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level 2 ask is so thin
awesome, was planning on opening an account with them
thanks for the info!
For those who have not seen, full article:
https://www.law360.com/articles/960562/soupman-says-it-has-resolved-objection-to-ch-11-sale
"A hearing on the revised sale is scheduled for 10 a.m. Thursday before Judge Silverstein in Wilmington."
Law360, Wilmington (September 5, 2017, 5:00 PM EDT) -- Bankrupt soup purveyor The Original Soupman Inc. on Tuesday made a second attempt to secure court approval for a plan to sell assets in its Chapter 11 case, saying it will provide new information to allay an objection over the company's board not having signed off on the deal.
In an emergency motion seeking permission to reopen the evidentiary record concerning the proposed sale, Soupman said it has been in discussions with its debtor-in-possession lenders and creditor Hillair Capital Investments LP since the court declined to approve its original sale motion over concerns about the fairness of the process and its corporate authority to approve the deal.
At last week's hearing, the company's chief restructuring officer said Soupman's board had not met to discuss the transaction.
The debtor said it has additional evidence to submit to the court to bolster its second attempt at gaining approval for the proposed sale to Gallant Brands Inc., an affiliate of shareholder WealthColony Management Group LLC, which until recently had an adversarial relationship with the debtor.
“The debtors believe that all parties are currently in agreement with the terms of a consensual asset sale,” the motion said. “As such, the debtors have scheduled a meeting of the debtors’ board of directors for Wednesday … to discuss the approval of the revised terms of the sale.”
One of the issues raised by Hillair during last week’s sale hearing, and mentioned by U.S. Bankruptcy Judge Laurie Selber Silverstein in her decision not to approve the sale, was the fact that Soupman’s board had not voted to approve that proposed sale and so there was allegedly no corporate authority to enter into the deal with Gallant Brands.
During a break in the hearing, but after the evidentiary record had been closed, the company’s two-person board convened a meeting via telephone to approve the terms of the proposed sale. Soupman will be holding a board meeting Wednesday, the day before a hearing on the revised sale, so the directors can approve the new deal.
This new information will require the record to be reopened for the Thursday hearing, at which the court will again consider the transaction.
“Accordingly, the debtors desire to go forward with the sale motion and put on additional evidence in order to address the bankruptcy court’s concerns and seek approval of the relief requested in the sale motion,” Soupman’s emergency motion said.
Representatives for Soupman, Hillair and Gallant Brands did not immediately respond Tuesday to requests for comment.
The Original Soupman filed for Chapter 11 protection in June along with two subsidiaries listing more than $10 million in debt and hoping to complete a sale as quickly as possible to keep the company running as a going-concern.
The New York-based company licenses and sells soup from the chef Al Yeganeh's recipes. Yeganeh owns the Manhattan restaurant Soup Kitchen International, and his brusque demeanor was the inspiration behind the "Soup Nazi" character on the long-running 1990s NBC sitcom "Seinfeld" who had strict ordering protocols and would often turn customers away by yelling, "No soup for you!" if the rules were breached.
Shareholder WealthColony had presented the company with a restrcturing proposal prior to its bankruptcy filing that Soupman rejected because it would have allegedly constituted a fraudulent transfer of the company’s assets. Subsequently, WealthColony began a campaign to acquire written consents from a majority of shareholders to replace the board.
It switched gears last month and instead put in a bid for Soupman’s assets of about $2 million, through subsidiary Gallant Brands, that topped the stalking horse bid of the debtor's DIP lenders. Judge Silverstein declined to approve a sale order for that deal citing concerns about the fairness of the sale process and murkiness about the corporate authority of Soupman to close the deal.
A hearing on the revised sale is scheduled for 10 a.m. Thursday before Judge Silverstein in Wilmington.
The debtor is represented by Christopher A. Ward and Jeremy R. Johnson of Polsinelli PC.
