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WHAIQ should see alot of movement next week. They recently declared bankruptcy and the BOD if trying to fire-sell the whole operation for a cheap price. The largest UNSECURED creditor is screaming bloody hell for the company to be reorganized/recapitalized. They will be in court I believe on Tuesday next week. Look at the price movement of 2 days ago ... it is a sampler of what is to come.
GLTA!
WHAIQ should see alot of movement next week. They recently declared bankruptcy and the BOD if trying to fire-sell the whole operation for a cheap price. The largest UNSECURED creditor is screaming bloody hell for the company to be reorganized/recapitalized. They will be in court I believe on Tuesday next week. Look at the price movement of 2 days ago ... it is a sampler of what is to come.
GLTA!
Now that's the choking-dog I have always know!
If all goes well and the company is forced to reorganize by the bankrupcy court, will we shareholders be able to kick out the existing BOD? Or are they going to fight to stay in control and screw up the company again?
277% up WOW what a day! I guess the news of Palisades is hitting the street. Maybe Pfrenz's article has already hit the newstands LOL! Seriously though .... justice WILL be served, one way or the other!
GLTA
Ultimate
I rebought all my shares and more ... ready for the good news in the next few weeks. If anybody has anything more regarding the Palisades filing please post it!
Thanks!
I totally agree with you Pfrenz. Thanks for your efforts. I have this funny feeling that all will turn out well. I have never in my life seen such dishonesty from a BOD. They have basically alientated EVERYBODY. This is for the history books. I will never ever forget the PR that stated they are halting trading of their stock back in August 2005. What a bunch of *^#$*^#$*^ morons. They will pay!
Actually I think that he knew all along that Palisades would play this game. Hell, I would not be surprised if his boss sold his shares to Palisades. Talk about master deception. This WHAI saga is showing signs of a Tom Clancy novel.
But then again what do I know ... I am paranoid by nature and am open to all possibilities.
A Battle is shaping up. Can you imagine if the Euro becomes the
reserve currency? This is a perfect excuse for the USA to go into Iraq. Get ready to short the USD.
Iran Oil Bourse to open in March
Later this month, Iran will inaugurate its much-anticipated oil bourse, whereby it will begin accepting payment for its oil in Euros, instead of in USD. Many analysts are already predicting that the bourse will mark the beginning of the end of the Dollar’s status as the world’s reserve currency. If other oil exporting nations follow the example of Iran, the demand for USD to settle oil purchases will decline. The central banks of these countries could conceivably begin to hold Euros instead of dollars in their foreign exchange reserves, which would deal a major blow to the dollar. FXStreet reports:
[Iran] has declared war on the U.S. Dollar's world reserve status. That starts on March 20th, 2006 with their new Petro-euro oil bourse. The Fed will stop revealing M-3 on March 23rd, 2006. Coincidence?
Yup, it is your mistake and you made it ... take it like a man ... now please go. LOL!
I am sorry for your loss but you are not wanted here.
Good luck in your future selections dude!
Negativity is not need!
Ultimate
Good riddance sixtynine! Hope to never see you again on this board!
Ultimate
I hate the fact that the success of this company hinges on one damn deal. It should not be that way and it is risky for that reason. I will go up if the China deal pans out. I hope it does and they buy all 210 Million worth!
What do you expect now with no news. The same thing happened when it went from 12 to 2 cents (when the deal did not go through in October). This will be be a slow bleed to 2 cents once again IMO.
At first i tried firefox (this is what I use) and could not post anything. Then I tried IE and it worked. I rebooted and firefox still did not work. I reinstalled and deleted the firefox directory .. made sure i saved the bookmarks ... rebooted again and then it finally worked.
I heard people have problems before on RB but this is the first time I have experienced them firsthand.
All is well in my work now! LOL
This is my first post here and I want to take this opportunity to THANK YOU!
I can't beleive some of you are thinking about throwing in the towel!
There are so many things that can be done or are being done to salvage
this thing! MAN! Stay strong!
