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if jcp closes, then the vacancy would present various issues for a landlord, depending if jcp was operating under a lease or rea.
if jcp closes in a mall which had a sears store which was in the seritage portfolio (or the go-forward properties) and the seritage sears (or the go-forward sears) continued to operate, then the problem would be less.
the berkshire loan deal with seritage had various covenants which may or may not be able to be satisfied. don't know if berksire's loan was secured by the properties and if they were do they have a junior position to esl on any of those. i just don't know the answer to that.
i believe that some of the seritage stores have been re-purposed for other uses very successfully. i also believe that is probably the way most of the sears stores will go looking out 3-5 years.
"When is ESL's window where investors can cash out?"
i'm not sure i understand your question. what do you mean by "esl's window"? as a simplistic answer, if one is up on a position, guess cashing out is an individual decision.
trying to call a top or bottom is a fool's errand.
"Do your due diligence. Understand that this $4.4 Billion deal equates to $41/share. Yes, $41/share!"
while the math might indicate this is true in a vacuum, the reality will be different.
if you examine the global bidding procedure, if there is a winning bidder for sears as a going concern, there will be a "newco" formed. i believe in this instance that the newco will issue new shares in the new company. shares of the old company (shldq) will be exchanged for shares of the new company BUT additional shares will also be issued taking the total outstanding shares well beyond the current 122+/- million shares. therefore, any thoughts of $41/share will not pan out.
however, can not believe anyone holding shldq will cry about dilution if the current shares survive.
if this deal is approved, newco shares are issued (and current shareholders survive), i would be surprised (but very happy) if the new shares carried a price in excess of $10-12/share.
if the current shareholders survive and get shares in newco, i would rather expect a rather slow climb in the stock price (or if it comes out somewhat high, then an immediate fall off in share price). either way, i can not believe this is a long-term hold and will be very happy to pick a price to sell, get out and not look back.
lampert's track record is not good with retail and my feeling is that long-term liquidation by him will be in the cards and there is no way those 50k jobs will be preserved as one looks out 3-5 years.
"Many new store closings announced today"
that's why lampert's bid, as described in post 5036, reflects an offer to purchase 425 stores as opposed the the 505 stores in his original $4.6 billion stalking horse bid (which was not a qualified bid).
of those 80 announced closings, it appears that 16 were wholly owned stores and the others were leased locations.
haven't seen details of the bid yet, but the prior one included the warehouses, corporate hq, auto centers and some other things.
the bk court has already approved the sale of "ship" (sears home improvement) to "service co" the only bidder on those assets.
as to the other credit bidders objecting to a portion of lampert's bid being a "credit bid", that may fall on deaf ears with the judge.
as previously posted, sears holdings has incurred a lot of legal expense looking at the seritage and esl loan transactions for problems. even tho these were clearly driven by lampert (who at the time was ceo and chairman), those transactions had to be approved. if lampert has any liability, it would seem all board members, as well as certain officers of the company, would also be found liable. those legal bills also reflect examination of the d&o insurance parameters as well.
unless the review can definitively show there was some kind of fraud involved, it will probably be viewed as sour grapes.
while it has been typical in the real estate industry to have loans or lines of credit which were not secured by the real estate, after the 2008-2009 debacle, it certainly could not be viewed as self serving for lampert to have structured the loans to sears as secured loans with the security being some of the properties included in his current bid.
while no one else would loan money to sears the loans from lampert were a lifeline no one else would throw. conversely, the reason sears needed loans in the first place could be blamed on lampert's failure as ceo and chairman.
again, the board could have dismissed him years ago and didn't. while lampert's rule has been an disaster and he can be viewed in a very poor light, challenges to the portion of his bid which is credit based will have to be more than sour grapes.
monday will indeed be interesting and since the qualification of his bid will not have to be announced before jan 4th, there could be a few days of volatility to see how this plays out.
a rejection of his bid means liquidation and an acceptance might very well mean life for stockholders (of which lampert has a significant share).
in the relative scheme of things, lampert "wins" either way but he wins more by restructuring with current shareholders surviving.
cut from the global bidding exhibit from the docket. so, it seems that if there are bids made, the "evaluators" have until january 4 to make a determination and notification of any qualified bids.
while today at close of business is an important deadline, it will not necessarily be the time at which any public announcement of the status of any bidders will be made known.
