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They HAVE to file it on 2/28 or 3/02 ...
this is very exciting ....
There is lots of new information in the ...
Third Amended Plan of Reorganization ... the Confirmation date is March 9, 2009 but there is a more important filing date in there ....
Trustee's counsel - Structured Finance & Derivatives
http://www.gtlaw.com/Experience/Practices/StructuredFinanceDerivatives
The structured finance markets have experienced tremendous growth in issuance volumes over the past several years, thanks to continual innovation, product diversification and globalization. Asset-backed securities are one of the most rapidly expanding segments of the market today. More complex structured finance techniques – such as the use of senior and mezzanine structures with elements of high yield debt and bond programs – are also becoming more commonplace. Changes are cropping up on the regulatory side, as well.
Greenberg Traurig’s structured finance and derivatives attorneys participate in securitized and structured products encompassing almost every asset class in the mortgage, asset-backed, municipal and structured products markets. Through our representation of virtually every type of market participant – from major financial institutions and Fortune 500 companies to specialty finance companies – we have a breadth of experience to offer our clients.
Our structured finance and derivatives attorneys utilize GT’s far-reaching U.S. and international locations to provide clients with global services. We have experience in a wide array of U.S. and international transactions and represent clients in U.S.-based transactions, offshore offerings, and cross-border securitizations. While we have developed complex securitization techniques and structured derivatives products for new asset classes, we also regularly handle routine transactions where efficiency, accessibility and cost minimization are essential.
Legal Services
Represent investors, issuers, underwriters, placement agents, lenders, servicers, trustees, custodians and providers of derivative products
Structure and negotiate a wide range of mortgage-backed, asset-backed, tax-exempt, bond-backed securities, as well as derivatives, structured products and structured investment vehicles
Advise on securities, commodities, banking, tax, ERISA and bankruptcy laws and regulations affecting capital markets transactions
Assist with governmental and regulatory authority filings, compliance and audits
Represent financial institutions and investors in structured derivatives, swaps and related derivative products
Advise on regulatory issues affecting structured finance market participants
Represent both institutional lenders and borrowers in facilities secured by a variety of collateral
44 days .... until March 30, 2009
The pro forma is based on this date. I think all involved will bust their tails to make sure this gets done on time. Otherwise they will have to re-calculate alot of numbers ....
Re-grip and restated ... LOL
Yes we are Class 6 interests.
Here is why I think the "remainder units" will be distributed to charity.
The Trustee has Identified 12.4 - 13 million old SEBC stock interests which will be converted to SEBC Holdings LP units.
The recent pro forma lists 13,760,000 SEBC Holdings LP common units as of the Effective date, March 31, 2009.
http://www.sebcglobalsettlement.com/pleadings/SEBC043.pdf
So, hopefully there should be very few remainder shares to give to charity once we convert our old SEBC common interests to SEBC Holdings LP common units. [From 12. (c.) ...... "any shares left-over or too expensive to be redistributed will be donated to charity. "]
Thanks, MU_Redskin1
Maxx ... this is what I think ... SEBC Holdings, LP the company we will swap our STBP stock for the "units" could evolve into a lucrative publicly traded limited partnership.
To investigate LP's start here ... http://www.naptp.org/
SEBC Holdings, LP will own the real estate valued at $34 (through SEBC Real Estate, LLC) ... and 60% of SEBC Financial Corporation "A" common stock, the company that the investor (MODENA 2004-1 LLC aka Merrill Lynch) has invested $1.639 billion dollars. This money will be invested by SEBC Financial Corporation in a defined ASSET BACKED TRUST which will yield income to be distributed to all.
$500 million is sitting on the sidelines waiting to buy in throught the investor too.
Your post is intriguing ...
The SEBC Organizational Corporate structure is clearly defined in the pro forma. That diagram should be easily discerned by a lawyer who specializes in LP's. I may just spend the cash to get a consultation.
Anyway here are some companies trading units as LP's.
Real Estate - Properties
New England Realty Associates, L.P.
AMEX
NEN
NTS Realty Holdings, L.P.
AMEX
NLP
W.P. Carey & Co. LLC
NYSE
WPC
Real Estate - Mortgage Securities
American First Tax Exempt Investors
NASDAQ
ATAX
Centerline Holding Company (formerly CharterMac)
OTC
CLNH.OB
Investment / Financial
Alliance Bernstein Holding L.P.
NYSE
AB
The Blackstone Group L.P.
NYSE
BX
Brookfield Infrastructure Partners
NYSE
BIP
Fortress Investment Group LLC
NYSE
FIG
Icahn Enterprises, L.P.
(formerly American Real Estate Partners)
NYSE
IEP
KKR Financial Holdings LLC
NYSE
KFN
Lazard, Ltd.
NYSE
LAZ
Och-Ziff Capital Management Group LLC
NYSE
OZM
I may be totally wrong on this but this is my hunch.
Best to all . good luck and good investing ...
