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.
up 220%
5 million shares traded so far. Nice day.
Fluke or someone in the know... Nice move
Look at her move.. Nice move from yesterdays lows....
Yep.. I havent seen my shares up in over a year. Still down but nice to see something brewing.
Didnt someone say that they hired someone that knows how to run a public company??
Some nice buys all of a sudden..
Ken Lewis said they will need no more TARP money.
Bid support is building......
Ken Lewis On at 11:30am
Took 10 mins to get shares at ask..
CNBC said Bank of America CEO to speak tommorrow at 11 am..
lol.. Verdict is in yet.. No, I think we have a chance for a big run later on. Worth a small bet to see..
I agree..
Posted by: joey13 Date: Thursday, January 22, 2009 1:36:18 PM
In reply to: None Post # of 2945
Still a chance for a run later on. Sharper Image had a nice run. When you least expect it.. IMO
You should drop a line TPG and others..
Thats the way I take it too. They r going to dangle something in front of people to keep hope alive
Interesting that GSCO (Goldman Sachs) is on the bid
From Yahoo...
Judge Orders $55 Million Held 20 second(s) ago Bloomberg Jan 29 2009 12:51:05
By Steven Church
Jan. 29 (Bloomberg) -- Washington Mutual Inc., the former parent of the biggest U.S. bank to fail, must deposit a $55 million federal government payment into a court-controlled account, the judge overseeing the company’s bankruptcy said. U.S. Bankruptcy Judge Mary F. Walrath in Delaware said today the money should be held by the court until the question of whether WaMu, as the company is known, is entitled to it. JPMorgan Chase & Co. said in court today that it owns at least
part of the $55 million because it bought WaMu’s bank and other assets for $1.9 billion last year. “I’ve heard conflicting claims to the money and I’m going
to order that the money be paid to the registry,” Walrath said, referring in a hearing to the entity that will hold the cash. Since filing for bankruptcy in September, Seattle-based WaMu has tried to get control of more $4.4 billion held in accounts taken over by JPMorgan when the Wall Street firm bought WaMu’s assets. The $55 million is related to a decades-old court case that WaMu won against the U.S. government.
The $4.4 billion may be claimed by rival groups of
bondholders and the U.S. Federal Deposit Insurance Corp., according to court records and testimony. Walrath has put off a decision on Wamu’s request to force JPMorgan to return the $4.4 billion.
Walrath also ordered JPMorgan to file a claim within 60
days outlining how much money, if any, it believes Wamu owes it. She rejected JPMorgan’s request that it be given until July to file a claim.
The point is that the O/S was less than a billion with a float of 250 million. If it wasnt a scam they would of updated it before they started the promo....
Correct share structure via there website..
Authorized shares 4,400,000,000
Outstanding shares 3,573,070,853
Float 1,618,088,070
Trading Symbol MGRN.PK
Cusip No. 609761200
Transfer Agent PacWest Transfer, LLC
2510 N. Pines, Suite 206B
Spokane Valley, WA 99206
Tel: 509-926-2330
Fax: 509-926-2513
Additional Information
I love how the share structure is updated on pinksheets after they run away with peoples money. They still have plenty more dumping to do before anybody makes any money back!
Besides pricing another problem is Management and employees r bitter. They r basically out of work. The will milk it for all its worth, while doing as little as possible.
It took ten years of laborious planning and extensive negotiations to create the mammoth Penn Central Railroad, the largest railroad in United States history. When the leviathan was finally born of a merger between the Pennsylvania and New York Central Railroads on February 1, 1968, the event was hailed as a great day for railroading. But the baby giant survived only 867 days. The crash of the Penn Central set a new record, this time for the largest bankruptcy the United States had yet seen.
I agree that it will be close but its a lottery ticket. Sharper Image ran after some one purchased a licenses agreement for the name. All the way to 19 cents. Not saying it will happen but worth the gamble.
InterTAN Canada says 'a number of formal proposals' on table
TORONTO — InterTAN Canada, which operates 765 The Source by Circuit City stores across Canada, said it has received "a number of formal proposals" regarding the sale of its Canadian operations.
Buyers were asked to present formal proposals to an Ontario court on Friday.
InterTAN wouldn't reveal the number of bidders, or their names, but said it is evaluating each of the proposals. It didn't set a deadline to complete the review.
"Confirmation of a winning bidder is subject to court approval," the company said in a statement late Friday.
Meantime, it said all of its The Source by Circuit City stores across Canada remain open for business.
The Source's current owner, Circuit City, announced last week its 567 remaining U.S. stores would be liquidated after the fallen retail giant failed to find a buyer or financing under Chapter 11 bankruptcy protection.
InterTAN has said it won't be part of the parent company's liquidation.
In 2004, Circuit City paid about $284 million for InterTAN's 980 Radio Shack and Battery Plus stores, and shortly afterwards began shuttering the weaker locations
Never shut off. 2 billion A/S
Few white knights emerge for bankrupt retailers
Reuters, Thursday January 22 2009 By Emily Chasan
NEW YORK, Jan 22 (Reuters) - Faced with declining consumer spending, hamstrung credit markets and the worst holiday season in years, troubled U.S. retailers are desperately searching for white knights to rescue them.
