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Buying? The plan was confirmed
http://www.ibtimes.com.au/american-apparels-bankruptcy-plan-confirmed-former-ceos-takeover-plan-rejected-1502228
The plan was confirmed on Monday. After the 8 or 10 day appeal deadline runs, the court will enter an order for the 'effective date'. The instant that happens, the shares will stop trading, be delisted and are dead.
Louis J. Desy Jr.
Lights out?
It looks like there is a possibility that DV may be wiped out. One of the recent articles mentions that up to 50,000 students since 2008 may be in line for some sort of refund or forgiveness of student loans.
FTC Sues DeVry Education Over Allegedly Deceptive Ads:
http://ih.advfn.com/p.php?pid=nmona&article=70155475
DeVry Plunges As FTC Says School Lied About How Many Of Its Students Become Waiters And Bartenders:
http://www.zerohedge.com/news/2016-01-27/devry-plunges-ftc-says-school-lied-about-how-many-its-students-become-waiters-and-ba
On equity of 1.5 billion, if the refunds average $30K or more, it will wipe out equity, plus they would probably be prohibited from the student loan program, killing revenue. If this happens, I expect the whole process will play out over the course of a year, with DV maybe not being allowed any more federal student loans as early as Summer 2016.
While it is possible that DV could survive refunds, if they are not too much, a bigger problem could be that the school gets 'cut off' from the federal student loan programs. If that happens, then I expect DV will end up bankrupt like Corinthian college in May 2015. The end for them came the prior summer when the federal government would not allow them to have any more student loans.
Corinthian Colleges Files for Chapter 11 Bankruptcy:
http://www.wsj.com/articles/corinthian-colleges-files-for-chapter-11-bankruptcy-1430746291
I am expecting there is a good chance that DV will be prohibited from participating in the federal student loan programs, starting sometime this summer, Summer 2016. If that happens, then DV will be wiped out.
Louis J. Desy Jr.
Disclosure: I own August 2016 15 puts.
ANRZQ is almost as bad off as ACIIQ
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=119994803
I think that while ANRZQ is not as bad as ACIIQ, it is still bad.
I expect that ANRZQ may have to stop operations even after the reorganization since it looks like they will lose about $20 million per month, even without any debt.
While they look better than ACIIQ, they are not good either.
Both ACIIQ and ANRZQ are very ill financially, it is just that ACIIQ is 'more ill'. Even with the Chapter 11 filings, I expect neither will be able to recover until coal prices go back up; plus since ANRZQ filed for bankruptcy a little ahead of ACIIQ, I expect their stock will get wiped out first since they are further along on the timeline.
Louis J. Desy Jr.
Trade verse long term
I do not object to anyone doing a trade, as long as people understand that they are talking from the
I have thought about that, but consider it too risky since it is possible the muppets will not pile in enough to move the stock price.
The problem is that many other people may not understand that.
Louis J. Desy Jr.
AAMRQ was a unique situation, not the same as ACIIQ
Normally, just based on the financials going into the filing, I would have agreed that AAMRQ was going to be worth nothing, but anyone following the process would have seen and realized that the problem was costs and it could be fixed. What is different about AAMRQ from ACIIQ, that is not present in this situation, is that AAMRQ was able to present a plan that would pay all other classes off in full over time. This was possible because AAMRQ used the bankruptcy process to reduce their labor costs and breaking any other contract that was causing the losses.
In the situation with ACIIQ, there is no way to restructure costs so the company is profitable. The main problem is that coal prices are too low, partly because of the large drop in natural gas and oil prices.
Here that is not possible to lower costs enough. Even after the bankruptcy ACIIQ is probably going to still be losing all kinds of money and has no hope of ever being able to make all of the liabilities whole.
