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If you check out the SEC site, there is a hedge fund that has been building a position over the last 6 months - it's long odds but not a dry hole.
If TPI is successful, which is always a long shot for a cancer treatment, it would probably be 5 digit appreciation - mostly on the back of having 16 million shares out and full rights to an FDA approved drug for markets outside of N. America and Japan. That at a minimum is probably 3 to 4 years out though, given that the Phase II trials are still recruiting.
I like the long odds obscure plays - so long as there is real meat on the bones. Have you looked at Crystallex? They are Canadian, so the case is in CCAA, which does not work quite like BK here, although their is a Chapter 15 case stateside that is accessible via pacer, and there are the monitor reports up in Canada. They have/had a monster gold deposit....in Venezuala ;(. Chavez took it, and Crystallex has filed bk to pursue arbitration under the World Bank arbitration process. The suit is for 3.5 BILLION, and it was a 17 million ounce deposit, so that's not a silly number. It trades on the pinks - but not in Canada - which is great because that makes the pricing even more inefficient - Canadians who know it best can't trade it, but Americans, most of whom don't follow Canadian stocks period, much less bankrupt ones, leave it alone. I don't have a position yet, just starting to look into it. At this point mostly curious about enforcement powers of the World Bank arbitration process. FWIW.
http://clinicaltrials.gov/ct2/results?term=tpi+287
TPI-287 is what makes this one interesting. The milestone/royalty rights are not in question as an asset of the estate. The contingency is whether Archer can find continued success. The link above is to the various trials of TPI-287. They have several at MD Anderson...likewise if you google TPI-287 under the scholar and video and blog categories, one can find a large amount of due diligence on the compounds prospects. Ultimately, it's a levered bet on the compound.
But you probably know a lot more about bk than me. Good luck.
Cork,
Did you ever take a look at Tapestry Pharma? Plan is out, has been, and it revolves around a trust for the milestone/royalty rights to TPI 287, which is currently in several trials (Phase 1 & Phase 2) for multiple indications. Liabilities are around 5 million, there are a little over 16 mm shares out, and the milestone stream would be worth 20 mm if Archer Biosciences was successful across several indications. Importantly, Archer only got the rights for N. America and Japan - if they can get passed the FDA, TPPHQ would hold the marketing rights for an approved drug for the rest of the world. It's a long shot, but there are very few following it. It's in Colorado district. FWIW.
Weird, just randomly came across this article while perusing the headline news this morning. Wonder if GE was there yesterday. http://www.ecomagination.com/the-comeback-king-flywheels-make-a-surprise-return-to-the-21st-century?utm_campaign=outbrain.
Go to Pacer or Epic. Pull up the CRG fee app from yesterday. Access exhibit B - it's CRG's time sheets. Everyone they've talked to about Beacon is listed without redaction. Seimens is in there, so are many others.
Or Siemens....just a guess. First day motion transcript discusses various monetization schemes for the IP, and one of them would be uploading the frequency regulation IP to a much larger company that could build out the plants across the national grid, which was calculated as a 1.4 billion dollar endeavor - too big for Beacon, but juicy for a GE or Siemens. Neither was mentioned in this contect, though Siemens was mentioned in the context of having bought High Voltage's IP for 200 million....'just so they would never have to compete against it'.
Did you get it yet Cork? Sent a few hours ago.
Nope sticknflip, I'm buying heavily too. They have some core architecture patents that I see be worth much more than 2.5 million, claims are more than covered by SRS with the new Ferc ruling. A little birdie in the public domain told the court their is already very strong interest in the company, and he was the same guy who marketed the High Voltage bankruptcy estate :)
Cork, if you send my your email address, I have a document on BCON you might like to see. I'm not a premium member - can't use email here.
I will share how to get a copy.....