MU_Redskin1
Yes, the court information is now available ...
http://investorvillage.com/smbd.asp?mb=13876&mn=2631&pt=msg&mid=6644605
http://investorvillage.com/smbd.asp?mb=13876&mn=2634&pt=msg&mid=6653696
Ms. Dominguez and Mr. Bloom delivered on providing the information to the SEBC web site so all interested investors can review the terms of the amended plan.
http://www.sebcglobalsettlement.com/pleadings.htm
Trustee's Second Amended Chapter 11 Plan of Reorganization
Order Granting Trustee's Motion for Entry of an Order Governing Solicitation of Ballots for Trustee's Chapter 11 Plan
Order Approving Break-Up Fee For, and Repayment of Reimbursement Fee, to Chapter 11 Plan Investor
Trustee's Third Amended Chapter 11 Plan of Reorganization Dated February 9, 2009
Amended Disclosure Statement With Respect to Trustee's Third Amended Chapter 11 Plan of Reorganization Dated February 9, 2009
Order (I) Approving Amended Disclosure Statement; (II) Setting Hearing on Confirmation of Third Amended Plan; (III) Setting Hearing on Final Fee Applications; (IV) Setting Various Deadlines; and (V) Describing Plan Proponent's Obligations
Notice of Hearing to Consider Confirmation of Trustee's Amended Chapter 11 Plan of Reorganization
Creditor Questionnaire in connection with Trustee's Third Amended Chapter 11 Plan of Reorganization
Best to all ... good luck and good investing,
MU_Redskin1
Today is the last day to contact Mark Bloom, the Trustee's counsel, with your objections before the 2/2/09 deadline to file 'Objections to the Disclosure Statement'.
Mark D. Bloom, Esquire
Greenberg Traurig, P.A.
1221 Brickell Avenue
Miami, Florida 33131
Telephone: (305) 579-0500
Facsimile: (305) 579-0717
E-mail: bloomm@gtlaw.com
Read the last several sentences on page 2 of 2 ....
http://www.sebcglobalsettlement.com/pleadings/SEBC038.pdf
Best to all ... MU_Redskin1
I like it, I like it ALOT ....
I own other spec stocks that could be winners, maybe BIG winners but none have a actual deadline to be a 500% winner by April 30, 2009. I hope it is a surprise and concluded much earlier but this is excitng.
We have many large players owed money, a large NOL, valuable land, cash, and an investor willing to develop an investment vehicle initially worth $1.63 billion dollars with another $500 million waiting in the wings to purchase preferred and common stock.
This is exciting ... although there is risk ... the economy is risk ...
Per bankruptcy document #5011 filed 10/03/2007 US Bank holds a $39.5+ million interest and Bank of New York holds a $27+ million interest .... that is a good motivator for them to see this deal closes and they are treated fairly.
Elliot Capital $11.9 million
Gabriel Capital $11.15 million
Stonehill Capital $4.4 million
Mariner Investment Group $2.095 million
While these amounts may have been paid down slightly within the last few years, these companies are part of our new company moving forward plus they obviously have had a vested interest in crafting the "Plan" to their satisfaction before the common stockholders were brought into the negotiations.
The FDIC currently holds all the Series E Preferred and Norfolk Southern Corp. owns the Series A shares. Those are some nice partners too ...
More DD from the public judicial record ..... here is the accounting of the Preferred and Common stock of STBP/SEBC ....
Series A Preferred stock = 600,000 shares ...
registered to:
Atlantic Investment Company
c/o David Shelton, Esq.
Norfolk Southern Corporation
Three Commerce Place
Norfolk, VA 23510
Series E Preferred stock = 240,000 shares ...
registered to:
FDIC
Division of Resolutions and Receiverships
Manager, Capital Markets and Resolutions
1776 F Street NW
Washington, D.C. 20006
Common stock - Unknown**
holder:
The Depository Trust Company
C/O Southern Business Center
18301Bermuda Green Drive
Tampa, FL 33647
.... the DTC is the record holder of SEBC common stock for the benefit of more than 50 financial institutions, brokerage firms and other participants, many of which, in turn, may hold their participation interests for the benefit of clients, customers and other clients.
** According to SEBC’s 10Q filing for the fiscal year ended December 31, 1990, there were 34,329,064 million shares of common stock outstanding as of that date. SEBC website ... http://www.sebcglobalsettlement.com/faq.htm
Best to all ... good luck and good investing
MU_Redskin1
SEBC Holdings ... we are not in this alone folks
Simply illustrated below, this is the composition of SEBC Holdings as proposed. There are many more interests represented in this deal than just our 'common interests'. That, in my opinion, is the heart and strength of this deal moving forward.
