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about 0%
The rights offering is dead. I got a copy of a notice that a plan supplement was filed on the 2nd and i had until the 9th if i wanted to object. Got it today. I was like, wth?
Such is bankruptcy of a publicly traded company. It doesn't work like a finely tuned violin....it's more like a wore out banjo with a couple strings missing.
Yeah, Im a call it like i see it type of person and what im seeing right now is someone doin a crawfish. Do you know what that means?
First off you come on here with a little rant about how i sold you down the river for financial gain, and then you got the news i sold for less than .38 cents.
Then you said I'd come on here preaching blah blah blah I single-handedly did the EC deal. Not quite.
Apparently you thought I was long gone, just as you said, but oh contrare, look what the cat drug in. It's almost as ive been here the whole time huh?
And let's not forget your little 'what comes around goes around' comments.
Now, you want to talk about being ethical, and what I 'owed' you. What you really mean is that I had a fiduciary duty to represent your interests. I did that, and I did that more than any other sob on that committee other than svp/canyon, if you want to call what they did 'fiduciary'. I'll leave it at that.
Now you still have a burr up your ass wanting to know why I left. Have you ever thought for a minute the reason is not public information, therefore i couldn't tell you even if i wanted to?
Helloooo McFly
Now is not the time. It's none of your business, but my reasoning was based on providing the best outcome or the potential for the best outcome of this case. In other words, I left because in my mind i thought it was best for you, jackass.
Oh, I know you didn't. I may not have made it clear to you. But the other guy, lawrence, he did mean to take a shot. No question about it.
I imagine he is surprised that he got such a quick response,,,,,since i sold him down the river,,,and presumably am long gone.
I think you need to step off.
First, I sold you down the river. Next, you knew I would be listening.
You plaster my name up here and mention other personal business, and you question why I returned the same favor.
Just what is it you don't understand?
You apparently sent emails wanting non-public information and you're upset you didn't get a response?
Jeez man.
You're not happy about the representation? Well who is? Do you think trying to scapegoat the last man to join the EC, a few weeks late, is the answer? Did you somehow think I had a cape with a big 'S' on it and all would be well?
Damn man I put countless hours into this and sometimes things just don't pan out like they should. If you have ever been in court, you'd know that.
The plain fact is that a collective few, NOT INCLUDING YOUR BELOVED CMM, WHICH WAS RELUCTANT TO DO THE ALLIANCE (devulging sharecount) AND CONTRIBUTED NOTHING TO THAT EFFORT, did something that HAS NEVER been done before on that scale.
When the debtor's attorneys address a grassroots effort by shareholders as an actual entity, YOU DAMN WELL HAVE DONE SOMETHING SPECIAL.
I don't give a damn 'what seems like' and I may, when the time comes, address that question, but right now it's not happening.
Mr. Lawrence Greco,
First off, if you sold today, you would be selling for more than what i sold for.
Second, I will dismiss your uninformed drivel as surely it is the sad state of affairs that led you to make those comments.
Third, life does work in mysterious ways. For example, a select few took the initiative to try to get an EC formed, which involved court appearances, filings, claims evaluations sent to the US Trustee, etc. Without one, you wouldn't have a chance.
Regardless of who did what, I can say with assurance that you did not do any of the above.
Now you say i sold you down the river. lol A little self-serving are we? You know, you can hop your little ass on a plane just like i did and go to the court house. By the way, it's a lot closer for you. As a matter of fact, it's a closer drive for you to go to Buffalo, New York, than for me to go to the airport at DFW.
Is there anything else you would like to add?
CONCLUSION
58. The Equity Committee has been long on rhetoric and short on proof. It would be grossly unconscionable to thwart the will of an overwhelming majority to accommodate the desires of the disgruntled Equity Committee whose constituents are, under the Plan, entitled to receive a guaranteed gift of shares of the Reorganized Debtor but gluttonously demand more. This Court should not disturb the domino structure that is the Global Settlement and the Plan. The Bondholder Committee submits that this Court should confirm the Plan.
Dated: September 3, 2010
New York, New York
Respectfully submitted,
JONES DAY
/s/ Richard L. Wynne
Translation: Why thwart the bank robbery when we have 2 accomplices and the bank is left 5% of what they original had on deposit.
To even use this language in a conclusion in support of a plan is a true testament of what kind of assclowns are involved in this fleecing.
I would urge you to look into qsgi a little deeper and adjust your number up to 97.5%, since i haven't looked at vrmlq.
