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August 13 doesn’t matter to me…not selling my shares.
Just adding my real-time chat with TD into the mix….
Hello, I currently own an OTC stock, RGBP. Will I be able to continue to buy this stock after August 13, 2021 or will I only be able to sell.
Thank you.
Thank you for chatting with us. We appreciate your patience as the next available associate will be with you as soon as possible.
Good morning -- I am here to assist with your questions around these changes with over the counter (OTC) securities -- let me look further at the list to see if RGBP is included.
I am noticing RGBP will be set to close only after market close friday with the changes -- based on the list available here -- tdameritrade.com/retail-en_us/resources/pdf/TDA101550.pdf
So just to verify, I will only be able to SELL RGBP if they do not become current by end of close August 13, 2021 ?
That is correct. This is going to be a dynamic list, so if they become current we expect this daily be updated to keep on top of changes with the status of it.
I can’t PM…but thanks. ;)
Thanks for your DD Skiluc…much appreciated.
Nice find zoomboom.... big time gamble to still trade this.
It’s signed by IRNC’s Vice President/ Treasurer for goodness sake....incredible the length some people will go to prey upon others.
IronClad’s equity holders will experience a complete loss of the value of their investment due to the complete cancellation of IronClad’s Classes A and B of its Common Stock.
IronClad Encryption Corporation
Date: March 29, 2021
By:
/s/ David G. Gullickson
David G. Gullickson
Vice President, Treasurer, and
Principal Financial and Accounting Officer
It means nothing Z...he’s finally responding to my emails again because they are out of court now. There are 2 days left for the “public” IRNC...then it goes private.
On Mar 29, 2021, at 6:32 PM,
wrote:
?Hi Mr McGraw,
Do you think you will continue to develop the IcePhone with the new business?
On Mon, Mar 29, 2021 at 11:30 PM
JD McGraw
wrote:
Maybe at some time
Sent from my iPhone
Hopefully we can do that steak and lobster down the road on another stock at some time Wile.E.Coyote. ;)
Too bad it turned out this way zoomboom....see ya down the road somewhere... GLTU and everyone else... ;)
K-face....what’s up..... LMAO!!! ;)
On the effective date, IronClad will become a private company and will no longer maintain an obligation to be registered with the Securities and Exchange Commission or to list the equity interest of the reorganized Company with any securities exchange.
Same to you WooferHead. ;)
That’s my theory and I’m sticking to it... ;)
SCISIO will merge with IRNC and the business will go private.
I hear ya bud...they are going private anyway.
Then what would you think of this theory.... IRNC will merge with SCISIO and go private.
I have a new theory...I believe IRNC is the reorganized debtor and SCISIO is part of a new business approach/model. I do not think they change to SCISIO. They describe in the reorg plan SCISIO as a new business plan...not a new business entity.
I believe the SCISIO business plan is incorporated into IRNC.
What is your interpretation of this line in the confirmation filing.
“45. Specifically, the stock interests of all interest holders (shareholders) in Classes 5 and 6 under the Plan are canceled.”
Just explain what this means to you. How do you interpret this in your world.
Hey zoomboom....do you think it’s possible that IRNC would be the “reorganized debtor” and “SCISIO” is the new business approach? In other words IRNC is (the debtor) and IRNC becomes the (reorganized debtor), JD and other members remain on the IRNC board, and there is a new president running IRNC. Doesn’t change the fact existing shares will be cancelled....but IRNC remains as the reorganized debtor and doesn’t change SCIS?
Whatcha think?
Z...there is NOTHING saying existing shares will transfer to new shares. You are holding onto some hope that IRNC will drop an update or some kind of news that will transfer your existing shares.
This is a debt restructuring plan. Your shares are being cancelled....you hold class 5 shares....you have no say....IRNC implemented the “CRAMDOWN” provision.