Assets
$34 million worth of real estate in Jacksonville FL
15 million shares SEBC Financial Corporation Series 'A' common stock ( Initial value $15 million)
Cash
Common Shareholders - Common Units
12-13 million currently accounted
Preferred shareholders - Preferred Units
FDIC
Atlantic Investments (Norfolk Southern)
Large Unsecured Creditors represented by: (Preferred Units)
US Bank
Bank of New York/Mellon
Elliot Capital Management
Gabriel Capital Management
Stonehill Capital Management
Mariner Investment Group
Best to all ... MU_Redskin1
Motion for Entry of an Order Governing Solicitation of Ballots
2/9/2009 Monday
--------------------------------------------------------------------------------
Room 801 Courtroom A WPB
--------------------------------------------------------------------------------
09:30 AM
----------------------------------------------------------------------------------------------------------------------------------------------
91-14561 11 bk Southeast Banking Corporation
Disclosure Statement with Respect to Trustee s First Amended Chapter 11 Plan of Reorganization Filed by Trustee Jeffrey H Beck (Attachments: # (1) Appendix A - Part 1# (2) Appendix A - Part 2# (3) Appendix A - Part 3# (4)
Appendix A - Part 4# (5) Appendix A - Part 5# (6) Appendix A - Part 6# (7) Appendix A - Part 7# (8) Appendix A - Part 8# (9) Appendix B through F# (10) Responsibility For and Purpose of the Projections)(Bloom, Mark) (5449)
Southeast Banking Corporation - db
Motion for Entry of an Order Governing Solicitation of Ballots for Trustee s Chapter 11 Plan Filed by Trustee Jeffrey H Beck. (Bloom, Mark) (5451)
Motion for Entry of Order Approving Break-Up Fee For, and Repayment of
Reimbursement Fee to Chapter 11Plan Investor Filed by Trustee Jeffrey H Beck. (Bloom, Mark) (5450)
Mark D Bloom aty
Jerry M Markowitz aty
Southeast Banking Corporation - db
Sara Golinveaux - r
Jeffrey H Beck - tr Luis Salazar aty
Arley D Finley III aty
Mark D Bloom aty
Scheduled filing ....
91-14561-PGH Southeast Banking Corporation
Case type: bk Chapter: 11 Asset: Yes Vol: v Judge: Paul G Hyman Jr
Date filed: 09/20/1991 Date of last filing: 01/20/2009
History
Doc.
No. Dates Description
5503 Filed & Entered: 01/20/2009
Trustee's Monthly Financial Report
5504 Filed & Entered: 01/20/2009
Notice of Filing
5501 Filed & Entered: 01/08/2009
Notice to Filer of Apparent Filing Deficiency
5502 Filed & Entered: 01/08/2009
Certificate of Service
5499 Filed & Entered: 01/07/2009
Notice of Filing
5500 Filed & Entered: 01/07/2009
Document
5498 Filed & Entered: 01/05/2009
Certificate of Service
Theoretically, when do the speculators, traders and momo guys begin to accumulate?
Looking at a 500% move becoming more and more likely as we approach the effective date, when do the lurkers begin to accumaulate for the 100 - 500% pay off?
I'm not a trader ... what would be a traders approach to this situation?
Any ideas ?
Best to all ... MU_Redskin1
If we are only going to get $2-3 dollars per share I would ask the exchange to be;
1 share of SEBC Holdings, 1 warrant to purchase a share at $1 per share in the future and a little cash.
If we do it this way we get a little something up front plus we get to benefit in the future if the company does well too.
Best to all ... MU_Redskin1
Keep those e-mails flowing to Mr. Markowitz ...
JMarkowitz@mdrtlaw.com
The Judge/Court are going to make a fair and balanced decision on this deal based on the information presented to them.
If there are no objections or NOISE from the common shareholders then the Court will think that the deal is palatible.
If we get behind our appointed representative, Jerry Markowitz, and give him some ammunition to use against this greedy investor then we will make out better than a buck-a-share.
Those people can't steal $441 million in approved NOLS unless we let them. Let's kick some ass people.
Send Jerry your information ... name, telephone number and number of shares and a good question.
The only thing I am concerned about is shareholder apathy.
We need to get off our asses and flood that e-mail box with shares and requests for information.
JMarkowitz@mdrtlaw.com
I just got off the telephone with Harvey ... he is busy with GYSN.
He's got a few deals in the works (don't ask he didn't tell me) an infommercial and other things going on ...
I was concerned for his health ... he's feeling great. He's just busy !
Stockholder's Call to action !
I spoke with Jerry Markowitz yesterday for about 10 minutes ... he didn't offer much in the way of new information. He said that he and Jim Feltman have a few meetings lined up early next week and that they are trying to negotiate a better deal for common shareholders (whatever that means). But at least they are meeting before the deadline to file objections.
Jerry said that if he knew the true number of shareholders and the number of shares that are represented on the boards to put those people in contact with him as that may help in the negotiations. I suggest any large shareholders send their name, telephone number, number of shares held and your most pressing question to: jmarkowitz@mdrtlaw.com
This is your chance to help ALL SHAREHOLDERS or forever hold your peace.
He said that they will do the best they can but nothing is guaranteed and the deal is ultimately up to the Judge. I told him I would like to know the business plan and purpose for both SEBC Financial and SEBC Holdings Company and the intent of the investor. My plan is call Jerry next Friday after his meetings to see if he has any new information. They are still moving to close the deal.
I'm in until the end ... I'll take the 5 bagger with the hopes of much bigger things down the road.
Have a great day and a better weekend ....
Best to all ... MU_Redskin1
I will post this on IV too ... our destiny is in our hands.
I heard there were 23 Bank of America employees on the plane that landed in the Hudson River. They were in New York negotiating the Merrill deal. They too cheated death ... God bless them.
Looks like fate is going to deliver this deal amid economic chaos, a rocky merger and poor investor sentiment.
