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ACAS is awesome, climb steady!
I already bought it about 20 minutes ago. Of course, I have over hundred shares of ACAS.
I believe ACAS is on way up because ACAS directors, vice president, etc.. already purchase ACAS.
Look at Form 4 - SEC Filing - 10K Wizard that have an information!
Netflix Us (Hearing Impaired) Down Memory Lane
Technology | Lisa A. Goldstein
Netflix Us Down Memory Lane
In the early days of closed captioning, I remember having to check each videotape for the CC symbol. Many times, I had to return the movie to the shelf because it wasn't there.
The Dark Ages are here again.
Two years ago, I wrote about Netflix's release of the Netflix Player by Roku, which streams movies over the Internet onto the TV, which of course didn't have captions or subtitles. A year ago, I reported that nothing had changed.
On April 15, however, Neil Hunt, the Chief Product Officer at Netflix, announced that Netflix enabled closed captioning for some TV episodes and movies that can be watched instantly on the PC or Mac. "Although it's a limited library of content with subtitles available - about 100 titles - we have now released the technology and we will be working to fill the library over time," Hunt wrote on the Netflix blog.
"We have similar technology working in the lab for some of our game console, Blu-ray, and DTV platforms, which will roll out in releases starting this fall, along with support for 5.1 audio," Hunt added. "It's a start, with much more to come. You can try it for yourself with most episodes of Lost Seasons 1-4."
At first, this news sounds great. Netflix is finally captioning its streaming content. But look closely. It's limited to the PC/Mac, there are only 100 titles, and apparently not everyone is happy with Lost. Check out a few of the posts on the Netflix blog:
Anonymous wrote, "I am deaf, but I ain't dumb! About 100 titles, huh? Each season of Lost has 25 episodes. Season 1 thru 4 has about 100 episodes. Do you mean to tell me that you've only subtitled/captioned one stupid show? Come on! At least when the new movies/releases are added to Netflix, please add the subtitles in. It shouldn't be that hard!"
Another person wrote, "I looked up Lost, and there's no way to tell that its streaming is captioned. It sounds to me you have to click on every item in your queue available for instant viewing and then play them to see if they're captioned. It's a step forward, but most of us don't have time to do this process. Before adding more, I'd add a searchable feature and 'cc' under the streaming details."
One family lamented the fact that the subtitles disappeared by episode 13, exacerbated by the fact that Lost is a show that is pointless to watch if the episodes are out of order.
Just like with Lost, there is no way to tell which of the 100 movies are captioned unless you click on every video to check. As many have been complaining, it's like looking for a needle in a haystack.
On the Facebook group, "Netflix Watch-Instantly Needs Closed Captions!", someone posted that they spoke with Netflix customer service, and after almost an hour, they got over 100 streaming titles that are closed captioned. The list is notably heavy with old movies, rather than new releases, which are the most popular titles being watched. "We're not second class citizens," someone posted on Facebook, "so it seems to me that Netflix should be ensuring that we have access to the titles that people are most interested in viewing now."
One Facebook post says, "You'll see posts all over the Netflix community forum and on other web sites where Netflix [lackeys] will tell you this 'inconvenience' of not subtitling its 'instant' content will be rectified by the end of 2010. What they don't realize is its not an 'inconvenience,' it's discrimination. I actually called and asked for a reduction in my monthly fee because we're unable to enjoy all of the streaming content. I was all but laughed at on the phone by the jovial representative who just spewed marketing propaganda at me about all the other great ways Netflix services me."
A comment on Netflix's blog says this is too little too late. This is just Netflix paying lip service to deaf/HOH customers. "Fact is, you've had 5 years to work on this. Five years we've been pleading for captioned streaming. And this is the best you can come up with? 100 titles? Yes, it will grow, but how long will we have to wait until all the streaming is captioned? And are these real captions or just subtitles? There's a big difference."
What's interesting, as one person points out on the blog, is that competitors are already ahead. Hulu and YouTube already have closed captions on their menus. Hulu is already in talks to add premium pay subscriptions. Netflix is closer to Apple's iTunes, which has a CC search function for movies but has a dismal collection of content.
