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Happens so many times...very unfortunate but that's the risk we all take in this game. Going to load a few if she keeps dropping...
Just grabbed more BKRSQ this morning too, looks like they want to cancel the DIP financing:
Bakers Footwear Seeks to Replace Chapter 11 Financing to Avoid LiquidationFont size: A | A | A
12:20 PM ET 11/14/12 | Dow Jones
By Stephanie Gleason
Bakers Footwear Group Inc. (BKRSQ) is asking a bankruptcy court to allow the company, on an emergency basis, to replace its bankruptcy financing with a new $9.5 million loan that has a later maturity date as the repayment deadline on its original financing draws near.
The U.S. Bankruptcy Court in St. Louis approved access to $22 million in bankruptcy financing from Crystal Financial LLC on Nov. 5. That financing, which included a $17.8 million rollup of pre-petition debt, was to be paid back on Nov. 16, or Bakers would have to begin liquidating the entire chain, it said, per the financing agreement.
However, since negotiating the Crystal bankruptcy financing, Bakers decided that it would like to reorganize its chain around 63 retail stores and close 150 others rather than liquidate completely.
SB Capital Group LLC and Tiger Capital Group LLC won the right at auction to run the liquidation sales at the 150 stores that are closing. The company is aiming to complete the sales by the end of the year.
"The replacement financing provides the debtor with its only chance to complete a reorganization of its business operations. Absent an immediate refinancing of the existing DIP facility, the debtor will be forced to commence a liquidation of all of its assets," it said in court documents.
The new financing is being provided by Salus Capital Partners LLC and matures in 12 months or after Bakers sells the remaining 63 stores. It stipulates that Bakers must file a plan by Nov. 30, get approval of a disclosure statement by Jan. 7 and obtain plan confirmation by Feb. 15.
The motion says that Salus will essentially pay off the outstanding obligations owed to Crystal by Bakers and in exchange Crystal will assign the original bankruptcy loan to Salus.
In addition to the replacement bankruptcy financing, Bakers has lined up $8.5 million in bankruptcy exit financing from Salus, money that is going to be used to fund a Chapter 11 plan.
The court said Bakers can pay Salus a $150,000 commitment fee and cover the expenses it incurred in connection with negotiating the financing deal.
Bakers, founded in 1924, filed for Chapter 11 bankruptcy protection on Oct. 3. At the time, it had 215 stores in 34 states.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com.)
Yeah, just waiting for GDAR to drop the acquisition news there...Why the volume on CPTCQ? Pump coming or good news going to drop?
TIA
GDAR $.0045 now...hope u got some
Golden Age Resources, Inc. (GDAR) Posts Net Operating Profits in the Third Quarter, 2012
8:01 AM ET 11/15/12 | Marketwire
Golden Age Resources, Inc. (PINKSHEETS: GDAR) posted its Third Quarter ending September 2012 results on November 12, 2012. For the first quarter in several years, a consolidated net operating profit of $23,664 resulted. The profit picture returned as a result of a decision by management earlier in the year to diversify its core business into Internet Technology. With technologies such as Social Media and Mobile Applications, GDAR has successfully entered this market and is excited about the future growth. GDAR has Consolidated sales for the third quarter sharply increased to $123,680. The GDAR team, through its wholly owned subsidiary, Griffin Holdings and IT Solutions, Inc., feels very comfortable within the demands of the market and is very optimistic in both internal growth through its products and services, as well as external growth through additional acquisitions and merger possibilities, which are currently being pursued.
"The future is bright and we feel shareholder values are progressively going to rise both short and long term," stated Robert C. Griffin, President and CEO.
Golden Age Resources, Inc. (GDAR) Posts Net Operating Profits in the Third Quarter, 2012
8:01 AM ET 11/15/12 | Marketwire
Golden Age Resources, Inc. (PINKSHEETS: GDAR) posted its Third Quarter ending September 2012 results on November 12, 2012. For the first quarter in several years, a consolidated net operating profit of $23,664 resulted. The profit picture returned as a result of a decision by management earlier in the year to diversify its core business into Internet Technology. With technologies such as Social Media and Mobile Applications, GDAR has successfully entered this market and is excited about the future growth. GDAR has Consolidated sales for the third quarter sharply increased to $123,680. The GDAR team, through its wholly owned subsidiary, Griffin Holdings and IT Solutions, Inc., feels very comfortable within the demands of the market and is very optimistic in both internal growth through its products and services, as well as external growth through additional acquisitions and merger possibilities, which are currently being pursued.