34 11/2/2011
Request for Transcript of hearing held on 11/2/2011 received. To obtain a copy of this transcript, contact Reliable, the Court Reporter/Transcriber, Telephone number (302) 654-8080 . (JDH)
Case: Beacon Power Company
Related: none
>>If there was anything good, he would have posted it.
not necessarily with that attitude RoboTrader.
I ordered the court transcript from the first day hearing yesterday. An interesting read.
BCIDemo site is down now. I spoke with mgmt about it and it was not supposed to be up - developer had it set to 'publish' in error. The 'news' items were bogus and just for practice in working with the site, is what I was further told.
http://bcidemo.com/default.aspx#
very interesting - especially the 'news' items - but you can't click through. It was my understanding that the company wanted to do one more round of funding, and they wanted to do it with well known biotech funds for street cred. IR is a joke though.
looking at the chart reminded me of a sentence in the Secured Lenders objection to Debtors cash mgmt motion (limited objection, the Lenders do want Omega to be allowed to use cash to keep the ships running)
"the Debtors could not refinance and out-ofcourt
restructuring efforts, including in the weeks immediately prior to commencement of these
Cases, failed because a substantial proposed equity investment did not materialize."
The huge volume over the past few days....at these prices compared to where there were over the last several weeks...someone was apparently interested in the very recent past...but it always comes down to price. Will be interesting to keep an eye our for 13d/g filings on SEC.gov in the next few weeks.
I believe its 16 mm, but to your point, its way below average and can provide for lot of upside. Ever catch the tape on Vermillion? 4 million out....went from a nickel to 30 bucks in 3 months time....sitting in BK. 'One in a Vermillion'.
on docket, its presented as a table with rows and columns - as I said, can't get it to paste correctly here, but here is raw data for those who don't have pacer
Omega Navigation Enterprises, Inc.
Interim Cash Flow Budget
($ in USD)
Jul-11
Aug-11
0
Week Commencing
7/11/11
7/18/11
7/25/11
8/1/11
4 Week Total
Beginning of Period Cash Balance
$244,568
$1,810,453
$1,462,033
$852,149
$244,568
Cash Inflows
Voyage Revenue
2,768,000$
-$
-$
434,000$
3,202,000$
Management Fees
-
-
296,136
-
296,136
Total Cash Inflows
2,768,000$
-$
296,136$
434,000$
3,498,136$
Cash Outflows
Voyage Expense
-$
-$
-$
(5,425)$
(5,425)$
Vessel Operating Expenses
(707,115)
(73,420)
(516,020)
(348,420)
(1,644,975)
Management Fees
-
-
-
(19,000)
(19,000)
General and Administrative
(162,000)
(10,000)
(250,000)
(56,000)
(478,000)
Maintenance CapEx
(153,000)
(15,000)
(40,000)
-
(208,000)
Professional Fees
-
-
-
-
-
Payments to Critical Vendors
(180,000)
(250,000)
(100,000)
-
(530,000)
Total Cash Outflows
(1,202,115)$
(348,420)$
(906,020)$
(428,845)$
(2,885,400)$
Net Cash Flow From Operations
1,745,885$
(98,420)$
(509,884)$
5,155$
Net Cash Flow
1,565,885$
(348,420)$
(609,884)$
5,155$
612,736$
End of Period Cash Balance
1,810,453$
1,462,033$
852,149$
857,304$
857,304$
Source: Omega Management
Page
Omega Navigation Enterprises, Inc.
Interim Cash Flow Budget
Can't post the 4 week budget - the formatting gets so screwed up its worthless. But for the week stating 7/11 they start out with cash of $244,568; four weeks later they end with cash of 857,304, for positive cash flow of $612,736. Annualized - operating cash flow of about 8 million. I don't believe I've ever had the pleasure of a Q stock with positive operating cash flow.
From the docket
8. Importantly, prior to initiating these bankruptcy proceedings, Omega filed two
lawsuit in the Courts of the Hellenic Republic (the "Greece Litigation") against the lenders under
the Senior Facility (the "Senior Lenders"), and Omega reserves its right to seek further damages
or enforce the present lawsuits by the filing of additional suits.
