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Yep. Not saying that they will be saved but, Ricardo Salinas Pliego owns 28%, unless he sold, approx 50 million shares. Maybe the buyout price was too high with 118 million shares remaning. He could of bought up shares today for almost nothing. Lets see if he files. Either way I was prepared to loose my investment here.
Circuit City to shut down
Court filing shows bankrupt electronics retailer seeks approval to sell merchandise in its remaining 567 stores.
Last Updated: January 16, 2009: 3:22 PM ET
NEW YORK (CNNMoney.com) -- Bankrupt electronics retailer Circuit City Inc. said Friday it has asked for court approval to close its remaining 567 U.S. stores and sell all its merchandise.
This is very significant. It shows you how bad things are for the retail industry," said George Whalin, president and CEO of Retail Management Consultants.
Whalin said management mistakes over the past few years combined with the recession brought down Circuit City.
"This company made massive mistakes," he said, citing a decision to get rid of sales people and other mismanagement.
What's more, given the credit market freeze, Whalin added that no manufacturer wants to sell to any retailer who doesn't have money to pay for the merchandise.
At the same time, Whalin said there's still a very slim chance that one or more firms that have expressed an interest in buying Circuit City could still buy it out of bankruptcy over the next few days.
"I wouldn't say it's completely over yet for Circuit City, but it's almost over," Whalin said.
Love Goel, CEO of Growth Ventures Group, a private equity firm focused on retailers, agreed with Whalin.
"Circuit City isn't a viable business in its old incarnation when half of electronics sales have moved online," Goel said. "CompUSA and Tweeter also didn't make it for the same reason."
However, Goel speculated that Circuit City could still find a lifeline if Golden Gate Capital, one of the reported lead bidders for the merchant, bought the company and restructured it primarily as an online business with very few physical stores.
"This would eliminate overhead costs, vendor conflicts and other issues," he said. "Circuit City has an almost $1 billion online business. So there is a future for it in that regard."
NPD Group's retail analyst Marshal Cohen warned that no retailer is "sacred" in this environment unless "you have a service model that differentiates you from the competition and keeps pace with changing needs of the consumer."
He said Circuit City was late to the game with its Firedog customer service business, and it didn't resonate with customers as well as Best Buy's Geek Squad was business.
What's more, Cohen said Circuit City found itself in the unfortunate position of becoming the "monkey in the middle" as Wal-Mart (WMT, Fortune 500) aggressively moved into the electronics market with its low prices model, and Best Buy continued to widen the gap with its competitors and dominate as the industry leader.
"Circuit City just got stuck in the middle for too long," said Cohen.
Judge approves Circuit City liquidation plan
By MICHAEL FELBERBAUM and VINNEE TONG – 24 minutes ago
NEW YORK (AP) — A bankruptcy judge says Circuit City Stores Inc. can liquidate its remaining 567 U.S. stores.
Circuit City needed approval from U.S. Bankruptcy Judge Kevin Huennekens (HIN-a-kins) to begin to put itself out of business. It sought a buyout deal, but one could not be reached.
The nation's second-biggest consumer electronics retailer says it will lay off more than 30,000 workers and begin close-out sales on Saturday.
Richmond, Va.-based Circuit City filed for Chapter 11 protection in November.
Its Canadian unit is still negotiating for a possible takeover.
Thomson Financial News
BRIEF-Judge in Circuit City hearing says proceedings for Canadian unit still ongoing
01.16.09, 01:44 PM EST
Jan 16 (Reuters) - Circuit City Stores Inc:
* Judge in Circuit City (nyse: CC - news - people ) hearing says proceedings for Canadian unit still ongoing, there are going concern bids for Canadian unit - court
((New York Equities Desk; tel: +1 646 223 6000))
(For more news about Circuit City Stores Inc click here:)
Not saying anything is going to change but if you read the final line it still hasnt been approved maybe time for a hail mary, maybe not. IMO
Circuit City to Close After Failing to Find a Buyer
By STEPHANIE ROSENBLOOM
Published: January 16, 2009
Circuit City, once a bellwether American retailer, is going out of business for good, stripping the nation of its second-largest consumer electronics chain.
The company, which filed for bankruptcy protection in November, said Friday that it would liquidate its stores and other assets.
Just last week, Circuit City — which has some 30,000 employees and 567 stores — was in talks with two potential buyers, but it was unable to reach a timely agreement with its creditors and lenders.
“We are extremely disappointed by this outcome,” said James A. Marcum, vice chairman and acting president and chief executive of Circuit City Stores Inc. He called the liquidation “the only possible path for our company.”
