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OWVI did not really pan out YET!
OTCBBKING, I KNOW that you are a good day trader, take a look at ABK then. POS BK co but could run after the morning dip on a short cover.
Could be an easy flip for seasoned traders.
Whats next to pop SRT8?
See anything good Carl?
SMMT add it to your list
SMMT on alert this week
SMMT on breakout watch
CGFIA on BIG BOYS WATCH!
DGRI going to run on news today
Any good call options to buy, I'm looking at "c"
Its KEPI time again
or so I've read
Ambac Financial Group Inc., whose principal insurance subsidiary was taken over by regulators in Wisconsin, filed a Chapter 11 petition yesterday afternoon in New York after failing to negotiate a so-called prepackaged reorganization with the insurance commissioner and an ad hoc committee of holders of senior debt.
The petition listed liabilities on a non-consolidated basis of $1.69 billion, including $1.22 billion on six issues of senior unsecured notes and $400 million in subordinated notes. New York-based Ambac said it has a “non-binding term sheet” with the insurance commissioner to be the “basis for further negotiations with the ad-hoc committee.”
The Wisconsin insurance regulator created a so-called special account in March for about $35 billion in policies issued by Ambac Assurance Corp., the principal operating subsidiary. The policies in the segregated account are for credit default swaps, residential mortgage-backed securities, the Las Vegas Monorail, and some student loans. No claims on the policies in the special account will be paid until there is a rehabilitation of the insurance company worked out in the Wisconsin court.
Financial problems at the insurance subsidiary cut off the flow of dividends in 2007 which the parent used to pay debt. The insurance subsidiary stopped writing new business entirely in mid-2008.
To protect the ability of the reorganized company to utilize $7.5 billion in tax loss carry-forwards, Ambac said it will file papers in bankruptcy court asking the judge to prevent the purchase or sale of large blocks of stock. Large transfers of stock can result in a so-called change of control that limits the ability to use tax losses in the future.
The term sheet with the insurance commissioner calls for Ambac to retain ownership of the insurance company. There is to be no rehabilitation of the remainder of the insurance company. Ambac is to have use of not less than $2.5 billion of the tax losses while the insurance company can use up to $3.5 billion.
Ambac explained in a court filing how it was required to file precipitously in Chapter 11 to prevent the Internal Revenue Service from making a levy on its assets and those of the insurance company, evidently as the result of disagreement over prior tax refunds that were paid.
The Chapter 11 case is being structured to prevent the need for rehabilitation of the remainder of the insurance company and thus avoid $3 billion in claims from the termination of credit- default swaps on collateralized loan obligations.
Apparently as a consequence of the dispute with the IRS, Ambac said it will ask the bankruptcy judge to rule that it has no tax liability for the years 2003 through 2008. It also wants a ruling that it’s entitled to retain all tax refunds for the same years.
Ambac said that the Wisconsin insurance commissioner proposed a rehabilitation plan for the special account where holders of allowed claims will be paid 25 percent in cash and 75 percent in notes. The plan is up for approval in the Wisconsin court Nov. 15 to Nov. 19.
Ambac didn’t make the payment due Nov. 1 on 7.5 percent debentures due 2023.
The case was assigned to U.S. Bankruptcy Judge Shelley C. Chapman, the newest of the bankruptcy judges in Manhattan.
For other Bloomberg coverage, click here.
Bank of New York Mellon is indenture trustee for all the note issues. Ambac previously said liquidity would be sufficient until the second quarter of 2011 although it might elect not to pay debt sooner.
The case is In re Ambac Financial Group Inc., 10-15973, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
Updates
Blockbuster Committee to Investigate Lien Validity
The creditors’ committee for Blockbuster Inc., the movie rental chain, has a late-December deadline for filing suit if it finds defects in the claims of secured lenders. To enable an investigation, the committee arranged a Nov. 24 hearing where it will ask the bankruptcy judge in Delaware to authorize the use of subpoenas to evaluate the validity of secured claims.
The committee, in its Nov. 4 motion, also said it intends to investigate the so-called plan-support agreement negotiated before the Chapter 11 filing in late September. The committee describes the plan as giving unsecured creditors a “de minimis return.”
Before the Chapter 11 filing on Sept. 23, Blockbuster negotiated a reorganization plan with holders of 80 percent of the senior notes. The plan would give the new stock to holders of the $630 million in 11.75 percent senior-secured notes. General unsecured creditors would have warrants for 3 percent of the stock. Holders of the $300 million in 9 percent subordinated notes are not to receive anything.