- Writing a letter to the Trustee
- Looking for a lawyer to represent us pro-bono (since so many of you
do not want to spend a few extra $$$ to get one of the best out there!!
(Where the fuck are you marogeeca with your gazillion shares?)
- The auction has NOT EVEN started! For fucks sakes wait till they start
bidding before giving up!!
- Lord knows what allison and all the other shareholders are up to.
I can continue but you get the picture!!!
Justice WILL prevail and I beleive in Karma and theses guys are gonna get what is
coming to them in one way or another. Fight till the end!
I feel better now! Thanks for listening :))
Ultimatepick
The only place success comes before work is in the dictionary.
- Vince Lombardi
Did you try another browser? I used Firefox and it now
works with Internet Explorer. RB has always given me grief.
I cleared my cache ... even REinstalled firefox and nada!!
We should get everyone over here.
pkropp .... Yes it does
We are looking good!
I can't post on RB! Man I hate that site! I wish can all move to IHUB.
Here is some DD:
I found 2 competitors in the Metro New York / Long Island Area :
http://www.consumers-energy.com/?src=overture
http://www.codfuel.com/Main/AboutUs.cfm
The company plans to continue to grow geographically throughout
New York, New Jersey, Pennsylvania, and eventually the entire Northeast.
Residential Heating Oil Prices: What Consumers Should Know
http://www.eia.doe.gov/pub/oil_gas/petroleum/analysis_publications/heating_brochure/heatbro.htm
This really cool! We are on the list!
http://www.biodiesel.org/markets/hom/#com
Ultimate
Marogeeca is back ... from RB :
By: marogeeca
27 Feb 2006, 10:32 AM EST
Msg. 10024 of 10025
Jump to msg. #
could jackson be doing reverse merger 23 million shares traded at average of 1.9 cents that only >500000$ for >2 million dollars they could own 51% of the company at these prices and add there finacial after the bk and the stock would be worth how much 1-20$
Is this a plausible scenario? Do you think poster jerkjackson is here so we can sell our shares to Jackson Healthcare? I have to read the bankruptcy docs again but does anybody know off hand if Jackson Health can back out of the deal no problem?
Ultimate
imgonnagetusucca, the lawyers representing them for the class action are the following :
Sherrie Raiken Savett, Esq.
Arthur Stock, Esq.
Berger & Montague, P.C.
Maybe they can help you ...
I am looking for the contact info you requested. My email is backdraftdk1@hotmail.com if you need anything.
Here is the complete court transcription of the Recent Class Action Lawsuit proceeding
http://www.exportica.com/WHAI-ClassAction.pdf
We are getting ready to hit them. Stay tuned.
RNemitz53, it is not over till it is over. There are ALOT of things going on right now to challenge this sale!! It is not like we are rolling over and dying.
Don't f**ckin give up hope man!
You would have sucked as an officer in a war!
Wait and see ...
Ultimate
It is not over till it is over! Do not give up yet ok?
Stop polluting the board with bullshit rants please. Only constructive suggestions should be posted at this point in time.
We have to stop the firsale and should speak to an attourney first as per choking-dogs suggestion.
All of us are hurting here ... not only you
Ultimate
Choking-dog ... please send us the number to participate in the conference call with the attourney. We have to stop this firesale.
We definately should hear from the attourney first!
There will be no competing offer. All this was arranged from day one. Our only hope is to stop the firesale. Stay tuned for the conference call.
Here is an excellent article that explains the ins and outs of a 363 sale. It is so damn obvious what WHAI is doing by selling to Jackson Healthcare Staffing. It should be easy to prove in court that the sale was not in good faith.
Thoughts anyone?
http://www.abanet.org/buslaw/blt/2004-09-10/dilaura.shtml
To confirm a sale, the bankruptcy court must find:
• a "sound business purpose," or "cause,"
• accurate and reasonable notice of the sale was provided,
• the price paid is adequate (that is, fair and reasonable).
In addition, a finding that the sale was conducted in "good faith" (that is, there is an absence of any lucrative deals with insiders or collusion) also protects the purchaser in event of a subsequent appeal.