__________________________________________________________________________
The Debtors, after consultation with the Consultation Parties, will make a determination regarding which bids qualify as a Qualified Bids, and will notify Prospective Bidders whether they have been selected as Qualified Bidders by no later than January 4, 2019 with respect to the Go Forward Stores and within five (5) days of the applicable Bid Deadline with respect to the all other Assets.
if any bids have been or are received by the deadline of 4p.m. today, we may not know about them. following is from the prime clerk site. seems like any interested bidders in the "go-forward" properties and anything else have to submit those bids to jll by the deadline this afternoon. there doesn't seem to be any obligation on the part of jll to disclose whether or not they have received bids and i'm not sure if there is a requirement to post such bids on the docket after close of business today.
so, the fact no one hears anything about one or more bids being submitted by the deadline today doesn't necessarily mean there have been no bids.
interesting the uptick in the stock this morning.
____________________________________________________________________
Real Estate Sale Process
Jones Lang LaSalle Americas, Inc. (“JLL”) has been engaged by the Company to, among other things, advise the Company’s potential sales of certain of its owned and leased property and/or other real property assets (the “Real Estate Sale Process”). A non-binding indication of interest (an “Indicative Bid”) in connection with the Real Estate Sale Process is due December 28, 2018, at 5:00 p.m. (ET), and should be submitted via email to:
Donna Kolius
Executive Vice President
JLL, Disposition Services
1400 Post Oak Boulevard, Suite 1100
Houston, Texas 77056
Tel: 844-280-3247
Email: dispositionservices@am.jll.com
Please click below to view and download the Real Estate Sale Process Letter:
Real Estate Sale Process
All submitted Indicative Bids must comply with the requirements as set forth in the Real Estate Sale Process Letter. Should you be selected to participate in the Definitive Bid process, you will be provided with a form of purchase agreement. If you have executed or will execute a confidentiality agreement with the Company, its terms apply to the process as outlined in the Real Estate Sale Process Letter.
order just approved yesterday ( docket #1420) for engagement of "stout". among other things, their engagement letter provided for the following which seems to indicate some concern with the seritage transaction and desire to analyze re: any liability on the part of sears or its d's and o's:
We will perform services or tasks requested by you that are within our scope of practice, including a review
of the Sears properties involved in the Seritage transaction and related appraisals. While our work may
involve analysis of financial information, our engagement does not include an audit in accordance with
generally accepted auditing standards.
as discussed in post 4998, the 28th is the deadline for submitting bids. for any bids submitted on the 28th by 4p.m., sears has until january 4th by 4 p.m. to notify any such bidders if their bid is qualified.
if there is more than 1 qualified bidder, then an auction will be held on january 10 at 10 a.m.
if lampert does not upgrade the financial portion of his prior offer with some type of cash backstop, he will be out of the picture. if anyone other than lampert submits a bid for sears as a going concern and that bid becomes qualified, then the stock could still survive through that bidder. however, the best bet for sears stock to survive would be for lampert to be the winning bidder. he would do whatever he could to make sure the shares survive.
if no one places a bid by the 28th for the 500+/- stores as a going concern, then the company will be liquidated and the stock will be worthless.
however, lampert is in a "protected" position. even if his shares are wiped out, the loans he made to sears (through esl) were secured by various of the sears owned properties and real estate. if sears defaults on those loans, which it surely will if there is no viable "going concern" bid, then lampert will take the properties which secured the loans, close the sears stores and commence to repurpose those properties.
don't know how much of lampert's loans are secured but i believe it is a good portion of the $1.8 billion in loans he has extended to sears.
if lampert does not secure his bid position and does not get some type of indemnification from sears regarding the issues surrounding seritage and the secured loans he could still face litigation anyway.
since lampert was an officer of the company up until the time it filed for bankruptcy, it would seem that sears directors/officers liability insurance would cover him against any liability. in the alternative, if lampert was not covered by the d&o insurance, it would seem other sears' officer and directors who approved the seritage and secured loan deals would also be liable.
in a prior post, bar mentioned some money possibly coming back in referencing judge drain. that would probably be the financial instruments sears sold to cyrus (i believe around the bk filing) which drain would seek to unwind. just read an article which got into some detail around that matter.
it seems there is more than one bag of worms with which drain will be dealing.
since the bid deadline is 4p.m. on friday, that will mark the time the market closes. again, if lampert and/or anyone else submits a bid monday's opening should be tame. if no bids are submitted i would think monday will be a rush for the exits.
gee, wasn't friday's $0.15 lower than today's low of $0.16? and the low shown on october 26 was $0.12. facts are really stubborn things.