Dallas-based Blockbuster has 5,600 stores, including 3,300 in the U.S., with the remainder abroad. Among the U.S. stores, 3,000 are owned and the rest are franchised.
The petition listed assets of $1.017 billion against debt of $1.465 billion. Blockbuster estimated it owes $57 million in accounts payable in addition to the secured and subordinated notes.
The case is In re Blockbuster Inc., 10-14997, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
Connector Toll Road May be Near Settlement with State
Connector 2000 Association Inc., the not-for-profit owner of a 16-mile toll road in South Carolina, is evidently near settlement with its principal adversary, the South Carolina Transportation Department.
After the toll road filed for reorganization in June, the department submitted papers contending the organization isn’t a municipality and is ineligible for Chapter 9, which is exclusively for the reorganization of municipalities. The dispute was scheduled for trial on Dec. 6 until the bankruptcy judge called a halt to trial preparation on Nov. 5.
The judge said there are settlement negotiations pointing toward a “consensual plan of reorganization.”
The toll road filed a proposed Chapter 9 plan in October to deal with $224 million in senior bonds and $88 million in subordinated bonds. There is another $20 million in other liabilities, according to the disclosure statement.
The plan called for giving the senior bondholders about $202 million in Tier 1 and Tier 2 bonds. The subordinated debt holders, if they were to vote for the plan, would receive $4.2 million in Tier 3 bonds.
The disclosure statement says that the Tier 1 bonds will consume 83.5 percent of projected net revenue.
Connector 2000 is a public benefit corporation under South Carolina law. A court filing said toll revenues from the outset trailed projections and were insufficient to service $316 million in tax-exempt bonds.
The case is In re Connector 2000 Association Inc., 10-04467, U.S. Bankruptcy Court, District of South Carolina (Spartanburg).
WaMu Objects to Derivative Claims of Bank Bondholders
Washington Mutual Inc., the bank holding company, has no liability on fraud claims to individual holders of bonds issued by the failed bank subsidiary, the parent will argue to the bankruptcy judge at a Nov. 23 hearing.
Holders of bonds issued by the bank subsidiary filed a proof of claim against the parent, contending that the holding company made fraudulent representations that caused them to buy bonds issued by the bank. The holding company responded by filing papers in October contending that only the Federal Deposit Insurance Corp. has the right to file a claim based on the misrepresentations.
The FDIC agrees with WaMu’s theory and goes on to say that it will compromise the claims as part of the global settlement that underlies the holding company’s Chapter 11 plan.
WaMu and the FDIC both contend that the bondholders’ claims are so-called derivative claims that can be pursued only by the receiver for the failed bank subsidiary. The bondholders believe they are direct claims they are entitled to assert on their own.
The examiner for WaMu said in his report last week that the proposed settlement with the FDIC and JPMorgan Chase & Co. “reasonably resolves contentious issues.” The bankruptcy judge approved WaMu’s disclosure statement on Oct. 21. The voting deadline is Nov. 15. The confirmation hearing for approval of the plan is set for Dec. 1 through Dec. 3.
For a discussion of changes WaMu made to its plan in October, click here for the Oct. 7 Bloomberg bankruptcy report. WaMu’s revised plan is designed to distribute more than $7 billion to creditors. To read about the settlement before it was modified, click here for the May 24 Bloomberg bankruptcy report. Click here to read the May 18 Bloomberg bankruptcy report for a summary of WaMu’s plan.
The WaMu holding company filed under Chapter 11 in September 2008, one day after the bank subsidiary was taken over. The bank, which had been the sixth-largest depository and credit-card issuer in the U.S., was the largest bank failure in the country’s history. The holding company filed formal lists of assets and debt showing property with a total value of $4.49 billion against liabilities of $7.83 billion.
The holding company Chapter 11 case is In re Washington Mutual Inc., 08-12229, U.S. Bankruptcy Court, District of Delaware (Wilmington).
Mexicana Airlines Receives Chapter 15 Recognition
Compania Mexicana de Aviacion SA de CV, the Mexican airline known as Mexicana, won recognition under Chapter 15 yesterday from the U.S. Bankruptcy Court in New York that proceedings in Mexico are the “foreign main proceeding.”
With exceptions carved out by the bankruptcy judge, recognition means that the Mexican court has the primary authority to reorganize the airline. For the most part, U.S. creditors must assert their claim in Mexico and receive distributions under Mexican law.