The "investor" must have something grand in mind to see this through to completion ... why else would they commit so much energy and resources in this time of financial hardship?
Best to all ... MU_Redskin1
News - Bank of America completes purchase of Merrill Lynch ,,,our Investor
This satisfies one of the stipulations in the Disclosure Statement to close our deal !!!
AP
2 big banking sector acquisitions completed
Thursday January 1, 3:21 pm ET
By Harry R. Weber, AP Business Writer
Bank of America completes purchase of Merrill Lynch, while Wells Fargo gets rival Wachovia
ATLANTA (AP) -- Two mega acquisitions in the banking sector have been completed following the biggest financial crisis to hit the United States since the 1930s, capping a year in which Wall Street stocks were hammered, home foreclosure rates soared and job losses mounted.
Bank of America Corp. said Thursday it has completed its $19.4 billion all-stock purchase of Merrill Lynch & Co., while Wells Fargo & Co. said it has completed its $12.7 billion all-stock purchase of Wachovia Corp.
Merrill Lynch's sale to Charlotte, N.C.-based Bank of America, announced Sept. 15, creates the nation's largest financial services company. San Francisco-based Wells Fargo's purchase of Wachovia, a deal that was announced Oct. 3, creates a coast-to-coast powerhouse with community banks in 39 states and the District of Columbia.
Shareholders of Merrill Lynch received 0.8595 shares of Bank of America common stock for each common share of Merrill Lynch they owned. That valued Merrill Lynch at $19.4 billion based on 1.6 billion Merrill common shares outstanding as of the last filing date and Wednesday's Bank of America closing stock price of $14.08.
Wachovia shareholders received 0.1991 shares of Wells Fargo common stock in exchange for each share of Wachovia common stock they owned. That valued Wachovia at $12.7 billion based on 2.16 billion Wachovia common shares outstanding as of the last filing date and Wednesday's Wells Fargo closing stock price of $29.48.
Besides acquisitions, the turmoil in the banking sector has brought announcements of big job cuts and loans to several banks from the government's $700 billion rescue fund.
The Bank of America-Merrill Lynch deal was struck as the solvency of investment banks was in grave doubt, and kept Merrill, which lost billions of dollars in the subprime mortgage crisis, from a complete meltdown like the one suffered by Lehman Brothers Holdings Inc., which was forced to file for bankruptcy.
New York-based Citigroup agreed to step in and buy Wachovia's banking operations for $2.1 billion with the help of the Federal Deposit Insurance Corp. But only four days later, Wells Fargo made a higher offer that did not hinge on any government support and ultimately won the right to purchase all of Wachovia and its businesses and obligations, including all of its banking deposits.
On Dec. 11, Bank of America said it expected to cut 30,000 to 35,000 jobs over the next three years. The final number could be even higher, analysts say. Bank of America said at the time it hadn't yet completed its analysis for eliminating positions, and wouldn't until early this year. Including Merrill Lynch, Bank of America has about 308,000 employees. It said the cuts would affect workers from both companies.
Bank of America reiterated Thursday it expects to achieve $7 billion in pretax expense savings by 2012. It said the cost reductions would come from a range of sources, including the previously announced job cuts and the reduction of overlapping technology, vendor and marketing expenses.
Bank of America said it will have the largest wealth management business in the world with roughly 20,000 financial advisors and more than $2 trillion in client assets. It said the combination also adds strengths in debt and equity underwriting, sales and trading, and merger and acquisition advice, creating significant opportunities to deepen relationships with corporate and institutional clients around the globe.
As for Wells Fargo, it said that with Wachovia, it now has $1.4 trillion in assets and for the first time has a community banking presence in Alabama, Connecticut, Delaware, Florida, Georgia, Kansas, Maryland, Mississippi, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D.C. As of Thursday, Wells Fargo and Wachovia customers have free use of all of the company's combined ATMs, Wells Fargo said.
There did not appear to be any plans to immediately change the Wachovia name to Wells Fargo. A Nov. 24 regulatory filing said that the plan to integrate Wells Fargo and Wachovia operations was still being developed. The filing said an estimated $1.9 billion in costs was expected to be incurred over time due to "branch and administrative site consolidations, name change and signage."
The chief of Bank of America has said previously the bank intends to keep the Merrill Lynch name intact.
Scheduled Court dates and deadlines so far ...
These are the dates and deadlines for the deal moving forward. Please note that they are subject to change.
January 9, 2009; is the Deadline for Service of Order, Disclosure Statement & Plan.
January 26, 2009; is the deadline to submit Final Administrative Claims
February 2 , 2009; is the Deadline for Objections to the Disclosure Statement
February 9, 2009; is the Disclosure Hearing and the hearing on the Solicitation motion and Break-up Fee motion. 9:30 AM
March 16, 2009; Plan Confirmation date
April 30, 2009; Effective Date of closing
Best to all ... MU_Redskin1
NEW FILING ... here we go folks !
91-14561-PGH Southeast Banking Corporation
Case type: bk Chapter: 11 Asset: Yes Vol: v Judge: Paul G Hyman Jr
Date filed: 09/20/1991 Date of last filing: 12/30/2008
History
Doc.