Case 11-35926 Document 9 Filed in TXSB on 07/08/11 Page 4 of 18
HOUSTON\3416970 -5-
9. In the first suit, Omega asserts, among other things, that the Senior Lenders are in
material breach of an agreement whereby they promised to extend the time for repayment of
principal under the Senior Facility for three years from the original due date (i.e. extend to April
12, 2014). The Senior Lenders have not honored their agreement and have refused to extend the
repayment under the Senior Facility. Omega also asserts, among other things, that the Senior
Lenders have engaged in abusive exploitation of the relationship of financial dependence
between the Debtors and the Senior Lenders and such conduct is opposite to the good faith and
contractual ethics required by European standards of competition, and therefore such actions are
invalid. The claims of Omega for abusive exploitation of their dominant position are based on
Article 82 of the European Convention and the related European Commission Regulation
1/2003, which are applicable in Greece, as well as pursuant to Greek Law 703/77.
10. In the second lawsuit, Omega asserts, among other things, that Omega has been
and continues to be seriously damaged by, among other things, the Senior Lenders' breach and
abusive actions. Such damages amount to approximately $570,000,000.00 (plus interest) at the
time of filing the second suit, and, via the second suit, Omega seeks indemnification for such
damages.
>>The case number is 11-35927
Just got a reply from B&G - primary case is 11-35926 - listed as Baytown Navigation. Sh!t Crap Dammit - I've been looking in the wrong place for 2 days and pacer was not listing associated cases - who would have thought to look under Baytown?
here is docket
07/08/2011 1 Chapter 11 Voluntary Petition. Fee Amount $1039. Filed by Baytown Navigation Inc.. (Wood, William) (Entered: 07/08/2011)
07/08/2011 2 Motion for Joint Administration Filed by Debtor Baytown Navigation Inc. (Attachments: # 1 Proposed Order # 2 Service List) (Wood, William) (Entered: 07/08/2011)
07/08/2011 Notice of Appearance and Request for Notice Filed by Christine A March, US Trustee (March, Christine) (Entered: 07/08/2011)
07/08/2011 Certificate of Email Notice. Contacted T.Wood. Movant to notice all interested parties and file a certificate of service with the court (Related document(s): 2 Motion for Joint Administration)and All First Day Motion to be Filed. Hearing scheduled for 7/11/2011 at 12:00 PM at Houston, Courtroom 403 (KKB). (mbry) (Entered: 07/08/2011)
07/08/2011 3 Designation of Complex Chapter 11 Bankruptcy Case (Filed By Baytown Navigation Inc. ). (Attachments: # 1 Service List) (Wood, William) (Entered: 07/08/2011)
07/08/2011 4 Equity Security Holders (Filed By Baytown Navigation Inc. ). (Wood, William) (Entered: 07/08/2011)
07/08/2011 5 Motion to Extend Deadline to File Schedules or Provide Required Information Filed by Debtor Baytown Navigation Inc. (Attachments: # 1 Proposed Order # 2 Service List) (Wood, William) (Entered: 07/08/2011)
07/08/2011 6 20 Largest Unsecured Creditors (Filed By Baytown Navigation Inc. ). (Attachments: # 1 Service List) (Wood, William) (Entered: 07/08/2011)
07/08/2011 7 Motion (Emergency) for Entry of an Order (I) Authorizing the Debtors to File a Consolidated Creditor Matrix and (II) Granting Authority to Establish the Master Service List Applicable to these Cases Filed by Debtor Baytown Navigation Inc. (Attachments: # 1 Proposed Order # 2 Service List) (Wood, William) (Entered: 07/08/2011)