I found a PDF case study that discusses how it was possible for AAMRQ at:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=5&cad=rja&uact=8&ved=0ahUKEwi_3MDag8jKAhWCgj4KHVZfDD4QFgg-MAQ&url=https%3A%2F%2Fturnaround.org%2Fcmaextras%2FCarl-Marks-Competition-American-Airlines.pdf&usg=AFQjCNGtuGF6n8XYusxi2lGyYW5zVawKfA
( Google search term 'american airlines bankruptcy' )
If you look at the chart on page 9 of the PDF, you will see that all classes are 'Full Recovery' or '100% recovery'. The classes listed as 'Impaired' are only impaired because they would not be getting their money on the original terms, but they would still get 100% over time.
Some selected quotes from the case study:
Bonds getting shares.
While some of the bonds will get shares, I do not expect it will not make them whole. I expect some of the more junior series of bonds are going to be wiped out also.
Even the ones that do get shares, I expect they will suffer large losses also.
Louis J. Desy Jr.
DIP was very good news? No it wasn't
You are either being disingenuous (i.e. you know the DIP does not help the common shares but want to stock to rise to play off of the mistake the muppets are making) or you do not understand that the DIP has super priority, making it harder for the existing common shares to survive the bankruptcy.
Prior to the DIP financing, the common shares are hundreds of millions of dollars 'in the hole'.
In a prior message at: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=120009551, I detail how bad off the bonds are. If the situation was better and the common shares going to recover, the bonds would be trading much higher. If someone really thought the common shares were going to survive, they would be better off buying bonds since the bonds are higher in priority and would have large profits if they were made whole. The problem is that this is NOT going to happen. A number of the bonds series are going to suffer large losses and a few classes might even get wiped out. The common shares which are lower will also be wiped out.
Looking at the latest 10Q report, we can estimate what the order of priority will be for the classes in the bankruptcy. (Later when the filings are posted, we can see the total classes and what is in each, but for our purpose of seeing if the common will recover anything this will be good enough for now)
10Q report for period ending Sept 30, 2015:
http://ih.advfn.com/p.php?pid=nmona&article=69225417
The report lists a total of $5.8 billion in assets. Against that are liabilities of $6.4 billion. The common shares will only recover anything only if all other classes (liabilities) are made whole. This is not possible since liabilities exceed assets by over $600 million;therefore
THE COMMON SHARES ARE DEAD!
In the months since 09-30-2015 the company probably lost another $400 million, since it seems on average to be losing that in the quarters prior to the filing; so adding the $400 million loss onto the $6.4 billion in liabilities brings total liabilities to $6.8 billion.
On top of that, the DIP financing is for $575 million. This has a super priority in the bankruptcy in that it has priority over most of the bonds and adds to liabilities, bring total liabilities from $6.8 billion to $7.375 billion. While the DIP draw down will also add cash in the same amount as it is drawn, it will probably be more than offset by losses recognized on assets as they are written down by asset sales but lets assume for a moment there are no asset write downs; so assets will go from $5.8 billion to $6.375 billion.
So what do we have after the DIP financing and
NO asset write downs:
Assets: $6.375 billion
Liabilities: $7.375 billion
Result: There is not enough assets to pay off or make whole all of the liabilities since liabilities exceed assets by one billion dollars.
While a Chapter 11 plan can propose to pay off the difference over time after reorganization, this seems impossible since the company is losing hundreds of millions of dollars per quarter;i.e. operations will still be losing money so there is no way to propose to pay off everything in the future.
What does this all mean?
IT MEANS THE COMMON SHARES ARE DEAD!
Anyone proposing that the common shares are somehow going to survive the bankruptcy is either being disingenuous or simply does not understand the process and what the numbers are for the company and how bad off the company is.
Louis J. Desy Jr.
Bash away? How do you explain the stock rise?
My contention is that the stock rose because the muppets saw the PR about the DIP financing and think that the common shares are now 'saved', without realizing that the DIP financing has super priority and puts them further away from any recovery.
What is your explanation for the rise in price?
I have the following questions to ask you:
1: Why do you believe the stock price rose in the past two trading sessions?
2: Do you think the common shares will survive the bankruptcty? If yes, why and how do you think that will happen?