No. Dates Description
5494 Filed: 12/30/2008
Entered: 12/31/2008
Order on Miscellaneous Motion
5495 Filed: 12/30/2008
Entered: 12/31/2008
Order Setting Hearing on Approval of Disclosure Statement
Full docket text for document 5494:
Order Approving Form, Method and Manner of Supplemental Notice by Publication (Re: # [5452]) (Adam, Lorraine)
Full docket text for document 5495:
Order (I) Setting Hearing on 02/09/2009 at 09:30:00 AM in 1515 N Flagler Dr Room 801 Courtroom A, West Palm Beach to Consider Approval of Disclosure Statement; (II) Setting Deadline for Filing Objections to Disclosure Statement; and (III) Directing Plan Proponent to Service Notice (Re: [5449] Disclosure Statement, filed by Trustee Jeffrey H Beck). Objection to Disclosure Statement Deadline: 2/2/2009. (Adam, Lorraine)
Where we stand at this point ...imho
We are waiting on confirmation orders from the court granting the Trustee's motions filed on December 17, 2008. I have been checking the court postings every day. Once the orders are issued the Trustee can proceed with actionable steps to finalize the deal.
1.) Approval of the break-up fee and reimbursement for the Investor
http://www.sebcglobalsettlement.com/pleadings/SEBC032.pdf
2.) Solicitation of ballots to approve the "Plan"
http://www.sebcglobalsettlement.com/pleadings/SEBC033.pdf
3.) Supplemental Notice of publication to all interested parties regarding the emergence of SEBC from bankruptcy
http://www.sebcglobalsettlement.com/pleadings/SEBC034.pdf
4.) What we know is that a bar date of January 26, 2009 has been set to submit final Administrative claims.
http://www.sebcglobalsettlement.com/pleadings/SEBC035.pdf
http://www.sebcglobalsettlement.com/pleadings/SEBC031.pdf
pg 92.... the estate pays investors legal fees up to $900,000
pg 94....this should be done on or before March 16, 2009 (plan confirmation date)
pg 135 .... assumed effective date April 30, 2009
After past hearings the confirmation orders granting the Trustee's motions were issued within 1-10 business days after the hearing. I think we get these orders the first full week in January, 2009 because of the holidays. Then the Trustee will proceed.
IMO, I believe many investors have contacted both Mark Bloom and Jerry Markowitz. I believe that both Jerry and Jim Feltman are negotiating the best deal for the common shareholders that the Investor will tolerate. Therefore I think another version of the "Plan" and/or "Disclosure Statement" may be submitted to the Court before it is approved. I still don't have a clear picture of how the preferred and common shareholders are being compensated for the investor's use of the NOL's for all our benefit.
Best to all ... good luck, good investing and Happy New Years !!!
MU_Redskin1
91-14561-PGH Southeast Banking Corporation
Case type: bk Chapter: 11 Asset: Yes Vol: v Judge: Paul G Hyman Jr
Date filed: 09/20/1991 Date of last filing: 12/20/2008
History
Doc.
No. Dates Description
5481 Filed: 12/20/2008
Entered: 12/21/2008
BNC Certificate of Mailing - PDF Document
5482 Filed: 12/20/2008
Entered: 12/21/2008
BNC Certificate of Mailing - PDF Document
5483 Filed: 12/20/2008
Entered: 12/21/2008
BNC Certificate of Mailing - PDF Document
5484 Filed: 12/20/2008
Entered: 12/21/2008
BNC Certificate of Mailing - PDF Document
5485 Filed: 12/20/2008
Entered: 12/21/2008
BNC Certificate of Mailing - PDF Document
5486 Filed: 12/20/2008
Entered: 12/21/2008
BNC Certificate of Mailing - PDF Document
5487 Filed: 12/20/2008
Entered: 12/21/2008
BNC Certificate of Mailing - PDF Document
5488 Filed: 12/20/2008
Entered: 12/21/2008
BNC Certificate of Mailing - PDF Document
5489 Filed: 12/20/2008
Entered: 12/21/2008
BNC Certificate of Mailing - PDF Document
5490 Filed: 12/20/2008
Entered: 12/21/2008
BNC Certificate of Mailing - PDF Document
5491 Filed: 12/20/2008
Entered: 12/21/2008
BNC Certificate of Mailing - PDF Document
5492 Filed: 12/20/2008
Entered: 12/21/2008
BNC Certificate of Mailing - PDF Document
5476 Filed & Entered: 12/19/2008
Trustee's Monthly Financial Report
5477 Filed & Entered: 12/19/2008
Notice of Filing
It looks as though the Trustee/SCS/Investor have priced everything at a dollar to make the deal clear, the intial accounting simple and as a basis to get the deal done as simply and soon as possible. The investor has the right to sell the preferred and common to whoever they like after the deal is completed.
It says in the Disclosure/Plan that there is a third party investor who is ready to invest " at least $500 million" in this deal. To me that is an indicator of bigger things to come once we get he deal completed. imho.
We're having a nasty, rain, sleet, ice, snow storm here in beautiful northeast Ohio.
Best to all ... good luck and good investing.