The demise of Circuit City, while not surprising given its declining sales, is part of a radical shift taking place in American retailing. Weak chains — unable to weather the freeze-up in consumer spending, and choked by tight credit markets — are shuttering their doors.
Last year, a raft of retailers including Boscov’s, Sharper Image, Mervyns, Linens ’n Things, Whitehall Jewelers and Steve & Barry’s filed for bankruptcy protection. This week alone, Goody’s Family Clothing and Gottschalks Inc. also filed. Many more retailers are expected to follow suit as they run out of working capital or are unable to finance their debt. But emerging from bankruptcy is harder than ever because of changes in the bankruptcy code and vise-like credit markets.
Indeed, Wall Street analysts said in November that the prospects of long-term survival for the Circuit City were bleak. Months of declining sales during the recession sent the company over the edge, although its problems go back a decade, from buying cheap real estate leases in inferior locations to laying off its most experienced sales staff. The latter saved money but cost the company employee morale and countless customers.
When the retailer filed for Chapter 11 bankruptcy in November, its shares had lost more than 90 percent of their value since the beginning of 2008.
The company is still awaiting final approval of the liquidation from federal bankruptcy court.
How many shares does nite have? He has been on the ask since this run started.
PRESS RELEASE
Monogram Energy, Inc. Announces New Drilling Program for 2009
Last update: 11:23 a.m. EST Jan. 6, 2009
RICHMOND, TX, Jan 06, 2009 (MARKET WIRE via COMTEX) -- Monogram Energy, Inc. (PINKSHEETS: MGRN) announced today that the Company plans to work over 3 wells on the T.W. Martin lease in Corsicana, Texas. Additionally, Monogram plans to partner with a private company to drill a well in the Austin-Chalk formation. This well is expected to be approximately 2500 feet deep. The workovers are expected to begin as soon as weather permits.
Mr. Billy King, Chief Executive Officer of Monogram Energy, Inc., stated, "We are anxious to begin our 2009 oil activities, and we are especially excited about the prospects for the new well. Over the coming months, our shareholders can expect an aggressive roll out of several new projects as we come into the new year with the fruits of our labor from 2008 taking its course."
About Monogram Energy, Inc.
Monogram Energy, Inc. is an independent energy company engaged in the acquisition, development, and exploitation of oil and gas properties. The Company specializes in acquiring oil & gas leases with proven reserves that have the potential for increased production.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, product liability, the dependence on third parties for manufacturing and marketing, patent risk, copyright risk, competition, and the early stage of products being marketed or under development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Additionally, this release may not be considered as legal, accounting, or investment advice, and is not, and may not be considered, a solicitation for the purchase of any securities issued by Monogram Energy, Inc.
Contact:
Monogram Energy, Inc.
Billy D. King
3320 FM 359
Richmond, TX 77469
Phone: (281) 341-5255
Fax: (281) 341-1171
Email: info@monogramenergy.com
Website: http://www.monogramenergy.com
Corporate Communications Firm:
Greenstreet Capital Partners, Inc.
116 Orange Avenue
Orlando, Fl 32819
Phone: (407) 422-7900
Fax: (407) 422-7902
I also have been watching this for a long time. But still not too much news or movement. The need to create some type of market/hype.
I guess its obvious why we could break .105 now... MM Games!
October 10, 2008
Aguirre sues Washington Mutual
San Diego City Attorney Michael Aguirre sued Washington Mutual Friday for predatory real estate lending, and said he would target at least one other lender with a similar lawsuit, in response to the high numbers of foreclosures statewide.
He brought the lawsuit on behalf of the people of California, a move that he didn't discuss with the state's top lawyer, Attorney General Jerry Brown. Washington Mutual was recently acquired by JPMorgan Chase.
Brown's office helped negotiate a multi-state settlement with Bank of America earlier this week after Brown, Aguirre and other states' attorneys general sued the lender over its mortgage practices.
In a news conference discussing the settlement Monday, Aguirre told reporters he planned on suing more lenders by week's end. Friday, he said that news conference was how he clued the Attorney General's Office in on his intentions.
"I think that was pretty much in the newspapers and such, and they have a local office here," Aguirre said. "If they decide that they'd like to get involved, we'd more than welcome them. But we're not waiting for anybody. We're moving forward to take the most effective action that we possibly can."
Asked if he was stepping on Brown's toes, Aguirre said, "I hope not, seriously." The two have clashed in the past.
Press Release Source: The Securities Law Firm of Klayman & Toskes, P.A.