one of the companies which filed for bankruptcy and the shareholders survived was amerco/uhaul.
that same amerco/uhaul, has now made an offer for a component of sears assets in this bankruptcy case.
a near term up/down point will be on the 28th by 4 p.m. that's the deadline for submission of definitive bids.
while esl submitted a stalking horse bid, esl was neither "the approved" nor "one of the approved" stalking horse bidders. as such, esl was not a qualified bidder.
esl has until the 28th to submit an acceptable financing plan. if it is unable to do so, shldq has indicated it will proceed with a piecemeal breakup.
in anticipation that esl might not be able to come up with an acceptable plan, shldq has announced that another group of stores is being considered for closure (50-80) stores.
the store components of esl's stalking horse bid are most likely all of those laid out in the exhibit to the lazard letter contained in docket 862.
based on the way they were presented, it seems like stores 1-381 are probably leased locations and the remaining 382-505 are owned. i am basing this on a cross reference to a simon objection which included a list of simon malls containing sears owned and eased locations. since all of the sears "owned" stores in the simon list were in the 382-505 range it seems that was the "owned store" range.
lampert's esl owns over 40% of sears considering both stock and bonds. he has a huge incentive to come up with a viable financing plan. his prior offering was received as smoke and mirrors based primarily on the fact a $ 1.8 billion portion of it involved rolling over his bond position. that was not received well by other credit holders. seems shldq wants a cash backstop from esl.
from reviewing the legal bills in the docket, shldq has spent a considerable amount of time and money looking at restructuring, valuation, solvency and the seritage issues. lampert wants to be indemnified from any litigation associated with (at a minimum) the seritage transaction and shldq is wanting to be sure they have no d&o liability for these issues.
another interesting thing noted in the legal filings was time spent reviewing a "reit" structure. have no way of knowing whether or not they were attempting to assess part of a lampert offer or if they were possibly considering making a "corporate" bid for the assets with the thought of creating a reit.
the last thing noted about the legal bills was a lot of time spent assessing whether or not shldq could be parsed out as a "going concern" which is part of the basis for the lazard list of properties characterized as the "go-forward" properties.
one thing seems to be certain, there are a number of parties interested in picking at the carcass of sears. if esl wants any hope of being in control of its 40+% interest, it needs to get and present a plan by friday at 4 p.m. if not, a long drawn out liquidation will be the result and while there will be ups and downs in the stock for a little while, this will probably soon settle to zero.
since sears represented to the bk judge its preference was to sell the company on some sort of "going concern" basis (citing the preservation of 50k - 60k jobs), if esl can come up with a viable financing plan by the end of the week, i believe the judge will be under a lot of pressure to accept such a plan based on sears original bk filing.
if esl comes up with a viable financing plan and is awarded the deal, i believe lampert might try to create a reit, sell the lower valued properties via the reit, and then over time the others. may be cynical, but the "save the jobs" component will probably not be at the top of lampert's list if he has the winning bid. unlike ggp which had the infrastructure in place to continue operating its malls after it emerged from bk, lampert has not shown any ability to figure out the sears riddle. while there are many opportunities, continuing as a department store chain is probably not the most likely.
if esl or anybody else submits a definitive bid on the 28th, then the deadline to notify those prospective bidders if their bids are qualified is 4 p.m. on january 4th.
if there are more than one qualified bidders, then there will be an auction at 10 a.m. on january 14.
so, it appears esl must submit a qualifing financing package to be considered the lone staling horse bidder or win an auction among bidders. if neither of those things happen, esl is out of the game.
again, piecemeal sale and stock goes to worthless or esl steps up and stock is in play.
you asked for examples of retail companies which filed for bankruptcy in which the shareholders were not wiped out. that article provided two examples. the author's conclusions or recommendations were not the point of posting the article, it was to answer your request for examples.
i also think i was responding to your comment that berkshire or buffett owned seritage which is different than having a position in seritage.
most recent information i can find at this time:cant get the totals to line up, but 432 was the total for kmart, 547 for sears and 23 for specialty. don't know the mix of the ones subject to the stalking horse bid. also, any owned stores left which would become part of the esl bid are valued at cost, not current market value. these approximately 1000 stores were whittled down to around 500 at the time of the stalking horse bid. again, don't know the mix of owned vs leased.