3: I have posted about the bankruptcy process and the priority of classes in my prior posts on ACIIQ, do you agree or disagree with the presentation and why?
Louis J. Desy Jr.
You would be amazed, the muppets pile in
You would not believe, no matter how much you try to explain the process to some people; how they can't or won't understand what is going on and what is going to happen. Some even buy more shares!
Over at Allied Nevada Gold (ANVGQ) there were people buying right up until the effective date was entered and the shares converted in almost worthless warrants that do not trade on any public market, and may never trade again, that were buying.
Over at Radio Shack (RSHCQ), there was one 'investor' that held onto the shares right up to the cancellation, I think they even added to the position, and even now still has some hope that the company is going to make a comeback and is 'holding' onto the shares!
Louis J. Desy Jr.
DIP financing 'move' is over
It is down 12% to $0.68 on 500,000 shares. It looks like all of the muppets have piled in and there is no one else left to buy.
It is probably going to crash now, until the next PR gets the muppets going again.
Louis J. Desy Jr.
When shares will be canceled? Within 10 days
The shares do not get canceled yet. There is still an 8 or 10 day appeal time that has to pass by. Once that passes, the court will enter an order for the 'effective date' of the plan. When that happens, then the shares will be canceled.
That usually happens before or after trading for the day, but sometimes the court will enter the order in the middle of the trading day and the shares stop trading at once.
Louis J. Desy Jr.
Not the same situation.
This is not the same situation. American Airlines was able to present a Chap 11 plan that would make all of the other classes whole, by using bankruptcy to break its high costs and restructure so it could eventually pay off all of the classes higher than the common shares.
That is not the case here. The company will still lose money after the reorganization and there is no way it can make the classes higher in priority whole (bonds and unsecured).
American Airlines turn around case study, look at pages 9 and 10 of the PDF:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&sqi=2&ved=0ahUKEwi0o9H0pr7KAhUBUiYKHU7ODrMQFggcMAA&url=https%3A%2F%2Fturnaround.org%2Fcmaextras%2FCarl-Marks-Competition-American-Airlines.pdf&usg=AFQjCNGtuGF6n8XYusxi2lGyYW5zVawKfA&bvm=bv.112454388,d.cWw
Louis J. Desy Jr.
Most of the buyers are dumb? Unfortunately yes
It is an absolute certainty that the common shares are going to be wiped out. Under bankruptcy law, the common shares are the lowest in priority for claims on the assets of the company, and the company is hundreds of millions of dollars negative on equity, maybe as much as $1 billion or more negative.
There is no way the existing common shares are going to survive the bankruptcy.
Today's rise in price was because of the DIP financing that was put out in a press release. People are buying because they think the DIP financing increases the chances of saving the existing common shares, but instead it will push the common shares further away from any chance of recovery because the DIP financing will be ahead of the existing common shares also. People who are buying today do not understand the process or how bad off the company is. The only thing they are doing is giving someone else a chance to get out of the stock with a little more money than if they held on.
Louis J. Desy Jr.
The people that are buying do not know what they are doing
Anyone buying this stock because of the DIP financing does not know what they are doing. They think the company is getting a loan that will allow the common shares to survive in the plan.
Instead, the existing common shares are now further away from surviving in the plan, since the DIP has super priority, ahead of the bonds.
Louis J. Desy Jr.
Stock up today because of the DIP deal
The stock is trading up because of the DIP deal. The muppets are rushing in because they think the company is going to be saved.
What they do not realize, is that the DIP financing has a super priority in the order of recovery, so the common shares are now even more out of the money in getting anything back, since the DIP is ahead of the bonds, which are ahead of the unsecured, which is ahead of the common shares.
DIP financing
http://biz.yahoo.com/e/160122/aciiq8-k.html
It looks like the company is going to be able to get up to $575 million, so with the $1 billion in negative stockholders equity, the company is at least, $1.5 billion in the whole, that would be needed before the common shares would get anything.
I think this also wipes out all of the trade debt with vendors and a large segment of the unsecured bonds.
Louis J. Desy Jr.