07/08/2011 8 Notice of Filing of Master Service List. Filed by Baytown Navigation Inc. (Wood, William) (Entered: 07/08/2011)
07/08/2011 9 Motion (Emergency) for Order (I) Authorizing Debtors to (A) Pay Prepetition Wages and Salaries to Employees and (B) Pay Prepetition Benefits and to Continue Benefit Programs in the Ordinary Course, and (II) Authorizing Financial Institutions to Honor All Related Checks and Electronic Payment Requests Filed by Debtor Baytown Navigation Inc. (Attachments: # 1 Proposed Order # 2 Service List) (Wood, William) (Entered: 07/08/2011)
07/08/2011 10 Motion (Emergency) for Order Authorizing Maintenance of Insurance Policies and Payment of Insurance Premiums Filed by Debtor Baytown Navigation Inc. (Attachments: # 1 Exhibit A# 2 Proposed Order # 3 Service List) (Wood, William) (Entered: 07/08/2011)
07/08/2011 11 Motion (Emergency) for an Order (I) Authorizing the Debtors to Pay or Honor Prepetition Obligations to Foreign Vendors, Service Providers and Governments and Certain Critical Vendors, and (II) Authorizing Financial Institutions to Honor All Related Checks and Electronic Payment Requests Filed by Debtor Baytown Navigation Inc. (Attachments: # 1 Proposed Order # 2 Service List) (Wood, William) (Entered: 07/08/2011)
07/08/2011 12 Motion (Emergency) for Order (I) Authorizing Continued Use of Existing Business Forms and Records; (II) Authorizing Maintenance of Existing Corporate Bank Accounts and Cash Management System; and (III) Waiving the Requirements of 11 U.S.C. 345(b) Filed by Debtor Baytown Navigation Inc. (Attachments: # 1 Exhibit # 2 Proposed Order # 3 Service List) (Wood, William) (Entered: 07/08/2011)
07/08/2011 13 Motion to Use Cash Collateral Filed by Debtor Baytown Navigation Inc. (Attachments: # 1 Exhibit A# 2 Proposed Order # 3 Service List) (Wood, William) (Entered: 07/08/2011)
07/08/2011 14 Emergency Motion Request for Emergency Consideration of Certain "First Day" Matters Filed by Debtor Baytown Navigation Inc. (Attachments: # 1 Proposed Order # 2 Service List) (Wood, William) (Entered: 07/08/2011)
07/08/2011 15 Notice of Hearing on "First Day" Motions. (Related document(s): 2 Motion for Joint Administration, Certificate of Notice, 5 Motion to Extend Deadline to File Schedules, 7 Generic Motion, 9 Generic Motion, 10 Generic Motion, 11 Generic Motion, 12 Generic Motion, 13 Motion to Use Cash Collateral) Filed by Baytown Navigation Inc. (Attachments: # 1 Service List) (Cohen, Jason) (Entered: 07/08/2011)
07/08/2011 16 Declaration re: Declaration of Gregory McGrath in Support of Debtors' Voluntary Petitions under Chapter 11 of Title 11 of the United States Code and First Day Motions (Filed By Baytown Navigation Inc. ). (Cohen, Jason) (Entered: 07/08/2011)
07/09/2011 Receipt of Voluntary Petition (Chapter 11)(11-35926) [misc,volp11a] (1039.00) Filing Fee. Receipt number 11820443. Fee amount $1039.00. (U.S. Treasury) (Entered: 07/09/2011)
07/09/2011 17 Notice by Facsimile of Bankruptcy Filings and Notice of Hearing on "First Day" Motions. Filed by Baytown Navigation Inc. (Attachments: # 1 Service List) (Cohen, Jason) (Entered: 07/09/2011)
07/09/2011 18 Motion to Appear pro hac vice for Evan Flaschen, Bracewell & Giuliani LLP. Filed by Debtor Baytown Navigation Inc. (Cohen, Jason) (Entered: 07/09/2011)