MU_Redskin1
Our BOYZ are working on it.
Hmmmmm ...
Looks like our stock is going to a buck as of the effective date as depicted in the ProForma .... imho
SOUTHEAST BANKING CORPORATION
Price: 0.55 +0.15 +37.50%
Bid: 0.30 [-]
Ask: 0.89
Open: 0.40
Volume: 14,000
Do you think if we get a cash payout in addition to our stock swap that it would be touted in the amended Plan or Disclosure statement before the last possible minute?
I posed the question to the Trustee and his counsel. No reply as of yet ... I bet they wait until the last legally possible minute.
The insiders need to get in fast or their initial profit will be lost .... they coulda bought at .20 in the last several months and made .80 before the deal. After the deal they will be paying MUCH more. imho.
Best to all ... MU_Redskin1
History
Doc.
No. Dates Description
5464 Filed & Entered: 12/18/2008
Order on Application for Compensation
5465 Filed & Entered: 12/18/2008
Order on Application for Compensation
5466 Filed & Entered: 12/18/2008
Order on Application for Compensation
5467 Filed & Entered: 12/18/2008
Order on Application for Compensation
5468 Filed & Entered: 12/18/2008
Order on Application for Compensation
5469 Filed & Entered: 12/18/2008
Order on Application for Compensation
5470 Filed & Entered: 12/18/2008
Order on Application for Compensation
5471 Filed & Entered: 12/18/2008
Order on Application for Compensation
5472 Filed & Entered: 12/18/2008
Amended Order
5473 Filed & Entered: 12/18/2008
Amended Order
5474 Filed & Entered: 12/18/2008
Order on Application to Employ
5475 Filed & Entered: 12/18/2008
Order on Miscellaneous Motion
5458 Filed & Entered: 12/17/2008
Trustee's Monthly Financial Report
5459 Filed & Entered: 12/17/2008
Notice of Filing
5460 Filed & Entered: 12/17/2008
Trustee's Monthly Financial Report
5461 Filed & Entered: 12/17/2008
Notice of Filing
5462 Filed & Entered: 12/17/2008
Trustee's Monthly Financial Report
5463 Filed & Entered: 12/17/2008
Notice of Filing
I've been overly busy ...
Best to all ... MU_Redskin1
The stock is = to $1 imo .... per the Pro Forma ... to start.
The "investor" is injecting $1.639 BILLION in this company.
Correspond or talk to Jim or Jerry and report back to the board if you have "assumptions".
"alot2do" from the IV board?
PLEASE.
The "investor" doesn't want this stock to trade heavily before the "deal" is inked.
Read the Pro Forma.
Let's see what happens to the stock price when they post the notifications. That will be interesting .....
I got timed out on my EDIT so sorry for the double post.
Best to all ... MU _Redskin1
Like I said .. the Dollar Menu ....
So why are we trading at .45 ?
Wait until the Bro's sell the SEBC Financial preferred for $5-10 and the commons are in the teens ....
Just sittin back and enjoying the ride ....
Pages 463 -484 is where the rubber meets the road. http://www.sebcglobalsettlement.com/pleadings/SEBC031.pdf
This is Document 5449, Appendix B Pro Forma Financial Projections. The financial prjections, estimated cash projections, Organizational Structure, liquidation analysis and disttibution schedules are posted here.
Any of you accountants, financial wizards or analysts care to comment?
Best to all ... MU_Redskin1
Saturday filing - Seems like the pace is picking up to close this deal ....
BNC Certificate of Mailing -
Hearing (Re: [5455] Notice of Hearing (Re: [5452] Motion for Entry of an Order Approving Form, Method and Manner of Supplemental Notice of Significant Plan Events to Common Shareholders and Parties in Interest by Publication Filed by Trustee Jeffrey H Beck. (Attachments: # (1) Exhibit A-1, A-2, B-1, B-2) (Bloom, Mark),
[5453] Application to Employ Structured Capital Solutions, LLC as Investment Banker for Chapter 11 Trustee Motion to Extend Retention and Employment of Structured Capital Solutions, LLC as Investment Banker for Chapter 11 Trustee, Nunc Pro Tunc to December 31, 2007 [NO Affidavit Attached] Filed by Trustee Jeffrey H Beck. (Bloom, Mark),
[5454] Motion for Entry of an Order Establishing an Administrative Claims Bar Date Filed by Trustee Jeffrey H Beck. (Bloom, Mark))
Hearing scheduled for 12/17/2008 at 09:30:00 AM at 1515 N Flagler Dr Room 801 Courtroom A, West Palm Beach. (Corrales, Vivian)) Service Date 12/13/2008. (Admin.)
The Deal looks like the dollar menu at your local fast food joint ! LOL
SEBC Financial Corporation
300,000,000 shares Series A Serior Preferred stock = $300,000,000
718,000,000 shares Series B Serior Preferred stock = $718,000,000
611,000,000 shares Series J Junior Preferred stock = $611,000,000
4,500,000 shares Series K Junior Preferred stock = $4,500,000
5,000,000 each Series B & C common unpriced.