WealthColony and Gallant Brands are represented by Colin R. Robinson of Pachulski Stang Ziehl & Jones LLP and Philip D. Forlenza and Donald F. Campbell Jr. of Giordano Halleran & Ciesla.
Hillair is represented by Robert S. Brady of Young Conaway Stargatt & Taylor LLP.
The case is In re: Original Soupman Inc. et al., case number 1:17-bk-11313, in the U.S. Bankruptcy Court for the District of Delaware.
yes I am looking to open an E-Trade account soon, hope they are less restrictive..
someone just dumped a TON
Anyone use Interactive Brokers?
The order to BUY 250,000 SOUPQ PINK.NOINFO has been price capped to 0.0157 to avoid an execution of your order at a price that is not consistent with a fair and orderly market. THIS MAY CAUSE THE ORDER NOT TO BE EXECUTED. Further information is available here. Contact customer service to request a change to the price cap
I often get these annoying price cap messages when trading pennies.. any way around it? Always have to call customer service and it wastes so much time
I need to get some shares to get in the game lol
havent been able to get any shares ugh
damnit my 1.5s are gone
yeah i think so too
hmm no sellers coming down to the bid. dont feel like slapping the ask
Wait you're bullish again?
Full Article:
"A hearing on the revised sale is scheduled for 10 a.m. Thursday before Judge Silverstein in Wilmington."
Law360, Wilmington (September 5, 2017, 5:00 PM EDT) -- Bankrupt soup purveyor The Original Soupman Inc. on Tuesday made a second attempt to secure court approval for a plan to sell assets in its Chapter 11 case, saying it will provide new information to allay an objection over the company's board not having signed off on the deal.
In an emergency motion seeking permission to reopen the evidentiary record concerning the proposed sale, Soupman said it has been in discussions with its debtor-in-possession lenders and creditor Hillair Capital Investments LP since the court declined to approve its original sale motion over concerns about the fairness of the process and its corporate authority to approve the deal.
At last week's hearing, the company's chief restructuring officer said Soupman's board had not met to discuss the transaction.
The debtor said it has additional evidence to submit to the court to bolster its second attempt at gaining approval for the proposed sale to Gallant Brands Inc., an affiliate of shareholder WealthColony Management Group LLC, which until recently had an adversarial relationship with the debtor.
“The debtors believe that all parties are currently in agreement with the terms of a consensual asset sale,” the motion said. “As such, the debtors have scheduled a meeting of the debtors’ board of directors for Wednesday … to discuss the approval of the revised terms of the sale.”
One of the issues raised by Hillair during last week’s sale hearing, and mentioned by U.S. Bankruptcy Judge Laurie Selber Silverstein in her decision not to approve the sale, was the fact that Soupman’s board had not voted to approve that proposed sale and so there was allegedly no corporate authority to enter into the deal with Gallant Brands.
During a break in the hearing, but after the evidentiary record had been closed, the company’s two-person board convened a meeting via telephone to approve the terms of the proposed sale. Soupman will be holding a board meeting Wednesday, the day before a hearing on the revised sale, so the directors can approve the new deal.
This new information will require the record to be reopened for the Thursday hearing, at which the court will again consider the transaction.
“Accordingly, the debtors desire to go forward with the sale motion and put on additional evidence in order to address the bankruptcy court’s concerns and seek approval of the relief requested in the sale motion,” Soupman’s emergency motion said.
Representatives for Soupman, Hillair and Gallant Brands did not immediately respond Tuesday to requests for comment.
The Original Soupman filed for Chapter 11 protection in June along with two subsidiaries listing more than $10 million in debt and hoping to complete a sale as quickly as possible to keep the company running as a going-concern.
The New York-based company licenses and sells soup from the chef Al Yeganeh's recipes. Yeganeh owns the Manhattan restaurant Soup Kitchen International, and his brusque demeanor was the inspiration behind the "Soup Nazi" character on the long-running 1990s NBC sitcom "Seinfeld" who had strict ordering protocols and would often turn customers away by yelling, "No soup for you!" if the rules were breached.