07/09/2011 19 Motion to Appear pro hac vice for Ilia O'Hearn, Bracewell & Giuliani, LLP. Filed by Debtor Baytown Navigation Inc. (Cohen, Jason) (Entered: 07/09/2011)
07/09/2011 20 Certificate of Service of First Day Motions and Notice of First Day Hearing (Filed By Baytown Navigation Inc. ).(Related document(s): 1 Voluntary Petition (Chapter 11), 2 Motion for Joint Administration, 3 Designation of Complex Chapter 11 Bankruptcy Case, 5 Motion to Extend Deadline to File Schedules, 6 20 Largest Unsecured Creditors, 7 Generic Motion, 8 Notice, 9 Generic Motion, 10 Generic Motion, 11 Generic Motion, 12 Generic Motion, 13 Motion to Use Cash Collateral, 14 Emergency Motion, 15 Notice) (Attachments: # 1 Service List) (Cohen, Jason) (Entered: 07/09/2011)
07/09/2011 21 Proposed Order RE: Granting Chapter 11 Complex Case Treatment (Filed By Baytown Navigation Inc. ).(Related document(s): 3 Designation of Complex Chapter 11 Bankruptcy Case) (Cohen, Jason) (Entered: 07/09/2011)
07/11/2011 22 Objection (related document(s): 13 Motion to Use Cash Collateral). Filed by HSH Nordbank AG, As Senior Facilities Agent (Attachments: # 1 Exhibit A) (Davidson, Timothy) (Entered: 07/11/2011)
07/11/2011 23 Omnibus Response (related document(s): 9 Generic Motion, 10 Generic Motion, 11 Generic Motion, 12 Generic Motion). Filed by HSH Nordbank AG, As Senior Facilities Agent (Davidson, Timothy) (Entered: 07/11/2011)
07/11/2011 24 Declaration re: Scott Greissman (Filed By HSH Nordbank AG, As Senior Facilities Agent ).(Related document(s): 22 Objection) (Attachments: # 1 Exhibit 1# 2 Exhibit 2# 3 Exhibit 3# 4 Exhibit 4# 5 Exhibit 5# 6 Exhibit 6# 7 Exhibit 7# 8 Exhibit 8) (Davidson, Timothy) (Entered: 07/11/2011)
07/11/2011 25 Exhibit List, Witness List (Filed By HSH Nordbank AG, As Senior Facilities Agent ). (Rovira, Joseph) (Entered: 07/11/2011)
07/11/2011 26 Proposed Order RE: Use of Cash Collateral (Amended) (Filed By Baytown Navigation Inc. ).(Related document(s): 13 Motion to Use Cash Collateral) (Cohen, Jason) (Entered: 07/11/2011)
07/11/2011 27 No Creditor Mailing List (tgar) (Entered: 07/11/2011)
07/11/2011 28 Notice of Appearance and Request for Notice Filed by Timothy Alvin Davidson II Filed by on behalf of HSH Nordbank AG, As Senior Facilities Agent (Davidson, Timothy) (Entered: 07/11/2011)
07/11/2011 29 Motion to Appear pro hac vice for Scott Greissman. Filed by Interested Party HSH Nordbank AG, As Senior Facilities Agent (Davidson, Timothy) (Entered: 07/11/2011)
07/11/2011 30 Motion to Appear pro hac vice for David Hille. Filed by Interested Party HSH Nordbank AG, As Senior Facilities Agent (Davidson, Timothy) (Entered: 07/11/2011)
07/11/2011 31 Motion to Appear pro hac vice for Douglas Baumstein. Filed by Interested Party HSH Nordbank AG, As Senior Facilities Agent (Davidson, Timothy) (Entered: 07/11/2011)
07/11/2011 32 Notice of Hearing Agenda for July 11, 2011. Filed by Baytown Navigation Inc. (Cohen, Jason) (Entered: 07/11/2011)
07/11/2011 33 Order Granting Motion To Use Cash Collateral (Related Doc # 13 ) Signed on 7/11/2011. (saus) (Entered: 07/11/2011)
07/11/2011 34 Order Granting Motion To Extend Deadline to File Schedules or Provide Required Information (Related Doc # 5 ) Signed on 7/11/2011. (glyo) (Entered: 07/11/2011)
07/11/2011 35 Order Granting Emergency Motion (Related Doc # 11 ) Signed on 7/11/2011. (saus) (Entered: 07/11/2011)
07/11/2011 36 Order Authorizing Maintenance of Insurance Policies and Payment of Insurance Premiums (Related Doc # 10 ) Signed on 7/11/2011. (aboy) (Entered: 07/11/2011)
