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The company was poorly ran and the person to blame for all this is the previous CFO Thomas Plotts
http://www.linkedin.com/pub/thomas-plotts/12/156/152
He is the one who signed off on that BD loan deal that gave them secuirty of the whole company. Regardless I look forward to the company coming out of BK very fast.
The big question now is how many shares will the new company have and what will be the value of it.
That is because the commons will get something in the new company, its in the term sheet. FACT that the creditors can not trade there shares for 2yrs is nice.
Looks like BD is giving google the shaft, they are the biggest creditor, the other "note holders" own security in the company and our protected.
Company plans on coming out of BK if the plan is approved in 9-13 weeks. They plan on continuing to do business as the note holders will hold a big chunk of the company.
Creditors that do get a slice of the pie cant sell there shares for 2yrs.
Common shares will be able t freely trade.
yes because I took the time to pay for the pacer account and sit and read almost 200 pages of filings. I put the work in.
The company does plan to come out of Chapter 11 and continue doing business as a new company. By what I was able to read they want to come out of BK in 9-13 weeks.
and yes I am reading the plan and what the company plans to submit to the court and to shareholders. its about 200pages.
NOTE Holders will be in control of the new company.
13. Upon information and belief, BDE’s secured claims and the BDE Prepetition
Liens and interests have been recently assigned to Iroquois and Hudson Bay.
Noteholders getting a big chunck of the company.
BD "transferd" there noteholder claim to Hudsan bay and Iroquios.
Commons do get something I wont say how much but I am reading the court documents right now. The company does plan to come out of Chapter 11 and still do business.
1. If any of the debtor's securities are registered under Section 12 of the Securities Exchange Act of 1934, the SEC file number is
001-12555 .
2. The following financial data is the latest available information and refers to the debtor's condition on June 11, 2012 .
a. Total assets $ 5,342,665.00
b. Total debts (including debts listed in 2.c., below) $ 13,678,118.00
e. Number of shares common stock 100,000,000 6,470+
U.S. Bankruptcy Court
Southern District of New York (Manhattan)
Bankruptcy Petition #: 12-12553-jmp
Assigned to: Judge James M. Peck
Chapter 11
Voluntary
Asset
Date filed: 06/15/2012
Debtor
Atrinsic, Inc.
469 Seventh Avenue, 10th Floor
New York, NY 10018
NEW YORK-NY
Tax ID / EIN: 06-1390025
represented by Jonathan S. Pasternak
Rattet Pasternak, LLP
550 Mamaroneck Avenue
Suite 510
Harrison, NY 10528
(914) 381-7400
Fax : (914) 381-7406
Email: jsp@rattetlaw.com
U.S. Trustee
United States Trustee
33 Whitehall Street
21st Floor
New York, NY 10004
(212) 510-0500
Filing Date # Docket Text
06/15/2012 1 Voluntary Petition (Chapter 11). Order for Relief Entered. Schedule A due 6/29/2012. Schedule B due 6/29/2012. Schedule D due 6/29/2012. Schedule E due 6/29/2012. Schedule F due 6/29/2012. Schedule G due 6/29/2012. Schedule H due 6/29/2012. Summary of schedules - Page 1 due 6/29/2012. Statement of Financial Affairs due 6/29/2012. Atty Disclosure State. due 6/29/2012. Employee Income Record Due: 6/29/2012. Incomplete Filings due by 6/29/2012, Chapter 11 Plan due by 10/15/2012, Disclosure Statement due by 10/15/2012, Initial Case Conference due by 7/16/2012, Filed by Jonathan S. Pasternak of Rattet Pasternak, LLP on behalf of Atrinsic, Inc.. (Pasternak, Jonathan) (Entered: 06/15/2012)
06/15/2012 Receipt of Voluntary Petition (Chapter 11)(12-12553) [misc,824] (1046.00) Filing Fee. Receipt number 8637410. Fee amount 1046.00. (U.S. Treasury) (Entered: 06/15/2012)
06/15/2012 2 Affidavit Declaration of Sebastian Giordano Pursuant To Local Bankruptcy Rule 1007-2 and 9077-1 and In Support of Debtor's First Day Motions filed by Jonathan S. Pasternak on behalf of Atrinsic, Inc.. (Pasternak, Jonathan) (Entered: 06/15/2012)
06/15/2012 3 Application to Employ Rattet Pasternak, LLP as Attorneys For the Debtor In Possession filed by Jonathan S. Pasternak on behalf of Atrinsic, Inc.. (Attachments: # 1 Exhibit Affidavit of Disnterestedness# 2 Exhibit Proposed Order) (Pasternak, Jonathan) (Entered: 06/15/2012)
06/15/2012 4 Motion to Approve Use of Cash Collateral and Request For Preliminary Hearing filed by Jonathan S. Pasternak on behalf of Atrinsic, Inc.. (Attachments: # 1 Exhibit Exhibit A Loan Documents Pt 1# 2 Exhibit Exhibit A Loan Documents Pt. 2# 3 Exhibit Exhibit A Loan Documents Pt. 3# 4 Exhibit Exhibit A Loan Documents Pt. 4# 5 Exhibit Exhibit A Loan Documents Pt. 5# 6 Exhibit Proposed Interim Order# 7 Exhibit Budget) (Pasternak, Jonathan) (Entered: 06/15/2012)
06/15/2012 5 Motion to Authorize Payment of Pre-Petition Wages filed by Jonathan S. Pasternak on behalf of Atrinsic, Inc.. (Attachments: # 1 Exhibit Schedule of Unpaid Wages# 2 Exhibit Proposed Order) (Pasternak, Jonathan)
(Entered: 06/15/2012)
06/15/2012 Judge James M. Peck added to the case. (Porter, Minnie). (Entered: 06/15/2012)
I will post the court documents later in the day.