But after a long-rumored suitor abandoned a deal for bankrupt electronics chain Circuit City Stores Inc this month, retailers are facing the harsh reality that they are unlikely to find buyers for their companies -- even in bankruptcy court.
"For retailers, bankruptcy is like a roach motel -- they can go in, but they won't come out," said Evan Flaschen, chair of the Financial Restructuring Group at Bracewell & Giuliani LLP. "There are very few people buying these businesses in order to reorganize them. The people who want to buy them now are the ones most realistic about the liquidation value," Flaschen said.
While retailers like Federated, Macy's and Kmart were able to reorganize or sell themselves in bankruptcy in decades past, recent attempts to sell bankrupt retailers at auctions have met financing difficulties, wavering buyers, uncertain economic conditions and weak support from critical suppliers.
Deals to rescue retailers Goody's Family Clothing, Steve & Barry's and Tweeter ended in liquidation after a second trip to bankruptcy court. And even the buyers of Boscov's Inc -- one of the only major retailers to successfully sell itself in Chapter 11 last year -- struggled to line up financing in the days before the deal closed.
Deals to buy bankrupt retailers are proposed but rarely consummated, restructuring experts say.
"We're seeing a lot more situations where the deals are getting hung when they generally could have been done if there was a little more liquidity in the market," said Sheila Smith, head of reorganization services for Deloitte Financial Advisory Services LLP. "The banks are guarding their cash and are not willing to finance the deals, and the funds don't want to sell off portfolio holdings in a down market to finance deals."
UNCOMPLETED CIRCUIT
The four days of negotiations last week to try to sell Circuit City illustrate the difficulties potential buyers face in proving they could continue operating a retailer if they were to buy it out of bankruptcy.
Facing a deadline from lenders to come up with a plan, Circuit City conducted simultaneous auctions for liquidators, and for potential buyers who wanted to keep the chain going.
Circuit City's sales had plummeted over the holiday shopping season, and it was nearly in default on its debtor-in-possession bankruptcy loan.
But Circuit City thought it had a white knight.
When the company filed for bankruptcy protection in November, Mexican billionaire Carlos Salinas Pliego emerged almost immediately as a potential rescuer for the retailer, buying up a 28 percent stake in the company.
He had negotiated with the company almost from the beginning, lawyers said at a Circuit City bankruptcy court hearing last week. In the week before the auction, the Salinas group and another bidder, private equity firm Golden Gate Capital, had traveled to the Consumer Electronics Show in Las Vegas to try to gain support from trade vendors for their bids, the lawyers said.
At the auction, attempts to sell the 567-store chain as a whole failed, so Circuit City tried to piece together deals for a Salinas-run chain of about 350 stores, then reduced that block to a potential 180-store chain in the Northeast. But neither deal worked out.
Golden Gate said it would keep the chain operating but did not offer Circuit City's unsecured creditors much beyond a stake in the new company -- something they viewed as inferior to liquidation, Jeffrey Pomerantz, the lawyer for Circuit City's creditors' committee, said at the hearing.
Pomerantz said at the hearing that the creditors' committee had never received firm commitments for financing that would have shown that Salinas could have completed a deal. Trade vendors, who were already smarting from Circuit City's sales decline, could not extend more credit to the company without such assurances, he said.
Salinas would have needed firmer commitments from some of the vendors on Circuit City's creditors' committee to get that financing, Gregg Galardi, a lawyer representing Circuit City, said at the hearing, noting it was a "chicken and egg" problem.
"In this economy, the vendors have to evaluate a potential new owner's financing, or they could find themselves in the same position as if the company was never sold," said Scott Blakeley, an attorney at Blakeley & Blakeley who represents trade creditors.
EXIT AT THE BEGINNING
Circuit City's problems are not unique. Other retailers have faced similar problems, as consumer demand has dropped and the 2005 bankruptcy reforms have forced retailers to decide faster which stores they want to keep operating.
Just a handful of retail companies have actually emerged from bankruptcy this year. Cookie seller Mrs. Field's Famous Brands emerged from bankruptcy successfully last year, but it went in with a prepackaged bankruptcy plan that already had the support of key stakeholders.
Department store chain Boscov's Inc was bought out of bankruptcy by a family-led group, but only after a previously announced deal with Versa Capital had fallen apart due to troubles with financing, the company said in court papers this month.
As more retailers consider filing for bankruptcy this year, they will likely need a firm exit plan in hand, or face liquidation, Bracewell & Giuliani's Flaschen said.
"The ones that are going to come out are the ones that have the luxury of planning it ahead of time with their lenders," Flaschen said. (Reporting by Emily Chasan, editing by Gerald E. McCormick)
Still a chance for a run later on. Sharper Image had a nice run. When you least expect it.. IMO
The lights go out at CircuitCity.com—for now
The fate of bricks-and-mortar locations operated by Circuit City Stores Inc. is certain, but the same can’t be said for its $1.4 billion e-commerce site.