Qsgi is nothing more than some bookkeeping left over since all the assets have been sold off. No income, and millions in liabilities that will not magically disappear.
Way to many koolaid drinkers over that one.
So i take that you can not show me this specific language that you said showed commons will remain intact? And I also guess you don't want that blank check? Now, who's got a alterior motive?
If you question my DD or experience with the BK process, you can surely ask the board moderator, as he can attest to my DD capabilities.
I forgot you're canadian. You do realize a mexican illegal has more rights than you right now, don't you? I forgot when the deadline is to vote, but you should 1) pick up the phone and 2)raise hell. Find whoever is in charge and tell them you want your ballot next day red label you dont give a damn. Then if you have time to next day it back, you're good. If not, repeat step one and two.
Well, let's just see how this turns out. I'd say there is a 99% chance this will be wiped out. Heck it has went from what 18 cents now to 6 cents in the last couple weeks? A couple years (or less) from now i'll probably net a couple (or more) 6 figures on that one boardmark stock than this mucho popular play. One has value and one is lotto of the month. I'll take the value. But you're more than welcome to load the boat on this peach. Be my guest.
I dont think anyone is happy about it, imo
you cant, unless it is reveiled in the courtroom, then you can either hear it in person or read a transcript.
in my opinion, you can forget the examiner.
further, in my opinion, i think once the valuation evidentiary hearings get under way, gerber will most likely already have his mind made up but will let a few expert witnesses give their spiel, then will just pretty much say 'ive heard enough' and that'll be that.
i wouldnt count on any appeals, because once the por takes effect, the EC is disbanded by order of the court. then any appeal has to be paid on someone else's dime.
im sure they'll care when the por hits and they figure out they took a bath
seriously? like what $10,000 dollars worth of this stock traded today and we have manipulation and shorting conspiracy theories?
has anyone ever thought that the reason is because nobody cares about this stock?
what type of 'something more' do you expect? a nickel or a dollar?
anybody, and i mean anybody that has ever been in front of a judge knows that although they aren't supposed to take sides, it's human nature to take sides, whether intentional or not.
that said, when the EC went before the judge and he said the EC presented an argument to present a plan that was nothing more than a 'barrelful of outs', then you can form your own opinion but mine is that he is more concerned with his vacation, from his comments in later hearings, than with the recovery of stockholders
further, if you think that when the hearings are held on valuation that someone isn't going to be lying their asses off, then that tells me you've never set foot in a court room
did you read the por? or the 4th paragraph in your link?
"This rights offering is subject to the confirmation of our Plan and holders of Class 13a interests voting in favor of the Plan"
no vote 'for', means no rights offering
if you vote to accept the por as is, and the majority of stockholders vote to accept as is, the shares you have now are worth 5% of newco on a pro rata basis, aka 25-27 cents tops, and you have the wonderful right to buy your pro rata share of those shares in the link at the bargain basement price of $13.54/share.
wow, what a deal (roll eyes)
if the por is regected by the stockholders, it becomes a game of 'wait and see' and the recovery, whether paid in cash, stock, or combination, could be in the range of approx. 7.5 cents to 50 cents, paid out at some time in the future, meaning days, months, years,,,,,and most likely the later.
Im a believer in month to month renting and leasing, it's all ive ever done up to this point. The maintenance can be costly though, but its worth not having a more costly breach of contract.
Deal, and I'll take one of those 6'5'ers
I'll trade out for a free tour of your town if im ever over that way.
Brian Masumoto
cc Diana Adams
If Kirkland can't mail ballots, maybe suggesting an examiner is in order.
Imo, I don't think they believe that even if they got the ballots out early enough, that the majority would actually vote for it.
http://online.wsj.com/article/SB10001424052748704340504575447873271866644.html?mod=googlenews_wsj
Only 3 permits issued since april. It used to be 3 a week.
5.2 Impaired Classes of Claims Against and Interests in the Debtor
(a) Class 4 (General Unsecured Claims). On the Effective Date, or as soon thereafter as is reasonably practicable, each Holder of an Allowed Class 4 Claim against the Debtor shall receive, in full satisfaction, settlement, release, and discharge of, and in exchange for, each and every Class 4 Claim against the Debtor, its Pro Rata interest in the Liquidation Trust. On the Initial Distribution Date, or as soon thereafter as is reasonably practicable, and on each Subsequent Distribution Date, the Liquidation Trust Administrator shall distribute the Net
Available Cash, and Cash held in the Supplemental Distribution Account as to Subsequent Distributions, Pro Rata to the Holders of the beneficial interests of the Liquidation Trust.