I guess you dont know what chapter 11 is... Why not do chapter 7 then?
and how did the other 10% do?
really and you know this how? Have you seen the plan of reorganization yet? If you have can you share it with us?
Thanks for the post!
NEW YORK, Oct. 20 /PRNewswire-FirstCall/ -- The bankruptcy administrator
for MPLC, Inc. (FKA - The Millbrook Press, Inc. - ticker symbol MILB - pink
sheets) today informed the Company that he will make a one-time cash
distribution of approximately $0.45 per share of common stock eligible for
such distribution to shareholders of record as of October 31, 2005, subject to
bankruptcy court approval of the satisfaction of negotiated creditor's claims.
Such distribution will not be paid on shares purchased by the Company's
controlling shareholder pursuant to the stock purchase agreement dated January
24, 2005, including any of such shares that have been transferred by the
controlling shareholder.
This distribution of funds is the final step in the bankruptcy process
which began in February 2004 when the Company sought protection under Federal
Bankruptcy Laws. The Company has paid or provided for all post-petition
administrative claims and all pre-petition secured and unsecured claims and
this distribution will represent funds remaining after satisfaction of such
expenses and claims.
The bankruptcy administrator has informed the Company that he expects the
distribution to take place on or prior to December 20, 2005. Once this
distribution is made the Company's shareholders will have no further claims to
any bankruptcy proceeds.
EXACTLY,folks need to understand that the company is going to clean up that debt and sell the shell. Its worth money. Or else they would be doing a chapter 7 bye bye... These guys are not dumb.
Why would a private company with an on-going business want to reverse merge into a Shell Stock? The goal of the private company is to become a public company. There are many benefits in becoming a public company. The traditional method of becoming a public company, via an IPO (Initial Public Offering) can be very expensive and time consuming. Becoming public via a reverse merger is less expensive and much quicker.
FACT I have seen other stocks come out and give equity something. As DRP said I do think the pps reflects some what of the BK price for this company.
Monday might be a blood bath but at the end of the day NO ONE knows what that plan includes. Interesting enough they filed for Chapter 11 and not 7. I do think they plan on keeping the shell of the company and sell it later on AS THAT IS HOW ATRINSIC BECAME A PUBLIC COMPANY. It was bought as a shell.
Company Notes
Formerly=New Motion, Inc. until 6-2009
Formerly=MPLC, Inc. until 5-07
Formerly=MPLC, Inc. (formerly Millbrook Press Inc. (The)) until 8-06
Note=12-5-05 final bankruptcy distribution made to eligible shareholders & company continues to trade as a shell
Note=10-20-05 company is a shell, intending to acquire assets or shares of an entitiy in a business that generates revenues
Note=2-6-04 company filed petition under Chapter XI of the Federal Bankruptcy Code in the U.S. Bankruptcy Court for the District of Connecticut.
For those that have been involved in BK stocks. Shareholders CAN CHALLENGE THE PLAN, WE HAVE SEEN IT BEFORE WHEN SHAREHOLDERS STICK TOGETHER AND GET SOMETHING.
The sharks our out and they want your shares.
For those that plan on holding the stock is here what I can tell you. I plane on holding my shares because of a few reasons.
1. We do not know what kind of plan of REORGANIZATION the company will submit on the 27th. It may or may not include equity shareholders.
2. The plane can be challenged in court and this is where shareholders can make there case regarding how the BOD ran the company to the ground etc. This is where we as shareholders need to work together.
3. The plan may very well be a plan where it does include shareholders for some type of payout and will be voted on if they need votes.
This is where the noteholders become shareholders and start buying. It happened in wamu case.
exactly! finally someone understands, the deal is done with the creditors now its up to the shareholders to accept the plan.
