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My bid now is 300K shares @ 0.0085 ...
Lets see if they are playing games here..
Seems I'm the only one bidding @ 0.0102 ;),
Eva @ 0.011
I'm thinking of lowering my bid to 0.008 and see what happens!
80K went through @ 0.012, seems you're in a hurry!
Well, I'm not....250K bid @ 0.01 still!
Good luck!
C'mon flippers, attractive bid @ 0.01 here...
I always wanted to own 3% of Trenwick! ;)
HDSN order is mine!
bidding to buy 250K shares @ 0.01!
lets see
Last chance to buy cheap shares!
Last 0.008, Vol 225696
contingent assets:
Investopedia Says:
These assets, which are often simply rights to a future potential claim, are based on past events. An example might be a potential settlement from a lawsuit. The company does not have enough certainty to place the settlement value on the balance sheet, so it can only talk about the potential in the notes. This improves the accuracy of financial statements and removes potential abuses.
KPMG said that although the payment of the liquidation dividend means that substantially all of the Trenwick Group's affairs have now been finalised IT STILL HAS the benefit of a handful of contingent assets.How much those assets are worth has not yet been ascertained.
Read it again and again....Its not a matter of whether we are going to get SOMETHING or not,
its a matter of HOW MUCH we gonna get!!!
Bottom line,I'm sure its gonna be more than 0.007/share (lousy $257K)!!!
Place your bet...I did,and I'm riding this to $1.50!!!
Sorry Carlito....but Not less than $1.50/share...
I'll take $5.85 if you insist! ;)
When is that, Sandshark?
;)
Shareholders of the loss corporation must own at least 50% of the fully diluted equity so they have to keep current shareholders if they want to realise the full benefits of the NOLs which according to Trenwick was worth $5.85 per share.
lets buy those 18.4mil shares to get the full benefits of NOLs!!A group of 6-10 shareholders can do it (I guess you need to report if buying up to 10% (3.67mil shares)...
I'm in!!
Form 8-K for SHEARSON FINANCIAL NETWORK INC
--------------------------------------------------------------------------------
23-Oct-2008
Unregistered Sale of Equity Securities, Financial Statements and E
Item 3.02 Unregistered Sales of Equity Securities.
On August 11, 2008, Shearson Financial Network, Inc. (the "Company"), entered into and closed that certain Security Agreement (the "DIP Security Agreement") with AJW Partners, LLC, AJW Master Fund, ltd. and New Millennium Capital Partners, LLC (the "DIP Funders") as approved by the United States Bankruptcy Court for the District of Nevada (the "Order"). Pursuant to the Order and the DIP Security Agreement, the Funders have agreed to provide the Company with financing in the amount up to $500,000 and the Company agreed to issue Senior Secured Superpriority Debtor-In-Possession Callable Secured Convertible Notes (the "DIP Notes") in an aggregate amount up to $500,000. In order to induce the DIP Funders to purchase the DIP Notes, the Company has agreed to grant to the DIP Funders a first priority security interest in certain property of the Company to secure the prompt payment, performance and discharge in full of all of the Company's obligations under the DIP Notes. In accordance with the DIP Security Agreement, the Company received $175,000 on August 12, 2008 and an additional $150,000 on October 17, 2008.
The DIP Notes mature on the earlier of November 15, 2008, the date that the reorganization plan becomes effective or the upon an event of default (the "Maturity Date") and interest associated with the DIP Notes is 8% per annum, which is payable upon maturity.
The Company may prepay the DIP Notes in the event that no event of default exists, there are a sufficient number of shares available for conversion of the DIP Notes and the market price is at or below $0.05 per share. The full principal amount of the DIP Notes is due upon default under the terms of the DIP Notes.
The DIP Notes are convertible into our common stock, at the DIP Funders' option, at a conversion price, equal to 50% of the average of the three lowest intraday trading prices for our common stock during the 20 trading days before, but not including, the conversion date (the "Variable Conversion Price"). As of August 26, 2008, the average of the three lowest intraday trading prices for our common stock during the preceding 20 trading days as reported on the Pinksheets was $.0002 and, therefore, the Variable Conversion Price for the DIP Notes was $.0001. Based on this conversion price, the DIP Notes in the amount of $500,000, excluding interest, are convertible into 5,000,000,000 shares of our common stock.
The Company's Articles of Incorporation currently allow for issuance of a maximum of 500,000,000 shares of common stock. Currently, the Company has approximately 4,689,988 shares outstanding, leaving an unissued balance of authorized shares that is not sufficient to service the maximum requirements of the DIP Notes. In the event we are unable to obtain an increase in our authorized common stock, we will be required to repay the DIP Notes and we will be subject to penalties associated with such failure to deliver shares of common stock upon conversion of the DIP Notes as well as prepayment penalties.