"The future is bright and we feel shareholder values are progressively going to rise both short and long term," stated Robert C. Griffin, President and CEO.
LIGA LIGA LIGA $.016 Big buys coming in now!!
LIGA $.016 Huge hits today, something cooking!!! Check this company out!
Agreed! Load em while you can...GDAR 13's is a great price imo Sale prices, going fast. Material or PR event upcoming
GDAR $$$ 13's!! Strong Buy IMO!! Dont miss the chance to load these cheap shares on sale today!!
GDAR $.0013 Steal these while there are still available!!
GDAR $.0013 Great entry price IMO, get em why there on sale!!
Yes, I grabbed more today. If she drops lower, I will load more. GLTA here...GO GDAR someday!! LOL
Grabbed a few today, waiting for material event & PR to come out.
Where are these shares coming from on the recent volume? You think its the company selling? Wonder if the SS has changed at all? Who else would have shares to sell at all time lows? Any convertable notes here?
Has anyone ever tried contacting this company recently?
http://mashable.com/2012/11/26/google-did-not-acquire-icoa/
Bet CEO George had something to do with this crap.... unfortunately
Wow, what a great find EB now we know what caused the recent pps movement....all I can say is finally! Now we need them to except them & get the financials updated so the ticker can start trading again in Hong Kong. I know it will be awhile still but this could be a huge step FORWARD!
Getting real close to my 000 prediction...on strong watch
Glta here...
Atleast some volume today???
Sure is, hence the huge spread here. Gl hope u can get some
Def the good eye, 200 to 1 rs & it closed at $.02 area right? That makes it $4/sh post rs, its trading at $12 now...def the good eye...
Yup, the sooner the better. But as long as there delivered soon you should do very well, hopefully pps will be even higher for you. Again, Great trade EB!
Who was the IR firm here? Tia
Great find & hold EB u deserve every gain here you can get!
Great post...Thx for the info here again EB
CFTC Fines Cantor Fitzgerald $700,000 for Customer Funds Violations
Nov 21, 2012 11:52:18 (ET)
By Jamila Trindle
WASHINGTON--Cantor Fitzgerald & Co. Inc. was fined by a federal regulator for transferring money out of customer accounts, triggering a temporary shortfall for customers only a few months after the giant customer-funds hole emerged at MF Global Holdings Ltd. (MFGLQ).
The Commodity Futures Trading Commission fined broker Cantor Fitzgerald $700,000 for not having enough money in customer accounts for three days, the agency said Wednesday. The CFTC said Cantor Fitzgerald had insufficient funds in customer accounts from Jan. 24 to Jan. 26, 2012 and failed to notify regulators promptly of the shortfall.
The CFTC has come under pressure from commodities traders and Congress to strengthen oversight of futures firms after the recent failure MF Global and Peregrine Financial Group Inc., another futures firm, left shortfalls in customer funds. By comparison, the shortfall in customer funds at MF Global is estimated at $1.6 billion
Regulators say Cantor Fitzgerald inadvertently took $3 million out of customer accounts instead out of the firm's house account and didn't realize it for three days because an operations official was away from the office. The CFTC said the problem was immediately corrected when the person responsible for customer accounts discovered it, but that senior management wasn't aware of the problem until CME Group Inc. (CME) pointed it out in a routine audit. At that point, on March 13, 2012, the CFTC said it received notification from Cantor Fitzgerald.
Cantor Fitzgerald agreed to pay the fine and change internal controls around customer accounts, without admitting or denying wrongdoing.
A spokeswoman for Cantor Fitzgerald didn't immediately respond to requests for comment.
The fine follows a downgrade of the firm's credit ratings by Moody's Investors Service in October, to Ba1 from Baa3. Cantor had asked Moody's in July to withdraw its rating and its affiliate BGC Partners Inc., and later that month the rater put the firm on review for possible downgrade. At the time, Moody's said Cantor had a "disciplined approach to managing market and credit risk."
Cantor also said in a Nov. 8 statement that its pretax earnings for the six months ended June 30 were up by nearly 50% compared with the year-earlier period.
-Katy Burne contributed to this article.