07/11/2011 37 Order Granting Emergency Motion (I) Authorizing Debtors to (A) Pay Prepetition Wages and Salaries to Employees and (B) Pay Prepetition Benefits and to Continue Benefit Programs in the Ordinary Course, and (II) Authorizing Financial Institutions to Honor All Related Checks and Electronic Payment Requests (Related Doc # 9 ) Signed on 7/11/2011. (glyo) (Entered: 07/11/2011)
07/11/2011 38 Proposed Order Submission After Hearing (Filed By Baytown Navigation Inc. ).(Related document(s): 2 Motion for Joint Administration) (Cohen, Jason) (Entered: 07/11/2011)
07/11/2011 39 Order Granting Chapter 11 Complex Case Treatment. The Court Sets Monday Weekly at 2:00pm as the Pre-Set Hearing Day and Time for Hearing all Motions and Other Matters in These Cases. Signed on 7/11/2011 (Related document(s): 21 Proposed Order) (saus) (Entered: 07/12/2011)
07/12/2011 40 AO 435 TRANSCRIPT ORDER FORM. This is to order a transcript of Hearing proceedings held on 7/11/11 before Judge Karen Brown (Original). Court Reporter/Transcriber: GLR Transcripts (smur) Modified on 7/12/2011 (dcla). Electronically forwarded to GLR Transcripts. (Entered: 07/12/2011)
07/12/2011 41 Proposed Order Submission After Hearing (Filed By Baytown Navigation Inc. ).(Related document(s): 7 Generic Motion) (Cohen, Jason) (Entered: 07/12/2011)
07/12/2011 42 Proposed Order RE: Setting Final Hearing on Cash Collateral Motion (Filed By Baytown Navigation Inc. ).(Related document(s): 13 Motion to Use Cash Collateral) (Cohen, Jason) (Entered: 07/12/2011)
07/12/2011 43 Notice of Appearance and Request for Notice Filed by Charles R Gibbs Filed by on behalf of MHR Fund Management LLC (Gibbs, Charles) (Entered: 07/12/2011)
07/12/2011 44 Order Granting Motion for Entry of an Order (Related Doc # 7 ) Signed on 7/12/2011. (rsmi) (Entered: 07/12/2011)
07/12/2011 45 AO 435 TRANSCRIPT ORDER FORM. This is to order a transcript of Hearing proceedings held on 7/11/11 before Judge Karen Brown (copy). Court Reporter/Transcriber: GLR Transcripts (smur) Modified on 7/13/2011 (dcla). Electronically forwarded to GLR. (Entered: 07/12/2011)
07/13/2011 46 Notice of Appearance and Request for Notice Filed by S Ault Hootsell III Filed by on behalf of BTMU Capital Corporation and NIBC Bank N.V. (Hootsell, S) (Entered: 07/13/2011)
07/13/2011 47 BNC Certificate of Mailing. (Related document(s): 34 Order on Motion to Extend Deadline to File Schedules) No. of Notices: 1. Service Date 07/13/2011. (Admin.) (Entered: 07/13/2011)
07/13/2011 48 BNC Certificate of Mailing. (Related document(s): 33 Order on Motion to Use Cash Collateral) No. of Notices: 1. Service Date 07/13/2011. (Admin.) (Entered: 07/13/2011)
07/13/2011 49 BNC Certificate of Mailing. (Related document(s): 35 Generic Order) No. of Notices: 1. Service Date 07/13/2011. (Admin.) (Entered: 07/13/2011)
07/13/2011 50 BNC Certificate of Mailing. (Related document(s): 36 Generic Order) No. of Notices: 1. Service Date 07/13/2011. (Admin.) (Entered: 07/13/2011)
07/13/2011 51 BNC Certificate of Mailing. (Related document(s): 37 Generic Order) No. of Notices: 1. Service Date 07/13/2011. (Admin.) (Entered: 07/13/2011)
I have an email in to debtors counsel - could be the primary venue is under a subsidiary name, or could be that TX court is slow in updating pacer, though in most jurisdictions, motions are filed via pacer. Will update when I hear back.