“Cramdown Under 11 U.S.C. § 1129(b)(2)(C)
40. With respected to Classes 5 and 6, the Debtor has invoked the cramdown provisions of 11 U.S.C. § 1129(b)(2)(B) & (C). “
If you think IRNC will transfer your existing shares....then buy them up bud.
Even if IRNC remains....those existing shares are DONE...CANCELLED...to be replaced with a new class of shares.
You have to wait for news of a new ticker if that happens....I believe it will...but don’t listen to me....make your own mind up. I’m just giving you facts....not bullsh*t.
It’s funny that the 15th day is April fools day. :)
The judge gave 15 days or sooner to implement the plan. The day IRNC implements the plan is the effective date. On the effective date, existing common are cancelled.
“Class 5 consists of the Allowed existing Interests of the holders of Debtor’s issued and outstanding Classes A & B Common Stock. Treatment. Upon the Effective Date, such interests in the Debtor shall be deemed cancelled.”
Would you want to be holding shares not knowing what date IRNC will implement the plan?
Hey JS...in regards to what...the price drop?....the judges ruling on the reorg plan?
Bullet 45 is the nail in the coffin...couldn’t make it clearer...the word “shareholders“ is specifically mentioned.
I would expect some kind of PR drop from IRNC between now and April 2.
67. The Effective Date shall occur on the 15th day following entry of this Confirmation Order or as soon thereafter as is practicable.
And bullet 45 on page 12.
Read page 10 of the latest docket filing. Tells you all you need to know.
Cool...I hope you make a boatload of cash. ;)
How are you supposed to trade a Class A common stock that calls for the cancellation of its Class A common stock in its reorg plan.
C’mon Cotton45, have you read the reorg plan?
It specifically calls for the cancellation and elimination of class A common shares. It specifically states all assets from the debtor ( IRNC) reverts to the reorganized debtor (SCIS)...the only assets IRNC has is its patent portfolio....which now belongs to SCIS....so what does IRNC have left....nothing. When I read that I took my profit and didn’t look back.
If it plays out different...so be it....but my gut told me to get out.
Everything I read in the reorg plan pointed to cancellation and elimination of shares....so I took my profit and bailed....no regrets here.
Still here bud.
Haven’t gone anywhere.
Curious to see how long this trades.
No ...it has nothing to do with cancellation of shares. Hybrid Titan Management made the argument the proposed reorg plan was flimsy and full of holes, basically lacked details also argued the mediated outcome with Lerner was flawed. The judge agreed and denied approval. JD’s gonna have to come up with a more detailed plan or a different option.
The bankruptcy judge has denied the reorg plan. Hybrid Titan Management blew up the reorg plan and also blew up the IRNC/Lerner mediation for the IP (patents).
From the docket:
This matter comes before the Court on the Second Amended Combined Plan of Reorganization and Disclosure Statement (“Disclosure Statement” and “Plan”) filed by Ironclad Encryption Corporation and J.D. McGraw (the “Proponents”) [Doc 44]. Having considered the Objection to Final Approval of Disclosure and Confirmation of Plan (the “Objection”) filed by Hybrid Titan Management, LLC [Doc 51], the pleadings, evidence, arguments of counsel, and the record as a whole, the Court finds and concludes that the Proponents have failed to satisfy their burden of proof that all of the elements of 11 U.S.C. 1129 have been met.
Now therefore, it is ORDERED sustaining the Objection and denying final approval of the Disclosure Statement and denying confirmation of the Plan.
Liquidating the listed portfolio at just 13 percent (13%) produces a greater recovery than what is offered in the Plan.
Hybrid Titan Management would prefer to liquidate.
A lot of good arguments in the Hybrid Titan Management objection:
a. The Proponents have failed to provide any meaningful information regarding its Reorganized Debtor’s future business. As previously indicated, the Debtor’s business plan consists of a flimsy outline of what appears to be a new company. There are no financial projections that describe in detail the source of revenue, outside funding, operating expenses or marketing and sales plans. Further, there is no mention of the IP, how it will benefit the new business, how it will be maintained, and who will serve as the new CTO.