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not sure what you are smoking there cork, but smurfitt's final xit plan called for approx 100M new shares...4.5% went to previous holders of preferred and common(2.25% each)
what i am referring to is the big jump in assets after xiting, namely (1)property,plant,equipment,(2)other assets....looking at the final quarter in bk compared to post bk is a one helluva difference considering all the downsizing and costcutting they were doing while in bk
has anyone noticed the balance sheet for smurfitt stone in the latest quarter ending june 30...look at the previous quarters for property,plant, and equipment and other assets compared to now...looks like fair market value came back into the picture upon their exit in a big way
payments for rights and assets on crown land prove value...i seriously doubt if ole joes logging co, a 3rd party is providing them with timber, fiber,and water rights, while in dip financing
something is a little screwy here in denmark
try extrapolating the figures and i see a 2 headed dragon....if this is the judicial system i have lived by for 57 years u can take it and shuv it
mountain tops are hard to come by in texas, so will have to settle for the shouting
it seems ironic that fair market value of rights and assets can be assigned in the newfoundland expropriation, but when it comes to assigning a value to all their rights and assets the sky gets gray
you might not assign a value to timber until harvested, but never the less there are abi people out there managing those acres, owned or otherwise
then you come to the water rights and the electricity produced which directly feeds the mills and possibly surrounding area
went back and reread some archive media and the original news release in the newfoundland case, and is interesting to note pattersons statement of how they need to receive fair market value for all expropriated rights and assets in the interests of their shareholders...he has to say shareholders since it wouldn't be kosher to say creditors
wood,fiber, and water...without it no company...so b4 any POR is accepted by anyone it would seem logical to get the newfoundland case resolved and find out how they want to value rights and assets....yes am shouting now
53M listed as goodwill on the balance sheet...how about converting that asset to an offering for current shareholders...lowballing tangibles and highballing intangibles...interesting accounting methods
some months back a abi pensioner posted a letter in the court dockets withdrawing his claim...thought it was interesting since it came out at the time when there was a lot of heat going on over pensions
i believe the wording is those who manage/own carry the carbon credits...am wondering if there are deals trading abi (and others) carbon credits to pony up to pension liabilities which have been a big issue, making the canadian gov a big backstop...seems logical but would be kept private for sure
wondering months back why the pension issues were kept so private
read thru company history months back these boyz filed bk in the 30's during the big D...wonder how they settled that one...was the CDS market even thought of...prob not...fuel was cheap and people were real or dead in those days...got a feeling those falutin lawyers in new york that have collected over 28M dont give a rats ass for u know who...bout time to get a timber cruiser and a climatoligist to sit down and share a bottle of jack
no value to the timberland? what would the value be of the boreal forests if it was to dissappear...sounds like the wool merchants were visiting deleware last week...absurd
possibly when the latest generation realizes you cant just sit on your butt in front of a computer and make things happen...ambition and hard work is not in the vocabulary of many
management might like to be more positve on their assets, but is being squeezed by u know who to keep a lid on it...someone wants to follow the old method in bk cases of screwing xisting shares
think about it...why would a bunch of capital management yahoos want to let a bunch of penny stock players get in on something, even if they know the assets are worth something...that would just grind their gourd to see that happen
am a little surprised people are not talking about the positve # on the consolidated statement of operations for april...i get the feeling your all looking at that balance sheet and have seen those same numbers or close to it b4...i would be looking at the grand total debtor numbers for operations instead of that balance sheet
the sec is like walking by the department store, window dressing and a ton of makeup...what they did with the goldman sachs thing proves what they are...they make it look like they are doing their job against a co that can surely afford it...horrendous
i think the true value of this co will come when the cap and trade gets going...i have been here in texas 9 years and it really amazes me how little alternative energy is used in the residential area...thats a little off topic but true
getting back to abi and recent chain of events
-the april mor was signed and dated at the end of april
-after knowing they had good numbers in april they come out w/a framework for reorg...pps killed
-then on 5-20 they submit an ugly 10Q to the sec...pps still ugly