If you have a Netflix subscription, you might want to sign a petition which mentions captioning limited titles - less than one percent of the Netflix library. Clearly, this is not a priority for Netflix.
I've been writing about this topic for three years now. With Blockbuster closing retail rental outlets left and right, there are fewer and fewer options for instant gratification. Even though Netflix released this in April, the year is almost over and people are still annoyed with them. It's not an issue that will die down. When will Netflix wise up and recognize that we're a core demographic that depends on watching movies at home because we can't always see them in the theaters?
Press Release Source: Sabine Royalty Trust On Tuesday October 5, 2010, 11:30 am EDT
DALLAS, Oct. 5 /PRNewswire-FirstCall/ -- Sabine Royalty Trust (NYSE:SBR - News), today declared a cash distribution to the holders of its units of beneficial interest of $0.32425 per unit, payable on October 29, 2010, to unit holders of record on October 15, 2010. Sabine's cash distribution history, current and prior year financial reports, a link to filings made with the Securities and Exchange Commission and more can be found on its website at http://www.sbr-sabineroyalty.com/.
Fidelity show me that UNQT stock market is 0.02 right now.
Viv.
I let you know that I have FFGO 526,420 in my Fidelity.
I hold it as long term anyway!
Notice SBR climb up steady?
Sabine Royalty Trust (NYSE: SBR), today declared a cash distribution to the holders of its units of beneficial interest of $0.28379 per unit, payable on September 29, 2010, to unit holders of record on September 15, 2010.
MINNEAPOLIS (AP) -- A $52 million legal settlement will help Minneapolis bridge collapse victims cover lost wages and pay medical bills. It won't do anything for the missed weddings, altered college plans or horrific memories from that August day three years ago.
Monday's announcement of a settlement with engineering giant URS Corp. brought mixed emotions for some of the 145 people injured and relatives of the 13 killed. They were torn between satisfaction from getting a state contractor to make financial amends and more anguish over lives grievously changed when the Interstate 35W bridge over the Mississippi River broke apart during a steamy rush hour.
It was the final chapter in their legal fight, which already has netted money from the state and a paving contractor. All told, Minnesota and two contractors will have paid out $100 million.
But the dollars and cents only go so far.
Anne Engebretsen, whose mother Sherry died in the collapse, choked back tears as she spoke of getting married a month ago without her mother there to see it.
"The past three years have been extremely difficult but we are still here," she said. "The pain of our loss may never subside."
Garrett Ebling, a 35-year-old who suffered broken bones in his face, legs and arms, said he's staring at future surgeries and doesn't want anyone to get the impression victims are receiving a windfall.
"I don't think anybody's planning on being on 'Lifestyles of the Rich and Famous,'" Ebling said. "That's not what this is about."
The settlement averts a trial next spring that could have opened URS to punitive damages. Victim attorneys had argued URS overlooked critical deficiencies that led the 40-year-old bridge to fail.
URS had argued its engineers didn't know about a design flaw in the bridge that made it vulnerable. In a statement, the company said the settlement was necessary to avoid drawn-out litigation and that it admitted no fault.
The two sides had argued in court last month over the victims' request to seek punitive damages. Hennepin County District Judge Deborah Hedlund, who had yet to rule on that request, worked with the two sides on the final terms of the settlement, including a private 13-hour session Aug. 14, the victims' attorneys said. The deal prevented disclosure of the settlement until Monday.
The terms called for $48.6 million of the settlement to go to victims, and $1.5 million to be set aside for a memorial to those who died in the collapse.
Jim Schwebel, who represented 34 people, said payouts should be completed by Oct. 1. "They finally have some closure in this monumental battle with the world's largest engineering corporation," he said.
Chris Messerly, a pro bono attorney for 103 separate victims, said individual payments would be determined by following a process the state of Minnesota used in compensating victims from a special fund set up after the collapse. He said the amounts would not be made public.