Shareholder WealthColony had presented the company with a restrcturing proposal prior to its bankruptcy filing that Soupman rejected because it would have allegedly constituted a fraudulent transfer of the company’s assets. Subsequently, WealthColony began a campaign to acquire written consents from a majority of shareholders to replace the board.
It switched gears last month and instead put in a bid for Soupman’s assets of about $2 million, through subsidiary Gallant Brands, that topped the stalking horse bid of the debtor's DIP lenders. Judge Silverstein declined to approve a sale order for that deal citing concerns about the fairness of the sale process and murkiness about the corporate authority of Soupman to close the deal.
A hearing on the revised sale is scheduled for 10 a.m. Thursday before Judge Silverstein in Wilmington.
The debtor is represented by Christopher A. Ward and Jeremy R. Johnson of Polsinelli PC.
WealthColony and Gallant Brands are represented by Colin R. Robinson of Pachulski Stang Ziehl & Jones LLP and Philip D. Forlenza and Donald F. Campbell Jr. of Giordano Halleran & Ciesla.
Hillair is represented by Robert S. Brady of Young Conaway Stargatt & Taylor LLP.
The case is In re: Original Soupman Inc. et al., case number 1:17-bk-11313, in the U.S. Bankruptcy Court for the District of Delaware.
might have to jump back in :)
was wondering where you saw that there will be another hearing tomorrow?
Wealth colony owns 51% common shares why would they wipe themselves out
"Attorneys for the sides deliberated for nearly an hour in the hallway, and when they returned, Brady said that Hillair would likely not object at the hearing set for Wednesday if the buyer up for approval was indeed Gallant, or an affiliate, and the claims against WealthColony were not part of the asset package being sold."
https://www.law360.com/bankruptcy/articles/958638/-soup-nazi-distributor-pegs-investor-group-as-ch-11-buyer
except wealth colony already bought and OWN 51% of the stock, common shares
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=134242670
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=134244910
Law360, Wilmington (August 29, 2017, 9:06 PM EDT) -- The distributor for the chef who inspired the "Soup Nazi" character on "Seinfeld" told the Delaware bankruptcy court Tuesday that a unit of the shareholder group WealthColony Management Group LLC, which was once embroiled in a fierce dispute with the company, won an auction for its assets.
During a hearing in Wilmington, attorneys for Original Soupman Inc. told the court that WealthColony unit Gallant Brands Inc. had been deemed the winner of the auction Monday evening coming in with a bid that topped the stalking horse offer from the private undisclosed lender group that had provided the debtor with its post-petition financing.
"Attorneys for the sides deliberated for nearly an hour in the hallway, and when they returned, Brady said that Hillair would likely not object at the hearing set for Wednesday if the buyer up for approval was indeed Gallant, or an affiliate, and the claims against WealthColony were not part of the asset package being sold. "
Second Notice of Agenda of Matters Scheduled for Hearing Filed by The Original Soupman, Inc.. Hearing scheduled for 8/30/2017 at 10:30 AM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #2
http://i.imgur.com/lpWPbef.png
Already stickied :)
Update to SHEEPWOLF's post: https://www.law360.com/articles/958638 - full article copy and pasted below
Note the bolded section :) thank you SHEEPWOLF, great find!!
Law360, Wilmington (August 29, 2017, 9:06 PM EDT) -- The distributor for the chef who inspired the "Soup Nazi" character on "Seinfeld" told the Delaware bankruptcy court Tuesday that a unit of the shareholder group WealthColony Management Group LLC, which was once embroiled in a fierce dispute with the company, won an auction for its assets.
During a hearing in Wilmington, attorneys for Original Soupman Inc. told the court that WealthColony unit Gallant Brands Inc. had been deemed the winner of the auction Monday evening coming in with a bid that topped the stalking horse offer from the private undisclosed lender group that had provided the debtor with its post-petition financing.
