companies, including Ryan Homes, Delta Airlines, Continental Airlines, Texaco, Macyís, U-Haul, and 7-Eleven have successfully reorganized under Chapter 11. We expect the same success.
9. Where can I find Chapter 11 case information?
WCI has set up a special Restructuring Information page on the Company website, www.wcicommunities.com, which contains a variety of information on our Chapter 11 restructuring. WCI has also set up a toll-free information hotline for inquiries at (800) 924-1890. Additional information can be found at www.epiqbankruptcysolutions.com. These resources are designed to provide information on the restructuring to suppliers, employees, customers, shareholders and any other interested parties.
10. How can I get a copy of the petitions?
Copies of the Chapter 11 petitions and other documents filed with the Court will be available shortly after the filing at www.wcicommunities.com. The petitions are also accessible at the Courtís website, www.deb.usCourts.gov, through an account obtained from Pacer Service Center at (800) 676-6856. Also see chapter11.epiqsystems.com/wcicommunities.
WCIMQ busting bottom at 0.02, chart >>>>
WCIMQ's website >>>
http://www.wcicommunities.com/
WCIMQ ... closed 0.055, can easily hit 0.10 tomorrow
WCIMQ ... keep an eye on it.
WCIMQ ... HUUUUGGGEEE
WCIMQ close at 0.055!
WCIMQ ... one left at 0.055
WCIMQ ... 0.055 now.
WCIMQ ... one left at 0.054
That is huge! WCIMQ has more assets than debt.... good deal
WCIMQ ... 0.054
Looking good for WCIMQ and share holders
that is huge for WCIMQ! chart >>>
WCIMQ website >>>
http://www.wcicommunities.com
add WCIMQ... huge break today!
haha, the ball is finally rolling now for WCIMQ!
WCIMQ >>> 0.051
WCIMQ ... 0.05 and getting volume with virtually no resistance.
WCIMQ 0.051(1) x 0.054(1) >>>
WCIMQ huge news today! >>>
Judge confirms WCI plan of reorganization
http://www.reuters.com/article/mergersNews/idUSWEN281720090826
Good news for WCIMQ!
WCIMQ 0.05 with only 4 boardmarks ...
WCIMQ at 0.05 >>>
WCIMQ chart looking hot! >>>
WCIMQ looking good!