Kmart Full-line Stores Sears Specialty Stores
Owned 48 243 16
Leased 384 304 7
February 3, 2018 432 547 23
In addition, at February 3, 2018, we had 30 domestic supply chain distribution centers, of which 10 were owned and 20 were leased with remaining lease terms ranging up to 10 years. Of the total, six primarily support Kmart stores, 20 primarily support Sears stores and four support both Sears and Kmart stores. We also had 400 domestic store warehouses, customer call centers and service facilities (including 20 facilities related to our Monark Premium Appliance Co. of California, Monark Premium Appliance Co., and Monark Premium Appliance Co. of Arizona businesses), most of which are leased for terms ranging from one to six years or are part of other facilities included in the above table. Many of our facilities are also used to support our online channels.
Our principal executive offices are located on a 200-acre site owned by us at the Prairie Stone office park in Hoffman Estates, Illinois. The complex consists of six interconnected office buildings totaling approximately two million gross square feet of office space. We also own an 86,000 square foot office building in Troy, Michigan. We operate numerous buying offices throughout the world that procure product internationally, as well as an information technology center in Pune, India.
A description of our leasing arrangements and commitments appears in Note 14 of Notes to Consolidated Financial Statements.
from their recent filing. of note is they don't say our stock will be worthless, fwiw.
Our common stock was delisted from NASDAQ and is currently traded in the Pink market, operated by OTC Markets Group Inc., which involves additional risks compared to being listed on a national securities exchange.
Trading in our common stock was suspended and removed from listing on NASDAQ on November 14, 2018. We will not be able to re-list our common stock on a national securities exchange during our Chapter 11 process, although our common stock has been trading in the over-the-counter, or the "OTC," market. The trading of our common stock in the OTC market rather than NASDAQ may negatively impact the trading price of our common stock and the levels of liquidity available to our stockholders.
Securities traded in the OTC market generally have significantly less liquidity than securities traded on a national securities exchange due to factors such as the reduced number of investors that will consider investing in the securities, the reduced number of market makers in the securities, and the reduced number of securities analysts that follow such securities. As a result, holders of shares of our common stock may find it difficult to resell their shares at prices quoted in the market or at all.
Furthermore, because of the limited market and generally low volume of trading in our common stock that could occur, the share price of our common stock could be more likely to be affected by broad market fluctuations, general market conditions, fluctuations in our operating results, changes in the markets perception of our business, and
113
announcements made by us, our competitors, parties with whom we have business relationships or third parties with interests in the Chapter 11 Cases.
Because our common stock trades on the OTC market, in some cases, we may be subject to additional compliance requirements under applicable state laws in the issuance of our securities. The lack of liquidity in our common stock may also make it difficult for us to issue additional securities for financing or other purposes, or to otherwise arrange for any financing we may need in the future. Accordingly, we urge that extreme caution be exercised with respect to existing and future investments in our common stock.
scroll down to exhibit A. that the list, as originally proposed, of the 500 stores, plus other assets which esl has proposed to acquire.
again, not sure which are owned and which are leased but that is subject to knowing.
https://www.sec.gov/Archives/edgar/data/923727/000119312518343049/d666424dsc13da.htm
seems the church is already started. it's on the ihub mb under shldq
first, it's not buffet's seritage company. buffet (in his own account) purchased an 8% interest in seritage and subsequently agreed to provide $2 billion in financing from another berkshire entity.
sears owns its 2.2 million sf headquarter's complex in hoffman estates and i believe under terms of the stalking horse agreement that will be acquired by esl. not sure what percentage of the remaining properties which are subject to the stalking horse agreement are owned versus leased but that is certainly subject to a fact search as opposed to speculation.
again, while you have repeatedly asked for others to provide comparable retailers, the fact is that what happened to ggp and might possibly happen to sears probably indicates there really aren't a lot of comparables. so, if you are unable to provide any such examples, it would seem sears, like ggp, might in fact be situations where there are almost no comparable examples which is why there might be some hope for sears, much like there was for ggp.
cut and paste from an article. note, while the article says lampert's shares are essentially worthless that doesn't mean they are extinguished. holding a share which at one time was trading over $100/share which now trades at $0.175/share does mean that your previously valuable share is now essentially worthless. however, that does not necessarily mean worth zero.
still uncertain how this might play out but the filings indicate there is a motion before the court to accept the plan to reorganize versus forcing a plan of liquidation.
______________________________________________________________________
What distinguishes the Sears bankruptcy filing from the filings of many other retailers over the last 10 years?