Oh I agree, I have been in BK plays and this is the company way to buy us out on the cheap, keep the shell of the company and later sell it off. Chap 11 is forcing the company other creditors besides BD to take a haircut. We might drop monday but be on the look out for some big buys as the company can be buying up shares themselves now.
Here is what is going to happen...
This is far from over. I have played many bk stocks.
Actually another thing folks need to understand and look at.
There creditors must have 100% taken a haircut for any outstanding debt the company had. Also an interesting point in the PR is that they have already with the support of SENIOR LENDERS have a plan of reorganization in place.
I think we will get paid and the shell of the company will be sold off as it still has value AS A SHELL.
NOW AN IMPORTANT NOTE.... If shareholders dont like the plan they can fight it. But the plan will 1st have to be voted on. If BD has already 51% they dont need us then.
Here are the few interesting things I see in the PR that I like.
Atrinsic, Inc. (PINK: ATRN) today announced that it has filed for protection under Chapter 11 of the Bankruptcy Code in the United States District Court for the Southern District of New York, Manhattan Division, under Case No. 12-12553.
The filing was precipitated by the cessation of direct-to-consumer subscription products and Internet search-marketing agency businesses, coupled with the Company's inability to raise additional working capital or financing.
The Company, just prior to the Chapter 11 filing, entered into a Plan Support Agreement with its senior lenders which will result in the filing of a plan of reorganization, on or before June 30, 2012. Such plan contemplates a redistribution of the assets and equity to creditors and existing equity holders.
The Company is represented by Jonathan Pasternak and Erica Feynman of the law firm, Rattet Pasternak, LLP based in Harrison, New York.
Well also to add on an more important note they filed chapter 11 not 7. I would like to see trading hatled.. because it looks like to me they already have there plane on reorganisation and will file it soon. If shareholders agree its a done deal we all move on.
I think we are going to bought out on the cheap... LOOK they filed for Chapter 11 not chapter 7, which alone is pretty interesting.
Chapter 11 Business Bankruptcy
Under Chapter 11 Business Bankruptcy is a legal process by which a business may declare bankruptcy but continue to operate under the direction of a court-appointed trustee. This process is called "reorganization," because the trustee reorganizes the business to be more efficient and to be able to pay the creditors of the business. The bankruptcy court may also exempt the business from paying all or part of its debts. Chapter 11 bankruptcy is usually sought and granted in the case where the value of the business is greater than the sum of its assets; in other words, the business has a significant amount of goodwill as a "going concern" which would be lost if the business were sold or liquidated.
In many cases, a business may re-emerge from Chapter 11 and continue to operate normally. In other cases, the reorganized business can be sold after some period of time.
Chapter 11 is available to any type of business, including sole proprietorships, Limited Liability Companies (LLCs), and corporations.
Just saw the BK news.. Emanuel got some explaning to do but at the same time the pr sounds interesting....
The Company, just prior to the Chapter 11 filing, entered into a Plan Support Agreement with its senior lenders which will result in the filing of a plan of reorganization, on or before June 30, 2012. Such plan contemplates a redistribution of the assets and equity to creditors and existing equity holders.
From Lilifar from DRp board.
She better becarefull of what she says
Honey that is what I just said. We know it originated in THEIR NETWORK not just how.
The other thing I tried to say is that it is 'INTERESTING' to ME that this Emmanuel Kassenstein guy's LinkedIn profile has him in Australia. Jeff The Receptionist said on the phone today (recorded, which is legal in NY State), that he had never heard of EK in three months time. Well, I am noticing that the source that was given to Chade & Company was EK, right? If they are falsifying this information by creating emails from the Atrinsic virtual server in Texas and attributing them to someone who is not a US Citizen, is that their way of circumventing the person they leave holding the tar baby from being prosecuted - without fingering themselves for manipulating a stock?
Is that more clear?
She needs to walk up and hear her self in what she is saying...
No this was in reference to gary that said the stock cant be bought with ameritrade... I asked if anyone else had that issue.
why the BS then gary? trying to scare investors?
no problem
that is why the boards are so divided is because they chose to pick what they want to hear. They need my emails from EK more then I need any of them.
Word is TD Ameritrade wont allow you to take a "starter" position in ATRN.. But if you have shares already you can still buy?
I bought 500 shares no problem, anyone not have a position try to buy today?
I just bought 500 shares...I have most of my shares with them
wow that is very very very interesting.
for atrn?
it is, but the difference here is I personally have no motive because I am still in this and have not sold. I put out those emails because of joel and matt coming on the board yelling BK BK and pming everyone that.
Its not about the money anymore, If It was I would have sold and flipped to make money. It's more then just money now.
dude dont worry about it, hes prob the one flipping the stock while all his other sheep are waiting to sell.