>>Omega Navigation Enterprises Inc. (NASDAQ: ONAV) announced today that, in connection with its Chapter 11 proceedings in Houston, Texas, the Court has granted all of the interim relief that Omega requested. This included:
I've been looking at two dockets for Omega and there have been no first day motions on either - 3rd case somewhere?
cripes - I was hoping to average down today, wanted more than what I got yesterday. Checked docket about an hour or so ago - still nothing new. The lack of first day motions ready to file would suggest to me that this was not planned out weeks in advance, which would further suggest they probably thought they were close to working out a deal with debt holders and it fell through last minute - though is purely speculation based on not having motions ready to go.
.16 .17 .18 would normally be too rich for my taste in bk shares....but very few companies have only 16 odd million shares O/S. I hope it goes to .08, but if you look at total market cap, there isn't much difference between .08 and .16
The wording of the filing is interesting. At least in bk with pacer, we should start getting more up to date fin'l info. I checked the docket earlier - only 4 entries, and nothing substantive, other than the bk filing itself, which was for the most part just the court forms. Anxious to see the affadavits and first day motions start to roll in to get an idea about the strategy. Given the holdings structure - the filing shows 4 parties holding 55% but I believe the 20% of ONE double counts the 20% held by officers and directors - equity should have a strong voice on the inside, not that games don't get played anyway. In for 99,925 today - I was a good portion of total volume today. That part can ride, win or lose - 90%+ of bk companies wipe out equity - but that other 10% more than makes up for it. Will look to add based on developments in the courtroom.
Plus 4 groups holding 55% of the shares, that's a nice structure when you get into Bk
Assets:
According to the Fleet page on ONAVs website, they have outright 6 Panamax and 2 Handymax. I see the 2nd hand pricing for a 5 year old Panamax is about 37.5mm and about 31.5 for a Handy. http://www.platou.com/dnn_site/Tables/Secondhandpricesof5yearoldBulkcarriers.aspx
Then it looks like 4 Handy's and 3 Panamax's that they own a 50% interest in.
Adding it all up, a little over 400 mm in vessels, plus the value of the time charters that still have time left at rates above spot.
I'm picking up shares today. Plenty can go wrong, but I like 16 million shares being out - leaves an assymetrical oppty if things even slightly work out.
TPPHQ - Tapestry Pharma - get a copy of the POR if you can (Colorado District). 20 mm shares O/S. 5 million in claims. Primary asset is a milestone/royalty stream on TPI-287 being advanced through multiple trials by Archer Biosciences. Milestones are worth up to 20 million IF there was full commercialization. Obviously, 90%+ of all drug candidates do not advance to commericialization. There is quite a bit of trial detail on TPI-287 available via google. Royalties would be on top, and Archer does not have worldwide rights - Tapestry has retained significant parts of the globe - another potential asset. The proposed plan, which according to court docs has the support of creditors (there is no CC), would put the assets in a trust and wait for possible success - as opposed to selling the milestone/royalty stream now for whatever they could get for it. Do the math, it's a cheap lotto ticket.
or someone else is being very selective with the info they post. I went to the docket, pulled up the last transcript, assets of Bullion River were sold. You can buy Bullion River, but as the CEO said in the email reference, the mine is privately held. Nuff said.