The capital structure of Sears is unique in the respect that Edward S. Lampert controls approximately 50% of the stock and 40% of the debt (mostly secured) of Sears. Of course, the value of his equity is essentially zero now, but his debt position should serve him well in the restructuring process. Before the bankruptcy filing, Lampert’s hedge fun, ESL, received more than $200 million per year in interest payments from Sears for loans to Sears to help keep it afloat.
Over the last four years, Sears has sold two iconic brands, Land’s End and Craftsman, to raise money to keep the company operating. In 2015, Sears also sold 235 of its most valuable store properties to Seritage Growth Properties, a real estate investment trust, for $2.7 billion. Lampert is also the chairman and major stockholder of Seritage, which received in excess of $180 million in rent and other fee payments from Sears in 2017. There still are some iconic brands remaining in the company—most notably Kenmore. One can see that Lampert has a large stake in making something viable out of the restructuring.
Given that Lampert is in a control position in the restructuring process because of his debt holdings, that he has extensive inside information about the operational functioning of Sears (he was chairman and CEO prior to the filing), and that his economic incentives are aligned with having a successful restructured entity, he will likely try to do everything possible to have Sears emerge from bankruptcy as a viable entity.
In the likely event that asset sales or business units are auctioned off in the restructuring process, Lampert, with his knowledge of the business and his secured debt holdings, is well positioned to be a stalking horse bidder—the first bidder in any auction, who has input into the rules of the auction (such as minimum bid increments, who qualifies to bid, etc.) and who will recover various fees incurred in the process if he does not emerge as the winning bidder. In addition, if he were to be the winner of any bidding process, as a secured creditor he could use the full par value of his claims when paying for the acquisition.
Of course, there are several impediments. There will likely be fraudulent conveyance law suits by other creditors charging that ESL took valuable assets out of Sears prior to its bankruptcy filing and paid less than fair-market prices for these assets. Also, since leases on closed stores might be more valuable if the store was closed (even if the store was profitable), Lampert might prefer the value in the lease. In addition, the judge will have to approve any sales transactions and any reorganization plan will have to be proven to be of greater economic value than the alternative of just converting to Chapter 7 and doing a straight liquidation of all of the assets.
read the last lines of the post about ggp. old shareholders got shares in the new company
interesting case study on sears published well before the chapt 11 filing.
https://www.economist.com/sites/default/files/economist_challenge_final_copy.pdf
IF sears survives, and i did say IF, and esl's stalking horse bid is accepted (a motion is before the court to order acceptance of this order since no competing offers were received), then a plan of reorganization might be the next move something similar as to what happened with general growth properties. not saying it will go that way at all, just providing information suggesting the fat lady has not yet sung:
______________________________________________________________________
As previously disclosed, commencing on April 16, 2009, GGP, Inc. (f/k/a General Growth Properties, Inc.) (“Old GGP”) and certain of its
domestic subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code
(“Chapter 11”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). As of October 21, 2010,
126 Debtors, including Old GGP, remained subject to Chapter 11 proceedings (the “TopCo Debtors”).
On October 21, 2010, the Bankruptcy Court entered an order (the “Confirmation Order”) confirming the TopCo Debtors’ third amended joint
plan of reorganization under Chapter 11, as modified and supplemented (the “Plan”).
On November 9, 2010 (the “Effective Date”), the Plan became effective and the TopCo Debtors consummated their reorganization under
Chapter 11 (the “Reorganization”) through a series of transactions contemplated by the Plan and emerged from Chapter 11.
Pursuant to the Plan, on the Effective Date and as further described below, Old GGP transferred certain assets and liabilities of Old GGP to The
Howard Hughes Corporation (“THHC”) and distributed shares of common stock of THHC to holders of shares of common stock of Old GGP
and common and preferred units of GGP Limited Partnership (the “Separation”).
Pursuant to the Plan, on the Effective Date, Old GGP also changed its corporate name to “GGP, Inc.” and, as further described below, merged
(the “Merger”) with and into GGP Merger Sub, Inc. (“Merger Sub”), an indirect wholly-owned subsidiary of a new company with the corporate
name “General Growth Properties, Inc.” (f/k/a New GGP, Inc.) (“New GGP”), with Old GGP surviving the Merger as an indirect, wholly-owned
subsidiary of New GGP. In connection with the Merger, existing shares of common stock of Old GGP were exchanged for shares of common
stock of New GGP (“New GGP Common Stock”).
this from docket # 1274 filed on 12/17/18
3. Inasmuch as no qualifying completing bids for the SHIP Business were
made, in accordance with the SHIP Bidding Procedures Order, the Debtors seeks entry of an
order (the “Sale Order”) approving the sale of the SHIP Business to Service.com (the “Buyer”)
in accordance with the terms of the Asset Purchase Agreement, entered into on November 2,
2018 by the Debtors and the Stalking Horse Bidder (as amended on November 13, 2018, the
“Asset Purchase Agreement”).