Notice From the Securities Law Firm of Klayman & Toskes to all JPMorgan Chase & Co. Customers Who Purchased Freddie Mac Preferred Stock, Series Z
Thursday October 9, 2:09 pm ET
NEW YORK, Oct. 9, /PRNewswire/ -- The Securities Law Firm of Klayman & Toskes, P.A., www.nasd-law.com, announced today that a class action lawsuit, Case No. 08-cv-08181, has been filed against JPMorgan Chase & Co. (NYSE: JPM - News; "JPMorgan") and other Defendants on behalf of purchasers of Freddie Mac Preferred Stock, Series Z (NYSE: FRE-PZ - News; "Freddie Preferred Stock Z"). Potential class members who purchased Freddie Preferred Stock Z from JPMorgan should consider whether they should participate in the class action or file an individual securities arbitration claim.
ADVERTISEMENT
In late 2007, due to a decline in value of Freddie Mac's assets and increase in liabilities, Freddie Mac found itself massively undercapitalized. As a result, the company decided to raise $6 billion through the issuance of Preferred Stock, Series Z. To underwrite the Offering, Freddie Mac retained the services of JPMorgan and other Defendants. Thereafter, an Offering Circular was distributed in connection with the Initial Offering of the Freddie Mac Preferred Stock Z.
The Complaint alleges that the Offering Circular failed to properly disclose a number of risks associated with Freddie Mac and the Preferred Stock Z. Specifically, the Offering Circular failed to disclose that Freddie Mac (1) had exposure to massive mortgage-related losses; (2) had debilitating deficiencies in its underwriting and risk-management procedures; (3) was and would remain after the Offering considerably undercapitalized; and (4) faced imminent insolvency.
Klayman & Toskes reminds investors of the benefits of filing an individual arbitration claim, as opposed to participating in a class action lawsuit. By participating in a class action lawsuit, an investor will most likely recover only pennies on the dollar. However, if one has experienced significant losses in Freddie Mac Preferred Stock Z, it may be more beneficial for them to file an individual securities arbitration claim. In 2003, Klayman & Toskes conducted a detailed study of securities arbitration versus class action. The study concluded that investors who file a securities arbitration claim traditionally obtain an overall higher rate of recovery as opposed to participating in a class action lawsuit. To view the full results of the comparison, please visit our web-site: http://www.nasd-law.com/documents/classvr.pdf
The attorneys at the Law Firm of Klayman & Toskes are dedicated to aggressively pursuing claims on behalf of investors who have suffered investment losses. Klayman & Toskes, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.
If you have experienced substantial losses in Freddie Preferred Stock Z with JPMorgan and you wish to discuss your legal options at no obligation, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956, or visit us on the web at http://www.nasd-law.com.
--------------------------------------------------------------------------------
Source: The Securities Law Firm of Klayman & Toskes, P.A.
FYI.. It took 25 partial fills to get 20k shares
Does anyone know when this expected to exit BK?
Usually when they file bankruptcy the business needs some type of financing to pay off creditors to exit bankruptcy. Thus when they dont have enough money/assets they cancel common shares. I have played a few of them. They look to have more than enough money/assets to exit without any of this happening. IMO
It hasnt been approved yet. But looks like Nov 24 it probably will be. That will be almost a year since it had its last good run. Does anybody have an idea or guess of what the company will be worth after BK? Once they emerge from BK and cancel the commons?
Why the sudden drop today?
Any one know how or able to post BK minute entry from adobe to screen?
The common shares will they be cancelled??????
Wasnt the owner of Alco from Canada with offices in Miami and Las Vegas??
Ok have been in this thing along time and dont post much. I wrote this off a long time ago. I am just tired of the games. But does alco have a suite number? Doesnt show a suite number, I wonder if there is one?? Another security business at address.
http://www.alarmasnova.com/http:
//www.openlist.com/miami-fl/auctioneers-auction-houses/0-2-1077-740/ ( number has been disconnected)
Here is another number listed for Alco..
http://www.macraesbluebook.com/search/company.cfm?company=730876
(answers the phone in spanish.. I dont speak spanish)
Also They just incorporated in Nevada in March.
https://esos.state.nv.us/SOSServices/AnonymousAccess/CorpSearch/corpActions.aspx?lx8nvq=pBC8gqtTtiHc2X2%252fBV0wzw%253d%253d&CorpName=ALCO+ADVANCED+TECHNOLOGIES+INC
Bank of America shows unavailable and doesnt show new symbol.. Anyone else?
I have been in ONMC since December.. Things can change in minutes anytime and anyday. Long and Strong.