(b) Class 5 (Subordinated Claims). Holders of Subordinated Claims
shall not receive nor retain any distribution on account of such Subordinated Claims.
(c) Class 6 (Old Equity Interests). On the Effective Date, the Old
Equity Interests will be cancelled and the Holders of Old Equity shall not receive nor retain any distribution on account of such Old Equity Interests.
Good question, lololol, you don't actually believe that 1.) the ceo can actually create and file a por, for multiple reasons like it's a conflict, against the law, and he isn't an attorney and 2.) unsecured creditors are being paid contrary to bankruptcy law, other than the ones permitted to receive payment such as utilities, etc.
Just because you see it here, doesn't make it so, no matter how much you want to believe it.
throw in some !!!!! !!!!!!!!'s for good measure
the bid is .062
That's where you're wrong. Personally it doesn't matter if krusecom does r/m with QSGI, but the fact remains that if they do, they will only do so after the claims are satified to the extent possible and then and only then will commons be addressed. Since you hold commons, you need to turn your attention away from 'reading between the lines about a r/m' and face the facts that qsgi has a checking balance of -negative $6,900 or so and they have millions of dollars worth of bills to pay BEFORE you see a single penny. Commons are toast here no matter how you spin it. Krusecom will not 'gift' their operation to you. QSGI sold substantially all their operations, hence they have no cash flow. Krusecom could be doing billions, but to think they will come knocking on your door and roll a wheelbarrow full of cash in and dump it in your living room is living in fantasy land.
But yet toucan posted an old amended 10k from 2008 showing all their properties and what not, but that is old information and they don't own anything of value any more. The 363 sales took care of that.
Such an observant investor. For us common folks, we just string together 7 or a few more of those dailys and call it a weekly. Nevertheless, I'd consider a 30+% free fall over the last week or so kinda ugly. Consolidation? Im sure it will after it hits bottom, but we aren't there yet.
wow, just amazing DD !!!!!, BUT, you fail to note that is old, non-current information. I seem to recall you saying something about not posting non-current information, maybe it was toucan. Nevertheless, even if the secured creditors are taken care of, which they are not, since Riconda for example received a defiency judgment via settlement for a $10+ million dollar unsecured claim, these unsecured creditors need to be paid before commons stay intact. Now, I'm not a very smart man, but when the company shell (all that's left since they sold all operating businesses) holds a negative checking balance, I just have a hard time believing some white knight will pay well in excess of $10 million dollars to cleanse the shell of a company that is worth signficantly less than $10 million and more likely worth less than 500K for tax purposes as a shell, since that is all that is left at this point.
But I'm open to intelligent responses !!!!!!. lol
Im not doubting what you say is the truth, but could you provide some verification to your statement, such as an email or something from the property manager? That link is nothing more than a link to a description of the property manager's portfolio.
Further, any assumption should be documented in the court records.
Thanks in advance!!!!!!!
uhh mr toucan, can you support this with 'facts' as you say you always do. you always say facts this and facts that, but end your posts 'imo' and 'i guess'
opinions and guesses aren't facts. please proceed to dictionary.com
Tunstall, what you say?!!!!
The buyer's indentification in the 363 sale, which bought all the operations of qsgi, is readily available via public documents.
I suggest a small amout of DD instead of pretty pictures, opinions, and guesses.
edit: btw toucan, do you realize the 2 million was cumlative to date and the current balance sheet shows the company of having - (negative) $6941 dollars?
come on man, do i have to do all the DD?
400 Royal Palm Way
Palm Beach, FL 33480
Directions Search nearby Save to...
more?
A.400 Royal Palm Way
Palm Beach, FL 33480
Selected businesses at this address:
Citi Personal Wealth Management?
Citibank? - 1 review
Flanagan Peter A?
Harvey Capital Management Inc?
James R. Nici?
KruseCom?
Lloyd George Management Inc?
Marsh?
Otter Creek Management?
Palm Beach Chamber of Commerce?
Pauline Pitt Interiors?
Pro Cable Equipment Inc?
QSGI Inc?
Qsgi Test?
Rabideau Guy Esquire?
Ramirez & Co?
Rampell Paul Esq?
Resort Properties International?
Simses & Associates?
Tiedemann Wealth Management?