The DIP Funders have contractually agreed to restrict their ability to convert the DIP Notes and receive shares of our common stock such that the number of shares of the Company's common stock held by the DIP Funders after such conversion does not exceed 4.9% of the Company's then issued and outstanding shares of common stock.
--------------------------------------------------------------------------------
The Company claims an exemption from the registration requirements of the Act for the private placement of these securities pursuant to Section 4(2) of the Act and/or Regulation D promulgated thereunder since, among other things, the transaction did not involve a public offering, the DIP Funders is an accredited investor, the DIP Funders have access to information about the Company and its investment, the DIP Funders took the securities for investment and not resale, and the Company took appropriate measures to restrict the transfer of the securities.
Item 9.01 Financial Statements and Exhibits.
(a) Financial statements of business acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Shell Company transactions.
Not applicable.
(d) Exhibits.
Exhibit Number Exhibit Description
4.1 Security Agreement entered with AJW Partners, LLC, AJW Master Fund,
ltd. and New Millennium Capital Partners, LLC dated August 2008 (1)
4.2 Form of Superpriority Debtor-In-Possession Callable Secured
Convertible Notes (1)
99.1 Press Release (1)
(1) Incorpoarted by reference to the Form 8K Current Report filed with the Securities Exchange Commission on August 28, 2008
Agree.
SHRPQ went from 0.006 to $0.15 within no time!!
Still waiting a pullback??...think twice!
If it starts moving,it'll wait no one!!
Glad I added 300K shares @ 0.0065 yesterday!
Hey lifegear,you are on my Xmas list..;)
- NOLs value another $5.85 per share
- $583M reserve value alone = $15.85 per share
- Valuation for remaining non-bankrupt subsidiaries (23 as of 2004) = ??? per share
- Valuation for 20% economic interest in Canopius underwriting from 2004 and subsequent years = ???
Canopius is a $1.5B international insurance company
Hmmm.....Can you help with calculations,please.....lol...I'm getting at least $25/ share...lol
Me selling?.....lol....
I MAY consider selling some @ $1.50!
You've seen nothing yet,Its only the beginning!!
This is gonna be 2008 best stock recovery story!
NOLs valuation....
Deferred Income Tax Assets aka NOLs (Net Operating Loss carryover)
Trenwick's United States and United Kingdom operations incurred financial accounting losses in the years 1999 through 2002 and, in connection with such losses, recorded as an asset up to $119.6 million and $96.8 million, respectively, of net deferred income taxes (before application of a valuation allowance). The net deferred income tax asset represented the future tax benefit of the losses previously incurred by Trenwick's United States and United Kingdom operations. Because of Trenwick's cumulative financial accounting losses, in the absence of specific favorable factors, application of FASB Statement No. 109 required Trenwick to establish during 2002 a 100% valuation allowance against its deferred tax asset related to its United States and United Kingdom operations. The establishment of a 100% valuation allowance against Trenwick's deferred tax asset increased Trenwick's provision for income taxes and net loss by $150.2 million, or $4.08 per share for the year ended December 31, 2002. The maintenance of a full valuation allowance against Trenwick's net deferred tax asset through December 31, 2002 further increased Trenwick's provision for income taxes and net loss by $65.1 million, or $1.77 per share. Trenwick's management will continue to monitor its tax position and reassess the need for a full valuation allowance on its deferred tax asset on a periodic basis.
$4.08 + $1.77 = $5.85/PER SHARE!!!!!!!!!!!!!!!!!
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32866851
Shares are held tight, low float and potential $$$$$$..
From $0.01 to $1, thats 100 bagger!!!!!!!!!!
You don't find such an opportunity often!
anything under .05 is good entry
Anything below $0.05 is a STEAL!!...below 0.20 is a good bargain ..... Anything below $0.50 is a good entry! ;)
This is going to $1 within no Time!!
Published: September 24. 2008 09:39AM
Trenwick liquidation completed
Michael Morrison
The parent company of one of Bermuda's 9/11 reinsurance casualties has been successfully liquidated, allowing bank debts of $180 million to be repaid and a further $31 million to be distributed to shareholders.
Although a few assets of the former Trenwick Group remain to be settled before the company is totally dissolved, KPMG liquidators have finalised a special dividend to preferred shareholders of Trenwick's former Bermuda Class 4 reinsurer LaSalle Re, the company said in a statement.