Why not short more?
The problem is that many/most firms have two rules that prevent or make it not worth it and there may be other problems.
1: Margin requirements. The problem is that a lot of firms will require $2.50 held as a reserve to cover the short, so a lot of money gets tied up. This reserve also may cause a person to close a trade early and pay the tax early, since they are losing the use of their money.
2: Not allowing a new short position for a stock below $5. A lot of firms will not allow a new short position to be opened on a stock that is below $5.
3: No shares available to borrow. In order to open a short, your firm needs to borrow shares from somewhere else in order to have the shares available to sell short. With a company in bankruptcy, there may not be any shares available to borrow in order to open a short position.
I tried to buy some Feb $0.50 put options, since I expect the stock will fall back to $0.20 or lower, but my firm will not execute the order.
Louis J. Desy Jr.
The shorts are fine.
Even as late as Jan 5, 2016 the common shares traded at $0.90 and higher. Even with the big jump today, the shorts are still up 50% on the trade.
The only thing anyone who is short the stock cares about is that they hope that at least the common shares do not get canceled until 2017 so they can push off paying the taxes on the profit for another year.
The best option would be if a miracle happens and the existing common shares somehow get warrants in the Chapter 11 plan, then the shorts can put off paying any taxes on the trade until the warrants expire years from now, since technically the trade will not be closed.
I do not expect either will happen and the common shares will be canceled before the end of 2016, meaning the taxes on the profit on the trade will have to be paid on or before April 15, 2017.
Louis J. Desy Jr.
The common shares are dead
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=119950131
In the last 10Q report, stockholder equity was over $600 million NEGATIVE. With the losses from the months not reported, equity will probably be over $1 billion negative.
Even the bonds are expecting large losses, and the bonds are all ahead of the common shares in the order of priority for recovery in the bankruptcy classes:
http://quicktake.morningstar.com/stocknet/bonds.aspx?symbol=aci
As an example for how bad things are for the bond, here are some quotes from this morning:
7% June 2019 0.5 (A $1,000 bond can be bought for $5)
7.25% June 2021 1.0 (A $1,000 bond can be bought for $10)
7.25% June 2020 1.0 (A $1,000 bond can be bought for $10)
8% Aug 2019 27.5 (A $1,000 bond can be bought for $270)
9.875% June 2019 5.5 (A $1,000 bond can be bought for $55)
Just to review about a bond. The bonds are each $1,000 par value, which is due to be paid at maturity, and until then pays interest on the par value, so the 7% June 2019 bonds pay $70 of interest per year.
There is no way the common shares are going to survive.
Even if you though the common shares had a chance of surviving, a better play would be to buy some of the bonds. (I do not recommend that either since it looks like a number of the bond series are going to get wiped out also.)
Louis J. Desy Jr.
December 2015 operating report, not good
December 2015 operating report:
www.kccllc.net/alpharestructuring/document/1533896160120000000000054
The December 2015 operating report shows the company is losing money on a GAAP basis and on a cash basis.
The income statement showed the company lost $25 million in December 2015 and YTD lost 1.4 billion.
Operations are cash flow negative. Cash flow from operations were a negative 19 million for December 2015 and YTD negative $222 million. (Page 16, Net cash from operations).
I am not sure the company will be able to operate even after emerging from bankruptcy, since the company appear to be losing around $20 million per month.
Louis J. Desy Jr.
Document #1057 - Trustee objection to EC
I took a look at document #1057 to see why the trustee objected to an equity committee being appointed.
It looks like there were two reason the trustee objected:
1: It is clear that in the order of priority, the common shares are not going to recover anything. In the filing the trustee made note of the low quotes on the unsecured debt, meaning the market does not expect a full recovery for those classes, which are higher in priority than the common shares.
2: The trustee objected to the committee requesting $75,000 per month, since it is expected that the common shares are not expected to recover anything unless the unsecured debt can be made whole, which are higher in the priority order for the bankruptcy classes, and which appears to be impossible.
Louis J. Desy Jr.