The order signed yesterday by U.S. Bankruptcy Judge Martin Glenn lays out ground rules allowing aircraft owners to repossess aircraft and engines. Likewise, airport authorities are free to terminate leases with Mexicana and stop providing services if Mexicana doesn’t pay debts arising after bankruptcy. If an airport decides to continue doing business, yesterday’s order requires Mexicana to pay within seven days.
Similarly, specified suppliers are not required to continue providing goods and services unless the airline pays for everything delivered after bankruptcy and pays in the future within seven days.
Mexicana says it will perform in full under interline agreements and clearing house agreements with the air transport association. For other Bloomberg coverage, click here.
The airline filed the Chapter 15 petition on Aug. 2 and simultaneously began a reorganization in Mexico called a concurso mercantile. Until compromises were reached, aircraft owners and airport authorities were in opposition to recognition under Chapter 15.
Although Mexicana stopped flying on Aug. 28, the airline’s new owners hope to resume flights.
The U.S. case is Compania Mexicana De Aviacion SA de CV, 10-14182, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
Plan for Las Vegas Strip Owner Confirmed Yesterday
FX Luxury Las Vegas I LLC, the owner of 17.7 acres on the Las Vegas Strip, has a Chapter 11 plan that the bankruptcy judge said yesterday he will approve by signing a confirmation order. The plan resulted from a compromise between first- and second- lien lenders.
There were no votes against the plan. The judge gave permission for the plan to become effective immediately.
The compromise was reached after U.S. Bankruptcy Judge Bruce A. Markell in Las Vegas granted a request by second-lien creditors and took away the current owners’ exclusive right to propose a plan that would have given ownership to the senior lenders.
Rather than ownership, the plan gives a new first-lien note for $188 million to the first-lien lenders in return for their $271 million in claims. They also will receive a junior note for $71 million plus $7.5 million in accrued interest. Both notes will mature in six years with options for three one-year extensions.
Ownership goes to second-lien lenders owed $233 million. They receive the new equity along with junior lenders providing $7.5 million in equity.
FX filed under Chapter 11 in April with a plan that would have given ownership to first-lien creditors absent a cash bid of at least $256 million. FX later abandoned the plan that would have given nothing to the second-lien creditors and unsecured creditors. For details on FX’s abandoned plan and negotiations that preceded the Chapter 11 filing, click here to see the April 22 Bloomberg bankruptcy report.
FX intended to develop the property into a hotel, casino and other businesses until the financial markets collapsed and the Las Vegas gaming market declined. After default on the first mortgage, a receiver was appointed in June 2009.
The petition listed assets of $140 million against debt totaling $493 million.
The case is In re FX Luxury Las Vegas I LLC, 10-17015, U.S. Bankruptcy Court, District of Nevada (Las Vegas).
Point Blank Equity Committee Says Has Rival Plan
The official shareholders’ committee for Point Blank Solutions Inc. says the stockholders have worked out a “fully funded plan of reorganization” that will serve creditors better than a sale of the business.
The shareholders for the manufacturer of soft body armor for the military and law enforcement said in a Nov. 5 court filing that it also has a “fully funded alternative financing facility” to take over if existing lenders don’t extend their loan beyond the year’s end.
The equity committee is therefore opposing an amendment to the loan agreement which would require selling the business on a fast track. The equity committee didn’t provide details on its plan or financing.
Point Blank has a plant and head office in Pompano Beach, Florida, and a second plant in Jacksboro, Tennessee. Revenue in 2009 exceeded $153 million.
The Chapter 11 petition in April listed assets of $64 million against debt totaling $68.5 million. Debt included a $10.5 million secured loan paid off by financing for the Chapter 11 case. Point Blank said it also owes $28.2 million to trade suppliers.
The case is In re Point Blank Solutions Inc., 10-11255, U.S. Bankruptcy Court, District of Delaware (Wilmington).
Trico Shipping Misses Payment, Signs Up Forbearance
Trico Marine Services Inc., a provider of support vessels for the offshore oil and gas industry, announced in a regulatory filing yesterday that the Nov. 1 interest payment won’t be made on the 11.875 percent senior secured notes due 2014 issued by Trico Shipping AS. Trico also violated covenants related to liquidity and minimum cash flow, the filing said.
Noteholders agreed on a forbearance agreement good until Nov. 19. Trico also said it won’t be filing financial statements that would be due today.