SEBC Holdings
Exchange 12-34 (estimate) million Old SEBC Common shares traded for 100% ownership in Common "units" not priced
Exchange 300,000 Series A Old Preferred stock for 300,000 shares Junior Preferred Units = $300,000 face value
Exchange 240,000 Series E Old Preferred stock for 240,000 Junior Preferred units = $240,000 face value
Add 60% New Series A Common Stock in SEBC Financial Corporation (unpriced)
Add 100% Real Estate LLC membership interests
Add 6,000,000 shares Senior Preferred units will be given to Senior note, Subordinated note and Class 3 claim holders = $6,000,0000 face value
Add 18,700,000 shares Junior Preferred units will be given to holders of class 1, 2 & 3 claims = $18,700,000
*******
After looking at all the Preferred priced at par I figure that is where the New common may begin trading assuming we don't have a huge run before the effective date. just an ewag ....
If you look on Page #6 of the disclosure statement it mentions "effective date" of April 30, 2009. The date is actually an "on or before" deadline.
I believe that date is in the Amended Plan also .... In the definitions section 1.38 'Effective Date' .... actual page #5
I found this DD information based on me100's (Harvey) suggestion that ESGR could be a similar case study to our STBP situation. The stock reached a high of $135.02 before the recent collapse and now trades at $57.72. http://investorvillage.com/smbd.asp?mb=1070&clear=1&pt=q
Enstar came out of bankruptcy as a shell company and has built a solid business.
Best to all good luck and good investing ... MU_Redskin1
Enstar Bankruptcy (ESGR)
http://www.gilardi.com/pdf/eginot.pdf
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Enstar announces future distribution of new stock
Business Wire, August 28, 1996
MONTGOMERY, Ala.--(BUSINESS WIRE)--Aug. 28, 1996--The Enstar Group Inc. ("Enstar") announced that it has resolved all issues relating to its 1995 income tax returns.
As a result of the resolution of its 1995 income tax issues, Enstar will be able to repay its remaining creditors from its bankruptcy, in full, with interest. After Enstar's bankruptcy creditors have been paid in full, Enstar will have $35 to $40 million in net worth, based on the current market value of its assets, which consist primarily of stock in First Union Corp. Therefore, Enstar will be in a position to issue new stock to former shareholders who owned Enstar stock on June 1, 1992, in accordance with its bankruptcy plan. (On June 1, 1992, the common stock of Enstar was cancelled pursuant to its bankruptcy plan.)
Enstar will seek bankruptcy court approval of a procedure to notify and identify former shareholders entitled to receive the new stock. Enstar anticipates that it will send notification and claim forms to former shareholders in late September and issue and distribute its new shares to qualifying former shareholders in early 1997.
CONTACT: Enstar
Amy Dunaway, 334/834-5483
COPYRIGHT 1996 Business Wire
COPYRIGHT 2004 Gale Group
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http://www.bizjournals.com/jacksonville/stories/1997/10/13/story6.html
Friday, October 10, 1997
Dahl, Davis buying up Enstar stock
Jacksonville Business Journal - by Jane Bennett
Local investors James Dahl and Wayne Davis are buying heavily into Enstar Group Inc., a Montgomery, Ala.-based shell company.
Enstar is sitting on a pile of cash and stock and is looking for companies to acquire.
Davis, who owns 94,036 Enstar shares, is a director of the company, along with Christopher Flowers, a partner in the prestigious New York brokerage firm Goldman Sachs & Co.
Enstar (ESGR:Nasdaq Bulletin Board) has assets of $4 million in cash and holds 1.3 million shares of First Union Corp. stock, worth about $53 million at the bank's current stock price. "And it (Enstar) has no debt," Dahl said. In addition, the company earns $1.7 million a year on the $1.28 a share dividends paid by First Union.
In July, the company announced plans to buy back $5 million of its own stock. That hasn't started yet, Dahl said, "but every insider is buying stock." The company has 4.5 million shares outstanding. Insiders own 449,509 shares, or 10.06 percent.
A shell company has no active operations. "Usually they are registered companies with NOL's, or net operating losses, that they can carry over to offset future income," said Don Wiggins, professor of accounting and finance at the University of North Florida. Enstar has a net operating loss of $96 million, Dahl said.
Enstar formerly did business as KinderCare Inc., a day-care center company backed by venture capital from Wayne Davis' father. Davis did not return phone calls for this story.
In 1989, Enstar disassociated itself from KinderCare and became a publicly traded company that specialized in low-priced women's clothing stores such as Simply 6. Enstar filed for bankruptcy in 1991 and a year later canceled its common stock.
In 1995, the company sold one of its assets, American Savings and Loan of Florida in Miami, to First Union Corp. in a stock swap that brought Enstar the 1.3 million shares it now owns.
The company went public a second time in March, and since then the stock price has steadily climbed from $9.39 to Tuesday's $14 closing price.
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I believe this article may support the theory about the value in STBP.PK ......
The publication requirements are printed on page 6 of this document. They are similarly reported in the new docs ....
http://www.sebcglobalsettlement.com/pleadings/SEBC019.pdf
Class B = 5 million
Class C = 5 million
B + C = 40% of SEBC Fianancial Corporation common stock after the effective date of at/or before April 30, 2009 ....