Document #1057 - Trustee objecting to equity committee being appointed:
www.kccllc.net/alpharestructuring/document/1533896151210000000000010
Document #1155 - Court order denying equity committee from being appointed:
www.kccllc.net/alpharestructuring/document/1533896151222000000000002
The plans, secured plan vs former CEO
I think the problem is that the CEO plan to take over the company, gives the debt holders less than if the debt holders took over the company.
I also seem to remember that part of the plan was to issue new debt. A big negative against the plan is that, I am sure, the secured and unsecured do not want one of the people, the former CEO, who captained the company into disaster, to be back in charge again.
If the former CEO wants to really take over the company again, the only thing he has to do is buy out the secured debt at 100% cash, and then he could do whatever he wants. The fact that the secured are objecting tells me that while the CEO's plan is 'valued' at $300 million, is it not really worth that much, otherwise the secured debt would gladly take the cash and get out of this mess.
Louis J. Desy Jr.
Breach of fiduciary duty
The problem is that the company is not really under the control of the board anymore. The board are more like managers for the bankruptcy estate that the company is in, and have to follow bankruptcy law and rules.
When a bankruptcy is filed, it creates a bankruptcy estate where everything up to the instant of the filing, is put into the estate. While the managers and board are usually still in place, they are running the company on behalf of the estate. There is a trustee that oversees the estate and the court to make sure the rules and laws for bankruptcy are followed.
Form 8K for operating report for period ending Nov 30, 2015:
http://ih.advfn.com/p.php?pid=nmona&article=70022807
In the situation here, there are two problem to saving the current common shares.
1: As of November 30, 2015; total liabilities are $470 million. In order to 'save' or preserve the existing common shares, a deal would have to be made that would make whole those secured and unsecured liabilities, which are higher in priority than the existing common shares. The deal was quoted as being worth $300 million, so while the secured liabilities might have been made whole, the unsecured would still have losses and have a right under the bankruptcy order of priority of the classes, to take all of the equity in the reformed company. In any case, $300 million does not make the holders of the liabilities whole and won't work or help the existing common shares.
2: There is a problem as to what the reformed company is worth. Even in November 2015 the company was still losing over $10 million per month. While that is not the holiday season, the company should be at least breaking even if it is going to become profitable, instead it is still losing money.
I expect that the secured debt holders are going to take over the company completely, and the unsecured liabilities and existing common shares will not have any recovery in the Chap 11 plan. I do not expect the former CEO will be able to raise enough money to buy out the company. Who would want to invest three or four hundred million in a company that is still losing money? My answer is that no one would do this.
Louis J. Desy Jr.
Are HDSI investors muppets?
I would hope that HDSI investors are not muppets, but then if they are buying the shares because they think the company is going to make money, and it will benefit the common shares, then they are not being realistic as to what will happen. i.e. going along with the meme, 'they are going to get their eyes ripped out of their head'.
Original use and quote:
http://www.news.com.au/finance/work/we-ripped-out-the-eyeballs-of-our-muppet-clients-goldman-sachs-directors-blistering-attack-on-banks-toxic-greed/story-e6frfm9r-1226299935559
"We ripped out the eyeballs of our muppet clients"
The term 'muppet' originally came from an email that wwas sent within Goldman Sachs by one of its traders in England describing their customers:
http://www.theguardian.com/business/2012/oct/22/goldman-sachs-muppets-greg-smith-clients
"Within week one [of arriving in the London office] I met a junior guy who was 24, 25 years old and the first thing he'd told me was that he had just traded a sophisticated derivative with a 'muppet client' who'd paid the firm an extra million dollars because the client was so trusting that he didn't check the price with other banks," Smith recalled. "Now you could think to yourself, is this some rogue guy who is just talking callously about clients, but his boss who's a managing director was sitting right next to him nodding and chuckling along."
Kind of amazing how they talked about and openly viewed their clients.
Louis J. Desy Jr.
$25K on Tha bid? Incredible
Yea, it just shows that a few of the muppets have not lost all of their money, YET!