Trico announced at the end of October that it had an agreement in principle to give all the equity of Trico Supply AS to holders of the 11.875 percent senior secured notes. The agreement was made with holders of 83 percent of the notes.
Two funds affiliated with Arrowgrass Capital Partners alleged that Trico made a “substantial amount” of fraudulent transfers to subsidiaries in the Trico Supply Group, which operates mostly in Norway. The Supply Group subsidiaries aren’t in Chapter 11.
The Chapter 11 filing in August was the second by Woodlands, Texas-based Trico. It completed a so-called prepackaged reorganization in early 2005 by exchanging $250 million in debt for equity. Shareholders received warrants.
Other than a Cayman Islands holding company, none of the foreign subsidiaries are in bankruptcy this time. The consolidated balance sheet for June listed assets of $904 million against liabilities totaling $1.027 billion. The bankruptcy petition listed liabilities of $354 million for Trico Marine.
Liabilities include $202.8 million on secured convertible debentures and $150 million owing on unsecured convertible debentures. Non-bankrupt Trico Shipping owes $400 million on the 11.875 percent senior secured notes.
The case is In re Trico Marine Services Inc., 10-12653, U.S. Bankruptcy Court, District of Delaware (Wilmington).
Centaur Committee Given Approval to Test Lenders’ Liens
The creditors’ committee for casino and racetrack operator Centaur LLC was given authority by the bankruptcy judge last week to sue lenders for what the panel believes are defects in the security interests on $192 million in collateral claimed by the first- and second-lien lenders.
The committee also believes that guarantees of secured debt given by subsidiaries are fraudulent transfers that may be voided in bankruptcy.
Although the bankruptcy judge is allowing the committee to sue, the panel’s lawyers can be paid only from lawsuit recoveries, if any.
U.S. Bankruptcy Judge Kevin J. Carey turned down the committee’s request to have the exclusive right to settle. The committee’s motion for authority to sue was filed in July.
Centaur has a confirmation hearing scheduled on Dec. 13 for approval of a Chapter 11 plan.
Centaur LLC and 12 affiliates filed Chapter 11 petitions in March. Affiliates Centaur PA Land LP and Valley View Downs LP filed for bankruptcy reorganization in October 2009 to keep a project alive in Pennsylvania. All the companies are subsidiaries of closely owned Centaur Inc., which isn’t in bankruptcy.
The March filings listed assets of $584 million and debt of $681 million. The newer cases resulted from the failure to make payments due in October 2009 on a $382.5 million first-lien debt and a $192 million second-lien credit. The companies have horse racing and gambling facilities in five markets in Indiana and Colorado.
The companies own Hoosier Park, a casino and horse racetrack, in Anderson, Indiana, along with three offtrack betting parlors in Indiana. Fortune Valley Hotel & Casino in Central City, Colorado, was sold. The companies generated revenue of $277.5 million in 2009.
The newer case is Centaur LLC, 10-10799, and the first case was In re Centaur PA Land LP, 09-13760, U.S. Bankruptcy Court, District of Delaware (Wilmington).
New Filing
Tivoli Tenside in Atlanta Files to Stop Foreclosure
Ten Side Holdings LLC, the owner of a residential and commercial development on Northside Drive in Atlanta, filed a Chapter 11 petition on Nov. 3 to stop the holder of the first mortgage from having a receiver appointed.
The mortgage was purchased in October by Waterton Tenside H.H. LLC, court papers say. There is $45.8 million owing on what originally was a construction loan.
The project has a $10.8 million mezzanine loan owned by an affiliate of Archstone-Smith Trust, a real estate investment trust where Lehman Brothers Holdings Inc. is part owner.
The property has 336 residential units and 38,600 square- feet of retail space. The residential development is known as Tivoli Tenside.
Before the mortgage was sold, a group of insiders and third-party investors were negotiating to buy the debt and make a payment on the mezzanine loan in return for release of the junior lien, according to court papers.
The case is In re Ten Side Holdings LLC, 10-93402, U.S. Bankruptcy Court, Northern District of Georgia (Atlanta).
Daily Podcast
Distressed Exchanges, Tamarack, Gulfstream, Equity: Audio
Distressed exchanges yield greater recoveries than prepacks, lenders aim to take back Tamarack Resort LLC, feeder airline Gulfstream International Group Inc. to reorganize, and equity saves an injured worker’s ability to sue are covered in the bankruptcy podcast on the Bloomberg terminal and Bloomberglaw.com. To listen, click here.