All businesses at this address » (lots more)
maybe it's a r/m with Citibank? How about Pauline Pitt interiors? lol here's mu link:
http://maps.google.com/maps?hl=en&q=400+royal+palm+way,+palm+beach,+florida&um=1&ie=UTF-8&hq=&hnear=400+Royal+Palm+Way,+Palm+Beach,+FL+33480&gl=us&ei=hnVxTNP5Csb_lge-r-yNDQ&sa=X&oi=geocode_result&ct=title&resnum=1&ved=0CBMQ8gEwAA
Have you ever thought they are using that old number just because they thought they might get some old business from defunct qsgi? Once qsgi turned the phone off (after they sold out), that number is up for grabs. Real easy to do, since ive got a buddy who works for the phone company and it is as easy as moving 2 wires in a junction box.
Edit: and for you other goons who claim i am an attorney, you are just as wrong about that as your fabulous DD on this stock. Never insult a man like that without proof. Oh, I forgot, this is la la land and this is going to the moon. BTW, little girl with the big pants, you just sue the hell out of me, got that? but before you do, please load up on this stock. It's a peach.
toucan,
these 5 krusecom PR's you mention....did they say they are doing a r/m and turning into qsgi? did they even mention they are loaning a defunct corporation money? did they say they are going public?
well the answer is a big fat NO, so who really cares about off topic pr's from a company that has no legal ties to qsgi?
Has it ever once crossed you mind that krusecom is setting up for a big ol private investor pump and dump? qsgi ain't BK for nothin.
What? So your argument is that since an employee of krusecom gives the other entity a loan, then that automatically makes qsgi turn into krusecom? lolololololl, sure
BTW, adding all those $$$$$$$$$$$$$$$$$$$ doesn't turn qsgi into krusecom either.
You ought to be deleting all those krusecom posts. QSGI is not Krusecom, whether anyone wants to admit it or not. That is not to say Krusecom may take over the flushed out shell of QSGI for a future tax benefit of limited use, but nevertheless qsgi is not krusecom at this time. Good day.
Okay, chemtura. Anything else? NOL's stay and stockholders shafted.
The notion that you have to preserve the commons to keep the NOL's is a common misconception that many believe all the way up until they cancel your shares. The board asst CMM should know this well since chemtura cancelled the commons and still carried forward most of their NOL's for the benefit of their new owners, which are the current bondholders and creditors. It is an election taken in the code, and no matter how it is spun on a message board, you don't have to preserve commons to keep the NOL's. Nevertheless, the carryforward value of the NOL's would never bring equity into the money.
Do you understand what a 'creditor' is?
20 largest creditors that need to be paid before shareholders get recovery:
American Express
P.O. Box 1270
Newark, NJ 07101-1270
Amex c/o Jaffe
American Recovery Service Inc.
555 St. Charles Dr.
Suite 3C
Thousand Oaks, CA 91360
Cambridge Corp. Services
26 Broadway
Suite 929
New York, NY 10004
Chicago Mercantile Exchange
T Ciardiello, strategic source
20 S. Wacker
Chicago, IL 60606
Delaware Valley Packaging
1425 Wells Drive
PO Box 96
Bensalem, PA 19020
Dell Marketing, LP
One Dell Way
Mail Stop RR8-41
Round Rock, TX 78682
Donn Wagner
83 East Street
South Salem, NY 10590
HCL (Mass) Inc.
400 Crown Colony
Suite 500
Quincy, MA 02169-0930
IBM Credit Corp
North Castle Drive
Armonk, NY 10504
Case 09-23658-EPK Doc 295 Filed 08/18/10 Page 5 of 8
6
International Technical Support
Fieldgrove Farm
Holm Mead LAN
BS30 6HU, UK
Intuit, Inc.
5601 Headquarters Drive
Plano, TX 75024-5839
John R. Riconda
200 Knickerbocker Avenue
Bohemia, NY 11716-3158
Marc Sherman
241 Tradewinds Drive
Palm Beach, FL 33480
McDonald Hopkins Co., LLC
600 Superior Avenue, E
Suite 2100
Cleveland, OH 44114
Microsoft Licensing, GP
6100 Neil Road
Reno, NV 89511-1132
Morison Cogen LLP
150 Monument Road
Suite 500
Bala Cynwyd, PA 19004
Pike Capital Partners, (QP) LP
BNP Paribus Prime Brokerage
787 7th Ave. 8th FL- J Kirdahy
New York, NY 10019
Relay Health
Rae Brathwait
Director, Acquisition Int.
Alpharetta, GA 30004
Softential, Inc.
11 Penn Plaza
5th Floor
New York, NY 10001
Case 09-23658-EPK Doc 295 Filed 08/18/10 Page 6 of 8
7
The Hobart West Group
P.O. Box 785316
Philadelphia, PA 19178-5316