But, I am sure that HDSI will 'help them out' of what little they have left, until it is all gone!
Louis J. Desy Jr.
AND ITS GONE:
Talk about the merits of nothing
Then talk about how investing in a company that has
NO ASSETS
NO REVENUE
NO BUSINESS LICENSE
DECORATIVE COMMON SHARES WITH NO CONTROL OVER THE COMPANY
is somehow an advantage, a great opportunity, and people should mortgage everything they own to load up on the decorative common shares.
Louis J. Desy Jr.
Only my perspective?
Well, MY PERSPECTIVE is that the company has:
NO ASSETS
NO REVENUE
NO BUSINESS LICENSE
DECORATIVE COMMON SHARES THAT HAVE NO CONTROL OVER THE COMPANY
I think that most people would consider those points as objective and 'deal breakers' when looking for an investment.
Just because a company is small does not mean that investment standards should be lowered or even ignored.
Some of the better investments are sometimes smaller companies because they do not have as large a following (allows the price to trade at a discount to the value) and sometimes large funds can't invest in them because they are too small, giving the retail investor an advantage and a chance at better returns than the larger funds.
Louis J. Desy Jr.
Cherry-pick comparisons? Look whose talking
You and other supporters of the company keep going on about 'no debt no dilution' and other selected pieces of information, like that is some kind of gold standard when selecting investments, but ignore all of the incredible things this company does not do or have, like
NO revenue
NO assets
NO filings
NO current business license
and then accuse ME of 'cherry picking'!
Give me a break!
Of course, with a stock like this, the whole idea is to have a very low stock price in order to make the muppets feel like they can 'make a fortune' if it just goes up to a penny; plus the muppets seem to feel like millionaires when they buy ten million decorative shares for $0.0005 for $5K, thinking they are going to be rich when the run up come. Of course, that never happens because the insider dump a few billion decorative common shares onto the market and the prices falls to $0.0001; requiring a reverse split to get the stock trading again.
Of course, the problem is that the stock will never get there because there would be hundreds of millions of shares sitting on the ask of other muppets trying to get out of this dog whole.
Louis J. Desy Jr.
60 times the volume? All the way to $180
Yea, all the way up to a whole $180 in trading volume!
In some stocks that wouldn't even buy one share!
Some kid from a local high school must have biked down to his local brokers office and put in an order with his newspaper money!
Louis J. Desy Jr.
Reason the buyout offer will not work, not enough money.
The former CEO probably will not be able to raise enough money to do the buyout. The problem is that it does not make any sense for the debt holders to agree to anything else except full payment, which is not realistic since the company is losing money still.
Form 8K for operating report for period ending Nov 30, 2015:
http://ih.advfn.com/p.php?pid=nmona&article=70022807
Form 10q for period ending June 30, 2015:
http://ih.advfn.com/p.php?pid=nmona&article=68200048
From the 8K report, stockholders equity is negative $225 million.
From the 10Q report, here is the long term debt, in millions:
Senior Secured Notes due 2020 $210,564
Standard General Loan Agreement $9,095
Standard General Credit Agreement $15,000
Other $248
Total $234,907
The $210 in debt million is a secured debt. Unless someone is willing to pay them off in full, there is no reason for them to agree to anything else besides completely taking over the company.
Louis J. Desy Jr.
In good standing? NOT ANY MORE!
Yea, they just couldn't afford the few hundred dollars to keep the company in good standing.
I just checked and they are still in default.
Face it, this is not a company, it is a joke.
No one in their right mind would conduct business with a company that can't even be bothered to keep the corporation license current or transfer assets of any value to them.
They still have Paul as the officers and director, even though the press releases claim he resigned!
Louis J. Desy Jr.
I should read the latest PR?
YOU should read the 10Q reports.
OH WAIT, YOU CAN'T READ THEM BECAUSE THE COMPANY STILL HAS NOT FILED THEM!
After all, they are only several months overdue and in a little while, they will be a full year late.