URS was the last of the major players to agree to a payout for victims. The state distributed $37 million from a special fund in exchange for an agreement that it wouldn't be sued. A paving company that had been resurfacing the bridge, Progressive Contractors Inc., reached a $10.5 million settlement last fall with about 130 victims and survivors. PCI also agreed to pay $1 million to settle the state's claims.
URS previously agreed to pay the state $5 million to settle a negligence claim.
The newest settlement doesn't end 35W-related litigation entirely. URS and the state have pending claims against Jacobs Engineering Group Inc. of Pasadena, Calif., which acquired the now-defunct firm that designed the original 35W bridge.
For the Coulters, a family of four injured in the collapse, the settlement brings welcome financial security but doesn't make them whole. Paula Coulter has had multiple surgeries and lasting back pain. Her daughter, Brianna, skipped her freshman year at a southern Minnesota college to attend a community college closer to home during the family's recovery.
"If we can give back every penny and get everything we had, it would be worth getting back," Paula Coulter said. "It still doesn't give us back what any of us have lost."
Why These Stocks Will Cripple Your Portfolio
Alexander Green
Chief Investment Strategist
Due to the stock market's recent woes, investors have been able to buy many fine companies for less money.
Yet some want to go all the way down to the cellar. "Why don't you ever recommend penny stocks?" one subscriber recently asked. "After all, it's easier for a 50-cent stock to go to $1 than for a $50 stock to go to $100."
For starters, it's not.
Over the years, dozens of studies have shown that lower priced stocks don't do better than higher priced stocks. In fact, they do considerably worse.
While it's not easy for a 50-cent stock to go to $1, history shows that going from 50 cents to zero is like falling off a log.
There are other reasons why I won't touch penny stocks with a barge pole...
Why Penny Stocks Stink
~ Long Shots: The vast majority of tiny, unprofitable companies are such ridiculous long shots, they don't even merit your attention. Most of these companies have little, if anything, in the way of profits, not to mention the first prerequisite: sales.
~ Wide Bid/Ask Spread: You could drive a cement mixer through the bid/ask spread on many penny stocks. For instance, if a stock is offered at 30 cents and bid at 24 cents, you're down 20% as soon as you get your trade confirmation. (And that's before commissions.)
~ Low Liquidity... High Risk: Penny stocks are thinly traded and easily manipulated. You may buy a penny stock and see it zip higher. But then try getting out. It's pretty disheartening to know that you can drive down the price of your stock simply by selling a couple of thousand shares at market.
And then there are the outright scammers...
Don't Fall for the "Pump-And-Dump"
Often referred to as a "pump-and-dump," a penny stock scam is when the insiders talk the stock up on one hand while bailing out like there's no tomorrow on the other.
That's usually because despite the great story (and make no mistake, the stories are always fabulous) the company's genuine business prospects are usually nil. But penny stock promoters want you to trust them and believe in the hot tip.
If you're going to evaluate a penny stock, here's how the penny pushers would like you to do it:
By recognizing the multi-billion dollar market they intend to operate in.
By considering the enormous profits they'll generate when their technology is finally commercialized.
By noting the proven reserves of the mining company operating next door.
By the preliminary results of their Phase I trials.
By any criterion you can think of except what the company is actually earning... because that figure is virtually always zero.
If you insist on discovering these lessons for yourself, if you doubt my words, or for some reason are drawn to penny stocks like a moth to a flame, at least take a few basic precautions before you invest...
Penny Stock Precautions
Start by reading the company's most recent quarterly or annual report. Then look for the following...
Does the company have sales or earnings?
What kind of debt is it carrying?
How long has the company been in business?
Who are the people behind it?
What is their track record?
What is their rap sheet?
In other words, if you're going to roll the dice, make sure it's a genuine speculation, not just a mindless crapshoot.
Also, take a look at what the insiders are doing. If the insiders - the ones who seem unable to contain their enthusiasm for the company's near-term prospects - are dumping the stock en masse, you know all you need to know.