Briefly Noted
MGM to Keep Exit-Loan Fees Confidential
Metro-Goldwyn-Mayer Inc. is seeking permission from the bankruptcy judge not to disclose the fees it will pay for $500 million in financing to become effective on emergence from Chapter 11. To read Bloomberg coverage, click here.
MGM is hoping to secure court approval of the prepackaged plan at a Dec. 2 confirmation hearing. The plan exchanges $4.89 billion of debt under a credit agreement for most of the equity. The plan pays general unsecured claims in full while existing stockholders receive nothing.
MGM’s assets include a library with 4,100 feature films and 10,800 television episodes. The assets at Sept. 30 were $2.67 billion with total liabilities listed for $5.77 billion, without adjustments required by generally accepted accounting principles. MGM owns 62.5 percent of United Artists Entertainment LLC, which isn’t in bankruptcy.
Los Angeles-based MGM was acquired in April 2005 in a $4.8 billion transaction by a group including Credit Suisse Group AG, Providence Equity Partners Inc., Sony Corp. and TPG Capital.
The case is In re Metro-Goldwyn-Mayer Studios Inc., 10-15774, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
Advance Sheets
U.S. Courts Don’t Collect Foreign Country’s Taxes
Courts of the U.S. can’t be used by another country to collect their taxes, U.S. Bankruptcy Judge Robert F. Gerber ruled on Nov. 5 in the aftermath of the confirmed Chapter 11 plan of BearingPoint Inc.
The government of Indonesia filed proofs of claim based on about $4 million in taxes that weren’t paid by a BearingPoint subsidiary in Indonesia. Although Gerber assumed that the BearingPoint parent company was liable for taxes owing by the non-bankrupt Indonesian subsidiary, he denied the claims based on what he called the “longstanding common law doctrine know as the Revenue Rule.
Gerber said that ‘‘it has long been a general rule that one sovereignty may not maintain an action in the courts of another state for the collection of a tax claim.’’
Gerber said that Indonesia’s ‘‘eloquent pleas for fairness’’ can’t overcome a rule of common law establish by the U.S. Supreme Court.
To read the opinion, click here. The case is In re BearingPoint Inc., 09-10691, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Bill Rochelle in New York at wrochelle@bloomberg.net.
To contact the editor responsible for this story: David E. Rovella at drovella@bloomberg.net.
WAMUQ another BK mess. Examiner tells shareholders to F-OFF!!
Really wamuq examiner?
The gov't screwed investors BIG TIME in this WAMUQ fiasco.
Key Part from DGRI pr: "Our strategy to acquire projects that can be quickly put into production is very timely for today's economic environment," stated Daniel Hollis, CEO. "Our strategy continues to seek leverage points to advance current projects while continuing to actively evaluate new opportunities."
Whats up with Min-a-mar NWTT lately?
See "C" ? Making its run now. If it breaks and holds $5 for a week then you will see big funds coming in as pension funds are able to buy stocks only $5 and above.
I read the samething re: ELTK from YMB
Run "chaser" run LOL . ICTY and PFOB good luck on those, I'm not really familiar with them.
ELTK I read is supposed to double after the guys are done on RITT
After trip 1 it should run again and be one of those multi runners lotto plays .. that is CNEX i mean
What are you running these days?
DGRI big runner today
SPFM next runner? ITs been so dead for so long.
I'll be back in it at trip 1 HOMIE!
ABK daytrade this BK POS today, shorts need to cover it will be volitile
CNEX .0001 coming?
Whats up with your CNEX smitter?
Looking for a DGRI nickel today pizzamanski
Big DGRI news out: Dutch Gold Comments on Share Price Activity
Monday November 8, 10:38 pm ET
Company Updates Strategy on Basin Gulch and Jungo Properties and Discusses Market Outlook for Gold
ATLANTA, GA--(Marketwire - 11/08/10) - Dutch Gold Resources, Inc. (Pinksheets:DGRI - News) (the "Company") (http://dutchgold.com) today announced that its management is not aware of any material undisclosed information or corporate developments that would account for the recent price volatility.
ADVERTISEMENT
"Our strategy to acquire projects that can be quickly put into production is very timely for today's economic environment," stated Daniel Hollis, CEO. "Our strategy continues to seek leverage points to advance current projects while continuing to actively evaluate new opportunities." According to a Reuters survey released Friday, gold's record-breaking climb should continue for at least six months, corresponding to the planned duration of the Federal Reserve's monetary stimulus.