The point of all this is to prevent the 363 sale from occuring in the first place. There is no reason for it to happen in the first place. WHAI does not have to sell the company at such a cheap price .. they can go the recapitalisation, refinance route (issue more shares!).
jackjohnson23 what is your problem being so negative.
we know all this!
Why don't you give some constructive advice on ways to stop them from fire selling the company?
Ultimate
Setup the conference call choke!
bructer, skype is ok but it has a limit of 5 users conferencing at once.
A better program that I use all the time is Ventrilo.
Download the client here : http://www.ventrilo.com/
Afterwards we can all connect to a public Ventrilo server ... unless one of us have a private Ventrilo server.
We need to decide on one of the test servers listed at the bottom of this page http://www.hurricanehost.com/
I will let cgm1402 decide on all of this because he is the one organising the conference call.
conference call:
Skype offers conference call capabilities and its free between
Skype members. Ebay bought skype and it works well. Its free and easy to install and use. It would be a good way for the group to have voice communication at no additional expense.
http://www.skype.com/helloagain.html
From: "iknowmain" <iknowmain@...>
Date: Wed Feb 22, 2006 10:19 am
Subject: Conference call iknowmain
Offline Offline
Send Email Send Email
Invite to Yahoo! 360º Invite to Yahoo! 360º
All, I'm flying out of town tonight, not returning until Sunday. If
you decide to have a call, could someone please post notes and next
steps? I'll check e-mail sporadically while on the road, so I may be
able to participate.
Does anyone know what happens to Eric Allison, etc., who hold large
amounts of stock? Does he just lose out? I noticed in the equity
filing that it looks like the Allison clan and friends have quite a
large holding. Could it be worth a letter to them?
Is someone in the process of contacting Allison?
Maybe Allison has already proceeded in getting the equity committee going. Also we need to contact the other major shareholders and inform them of what we want to do. The conference call should establish the game plan and we can delegate the work that has to be done.
The most important points IMO are :
1 - cgm1402 organises the conference call check http://finance.groups.yahoo.com/group/whaiinvestors/ for the time
2 - Trustee needs to email semiguy99 back with the info on the equity committee
3 - We need the contact the large sharholders and inform them of what we are doin
Ultimatepick
backdraftdk1@hotmail.com
Semi Great Work! Please let us now as soon as they respond so we can all send letters.
cgm1402 as per you post http://www.investorshub.com/boards/read_msg.asp?message_id=9822362
schedule the conference call so we can discuss options.
Semi, you sent it here? USTPREGION03.WL.ECF@USDOJ.GOV
http://exportica.com/WHAIfinancials.pdf
BINGO!!!!!! I signed up for PACER, the govt service for court filings-you sign up for free and it's 8 cents a page to view a document. There is no Trustee yet, and the financials filed show 96M in assets, 62M in liabilities and 78M shares outstanding.
I sent the file to the other poster (sorry, can't remember his screen name) so that he can post in on the web to view-it's a PDF file.
If anyone else wants to register for Pacer, the website is http://pacer.psc.uscourts.gov/
Choke please proceed in writing the letter. I would do it myself but I live in Canada. A US citizen would have more weigh!
The shareholders are going to win this one!
Lets get those dishonest f**cks!
If you or anybody need anything I am here and will help you to the limit of my abilities!
Ultimatepick
Am I understanding this right? The BOD f**ked up once again by declaring bankrupcy in addition to the sale? Would they have been better off in terms of selling the company quickly without declaring Chapter 11?
Thanks man!
I assume the cost(unknown but big bucks I'm sure...probably not a percentage) would be borne by the company if we can get an attorney to take the case and he can convince the trustee.
It's apparant that the company wants a firesale when there is no need to put out a fire. The simple fact is that the company is on the block when it doesn't have to be. The Chapter 11 process should allow all the major stakeholders to have meaningful participation in the formulation of whatever is best for the estate. The committee would be the only effective way for us to have a meaningful dialogue is to form an official equity committee. Senior management is about to begin a process of selecting an offer for all its assets...without exploring the possible superior recovery based on a recapitalization and rehabilitation.