Docket # 1393
Order signed 12/21/2018 (I) Approving the Sale of Certain Real Property, ((II) Authorizing the Assumption and Assignment of Certain Unexpired Leases in Connection Therewith, and (III) Granting Related Relief (Related Doc # 938).
Attachments:
Related: docket # 938
From docket # 938
9. The Purchase Agreement provides, in pertinent part, for the sale of the
Acquired Assets for an aggregate purchase price of $62 million. As more fully described in the
Purchase Agreement, the Acquired Assets consists of:
• Real Property: twelve parcels of real property that currently or in the past
were operating as Kmart® stores and one parcel of real property that is a
currently operating Sears® store, together with all Improvements and Personal
Property thereon.
• Assumed Leases: six unexpired non-residential real property leases, all of
which are leases as to which a Debtor is the lessor.
Each of the Acquired Assets is a non-essential asset that is not material to the Debtors’ ongoing
operations or revenue-generating capacity. Indeed, three locations are “dark” and six locations
have negative EBITDA. Although the remaining four locations are generating positive
EBITDA, the purchase price being paid by the Purchaser warrants proceeding with the sale.
justthefactsmam Wednesday, 06/10/09 07:09:08 PM
Re: th0th post# 2927
Post #
2928
of 3894
yes, i purchased 30,000 at $0.39/share during the first week of march, prior to the bk filing. i sold 5k shares at 2.35/share and recovered my cost basis and retain 25k shares which i intend to hold through the bk process. i'm long general growth and intend to stay long and i'm betting on the fact that ackman and the bucksbaums, as holders of at least 50% of the company, will do everything possible to preserve equity. however, i do believe that those equity holders who purchased stock prior to the bankruptcy will do better than those who purchased after the filing so long as any equity holders survive. the only thing which would make me get more shares at this point is to see that insiders or major holders have purchased additional shares after the bankruptcy filing. are you long as well and are you a pre or post petition shareholder?
i was there as well posting under the same id as here. anyone interested can look up the old board and see the back and forth as general growth worked its way through and out of bankruptcy.
again, i have no idea how shldq will work out but if general growth is a template, then there is definitely significant upside. conversely, it could be a total wipe out.
will newco exchange old shldq shares for new shares?
don't know how shldq might be handled, but the following shows how the general growth properties "newco" dealt with "ggpq" shares when the new entity emerged from bankruptcy:
Pursuant to the Plan, on the Effective Date, Old GGP also changed its corporate name to “GGP, Inc.” and, as further described below, merged
(the “Merger”) with and into GGP Merger Sub, Inc. (“Merger Sub”), an indirect wholly-owned subsidiary of a new company with the corporate
name “General Growth Properties, Inc.” (f/k/a New GGP, Inc.) (“New GGP”), with Old GGP surviving the Merger as an indirect, wholly-owned
subsidiary of New GGP. In connection with the Merger, existing shares of common stock of Old GGP were exchanged for shares of common
stock of New GGP (“New GGP Common Stock”).
https://finance.yahoo.com/news/abbott-apos-drg-therapy-now-120812505.html
how might this impact endv?
it could be nothing more than the company has just authorized a boatload of new shares and it wants to sell some of those shares. if that is the case, then the challenge is to figure out how much money they want to raise in the near term, watch the volume, and make a play on that.
selling 100 million shares averaging around $.05 would bring them $5 mil. if something like that is the plan, then the volume will dry up and we can probably see the price settling down until the next release of significant information or the company decides it needs more cash and then plays the game once again.
my thought is if the company is working toward a 100 mil share sell they are maybe half way there. i'm thinking about selling half of my shares in the coming week figuring the share price will fall and i can repurchase those sold shares plus add some more.
if we look at four more days of 10 mil plus/minus share volume per day then friday might be my target.
just a thought, not meaning to either pump or dump. am holding 100k shares. if i'm wrong and the ship comes in, still planning to keep 50k of those and will be fine with that.
schumer just came out in support of decriminalizing marijuana
get the access to the audio of today's bloom burton presentation and you will have a much better idea of how this will play out:
http://www.oncolyticsbiotech.com/investor-centre/presentations/