Run.
Some will say I'm unduly pessimistic. (Penny stock promoters, especially.) And clearly, a few successful companies did start out as penny stocks.
But for every success story, there are hundreds of penny stocks whose charts bear an uncanny resemblance to the last flight of the Hindenburg.
In short, there are plenty of smart ways to invest your money. Toying with penny stocks, in my view, is one of the dumbest.
Good investing,
Alexander Green
Editor's Note: Don't be sucked into the dangerous world of penny stocks when there are far safer, more profitable ways to invest.
For example, The Oxford Club has helped generate around $19 billion for its members since 1987. And that success is thanks to recommendations grounded in first-class research and analysis, plus a straightforward, market neutral, diversified asset allocation model.
From small caps to large caps, stretching across different sectors, industries and countries, the Club's mission is simple: build profits and safeguard wealth. And its success hasn't gone unnoticed. The independent Hulbert Financial Digest has ranked The Oxford Club's Communiqué among the top five investment newsletters of the past decade. See how you can get some of that success for yourself, too.
Why These Stocks Will Cripple Your Portfolio
Alexander Green
Chief Investment Strategist
Due to the stock market's recent woes, investors have been able to buy many fine companies for less money.
Yet some want to go all the way down to the cellar. "Why don't you ever recommend penny stocks?" one subscriber recently asked. "After all, it's easier for a 50-cent stock to go to $1 than for a $50 stock to go to $100."
For starters, it's not.
Over the years, dozens of studies have shown that lower priced stocks don't do better than higher priced stocks. In fact, they do considerably worse.
While it's not easy for a 50-cent stock to go to $1, history shows that going from 50 cents to zero is like falling off a log.
There are other reasons why I won't touch penny stocks with a barge pole...
Why Penny Stocks Stink
~ Long Shots: The vast majority of tiny, unprofitable companies are such ridiculous long shots, they don't even merit your attention. Most of these companies have little, if anything, in the way of profits, not to mention the first prerequisite: sales.
~ Wide Bid/Ask Spread: You could drive a cement mixer through the bid/ask spread on many penny stocks. For instance, if a stock is offered at 30 cents and bid at 24 cents, you're down 20% as soon as you get your trade confirmation. (And that's before commissions.)
~ Low Liquidity... High Risk: Penny stocks are thinly traded and easily manipulated. You may buy a penny stock and see it zip higher. But then try getting out. It's pretty disheartening to know that you can drive down the price of your stock simply by selling a couple of thousand shares at market.
And then there are the outright scammers...
Don't Fall for the "Pump-And-Dump"
Often referred to as a "pump-and-dump," a penny stock scam is when the insiders talk the stock up on one hand while bailing out like there's no tomorrow on the other.
That's usually because despite the great story (and make no mistake, the stories are always fabulous) the company's genuine business prospects are usually nil. But penny stock promoters want you to trust them and believe in the hot tip.
If you're going to evaluate a penny stock, here's how the penny pushers would like you to do it:
By recognizing the multi-billion dollar market they intend to operate in.
By considering the enormous profits they'll generate when their technology is finally commercialized.
By noting the proven reserves of the mining company operating next door.
By the preliminary results of their Phase I trials.
By any criterion you can think of except what the company is actually earning... because that figure is virtually always zero.
If you insist on discovering these lessons for yourself, if you doubt my words, or for some reason are drawn to penny stocks like a moth to a flame, at least take a few basic precautions before you invest...
Penny Stock Precautions
Start by reading the company's most recent quarterly or annual report. Then look for the following...
Does the company have sales or earnings?
What kind of debt is it carrying?
How long has the company been in business?
Who are the people behind it?
What is their track record?
What is their rap sheet?
In other words, if you're going to roll the dice, make sure it's a genuine speculation, not just a mindless crapshoot.
Also, take a look at what the insiders are doing. If the insiders - the ones who seem unable to contain their enthusiasm for the company's near-term prospects - are dumping the stock en masse, you know all you need to know.
Run.