BTW: Here's the Trustee Info:
PATRICIA A. STAIANO
UNITED STATES TRUSTEE (REGION 3)
601 WALNUT STREET, ROOM 950W
PHILADELPHIA, PA 19106
Phone: 215-597-4411 Fax: 215-597-5795
USTP Region 3
I imagine that some of the major stockholders will get the ball rolling.
GLTA
What fees will this Equity Committee require? What fess have they charged in past cases? Do you need to be a US citizen to approach an Equity Committee? I am guessing they will get a cut of the proceeds if the shareholders get a settlement right? How much? A percentage? Man! I got a million questions .. sorry!
And yes I am *top-posting*
What I want is for them to open up their books to us so we can see if they are really Hopelessly Insolventas per this link http://www.bayardfirm.com/articles/article1.html !
I know they want to hide all their dishonestly but maybe we can scare them a little!!
Thanks choking-dog
An excerpt:
Negotiations
As previously discussed, the paramount goal of the Equity Committee should be to maximize the share of equity received by shareholders under the plan. Although a legal framework exists for determining entitlement of shareholders to a share of the reorganized debtor’s equity, determination of this share typically does not boil down to a legal battle. More often, the issue is resolved consensually through a series of negotiations. The success of the Equity Committee in these negotiations depends upon its effective utilization of “pressure points” on the debtor and creditors.
Pressure Points
These pressure points can take many forms. Some examples include:
* The need for a consensual and quickly confirmed plan. The presence of an Equity Committee can be a dangerous obstacle that can lead to concessions for shareholders.
* The avoidance of the cost and risk of litigating the entitlement of shareholders to receive a share of the equity.
* Worries of the debtor’s directors and management about fiduciary obligations to shareholders. The Equity Committee can increase this pressure by requesting (or threatening to request) the court to compel the calling of a shareholders’ meeting for the purpose of voting on the continued service of the directors (and by implication the continued service of management). See Manville Corp. v. Equity Sec. Holders Comm. (In re Johns-Manville Corp.) (1986) 801 F2d 60 (denying motion for summary judgment in action by debtor to enjoin Equity Committee’s state court action to compel shareholders’ meeting); Official Comm. of Equity Sec. Holders of Lone Star Industries v. Lonestar Indust., Inc. (In re New York Trap Rock Corp.) 138 BR 420 (Equity Committee has standing to seek to compel debtor to hold shareholders ‘ meeting); In re First Capital Holdings Corp. (Bankr CD Cal. 1992) 146 BR 7 (authorizing Creditors’ Committee to prosecute claims on behalf of debtor against debtor’s officers and directors). The Equity Committee can also attack the management based upon past activities (e.g., an ill-advised leveraged buy-out).
* The desire of creditors to avoid an investigation into and possible litigation over matters such as lender liability, improper claims trading, or other improper activities.
* In high profile cases, the desire by management and major creditor groups to appear to be publicly magnanimous.
* The need of the debtor’s management to enlist the support of the Equity Committee for their executive compensation, stock options, and like plans, and to avoid Equity Committee criticism of management “perks.”
How do we go about filing a motion to stop the sale of the company?
I want them to state their outstanding shares, receivables, revenue etc before they can go ahead and sell the company! I know the BOD is showing the finger to us right now but what can the shareholders do to stop this sale until all the financials are properly stated?
I am aware that they want to hide all their dishonest transactions by selling the company like this.
What right do they have to proceed like this? Don't the sharholders "OWN" the damn company?
I know this must be business law 101 for most of you but I have a sciences (engineering) background and am not nersed in the art of litigation. After what I saw here I have vowed to learn all there is to know about bankruptcy law ...
It is the least I can do to repay all you guys for all the great DD and posts!
Good luck to us!
I am stubbornly holding on to my shares and I know that we all shall get rewarded for our patience. This is a ploy to get cheap shares IMO!