Fyi.. just picked up another 75k
GLTA
The only part I know is that u r correct the boats were financed. So they had liens but with that money it should reduce total debit/liabilities. How much who knows?
Old Koot,
I tried contacted several people, cfo, legal dept, customer service,etc from GeSeaco. Sent numerous emails for a little over a month. And there final response was that they r a private company and I would have to contact the Bond holders SCRA or Ge Capital. To get that response was over a month.
Not very helpful.
Its all good. It was funny as sh*T...... GLTA!!
I agree with u that I am also not too happy with the way its been trading, but again the MM's are in control until the real news is released.. Good or bad.. Again you cant put too much weight into the filings until the 45 days is up. And even then they could of sold way before the Arbitration cases outcome. If we see alot more then I agree it might be time to revaluate my postion. But even instutuions are speculating on the outcome. I dont think they know any more than us.
Also we have another 5 millions shares or more that we didnt think were available in the float. And Everyday mostly low volume.
As of now I have to disagree..Post Advisory Group & Trenton Capital Management are the only two in the ibox. Donald Smith and Co wasnt even being accounted for. But besides that they could of sold anytime last year. And until Sea Containers won GE SeaCo arbitration case. GE Capital had asserted a change of control at Sea Containers on 6th December, 2007. The picture looked grim.
So I think Friday is the last day for 13G's to be filed and we will see how many more if any had sold. And correct me if I am wrong quite a few instutions bought after the Arbitration win.
Just watching this one for a few months and holding. Got to love the mirror trades on this one.
OT: Been Back in forth with GESeaco trying to get info off there 2007 books. CFO,law dept, etc. Still waiting.
lots of buys at the ask!!!
I dont post much here but u have helped me with ur DD and knowledge. This is life they love u when its good and hate u when its bad. Nobody with any intelligence can blame u for anything. We r all adults and know the pinkies are risky. So if people invest on ur opinions only, they r the ignorant ones and have no one to blame but themselves. The only thing I see is that u truly believe in this company and maybe ur wrong or maybe we make alot of money. But u didnt force me to buy and ur not forcing me to stay. So on that note F""K the ignorant ones and lets make some damn money. lol. I hope all is well with ur wife and as for life eveything will workout. Stay Positive!
Sorry was typing fast and was on the phone.
They could of sold anytime last year.
13-G must be filed by reporting persons (mainly institutions) with more than 5% ownership within 45 days after the end of the calendar year.
So I dont TAKE IT AS A RED FLAG. Lots of factors could of taken place, the arbritration with control GE, etc.
Probably need tax credits sold or something Maybe started selling right after the GESeaco Anouncement.
Did u notice the date of event was DEC 31, 2007
My level II is working can any one post it please?
My level II is working can any one post it please?
OT: NINAVEST I CANT RESPOND BUT LOOK HERE:
Bankruptcy outcome warrants issued
http://files.shareholder.com/downloads/TRMA/185956221x0xS921549-06-16/921549/filing.pdf
LOOK ON PAGE 13
This is the closet thing I could find to SCRA they issued warrants similar scenario. They have a third of the assest and liabilities but had pension problems etc.
Trico Marine (TRMA) and two subsidaries file chapter 11. This is just a possibility of what could happen with a BK stock. Today it is back on the NASDAQ with a 52 H 43.41 and 52 L 29.04.
Copy of assets and liabilities before BK filling (Third of the Assest and Liabilities)
http://www.chartfilter.com/freports/nms/trma/NMSTRMA2004-12-31A.html
Trico marine Delisted to pink dec 2004
http://www.rigzone.com/news/article.asp?a_id=18615
Chart trading .10 to .50
http://www.marketocracy.com/cgi-bin/WebObjects/Portfolio.woa/ps/StockInfoPage?source=PpPoAoCbDjAkNaNdMaKiAbBg
Copy of Bankruptcy Filing
http://www.nysb.uscourts.gov/opinions/smb/129766_94_opinion.pdf
Bankruptcy outcome warrants issued
http://files.shareholder.com/downloads/TRMA/185956221x0xS921549-06-16/921549/filing.pdf
Public offering $24 dollars a share
http://www.nysb.uscourts.gov/opinions/smb/129766_15_opinion.pdf
Trico Marine Press Release
http://investor.tricomarine.com/releases.cfm?Year=&ReleasesType=&DisplayPage=1
I am lurking and holding 400000shares. But on this one I am ok compared to others I bought at .001 and wont settle for 20 to 30%. So I am in it to win. SO I will Hold! Was actually thing about averaging up..Bring on the pennies!