Some will say I'm unduly pessimistic. (Penny stock promoters, especially.) And clearly, a few successful companies did start out as penny stocks.
But for every success story, there are hundreds of penny stocks whose charts bear an uncanny resemblance to the last flight of the Hindenburg.
In short, there are plenty of smart ways to invest your money. Toying with penny stocks, in my view, is one of the dumbest.
Good investing,
Alexander Green
Editor's Note: Don't be sucked into the dangerous world of penny stocks when there are far safer, more profitable ways to invest.
For example, The Oxford Club has helped generate around $19 billion for its members since 1987. And that success is thanks to recommendations grounded in first-class research and analysis, plus a straightforward, market neutral, diversified asset allocation model.
From small caps to large caps, stretching across different sectors, industries and countries, the Club's mission is simple: build profits and safeguard wealth. And its success hasn't gone unnoticed. The independent Hulbert Financial Digest has ranked The Oxford Club's Communiqué among the top five investment newsletters of the past decade. See how you can get some of that success for yourself, too.
http://www.otcmarkets.com/stock/FFGO/quote
Look at it. let me know.
Solid Balance Sheet
KHD Humboldt (NYSE:KHD) is an engineering company to coal and cement businesses. It helps those industries with more efficient innovative design services. It's a $10 stock with about $11 in net cash per share. The cash is not as strong as it looks - most of the cash on the balance sheet is in the form of contract awards. Still, KHD has a rock solid balance sheet ready to help the company during the next cycle.
KHD changed to TTT (Terra Nova Royalty)
I use Google.com translate.
GreatWestGold.com
Japanese
??23?????????????????????? translate We introduce our western fast-food restaurant in Tokyo's 23 wards.
Have you read Form 8K about "Net Smelter Returns Royalties and its Net Profits interest"?
Wiki Answer ... Read it!
http://wiki.answers.com/Q/How_is_net_smelter_royalty_determined
http://finance.yahoo.com/news/Fortress-Financial-Group-Inc-iw-3800616904.html?x=0&.v=1
With interest rates hovering at historical lows and yields on bonds, money markets and CDs at equally as painful levels, income investors are in a quandary: where to find good distributions, while keeping a level of safety. Investors might find an answer for their portfolios in rising commodity prices.
United States Royalty Trusts, which differ from their Canadian cousins, generate dividend income from the development of natural resources such as coal, natural gas, and crude oil.
Designed to be strictly finance vehicles with no production operations, the cash flows generated are subject to the prices of the underlying commodity. Their structure requires them to pay out almost all their royalty income as unit holder distributions. The average dividend yield is in the seven to thirteen percent range. Here are a few examples.
While BP (BP) is in the dog house, its BP Prudhoe Bay Royalty Trust (BPT) is one of the largest oil fields around. The trust currently yields 9 percent.
The Mesabi Trust (MSB) is a great way to play the growth in infrastructure. The trust owns interests in various iron ore properties in the Mesabi Iron Range and yields over 14 percent.
The increased usage of natural gas as both a transportation fuel and electricity generator will benefit shareholders in the Permian Basin Royalty Trust (PBT). The units currently yield 7.3 percent.
Here is a summary of today's selected stocks that are now highly rated by Zacks:
Aggressive Growth – URS Corporation (NYSE: URS - News)
URS Corporation is trading with great valuations as estimate rise into its next quarterly report.
Zacks Guide to Aggressive Growth Investing (free!): http://at.zacks.com/?id=4309
Why NITE do highest volume all the time? IOU?
UPDATE 2-URS wins Scott Wilson as CH2M withdraws offer
Thu Jul 1, 2010 11:15am EDTStocks
* CH2M says will no longer proceed with Scott Wilson buy * Says deal not value-enhancing at current valuation (Recasts lead, adds details, updates share movement)
July 1 (Reuters) - U.S. engineering firm URS Corp (URS.N) won a bidding war for British consultancy Scott Wilson Group (SWG.L) after privately held CH2M Hill withdrew its offer.