Don't believe their is a free docket anywhere - need pacer passcodes for the District of Colorado.
RNCHQ - they filed a year ago - 10/28/09 - but their plan was just filed last week. I've mentioned the case on here before - noone is following. Docket is worth reviewing - there is an abundance of detail. I don't like the financing package to exit bk, but at .02 there may still be meat on the bones, and it beats the alternative of having GasRock take it all via secured claim.
RNCHQ - Rancher Energy - plan is out. Equity stays, secured lender taken out with cash. Lots of acreage - oil/gas properties with values in the 40 million range - lots of dispute went down in court with secured lender over valuations - lots of material to dd on.
Don't quote me - I think around 65-ish? If you find the Benten merger release from late '09 they give the number - I'm just too lazy to go back and look and my brain is leaky these days - but 65 is pretty close.
I do believe that certain royalty rights with the big pharmas who were subscribers were waived as part of the bk exit process - in exchange for releases on deliveries of new knockout lines - but there remains potential over and above what Benten can do.
>>you might not be aware that back in the day the big pharma's all ponied up 25 million each
along with giving DGEN royalty rights on top of the 25 million for any drugs commercialized from the data, and the mice were extra. The major deal that mgmt pulled off to pull the company out of bk was a multi-million deal with the NIH and the Wellcome-Trust whereby mice and the database were made available to academic institutions on a royalty free basis - but royalty rights were retained for any commercial development of any academic development. Run Deltagen through the US Patent Office database - they hold dozens. Hundreds more were in the application process pipeline but had to be abandoned as the legal fees for patent perfection were not sustainable - another proper call by mgmt. All to say, this company has been an absolute steal at a nickel.
As I've posted before, I've been in DGEN for years - all my shares are more than free having received the 3 liquidating distributions that followed their emergence from bk several years back (well, not all my shares, as I have been buying more over the last month). While mgmt has not done much over the last 3 years or so other than minimize burn, I do believe based on my few conversations with them that they were in fact waiting for the best opportunity to monetize the mice and DeltaBase (if you are relatively new here, you might not be aware that back in the day the big pharma's all ponied up 25 million each just for access to the database - its not flimsy IP). Having watched mgmt right the ship during the period of bankruptcy, I know that they are capable of rolling up the sleeves and getting it done. I was quite impressed with the structure of the lease for the new Benten facility as a case in point. And therw is 10+ cents free cash per share. So cash at 50% off with impressive IP for free and a proven mgmt team. The fact that it has sat idle for the last few years will no doubt make it harder to get back on the radar, but it will get there, Benten will be the trigger.
Cork -
Tapestry Pharmaceuticals filed their plan yesterday - only asset is a potential milestone and royalty stream off of TPI-287. 6 million in claims. Milestones worth 24 million if successfully commercialized. Last 10q shows 16 mm shares out - but its from 2007 so I need to track down a more recent number - perhaps the filing itself will show. Up significantly on the day, but that was all me - I think I've been the only one following this one.
http://clinicaltrials.gov/ct2/results?term=tpi+287
The Disclosure Statement is worth reading if you have pacer access.
Tapestry Pharmaceuticals filed their plan yesterday - only asset is a potential milestone and royalty stream off of TPI-287. 6 million in claims. Milestones worth 24 million if successfully commercialized. Last 10q shows 16 mm shares out - but its from 2007 so I need to track down a more recent number - perhaps the filing itself will show. Up significantly on the day, but that was all me - I think I've been the only one following this one.
its posted on docket at Kccllc.com - EC has been appointed.
kccllc.com for middlebrook - EC has been appointed.