That shows how much they care about the company and the muppets
holding the decorative common shares.
I wonder how the company is going to file its federal corporate taxes if it doesn't have any financial statements?
Maybe they will just guess at everything?
Louis J. Desy Jr.
No debt..... No dilution? That is NOT a big deal.
So what, anyone can spend a few hundred and file incorporation papers within an hour, and have a 'no debt...no dilution' company.
PLUS
YOU CAN'T PROVE IT BECAUSE THEY ARE LATE ON THEIR FILINGS!
You HAVE NO IDEA if the statements you are making are true or not.
You are using the fact that the filings are late to make an assumption that you have no logical right to be making, and are just hoping that if they ever file someday you do not look, at best 'wrong' and at worst . . . well lets just say 'uninformed' and be kind about it.
Louis J. Desy Jr.
Getting their funds together? Bottle/can deposits maybe?
Yea, they must be looking for lose change and collecting bottles/cans at the side of the road for the bottle/can deposits to get the funds to pay the annual filing fee for the state of Nevada.
If it takes them only 2 or 3 months to raise the few hundred dollars for that and keep collecting bottles/cans, maybe they will have enough to file the report that will be due this November if they keep collecting those bottles/cans year round?
Louis J. Desy Jr.
Nothing! The three No's
No assets
No revenue
No filings
Material events?
You mean like a perp walk for the insiders, live on CNBC?
Louis J. Desy Jr.
Dilution?
The only reason is there no more dilution is because this company is so messed up that they can't even get the MUPPETS to buy more shares!
That is how bad things have gotten with the company. it is a hopelessly broken stock for a hopeless company.
Louis J. Desy Jr.
Waiting for funds to clear? THERE ARE NO FUNDS!
There are no funds!
If someone wanted the 3s to clear, they could put in a buy order for a few hundred and do it; but no one wants more of a dead company with a dead stock.
The people running this company can't even be bothered to put the few hundred dollars on their own credit card and get the annual report filed with the state of Nevada.
No one is going to do anything with this company. Even the insiders can;t be bothered to issue more decorative common shares to the retail market.
THIS COMPANY IS A JOKE AND IT IS DEAD.
Louis J. Desy Jr.
Considering all Tha goodies coming? Nothing is coming
There is NOTHING coming.
This company can't even be bothered to spend 15 minutes and a few hundred dollars to file the state annual report online.
I don't think they even care about issuing more decorative common shares to the muppets. I think this company is in the 'let it die' mode so no one comes after the insiders for dumping hundreds of millions of decorative common shares onto the muppets in the retail market.
Even you couldn't be bothered to put in a $10 order yesterday!
Who buys $3 worth of stock when the commission on that trade would be more than that?
Louis J. Desy Jr.
Relaunch? With what?
No assets
No money
No revenue
No filings
and on top of that the business license expired at the end of November 2015 and is still in default.
They can't even be bothered to spend 15 minutes, go online, and pay the few hundred dollars to file the state annual report; and you think that somehow they are going to run a business that will actually turn a profit?
The only thing this company makes is decorative common shares that it issues to muppets so the insiders can cash in. They must be all laughing at how many worthless shares of common stock they got people to buy, and even still write good things about, in spite of all evidence to the contrary.
Louis J. Desy Jr.
Big day yesterday! $3.27 worth traded!
WOW, a really big day yesterday! 10,900 shares traded at a high of $0.0003; for a total of $3.27!
Anyone lucky enough to buy at $0.0001, when it was dead over the summer would have made a whole $2.18!
Of course, typical trading commissions would have made the trade a loser, but look at the great gain you would have made on your $2!
Maybe today $10 worth will trade!
Louis J. Desy Jr.
The shares will be canceled
There is no way to save the common shares. Stockholders equity is over $600 million negative.
Even a few of the bonds series are going to suffer large losses, and those are higher in priority in the classes for bankruptcy than the common shares, so there is no way the common shares survive.
I expect the common shares will be canceled before the end of the year, once the plan is confirmed.
Louis J. Desy Jr.