Then 60% Class "A" SEBC Fianancial common shares equal 15 million shares.
25 million SEBC Fianancial shares OS after effective date. imo.
page # 5 of the disclosure states SEBC common stock will get dividends of $25.9 million over six years. (disclaimer follows) SEBC Holdings will hold (Class A) 60% of SEBC common stock.
page #6 SEBC Holdings will be initially valued at $ 33.5 million .... disclaimer follows ....
... more to follow ....
Bank of America mentioned ....
Disclosure filed 12/10/2008. Many hundreds of pages of reading are in the amneded plan, disclosure statement and exhibits. I like what I see initially, we'll see what our lawyers Jerry Markowitz and Jim Feltman have to say in the coming days. Good reading and I am looking forward to some thoughtful exchange in the coming days and weeks as we close the deal.
Best to all ... MU_Redskin1
91-14561-PGH Southeast Banking Corporation
Case type: bk Chapter: 11 Asset: Yes Vol: v Judge: Paul G Hyman Jr
Date filed: 09/20/1991 Date of last filing: 12/10/2008
History
Doc.
No. Dates Description
5448 Filed & Entered: 12/10/2008
Amended Chapter 11 Plan
5449 Filed & Entered: 12/10/2008
Disclosure Statement
5450 Filed & Entered: 12/10/2008
Miscellaneous Motion
5451 Filed & Entered: 12/10/2008
Miscellaneous Motion
5452 Filed & Entered: 12/10/2008
Miscellaneous Motion
5453 Filed & Entered: 12/10/2008
Application to Employ
5454 Filed & Entered: 12/10/2008
Miscellaneous Motion
5446 Filed & Entered: 12/02/2008
Supplemental Document
5447 Filed & Entered: 12/02/2008
Notice of Filing
5445 Filed & Entered: 12/01/2008
Certificate of Service
5444 Filed: 11/28/2008
Entered: 11/29/2008
BNC Certificate of Mailing - Hearing
5443 Filed & Entered: 11/26/2008
Notice of Hearing
5435 Filed & Entered: 11/24/2008
Application for Compensation
5436 Filed & Entered: 11/24/2008
Application for Compensation
5437 Filed & Entered: 11/24/2008
Application for Compensation
5438 Filed & Entered: 11/24/2008
Application for Compensation
5439 Filed & Entered: 11/24/2008
Application for Compensation
5440 Filed & Entered: 11/24/2008
Application for Compensation
5441 Filed & Entered: 11/24/2008
Application for Compensation
5442 Filed & Entered: 11/24/2008
Notice of Filing
5432 Filed & Entered: 11/21/2008
Notice of Filing
5433 Filed & Entered: 11/21/2008
Trustee's Monthly Financial Report
5434 Filed & Entered: 11/21/2008
Notice of Filing
5430 Filed & Entered: 11/20/2008
Application for Compensation
5431 Filed & Entered: 11/20/2008
Chapter 11 Plan
5429 Filed & Entered: 11/12/2008
Notice of Filing
91-14561-PGH Southeast Banking Corporation
Case type: bk Chapter: 11 Asset: Yes Vol: v Judge: Paul G Hyman Jr
Date filed: 09/20/1991 Date of last filing: 12/02/2008
History
Doc.
No. Dates Description
5446 Filed & Entered: 12/02/2008
Supplemental Document
5447 Filed & Entered: 12/02/2008
Notice of Filing
5445 Filed & Entered: 12/01/2008
Certificate of Service
5444 Filed: 11/28/2008
Entered: 11/29/2008
BNC Certificate of Mailing - Hearing
5443 Filed & Entered: 11/26/2008
Notice of Hearing
5435 Filed & Entered: 11/24/2008
Application for Compensation
5436 Filed & Entered: 11/24/2008
Application for Compensation
5437 Filed & Entered: 11/24/2008
Application for Compensation
5438 Filed & Entered: 11/24/2008
Application for Compensation
5439 Filed & Entered: 11/24/2008
Application for Compensation
5440 Filed & Entered: 11/24/2008
Application for Compensation
5441 Filed & Entered: 11/24/2008
Application for Compensation
5442 Filed & Entered: 11/24/2008
Notice of Filing
5432 Filed & Entered: 11/21/2008
Notice of Filing
5433 Filed & Entered: 11/21/2008
Trustee's Monthly Financial Report
5434 Filed & Entered: 11/21/2008
Notice of Filing
5430 Filed & Entered: 11/20/2008
Application for Compensation
5431 Filed & Entered: 11/20/2008
Chapter 11 Plan
5429 Filed & Entered: 11/12/2008
Notice of Filing
5428 Filed: 11/01/2008
Entered: 11/02/2008
BNC Certificate of Mailing - PDF Document
5426 Filed & Entered: 10/30/2008
Order on Miscellaneous Motion
5427 Filed & Entered: 10/30/2008
Certificate of Service
5425 Filed & Entered: 10/29/2008
Terminated: 10/30/2008
Miscellaneous Motion
5423 Filed & Entered: 10/21/2008
Trustee's Monthly Financial Report
5424 Filed & Entered: 10/21/2008
Notice of Filing