Scott Wilson's shares were up 7.2 percent at 285.25 pence on the London Stock Exchange, while those in URS were down 3.7 percent at $37.91 on the New York Stock Exchange at 1444 GMT.
On Wednesday, URS sweetened its bid for Scott Wilson, which has contracts for London's Crossrail, to 223 million pounds ($333.1 million) in the hope of trumping a rival offer from U.S. consultancy CH2M Hill.
San Francisco-based URS raised its offer by 80 pence to 290 pence in cash for each Scott Wilson share, 18 percent higher than Colorado-based CH2M's offer of 245 pence.
Scott Wilson shares have gained about 122.5 percent from their Friday close, the last day of trade before URS and CH2M announced their offers.
The news sent shares in rival British infrastructure design consultant Hyder Consulting (HYC.L) up 13 percent on Thursday.
Reporting by Aditi Samajpati and Tresa Sherin Morera in Bangalore; Editing by Vinu Pilakkott and Saumyadeb Chakrabarty
NCR buys DVD Play to better compete with Redbox (December 11,2009)
http://articles.latimes.com/2009/dec/11/business/la-fi-ct-blockbuster11-2009dec11
I would be holding ACAS long term investment until ACAS do restructure debt.
I do support ACAS that business stay strong.
I used to notice RedBox Rent $1.00 at WalMart.
Today, I saw RedBox stand outside of 7-11 gas station.
Geez!
I am not sure one stock BNX Banks.com Inc.
Investors.com show me that has no debt.
Is it still good?
Gold Price $1255.70
Dissident shareholder added to Blockbuster board
Dissident Blockbuster Inc. shareholder Gregory Meyer has been named to the company's board of directors. Meyer has been waging a contentious battle to take the place of other directors; instead, Blockbuster's board reached an agreement Wednesday evening to be added without an election.
The news was revealed at the company's annual shareholder meeting Thursday morning.
Blockbuster executives also said they are continuing to work with lenders on a recapitalization plan, an effort they described as "ongoing."
Last week, CEO Jim Keyes told the Dallas Business Journal that Blockbuster is up for a fight. “The industry is in transition," he said, "but in change, there is opportunity.”
Read more: Dissident shareholder added to Blockbuster board - Dallas Business Journal
I went to Publix grocery this morning. Easy notice "BLUE" Blockbuster Express.
Top TV is doing advertisement movie for anyone interest to rent.
Redbox don't have TV for advertisement movie but it require replace advertisement rental every month by businessman walk in for replace it, I think. Yuck!
Blockbuster Express Koisk is really simple!
It is beautiful colorful!
Hey, it show me $1.00 per movie rental.
Let see BBI stock climb up. Just finger cross!
American Capital, whose largest shareholder is John Paulson's hedge fund with a 12.9 percent stake, said its lenders also unanimously supported its reorganization plan. Lenders backing about 49 percent worth of the company's existing $1.4 billion credit agreement elected to be repaid in cash, and the rest chose to become lenders in an amended credit agreement or receive new secured notes.
American Capital defaulted on its revolving line of credit, bonds and privately placed term notes last year as the credit quality of its loan portfolio deteriorated amid the recession. Under a restructuring deal reached with credit line lenders, American Capital will pay off the debt over four years.
I notice many BBI koisks online in pinellas county, Fla. I live in Oldsmar, Fl. I will check up in Publix grocery tonight!
I will let you know soon.
Like the OTS head that looked the other way while WAMU and Countrywide flooded the system with junk mortgages? Remember Countrywide's advertisements, "When others say No we say Yes!" Government regulators are overseen by Congress. Throw the bums out in November!"
http://community.marketwatch.com/GreenspansHell
Look NYSE chart Today, it's beautiful!