Write to Jamila Trindle at jamila.trindle@dowjones.com
(END) Dow Jones Newswires
November 21, 2012 12:50 ET (17:50 GMT)
Al's Emporium: Big Boss Man
Nov 19, 2012 07:35:00 (ET)
By Al Lewis
The boss is always right, because he's the boss.
So goes the epitaph for MF Global. A report released by Republican members of the House financial services committee last week concluded that the investment firm's former chief executive, Jon Corzine, created an "authoritarian atmosphere" where "no one could challenge his decisions."
He threw MF Global's capital at Europe's debt crisis, and within 19 months he turned a $40 billion company into a puff of smoke.
"Profitability and responsibility must go hand in hand with growing our franchise," Mr. Corzine said in a news release when he was hired in March 2010. He promised "new levels of growth, profitability and reputation." He delivered something on par with Enron.
Mr. Corzine had set out to turn a struggling commodities trading firm into a full-service investment bank. To juice his progress amid a slow-growth economy, he placed enormous bets on a European recovery.
It sounded crazy with Greece rattling global markets almost daily. In fact, last week, the euro zone officially fell into a recession, again. But who dare challenge the bearded eminence grise?
Mr. Corzine had made hundreds of millions for himself as chairman of Goldman Sachs. As U.S. senator, he helped craft laws to protect us from another Enron. He then became governor of New Jersey.
Investors finally questioned Mr. Corzine's big bets in October 2011, resulting in a nasty decline in MF Global's stock. Mr. Corzine responded: "We have the resources and expertise to continue to successfully manage these exposures to what we believe will be a positive conclusion in December 2012." A week later, MF Global filed for bankruptcy.
The committee's report details how Mr. Corzine insulated his reckless decisions. Those who raised risk-management questions soon found themselves reporting to Mr. Corzine's former Goldman Sachs cronies, or were pushed out altogether.
The nice thing about financial markets is that they sometimes prove the know-it-all boss is wrong.
It has been fun to watch Republicans blame the MF Global debacle squarely on Mr. Corzine, instead of attributing it to some sort of economic accident. Usually, it's the Democrats pointing fingers at blundering CEOs. But then Mr. Corzine is a Democrat.
In addition to fingering Mr. Corzine, House Republicans point to undisclosed risks, insufficient reviews by ratings firms and inept regulation.
They chide the Federal Reserve Bank of New York for giving MF Global what was essentially a "Good Housekeeping Seal of Approval." And they now want the New York Fed to provide "greater scrutiny of companies with questionable financial health, risk-management histories and ambitious business strategies."
The report doesn't even begin to answer how $1.6 billion in clients' money got tied up in Mr. Corzine's failed bets. Farmers, ranchers and small-business folks have recovered most of what they lost by now, yet they are still collectively out millions.
"I simply do not know where the money is," Mr. Corzine told Congress in December. He was just in charge.
Mr. Corzine now faces civil lawsuits and continuing regulatory investigations. But federal prosecutors have indicated they likely won't charge him with a crime.
It is not a crime to roll over whoever gets in your way. It is not a crime to shrug off questions. It is not a crime to be the big boss man. It should be.
---
Al Lewis is a columnist for Dow Jones Newswires in Denver. He blogs at tellittoal.com; his email address is al.lewis@dowjones.com
(END) Dow Jones Newswires
November 19, 2012 07:35 ET (12:35 GMT)
Great sign imo. I think now is a great time to grab a few. Thanks for the info and post.
Great post. When's the PR coming out here?
Nice grab...I would say ur right on the money...
Someday this will be a runner...I mean winner
Ticker is broken...for now
Yes, finally alil action. Nice to see!
Great. Let me know if you need some backup...lol
Going back up now Chevy, good sign. Hope all is well.
just bought in TVIX today, been on the pine here for months, hoping this recovers. GLTA here!!
My pick PSWS at $.004
Great post EB Thx for the article. I remain optimistic that this very old company will pull thru, everything thus far has pointed in this very aggressive direction to push thru bk as quickly as possible. It couldn't of happen at a better time imo too, right at the biggest consumer shopping for the holidays, not sure if this was deliberate or not but is highly positive imo that they will be able to liquidate enough inventory at the best possible price. Which in turn will allow them to recover and gain a positive cash flow quicker or like u pointed out, makes Bakers a great candidate for a takeover or JV as well.
Thx again.
I like this part too:
"We will not be liquidating the remaining part of the company. We?ll be going forward,? Edison told the Business Journal