LaSalle Re went into run-off in 2002 after suffering heavy losses as a result of exposure to the 9/11 events of the previous year.
In 2003 the entire Trenwick Group, of which LaSalle Re was a subsidiary, was placed in provisional liquidation with contingent liabilities to a syndicate of leading banks, headed by JPMorganChase, of around $180 million.
The group had little or no assets to pay its creditors or its liquidation costs.
Mike Morrison, of KPMG Advisory Limited in Bermuda, said: "We are pleased to confirm the payment of a liquidation dividend to LaSalle Re Holding's preferred shareholders of over $31 million.
"In the five years since the Trenwick Group was placed into liquidation we have been able to realise cash assets from the sale of the Trenwick Group's UK and US subsidiaries and successfully implement a solvent Scheme of Arrangement for its main operating subsidiary in Bermuda, LaSalle Re Ltd.
"At the same time, the obligations to Trenwick Group's lending banks were reduced from $180 million to zero over the course of the liquidation."
LaSalle proposed a Scheme of Arrangement with its reinsurance creditors in early 2007 and appointed KPMG as its Scheme Advisors.
The LaSalle Scheme became effective in April 2007 and in January this year LaSalle paid, in full, its final reinsurance liabilities under the Scheme.
According to KPMG the Scheme resulted in an increase in LaSalle's shareholder surplus which ultimately allowed the joint liquidators (KPMG Advisory Limited in Bermuda and KPMG LLP in England) to make the special dividend to the preferred shareholders of LaSalle Re Holdings.
Series A preferred shareholders are receiving $10.50 per preferred share as a result of the realised surplus, totally $31.5 million.
John Wardrop, of KPMG LLP in England, said: "In addition, we entered into a settlement agreement with a number of Trenwick Group's stakeholders, including its primary contingent creditors, which resulted in the crystallisation of the Trenwick Group's former Lloyd's syndicate insurance liabilities through an RITC.
"This effectively allowed the cancellation of the guarantees that the banking syndicate held over the Trenwick Group and facilitated the payment of the dividend to LaSalle Re Holdings' preferred shareholders."
KPMG said that although the payment of the liquidation dividend means that substantially all of the Trenwick Group's affairs have now been finalised it still has the benefit of a handful of contingent assets.
How much those assets are worth has not yet been ascertained.
http://www.royalgazette.com/siftology.royalgazette/Article/article.jsp?sectionId=65&articleId=7d89c3330030020
Deleted
Thats not "another" pic, thats the original one!
;)
I'm with Eva...holding till $1.50/share!
They are selling blocks of 50K.
Update: I got 300K shares @ 0.0065!
Lets rock n roll!
Not me, got only 18750 @ .0065,
281250 shares bid still there.
volume?
Got 18750 out of 300K!
Bidding to buy 300K at 0.007!
You don't win if you don't play!
update: 300K @ 0.0065..lets see
I recall most of us played it from $0.40 all the way up to $2 and then backward...
I think Jester bought more on 2005.
And you have done a great job with all the DD you posted!!
Thanks!
Hi guys! Just like the ole days!!
Jester,afn & the lovely Eva..;)
I'll take $4 for my 150K free shares.....Anyone?
Are lughead,doogwood,das,jad,sherlok..etc still around??
The SEC will hang these guys if they can catch them
lol...from PR:
The company had received a subpoena from the SEC and had responded through counsel
The company had received a subpoena from the SEC and had responded
A complete shareholder update is forthcoming.
D&B Business Overview Report Date as of: Jun XX, 2008
COMPANY LOCATION & DETAILS
Company Name: Sulja Bros Building Supplies Ltd
Tradestyle (dba):
Physical Address: 1170 Erie Rd S
Harrow, ONTARIO N0R 1G0
Mailing Address:
Telephone: 0001 - (519) 738-2881
Fax: (519) 738-9079
Type: Single location
URL:
Year Started: 1987
State of Incorporation:
Employee's Here: 32
Employee's Total: 38
SALES INFORMATION
Annual Revenue ($US): 7,182,000
BUSINESS AND INDUSTRY INFORMATION
Ticker Symbol:
Stock Exchange:
Line of Business: Lumber and other building materials, nsk
SIC codes: 5211
EXECUTIVE INFORMATION
President & Board Member John Sulja
Secretary Treasurer Steven Sulja
Vice President John Sulja Jr
Board Member Kathy Sulja
Board Member Andy Sulja
Board Member Sam Sulja
* This report may not be reproduced in whole or in part by any means of reproduction.
© Dun and Bradstreet