SAN FRANCISCO (MarketWatch) -- BP PLC /quotes/comstock/13*!bp/quotes/nls/bp (BP 33.53, +0.75, +2.29%) is expected to defer payment of about $2.5 billion in second-quarter dividends by placing the funds in an escrow account until the company can determine its liabilities from the Gulf of Mexico oil spill, The Times reported Friday in its online edition, citing people familiar with the situation. The newspaper said future dividends are likely to be treated in the same manner until BP is on more solid footing. BP board members are increasingly coming to a realization that such a move may be critical in placating public opinion in the United States, the newspaper said. BP is scheduled to announce a decision on their second-quarter dividend by July 27.
More U.S. lawmakers demand BP halt dividend
WASHINGTON (MarketWatch) -- BP PLC /quotes/comstock/13*!bp/quotes/nls/bp (BP 30.63, -4.05, -11.67%) should stop dividend payments to shareholders until the oil major stops the runaway well in the Gulf of Mexico and cleans up the mess from the disaster, a group of U.S. lawmakers said Wednesday. Democratic Reps. Peter Welch of Vermont and Lois Capps of California plus 41 other House members made the demand in a letter to BP's chief executive Wednesday. BP has until July 27 to decide what to do about its second-quarter dividend.
http://www.marketwatch.com/story/more-us-lawmakers-demand-bp-halt-dividend-2010-06-09
UPDATE 2-WaMu has setback on road out of Chapter 11
* Shareholders jam court to fight reorganization
* WaMu, parties to review discovery process
* Disclosure statement hearing postponed to June 17
* Case schedule becoming less clear (Adds details on case schedule, share price in final five paragraphs)
By Tom Hals
WILMINGTON, Del., June 3 (Reuters) - Washington Mutual Inc's (WAMUQ.PK) effort to exit bankruptcy encountered a setback on Thursday when the judge in the case ordered the company to talk further with shareholders about their requests for documents.
The bank holding company had sought approval of its disclosure statement, which must be cleared by a bankruptcy court before it can be sent to those voting on the reorganization.
Bankruptcy Judge Mary Walrath declined to hear arguments on the hundreds of objections to the disclosure statement. Instead, she ordered lawyers for the company to discuss requests for information by attorneys for shareholders and bondholders and report back on June 17. She also postponed discussions of the disclosure statement until that time.
Shareholders want to investigate the collapse of Washington Mutual Bank in 2008, the biggest bank failure in U.S. history and the event that pushed the holding company into bankruptcy.
They also want to know more about a settlement of lawsuits among JPMorgan Chase & Co (JPM.N), Washington Mutual Inc and the Federal Deposit Insurance Corp that is central to the bank holding company's reorganization plan.
That settlement divides disputed assets and provides about $7 billion to distribute among creditors. Shareholders would receive nothing.
Shareholders want information on what legal claims are resolved by the settlement, how those claims were valued and if those valuations are fair. They have said they think the company's assets, including its legal claims, could be worth $20 billion.
Shareholders attorney Justin Nelson, of the firm Susman Godfrey, said Washington Mutual and others had turned over very little information, despite an order by Walrath for the company to turn over what it used to value the settlement.
Nelson held up a heavily redacted 238-page document from the FDIC, which he said was the only document the government agency turned over. "It reads like a classified version of the Kennedy assassination."
Judge Walrath did not hide her frustration with attorneys for Washington Mutual, who defended their refusal to provide documents to shareholders.
"Why should I not appoint an examiner which I will direct you will give everything?" asked Walrath.
The company had arrived in court with a request to establish a discovery process that shareholders criticized as unfair and a constraint on their ability to obtain documents and question witnesses.
The U.S. trustee, a government officer who oversees bankruptcy cases, said he supported the appointment of an examiner to try to head off "miring the process in protracted litigation."
The issue is not likely to go away. Shareholders attorney Nelson seized on the judge's comments and said he would submit a new request for the court to appoint an examiner.
In addition, shareholders have appealed Walrath's rejection of their earlier request for an examiner. On Thursday, Walrath allowed their appeal to go directly to the Court of Appeals for the Third Circuit, bypassing District Court.
Part of the reason for sending the appeal to the highest court short of the Supreme Court was to provide guidance on applying law regarding examiners, Walrath said. She also indicated she is unlikely to begin a confirmation hearing until the examiner is a settled matter.