Two out of three respondents see gold prices topping out between $1,400 and $1,500 an ounce on an interim basis, with most analysts surveyed expecting prices to peak during the first or second quarter of next year.
Additionally, Rauno Perttu, COO, pointed out that the mergers and acquisition activity is heating up in the junior gold miner sector. "Subsequent to our trenching program at the Jungo project, we have acquired additional drilling results for the Jungo property. We expect to report the findings in the near future," said Mr. Perttu. Under the direction of Mr. Perttu, the Company is advancing its Basin Gulch project in Montana. Each project is positioned for rapid growth, while having the potential of being an attractive target for a joint venture in 2011.
"When we reported on the Basin Gulch resource earlier this year, Dutch Gold management believed that the market would find the size of the deposit to be of interest. With gold hovering near $1,400 per ounce, the project is attracting attention from large and small investors alike. Our expectation is that we can begin to unlock the value in Basin Gulch early in 2011, and that the components to grow the project may be available in the near future," observed Mr. Hollis. A copy of the Basin Gulch report can be found on the Company website.
About Dutch Gold Resources:
Dutch Gold Resources, Inc. is engaged in the production and development of gold reserves in North America. The company's strategy is to focus on overlooked resources that can be quickly and cost-efficiently brought into production, and to seek out potentially significant exploration targets in high value geographies. The Basin Gulch project Montana, the Jungo property outside Winnemucca, Nevada, and the Gold Bug Mine in Oregon comprise the Company's current portfolio. The Dutch Gold management team is composed of seasoned professionals with decades of experience in geology, and in mergers and acquisitions, as well as corporate finance.
Forward-Looking Statements
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Dutch Gold Resources, Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
Contact:
For further information, please see www.DutchGold.com or please contact
Dan Hollis
CEO
or
Steve Keaveney
CFO
Dutch Gold Resources, Inc.
(404) 419-2440
DGRI news Dutch Gold Comments on Share Price Activity
Monday November 8, 10:38 pm ET
Company Updates Strategy on Basin Gulch and Jungo Properties and Discusses Market Outlook for Gold
ATLANTA, GA--(Marketwire - 11/08/10) - Dutch Gold Resources, Inc. (Pinksheets:DGRI - News) (the "Company") (http://dutchgold.com) today announced that its management is not aware of any material undisclosed information or corporate developments that would account for the recent price volatility.
ADVERTISEMENT
"Our strategy to acquire projects that can be quickly put into production is very timely for today's economic environment," stated Daniel Hollis, CEO. "Our strategy continues to seek leverage points to advance current projects while continuing to actively evaluate new opportunities." According to a Reuters survey released Friday, gold's record-breaking climb should continue for at least six months, corresponding to the planned duration of the Federal Reserve's monetary stimulus.
Two out of three respondents see gold prices topping out between $1,400 and $1,500 an ounce on an interim basis, with most analysts surveyed expecting prices to peak during the first or second quarter of next year.
Additionally, Rauno Perttu, COO, pointed out that the mergers and acquisition activity is heating up in the junior gold miner sector. "Subsequent to our trenching program at the Jungo project, we have acquired additional drilling results for the Jungo property. We expect to report the findings in the near future," said Mr. Perttu. Under the direction of Mr. Perttu, the Company is advancing its Basin Gulch project in Montana. Each project is positioned for rapid growth, while having the potential of being an attractive target for a joint venture in 2011.
"When we reported on the Basin Gulch resource earlier this year, Dutch Gold management believed that the market would find the size of the deposit to be of interest. With gold hovering near $1,400 per ounce, the project is attracting attention from large and small investors alike. Our expectation is that we can begin to unlock the value in Basin Gulch early in 2011, and that the components to grow the project may be available in the near future," observed Mr. Hollis. A copy of the Basin Gulch report can be found on the Company website.
About Dutch Gold Resources:
Dutch Gold Resources, Inc. is engaged in the production and development of gold reserves in North America. The company's strategy is to focus on overlooked resources that can be quickly and cost-efficiently brought into production, and to seek out potentially significant exploration targets in high value geographies. The Basin Gulch project Montana, the Jungo property outside Winnemucca, Nevada, and the Gold Bug Mine in Oregon comprise the Company's current portfolio. The Dutch Gold management team is composed of seasoned professionals with decades of experience in geology, and in mergers and acquisitions, as well as corporate finance.
Forward-Looking Statements
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Dutch Gold Resources, Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
Contact:
For further information, please see www.DutchGold.com or please contact
Dan Hollis
CEO
or
Steve Keaveney
CFO
Dutch Gold Resources, Inc.