-somebody is doing their best alright to screw xisting shareholders...IT'S VERY OBVIOUS
what side of the fence are u on there
the MOR fulfills the requirements needed by the office of the US Trustee...i have heard it said that companies in bk are only required to submit a MOR, and don't even have to file a 10Q due to the extra expense involved
in any event the debtors consolidated statement of operations for the month of april shows a profit of $449,563.00
i would say something has changed for the better compared to that miserable looking 10Q filed on 5-20
the borreal forests wil come to light...piss on bush and his oil cronies...solar...sun...wind...geothermal
go outside and look at your house....get off the gd computer...what the hell is wrong with this society
so what r u gonna do...let them value their forests holdings and controlling interests for pennies on the dollar....i cant even believe people could be so stupid
after watching bp remind us how fked up the oil bizz can be we should and most importantly be looking at the cap and trade value of this outfit...digital media is a scam people...all that crap is open to the public with no privacy...get a grip
if u let these bags scum u out of your shares for pittance its a sham...seems as of late goldman suks fired the same attorneys and all that says is what it doesnt say
trouble is here u r dealing with a bunch of paid for market makers
i would suspect shareholder lawsuits on this one...very strange way of handling this whole situation
received a phone call the day after it started trading again from some dumb ass bitch saying if u want to clear it out its trading now...as if i hadn't noticed
lots of unanswered questions here and am about ready to start my inquiries...fdic, sec, and will consult with a lawyer who may have a way to get better info
this company in what ever manner of articles of incorporation they are trying to pawn off at the current time had better start coming clean
that framework for reorg sounds a whole lot premature, given the big issues still standing
sounds like some heady lawyers trying to shove something down the throat of u know who...long way to go here
yes sir, and look who the sec picked as their latest victim, goldman sachs, who they know can afford the penalties and make them look like they are doing a job
my first reaction to that a couple weeks ago was to bust out laughing...like a couple of bedbugs fighting for space in the roachcoach motel
isn't it the same bunch of lawyers defending GS that have their hands in ABI...the gangs of new york will never die...i saw this greatest machete type tool(WEAPON) on gempers website...made me think of the BUTCHER
if the judge doesn't raise an eyebrow to the shenanigans being pulled here then it's time to man the guillotines...the french did it and so can we
that canadian $ dropping today helped abi
first 5 minutes showed this spiking down to .025 on stockcharts/realtime 1 min chart, but since 10am only shows .09
2M went off at the open...somebody got ultra cheap ones...its about time to head for the woodshed again
57M measley shares and some bright eyed idiots think they aren't worth squat...unbelievable...the IQ level of wall street and the band of lawyers behind it are really showing it today
it truly amazes me how everyone offers such useless info
did anyone bother to notice what was posted on amcore bank website last weekend and for that weekend only? no
has anyone written to the address listed where it says you may contact amcore financial directly for info as follows?
i for one will be sending out an overnite letter today
i am keeping with an original gut feeling here
amcore had stated they would be receiving a tax refund around 30M in a letter from the ceo on their old bank site weeks ago and that it along with $ received from the sale of all those branches would or could bring them up to an acceptable level of capital
it could be their earnings were worse than expected and they realized that the above would not make it so am wondering if they shifted those funds, at least the tax refund, into another subsidiary and let the amcore bank sub go...lots of guessing here but the statement on the old bank website over the weekend did say as per the fdic,"the holding company was not included in the closing of the bank or the resulting receivership"
the confusing part is what came out in the sec this am and said amfi is not a bank holding co at this time...that stands to reason, but what exactly are they
what has happened to cash and cash equivalents, other assets, the tax refund, and the $ received from those 12 branch sales??
lots of legal stuff going on here
i wouldn't be so quick to pass that judgement call...you seem to be in favor of the negative side...makes me wonder what your intentions are here
the page that opened up at amcore bank website over the weekend provided a link which stated the following...i wrote it down on paper word for word, and now the page is not there and only refers to harris bank, so this is what they said
All shares of Amcore Bank were owned by its holding company, Amcore Financial,Inc. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Amcore Financial,Inc, please do not contact or file a claim with the receiver. You may contact Amcore Financial Inc directly for information as follows.