That further muddies the timing for confirming the company's reorganization.
The company just last week pushed back its proposed start of confirmation hearings to Aug. 2-4 from mid-July. Walrath asked the parties to discuss that timing as part of their talks on discovery, indicating it could slip later into the year.
Shares of Washington Mutual closed up 5 percent at 12.5 cents in pink sheet trading.
The case is In re Washington Mutual Inc, U.S. Bankruptcy Court, District of Delaware (Wilmington), No. 08-12229. (Reporting by Tom Hals; Editing by Maureen Bavdek, Steve Orlofsky and Bernard Orr)
Form 8-K for MIDWEST BANC HOLDINGS INC
--------------------------------------------------------------------------------
20-May-2010
Bankruptcy or Receivership
Item 1.03. Bankruptcy or Receivership.
On May 14, 2010, Midwest Bank and Trust Company (the "Bank"), the wholly-owned bank subsidiary of Midwest Banc Holdings, Inc. (the "Company"), was closed by the Illinois Division of Banking and placed into receivership by the Federal Deposit Insurance Corporation. The Company's ownership interest in the Bank represented substantially all of the Company's assets. As a result of the Bank's receivership, the Company no longer has an investment in the Bank. Item 2.04. Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
At May 14, 2010, the Company had $60.8 million in junior subordinated debentures owed to unconsolidated trusts that were formed to issue trust preferred securities. The Company has provided a full, irrevocable, and unconditional subordinated guarantee of the obligations of these trusts under the preferred securities. During the second quarter of 2009, the Company began deferring interest payments on its junior subordinated debentures as permitted by the terms of the debentures.
On March 31, 2010, the forbearance agreement that the Company entered into with its lender expired. The forbearance agreement provided that upon the expiration of the forbearance period, the amounts due to the lender would be immediately due and payable.
Under the terms of the various trusts, the appointment of a receiver for the Bank and/or the expiration of the forbearance period may be deemed an event of default, which would mean that the entire amount due under the various debentures (including all principal and accrued interest) would be immediately due and payable without further action on the part of the holders of the debentures.
The Company, however, does not believe that an event of default has occurred under the debentures.
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On May 17, 2010, the Company received a staff determination letter from The Nasdaq Stock Market (the "Letter") notifying the Company that its common stock and its depositary shares, each representing 1/100th of a Share of Series A Noncumulative Redeemable Convertible Preferred Stock ("Depositary Shares"), will be delisted from The Nasdaq Stock Market. Trading in the Company's common stock and Depositary Shares was halted by Nasdaq on May 17, 2010. The Letter indicated that Nasdaq was concerned about the Company's ability to demonstrate compliance with all of the requirements for continued listing on Nasdaq, as well as the residual equity interest of the Company's common and preferred stockholders. In the Letter, the Nasdaq staff specifically cited the Company's failure to comply with Listing Rule 5550(b)(1) related to minimum stockholders' equity and alternative market capitalization or net income criteria. As a result, and based on its broad discretionary authority pursuant to Listing Rule 5100, the Nasdaq staff has made a determination to delist the Company's common stock and Depositary Shares. The Company does not intend to appeal the delisting decision. Trading in the Company's common stock and Depositary Shares will be suspended on May 26, 2010. A Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's common stock and Depositary Shares from listing and registration on The Nasdaq Stock Market.
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The Letter advised the Company that the Company's common stock and Depositary Shares would not be immediately eligible to trade on the OTC Bulletin Board or in the "Pink Sheets." A copy of the Letter is filed as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01-Financial Statements and Exhibits.
(d) Exhibits
Exhibit 99.1-Letter from The Nasdaq Stock Market dated May 17, 2010.
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I think It might be stopped at 0.095 for Today.
Monday, it might be jump again.
It almost hit 0.10 cent per share!
Well, Yahoo Message, MBHI still run... I don't know MBHI Investorshub is dead or alive... Keep eye on it.