(404) 419-2440
SMPP ? oversold ya say man? ok i'll watch it
SPPH interesting news: Spencer Pharmaceutical Receives Unsolicited All-Cash Offer
Thursday November 4, 11:19 am ET
BOSTON, MA--(Marketwire - 11/04/10) - Spencer Pharmaceutical Inc. (Pinksheets:SPPH - News) announced today that it has received an all-cash offer from a private equity firm.
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According to the company, a private equity firm has provided the board of directors with an all-cash offer to acquire any and all shares of the company. The board of directors has agreed to keep the offer confidential until an investment bank can be mandated to review the offer, conduct an appropriate due-diligence and recommend a course of action.
"We are surprised to be receiving an all-cash offer at this stage, and in order to keep our shareholders informed , we have opted to announce the receipt of the offer yet until we can have an independent review of the offer we will remain quiet as to his details," said Dr. Arella, President of Spencer Pharmaceutical Inc. "We don't want to alarm our shareholders and or put false hopes that a transaction is imminent so all we can do at this time is continue with the development of our licensing program and further development of our technology and business model to create sustainable shareholder value," further added Dr. Arella.
The final terms and conditions of the transaction will be determined in a definitive agreement. No assurances can be provided that a definitive agreement will be executed. Execution of a definitive agreement is subject to, among other things, confirming due diligence by Spencer, and other conditions and approvals by both companies' management, board of directors and shareholders, as appropriate.
About Spencer Pharmaceutical Inc.
Spencer Pharmaceutical Inc. is a US-based Pharmaceutical Research and Development Corporation, which is developing innovative drug release and absorption systems for the treatment of metabolic diseases such as diabetes and metabolic syndrome.
Important Information About Forward-Looking Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above. In addition, such statements could be affected by risks and uncertainties related to the exploration for and development of mineralized material, product demand, market and customer acceptance, competition, pricing and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on the Company's website does not constitute a part of this release.
Contact:
Contact:
Dr. Max Arella
President
Spencer Pharmaceutical Inc.
Tel. 1+(617) 973-5017
Source: Spencer Pharmaceutical, Inc.
Who is HUMMELL?
EWRC last pr: eWorld Companies, Inc. Announces Winners, Judges and Upcoming Streaming of Los Angeles Most Beautiful Latina Pageant
Tuesday September 7, 8:30 am ET
LOS ANGELES, CA--(Marketwire - 09/07/10) - eWorld Companies, Inc. (Pinksheets:EWRC - News) has announced the winners and judges of the Los Angeles regional heat of the 2010 International "Search for the Most Beautiful Latina in the World" pageant held at the world famous SIR Studios in Hollywood on August 26, 2010. The Los Angeles Pageant was a sold out red carpet gala event filled with music, dancing, native costumes, high-powered judges, Hollywood celebrities and guests. The entire event, including the pre- and post-party activities, was filmed and is being edited for online broadcasting via eWorld's Boomerang Media Station™. eWorld will also film and broadcast the Palm Springs and Las Vegas events, and specific information will be released as each of these is ready for viewing. Meanwhile, interested parties may get more information about the Pageant and download the Free Boomerang viewer at www.latinabeautypageant.com.
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The Los Angeles event is one of two Pageant heats that are staged for Latina contestants living in the USA, with an eligibility requirement for contestants that at least one of their parents must have been born in a Latin country. The second USA heat will take place at Spotlight 29 Casino in Palm Springs, CA on September 10-11. Judges for the Los Angeles event included TV Star and Hollywood promoter Eric "EZ" Zuley, Michael Becker (whose company Imprint is producer of the "Twilight" movie series), producer Michael Berk ("Baywatch"), actors Said Faraj ("Green Zone") and Steven Bauer ("Scarface"), actress and model Myste Wilkerson ("Myste Buzzed on Paradise"), pop music sensation and social activist Prince Ali, international financier Fernando Serrano, and Phil Jones, CEO of The Presidential Inner Circle. This event was produced by eWorld Companies, Inc. (www.eworldcompanies.com), Momentum Entertainment (www.mesntv.com) and the Pageant's creator Player XT (www.playerxt.com). The show was directed by Grammy-winning director Tom Trbovich ("We Are the World"), and music direction was by Billboard Award-winning producer Drew Lane ("High School Musical," "Hanna Montana"), who also provided a lineup of amazing and talented performers for the evening's entertainment.