As part of its liquidation, Circuit City has taken down CircuitCity.com, No. 16 in the Internet Retailer Top 500 Guide, and put up a generic web page that answers frequently asked questions about the going out of business process.
After failing to find a buyer or secure a substantial infusion of working capital, Circuit City on Jan. 16 received permission from a judge for the U.S. Bankruptcy Court for the Eastern District of Virginia to liquidate the company’s assets, including closing its remaining 567 U.S. stores.
But the fate of Circuit City’s web site remains unclear. “The site is down at this time, but it might return,” says a Circuit City spokesman. A sentence on Circuit City’s liquidation web page tells readers “to check back later for updates about the status of our web site.”
One possibility is that the four companies currently handling the company’s liquidation--Great American Group, Hudson Capital Partners, SB Capital Group and Tiger Capital Group–might reopen CircuitCity.com to speed up the final sale of any remaining merchandise.
It is also possible that CircuitCity.com as a brand could live on after the current company liquidates. When CompUSA filed for bankruptcy in 2007, the web business was acquired by Systemax Inc., which also owns and operates TigerDirect.com, for $18.9 million. CompUSA.com is now part of a growing $900 million e-commerce portfolio at Systemax, (No. 22).
Back...
I am suprised they can still get jobs..
OfficeMax names ex-Circuit City CFO as financial chief
By Wallace Witkowski
Last update: 5:21 p.m. EST Jan. 21, 2009Comments: 1
SAN FRANCISCO (MarketWatch) -- OfficeMax Inc. (OMX:officemax inc del com
News , chart , profile , more
Last: 6.02-0.08-1.31%
4:04pm 01/21/2009
Delayed quote dataAdd to portfolio
Analyst
Create alert Insider
Discuss
Financials
Sponsored by:
OMX 6.02, -0.08, -1.3%) said late Wednesday it named Bruce Besanko as chief financial officer, effective Feb. 16. Besanko, 50, most recently served as CFO of the now-defunct Circuit City Stores Inc.
The Source on the auction block, could see interest from Best Buy:
Published: Wednesday, January 21, 2009 | 1:47 PM ET
Canadian Press NewsItem/NewsComponent/NewsLines/ByLine
TORONTO - The Source by Circuit City is on the auction block this week as bidders vie for the national chain of Canadian electronics stores, which formerly operated under the Radio Shack banner.
The Source's current owner, U.S. retail giant Circuit City, announced last week it would be liquidated after failing to find a buyer or financing.
Analysts say that The Source - which has said more than one potential buyer has been interested - could offer some attractive opportunities, including for big box retailer Best Buy Canada.
John Williams, of J.C. Williams Group Ltd., for instance, says Best Buy could use the Source operations to gain smaller stores to snag a different segment of shoppers.
Other potential bidders could include venture capital companies.
The Source has 765 locations across the country.
Still... 1.9 billion is a steal and if they somehow won the 4.4 billion its better than free.
What a bunch of crooks... JPM got the deal of a life time as it was.
Well one thing is for certain the float is not 25 million and I am pretty sure they r trying to dump all 2 billion shares. SEC should require transparency for all companies including pinks. And definitely no gag orders of Transfer agents
Either way we r all trying to make a few bucks. Its was a gamble that didnt turn out so well. Still has a possibility to make a small run. But I Wish I could afford to gamble with 41 million dollars!
Actually not saying he didnt sell but here r the correct numbers..
PINK SHEETS
Estimated Market Cap
$5,884,388 as of Jan 16, 2009
Outstanding Shares
168,125,359 as of Aug 31, 2008
Number of Share Holders of Record
4,800 as of Apr 28, 2008
Salinas, who controls retailer Grupo Elektra, broadcaster TV Azteca SA and lender Banco Azteca, amassed a 28.1% stake in the No. 2 electronics retail chain in the U.S. quickly after its Nov. 10 Chapter 11 filing, according to a Securities and Exchange Commission filing. Salinas acquired his 47.18 million shares for $41.4 million with many, if not all, of the purchases coming after the Richmond, Va., company submitted its bankruptcy petition.
Sure alot more outstanding shares now. Like I said since last week Nite sure has alot of shares to sell. On the way up and down always first on the ask.
They just keep dumping..
Between $125 to $200k worth of sales today and same the other day. OS is only 250 million so they say. Traded double that already over the past week
Has anyone been able to verify the O/S,A/S and float?
Correct me if I am wrong but dont they have til feb 14 (45 days from end of calendar year) to file a 13G with any changes in percentage of ownership, if any?
Ricardo Salinas Pliego was quoted as saying he saw value in the Circuit city name, combined with Firedog and Canadian operations maybe its worth more than 3.5 cents. Sharper Image, Indy mac all had buyouts and runs while in liquidation. Time will tell.