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The bankruptcy proceedings are being posted on their website--hope this link works.
http://www.meruelomaddux.com/noflash/courtDocuments.php
If you read the Affidavit of Mr. Meruelo, he states in Paragraph 28, "I and other members of the company's management team believe that the value of the debtor's properties exceeds the liens and charges by more than $300 million."
The affidavit is interesting and very detailed, and he speaks about how greedy banks want to charge outrageous fees to refinance debt (what a surprise).
There are several subsidiaries owned by the company that are NOT included in this Chapter 11 that are listed in the Affidavit.
I hope this all works out in the end for them...there is so much at stake.
Mr. Stern has done a good job. Some day soon the market will recognize how undervalued TRMM is, and then KABOOM...
;)
On Friday the court granted two motions in favor of Fairchild; one was a settlement with Revere Copper where Fairchild will receive $1,019,649 over 9 months; the other was the court's authorization for the sale of some of Fairchild's smaller assets.
This BK is still fairly new. There have been objections filed regarding the sale of Banner Aerospace, and those will be heard on Tuesday, 5/19.
http://chapter11.epiqsystems.com/docket/docketlist.aspx
The company had requested that the stock be quoted on the OTCBB after delisting, and the MM's must have said OK...
duplicate...
Power Etrade Pro has always shown me the bid/ask and other goings on with MMPIQ...it's listed as an OTCBB stock currently. It was pink for a bit, but not now.
Hmmm. I wonder. Probably a LOT. Too bad, so sad if they didn't get in because their bids were just too CHEAP. So to any of you cheap bidders out there, forgetaboutit. You're just not going to get my shares until you meet my price and it ain't even close to .14!
(lol) I am so mean.
From my brokerage account:
"The last MMPIQ insider buy occurred when MADDUX JOHN CHARLES purchased a total of 502,679 shares on March 31, 2009. In the last 2 years insiders have on average purchased 1,578,670 shares each year."
Unlike GM (and others), whose insiders dump shares leading up to the BK, our guys BUY MORE! Hmmm.
darn duplicate post again...
You are most welcome. Looks like it was a sloooow Friday until right before the bell and then KABOOM.
(lol)
Lovin' this one...hope you are too.
;)
And now Royal Bank of Scotland is in for 614,136 shares reported on 5/14/09. This report is showing Barclays, AIG, Goldman Sachs, and Mazama selling a portion of their positions, but no one has sold out completely...they're keeping the faith!
http://www.mffais.com/mmpi
:)
Yes, and that killed the stock price. The dreaded R/S was done AFTER they had to increase the number of outstanding shares in order to pay the declared 2008 dividend of $.88 in stock and in cash. It's complicated and the market just doesn't seem to get it. Shares are getting scarce, the share price is trying hard to move up as the market is slowly realizing how undervalued this stock is.
But that's OK if you don't like my stock.
(lol)
;)
Former NYSE stock (JER), now JERT.
100,000,000 shares authorized
4,987,994 outstanding as of 3/31/09
Per yesterday's filing: "Stockholders' equity at March 31, 2009 was $27.9 million, or $5.60 per diluted share." Insiders are holding a bunch, including THE Joseph E. Roberts, Jr. himself! More info in the JERT Ibox.
Hey, thank you guys for this board...love low-floaters...marked as a favorite!
Not bad at all. "Stockholders' equity at March 31, 2009 was $27.9 million, or $5.60 per diluted share."
This stock continues to be an amazing bargain.
;)
A few more institutions have sold out; however, now we have Harvard Management Co. reporting a brand new position of 965,030 shares - filing dated 5/13/09....
http://www.mffais.com/fle
May have been some profit-taking on a down day too...Bank of America and Amvescap PLC are reporting NEW positions in MMPIQ - filings dated 5/12 and 5/13/09.
http://www.mffais.com/mmpi#increase
"At March 31, 2009 the Company had $345,899 of cash and cash equivalents and $963,394 of net accounts receivable to fund short-term working capital requirements."
Not out of the woods, but things are definitely looking up, and I will be very surprised if we ever see .002 again. Yes, Peter Wang made projections that didn't exactly work out, so he had to make adjustments (that's his job!), and now it seems things are changing rapidly. I do believe that Wang is a smart guy and knows what he's doing.
Good luck gettin' any at .002!
;)
For starters, CHBO now has 100% ownership and control in Zhejiang Tinyuan Biophharmaceutical Co (renamed by CHBO to Zhejiang Kangchen Biotech Co., Ltd.).
http://www.ty-pharm.com/en/our_product_en.asp?Title=Production%20Site
annoying duplicate! don't know why this happens.
It appears we have a standoff...those cheap bids just ain't gonna cut it! (lol)
;)
duplicate...
So now we have Gruber & McBain with a purchase of 684,987 shares, ADDING to their position for a new total of 2,185,000 shares, and North Pointe Capital sold some but continues to hold 5,060,067 shares.
http://www.mffais.com/mmpi
;)
Oh, I've been doing my share. It will be a happy day when and if Wang can figure out how to pay his creditors with real money, i.e., write real checks.
I do like the volume...hope it continues.
;)
Blackrock is reporting 13.06% ownership...filed today.
http://ih.advfn.com/p.php?pid=nmona&cb=1241807477&article=37643117&symbol=NO^SKRRF
;)
Marathon Asset Management has increased its position by 268,847 shares, and is now holding 25,280,949 shares - 13F-HR was filed on 5/4/09.
http://www.mffais.com/fle
;)
Does your chart make any sense out of this recent trading insanity? Is CHBO under some sort of alien attack?
Wow, you must own half the float by now...when you decide to sell, I hope you will be gentle.
;)
Up almost 31%. Not bad at all after a few little food fights (lol).
Patience...slow and steady wins the race.
;)
Hope not! I'm thinking that some institutional types may still be unloading (not so easy with this tiny float).
Bank of New York Mellon added 116,925 shares per 13F-HR filed on 5/4/09.
http://www.mffais.com/mmpi
;)
And up about 164% for the week...
The day started off with all buys, and on amazing volume for CHBO of 2,245,677 there were "only" 379,227 more sells than buys for the day. Were the MM's shaking the tree, taking out the stops and causing panic selling in order to cover their deficiencies?
From at article at "Financial-Spread-Betting":
"A sudden bout of buying may force a market maker or all the market makers to become short in a stock. They may find it difficult or impossible to find stock to cover this short. In this position raising the price will simply lose them money and what is more encourage more buyers to follow the appreciating share. It is after all a common belief that one should buy what is going up and that the 'trend is ones friend.' Whatever the case this is clearly not a kind position for a 'short' market maker to find himself in. In this instance the Market Maker will drop the price in the hope of creating sellers from which to cover his awkward position."
$5.00 price target at Yahoo:
http://finance.yahoo.com/q/ao?s=MMPIQ.OB
From my account: 8 independent researchers' opinions on MMPIQ:
Strong Buy - 1
Buy - 1
Hold - 3
Sell - 1
Strong Sell - 2
Just a few things to consider.
Not in a very good place, and shareholders would be last in line.
Who knows how this will play out. It's definitely worth watching, but the picture they've painted sure ain't pretty.
Please delete.
Another duplicate! Make it stop, IHub!
Just so you know, this isn't a REIT.
;)
lol...like magic, it keeps bouncing back to .025 anyway. That little game should end fairly soon.
;)
Don't be mad, but I think I snatched up the rest of the .02's.
(lol)
We shall see!
;)
Siaubas, were you helping to stop the violence today too? (lol) It was pretty intense and WOW, volume was nice at 1,548,101.
CHBO was my biggest LOSER today, but that's all right by me.
;)