The overall winner of the Los Angeles heat of the 2010 "Search for the Most Beautiful Latina in the World" is Ms. Jessica Vargas, and her court of runners-up includes Briawna Dryden, Denisse Gonzalez, Mabelynn Guiteriz, Jean Morillo, and Karina Vedia. All six of these lovely ladies plus the winners of the upcoming Palm Springs heat will compete in the International Pageant Finals on October 8-10 at the Palms Hotel and Casino in Las Vegas, along with winners of previous heats held in Mexico, Panama, Costa Rica, Nicaragua, Peru, Brazil, Puerto Rico, Guatemala, Colombia and Ecuador.
ABOUT EWORLD COMPANIES, INC.
eWorld Companies, Inc. markets and distributes cutting edge Internet technologies through its International network of Affiliates, users and strategic partners. eWorld's patent-pending Boomerang Media Station™ is a free Internet application that features exclusive and third-party movies, music videos, webcasts and other streaming video content delivered via its unique state-of-the-art broadcast quality video player. For further information or to download the free Boomerang Media Station™ visit www.eworldcompanies.com.
Safe Harbor Statement: This release contains forward-looking statements with respect to the results of operations and business of eWorld Companies, Inc., which involves risks and uncertainties. The Company's actual future results could materially differ from those discussed. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the "Safe Harbors" provision of the Private Securities Litigation Reform Act of 1995.
Contact:
Contact:
Henning Morales
CEO
(310) 471-7674
Source: eWorld Companies, Inc.
SMMT on watch today ;)
ABK: Bond insurer Ambac files for bankruptcy
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Stocks
AMBAC FINANCIAL GROUP, INC.
ABK.N
$0.52
+0.02+3.75%
12:00am EST
MBIA Inc.
MBI.N
$12.10
-0.24-1.94%
12:00am EST
Assured Guaranty Ltd.
AGO.N
$19.69
-0.32-1.60%
12:00am EST
Mon Nov 8, 2010 8:08pm EST
* Files for bankruptcy with $1.68 billion in liabilities
* Company had been in talks with bondholders
* Shares down 63 percent at 19.5 cents after hours (Adds bankruptcy details, background; updates share price)
By Tom Hals
WILMINGTON, Del., Nov 8 (Reuters) - Ambac Financial Group Inc (ABK.N), which was the second-largest U.S. bond insurer before suffering huge losses on risky mortgages, filed for Chapter 11 bankruptcy on Monday.
The filing cements Ambac's decline from a company that once guaranteed payments on more than $550 billion of debt, and helped state and local governments nationwide lower their borrowing costs.
Ambac had warned last week a bankruptcy filing was possible by year-end if it failed to agree with bondholders on a plan to restructure $1.62 billion of debt.
Still, the speed of the filing took some investors by surprise. Ambac shares plummeted 63 percent to 19.5 cents in extended trading, after closing up 1.9 cents at 52 cents on the New York Stock Exchange.
In a statement, Ambac said it was unable to raise needed capital and failed to agree with senior bondholders on a plan to conduct a "prepackaged" bankruptcy, which would have allowed for a speedy restructuring.
The New York-based company said it agreed to a nonbinding term sheet to serve as a basis for further talks. "That may allow the company to emerge from bankruptcy more expeditiously," Ambac said in a statement.
HOUSING BUBBLE, RATING DOWNGRADE
Ambac's downfall stems from its decision to chase higher profits by expanding beyond stodgy municipal bond insurance, and guaranteeing racier securities such as collateralized debt obligations crafted out of repackaged home loans.
That move backfired when the U.S. housing market went from bubble to bust.
Ambac essentially stopped writing new business in 2008 after major credit agencies took away its "triple-A" credit rating. At the same time, claims began pouring in from the insurance it had written on the riskier financial products.
Larger rival MBIA Inc (MBI.N) also lost its triple-A rating in 2008. Assured Guaranty Ltd (AGO.N), backed by billionaire investor Wilbur Ross, is effectively the last insurer still writing new municipal bond business.
According to its petition filed with the U.S. bankruptcy court in Manhattan, Ambac listed assets at negative $394.5 million, the most significant of which is a $7 billion net operating loss and associated tax benefits.
SMMT should be a good pump play this week also. I just got the tip.
Good day all.
Tuesday Pumps: SMMT , APRM
Major promo on DGRI pushing up to highs. Stay tuned peeps its only a matter of time before she runs ruckus on the pennyworld.