Amcore Financial
501 Seventh St.
Rockford,IL 61110
the filing with the sec says Amcore Financial is no longer considered a bank holding company, but it doesn't say what it is considered to be. it's time for amcore financial to make a public statement as to what they are doing with their subsidiaries and what they are considered to be. may end up having to consult with a lawyer on this one...dust is still blowing around
-AMCORE FINANCIAL AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET-
so what would be happening to cash and cash equivalents which are part of any banks reserve requirement as a % of deposits...imo those funds must have been transferred from amcore bank to amcore financial which sure would bring on the fdic
cash and cash equivalents along with other assets for the 3rd Q amounted to approx 130M...other assets came in around 62M
if other assets are the subsidiaries and the bank part is no longer losing $ due to loan losses then what could the next balance sheet going to look like?
sources say!!! ya gotta love that phrase...this has to be one of the craziest stocks i have ever had
i don't pretend to be any kind of expert in these issues, but amcore bank, as a subsidiary of amcore financial, had cash reserves as a percentage of its deposits. so was harris bidding on that alone in an effort to help capitalize their new found assets? did amcore financial transfer cash reserves of the old amcore bank into another subsidiary or spread it out between them? if so then amcore financial as a holding company w/ subsidiaries should be much further ahead having dropped the capital draining problems of amcore bank. will be interesting to see how this pans out
digital media might be "friendly to the environment", but i for one still like to see things in black and white...something you can put in a paper file and refer to on your own time and comfort level
i grew up in a different age and am glad...todays children have all that digital crapola to deal with all in the name of progress, but after over 100 years we are still pumping gas in cars!!! what happened to that side of things in the name of progress?? must keep those oil barrons in the chips
sky king, gunsmoke, and bonanza...then listen to the sf giants baseball game on the radio...to each his own
next comes the choppin block and the axe...dance now able dance...never will forget those prechicken dinner rituals watching my father do the deed
on a lighter side if anyone is interested the ftd data for the 2nd half of feb showed up today on the sec website
i wasn't referring to people as in average joe investors. it's my understanding that institutions have some kind of benchmark figures in the way of pps, credit ratings,etc to follow when putting $ into companies.
am just wondering at what pps a large type investor would be looking to get in at given the balance sheet at the time
one simple solution i batted around as to share structuring:
increase the outstanding share count to 100M, giving creditors a noncontrolling 43%, but still keeping the total outstanding amount relatively low considering the size of the company
cancelling out 57M shares just to turn around and issue new ones in a greater amount doesn't make much sense...would institutions be interested at an offering under $10?
to even exit bk the balance sheet has to be turned around and then satisfy the needs of remaining creditors
nice movement in price today
where's a tokyo joe when u need em!
whoever is interested in this depression of stock price must surely be getting paid more than the commissions on the open market volume
amen cork
they probably keep chipping away...daresay i must wonder about the intent of posters on any kind of message board...regards
considering short interest came in at 197,545 on a volume of 638,292 we might have a spike on members votes...seems as though pension reform was completed behind closed doors 2 months ago...remember gerauds docket to the court?...
hey matty...strange times we live in these days...people want to move fast but not capable and or expected...so those in a position of leverage hold it against the masses...time old tradition...it will be fun and interesting to read the books which come out in the future concerning the CDS markets that took place prior the fallout in the equities markets...am sure the gov will veil the sec and the sec will protect the bd's...all in the name of proprietary trading
rape,pillage, and plundering worked for the vikings, but do 401 k's turning into 201's k's have to be the norm....how many $ do u suppose funds have made off trading your intact funds and returning them back to u with a meager 3-6% return?