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this stock is such a zero it's laughable how there's even a debate. the debt load is GINORMOUS. the unsecured debt won't even be made par -> equity holders get NOTHING
Zero Zero Zero! Zero Zero Zero! *sung to conga line music*
the next big 0?? agreed
you're welcome!
going to 0
stock is easily a 0. thanks for the easy short gents
chp 11 coming soon to a district near $WIN :P
any hour/day now Renee will show up announcing ACET has turned to ACETQ more selling when it's OTC and eventually shares will be cancelled. thus is the circle of life
math is showing a 0 though
Also should point out in the 10q this morning:
"We cannot predict the extent to which holders of our convertible notes will be able to realize the full amount of their investment upon conclusion of the Chapter 11 Cases. Under anticipated recovery levels, it is not anticipated that the Company’s common stock will have any value upon conclusion of the Chapter 11 Cases. "
Stock could be whipsawed around though if the convertible holders want to use it as negotiating power.
actually should point out that the 338 is just for the chemical business assets. they still have rising pharm. which does 49m gross profit. depends how much they can get for that too
Looks like coming up with a donut with this one, unless the assumed liabilities are out of this world. 338m doesn't cover their liabilities even if you add in an additional 40m that they had cash as of 12/31 ... wild trading ahead but equity should get nothing
so this stock is a 0 since the offer's for 32m cash and their liabilities are 38.6m as of their last 10q. Based on the APA it doesnt seem like Corcentric is assuming any of those liabilities (in the definition of Excluded Liabilities it mentions vii. Closing Indebtedness) .
Also per the APA seems like the co. maintains the cash but at 7.5 as of Sept. so lets say that they didnt burn any of that in the past 5 months (highly unlikely). that'll give you at the most 900k equity but lets be realistic its prolly 0
accounts receivable are going to Corcentric.
A good short from here IMO
Co. is no where near worth 190m if it's worth anything at all. Only has 7 employees, employs an auditing firm out of vegas and Schultz stint at Amerigo Energy turned into Quest Solution another flaming pile. Thing is way over promoted and will collapse.
the lenders need to clamp down on this. they've extended and pretended for too long. They know they're not getting their money back. This thing is heading lower
The whole scheme might finally be up for this co. depending what happens in bankruptcy court. The 24m of assets on the balance sheet most likely aren't real. According to the 10k from 9 years ago they're on the books for that much because thats what an unnamed appraiser valued them at. Highly suspicious. If the Co. finally has to cough up some cash owed to Blue Green, i think it's over.
Since no one mentioned it i guess i will. GrowCo filed for bk..... according to Two Rivers they are "guarantor of GrowCo’s $4M Secured Notes". stock should be worth 0
https://businessden.com/2019/01/29/cannabis-greenhouse-developer-files-bankruptcy/
Welp tradings over. Now we wait for the distributions
Earnings call set for Oct 31st at 5:00pm, not expecting them to disclose the change in the the USPS contract. They will probably say that the government hasn't announced it yet so they have to keep quiet. I would not be surprised at all to see this thing give one last rally.
Postal Service review launched in April has already been completed and was delivered in first week of August. The administration is waiting until after midterms to announce the findings but this thing has traded down since then. Someone knows something.
Heading to 0 soon
With the stipulation approved, that knocks out the low end of .009 for the payout. Odds are heavily skewed to high end of .066 now imo
plan says expected payout between .009 and .066 though.
got the puts on this one about 3 weeks ago, sold them within the first hour last wednesday or w/e day it was. i timed it well to say the least.
Today an amended Plan of Liquidation along with a Stipulation regarding the settlement between the Warrant Holders was filed.
The settlement includes among other things:
The SHMF Claim shall be reduced, and allowed as a general unsecured claim in the total amount of $283,333.33 (the “Allowed SHMF Claim”), with prejudice to SHMF’s ability to amend the Allowed SHMF Claim or file further claims against the Debtor or its estate.
The SVWMF Claim shall be reduced, and allowed as a general unsecured claim in the total amount of $141,666.67 (the “Allowed SVWMF Claim,” collectively with the Allowed SHMF Claims as, the “Allowed Sabby Entities Claims”), with prejudice to SVWMF’s ability to amend the Allowed SVWMF Claim or file further claims against the Debtor or its estate.
The Alpha Claim shall be reduced, and allowed as a general unsecured claim in the total amount of $425,000.00 (the “Allowed Alpha Claim”), with prejudice to Alpha’s ability to amend the Allowed Alpha Claim or file further claims against the Debtor or its estate.
This totals around 850k. The warrant liability is on Dex's books for 1.7m
is this getting delisted? Asking for a friend
shareholders are getting a recovery. already in the plan of liquidation. idk anything about charts
MAY MOR was great IMO. still only battle that's left is the warrant liability but this thing could be .14 when it's all said and done
no problem, follow on twitter and blog
they're negotiating Sabby's warrant claim, finishing up other lose ends, and distributing money out after the plan of liquidation is confirmed
hearing cancelled for june 12th. rescheduled for july 12th
what'd they get a 2 week extension? big whoop. nothing finalized with the equity injection either. We've heard this story from management before. latest NT 10-Q also says they had another unprofitable quarter.
Hearing for the 23rd cancelled. June 12th is next one.
Application to employ David J. Saul to handle the warrants claim also filed. One of the last issues to be taken care of. Things are moving along.
let's not forget that 1.7m warrant liability may be substantially less. It's on the books as a black scholes valuation at the time of the acquisition. That's one of the biggest toss ups still in the air
Yesterday was the deadline for objections for the disclosure statement and plan of liquidation, none were filed..... I'm still a little confused though why the heavy volume because I don't think that was an obstacle anyways. I'm guessing there was a write up somewhere for this action. Regardless the hearing is next Wednesday. Hopefully it's insightful. MOR should be coming out Monday as well. Still calculating this to be worth ~.10 in the end.
they just fixed it. 50k for the month of Feb, sounds good to me.
Saw the motion for Saul Ewing's compensation for Feb got posted but the link goes to what seems to be a document for a different case. I already contacted Arch & Beam about it, hopefully them or Rust fixes it soon since it could be an interesting number since the sale closed that month. Solid day though for $DXTR
first draft of liquidation plan out. not a lot of specifics but timeline was provided. objections to the disclosure statement are due on may 16th so a lot more information should be provided before then including range of equity recovery. lawyers fees also trickling in as expected. Should be more price discovery within the next 30 days.
#CelaDONE
something that deters a lot of people from buying in is the timing of it all. they wouldn't want to wait a year to get paid even if it is a double. However, what some may be missing is in Docket 217 for a motion to file for an extended exclusivity they stated:
"The Debtor is in the process of finalizing a proposed plan of
liquidation and anticipates filing a plan within the next several weeks. "
Bar date is the 11th, sometime in late April is my guess for a liquidation plan to be filed. Should trade close to whatever the first distribution is (maybe .06 to start?) .
Other things may happen in the mean time too. I know there are talks with the trustee to see if an equity committee might be formed to make sure the new CRO 's in check.
Also the warrants claim may be contested for a reduction. Same firm put in a large claim with Bind Theraputics but settled for a fraction of the claim.
Still quite a bit of story left in this one.