The debtor-in-possession lender group, which extended $1.7 million in financing, had made a credit bid as its floor offer. Information about the amount of the winning bid had not been entered into the court record as of Tuesday.
U.S. Bankruptcy Judge Laurie Selber Silverstein had been slated to consider the sale at the hearing Tuesday, but delayed the proceedings from the bench to Wednesday to allow the sides to work out issues over a yet-to-be executed asset purchase agreement, and a potential objection from senior secured lender Hillair Capital Investments LP.
"We don't have a signed APA and don't have a [proposed sale] order," Hillair attorney Robert S. Brady of Young Conaway Stargatt & Taylor LLP told Judge Silverstein.
Hillair was concerned that the sale to Gallant could essentially be a sale to an insider, requiring higher court scrutiny, because a U.S. Securities and Exchange Commission regulatory filing had shown that two directors from Original Soupman's board had been removed earlier this month, replaced with two directors appointed by WealthColony.
One of the main points of contention were what assets were being sold in the sale, and whether that included claims against WealthColony, which would mean the buyer would be purchasing claims against itself.
Attorneys for the sides deliberated for nearly an hour in the hallway, and when they returned, Brady said that Hillair would likely not object at the hearing set for Wednesday if the buyer up for approval was indeed Gallant, or an affiliate, and the claims against WealthColony were not part of the asset package being sold.
Attorneys for both Original Soupman and WealthColony had earlier said that the APA was similar to the one the court already approved for the stalking horse bidder, save for the addition of "diligence language."
WealthColony has been embroiled in a dispute with Original Soupman, with the debtor filing an adversary action claiming the shareholder group had been waging a "smear campaign" to derail the bankruptcy that included efforts to stop post-petition financing and replace the company's board of directors.
Original Soupman said in its complaint that the shareholder group sent it a proposed restructuring strategy in June that involved a "likely fraudulent transfer" of the company's bulk soup business to a company controlled by WealthColony for $1 million. Original Soupman argued the plan would have left it weaker and with nearly all of its debt still intact.
The Original Soupman filed for Chapter 11 protection June 13, listing more than $10 million in debt and hoping to run a quick sale process that would keep the company alive as a going concern.
The New York-based company licenses and sells soup from the chef Al Yeganeh's recipes. Yeganeh owns the Manhattan restaurant Soup Kitchen International, and his brusque demeanor was the inspiration behind the "Soup Nazi" character on the long-running 1990s NBC sitcom "Seinfeld" who had strict ordering protocols and would often turn customers away by yelling, "No soup for you!" if the rules were breached.
The debtor is represented by Christopher A. Ward and Jeremy R. Johnson of Polsinelli PC.
Hillair is represented by Robert S. Brady of Young Conaway Stargatt & Taylor LLP.
WealthColony is represented by Colin R. Robinson of Pachulski Stang Ziehl & Jones LLP and Philip D. Forlenza and Donald F. Campbell Jr. of Giordano Halleran & Ciesla.
The case is In re: In re: Original Soupman Inc. et al., case number 1:17-bk-11313, in the U.S. Bankruptcy Court for the District of Delaware.
--Additional reporting by Rick Archer and Vince Sullivan. Editing by Katherine Rautenberg.
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Minutes from Hearing today:
http://imgur.com/IlOKond
if wealth colony bought up half the shares at $.002 (144 million * .002) that would only cost them $288,000 , seems like a small amount to a big hedge fund
read this
http://imgur.com/yQYM5wq
Here is the PDF for the file at pacer
https://www.pacermonitor.com/case/21680107/The_Original_Soupman,_Inc
Amended Notice of Agenda of Matters Scheduled for Hearing Filed by The Original Soupman, Inc.. Hearing scheduled for 8/29/2017 at 02:00 PM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #2, Wilmington, Delaware. (Ward, Christopher)
Unable to privately reply, but this is the name of the file on Pacer:
Notice of Agenda of Matters Scheduled for Hearing Filed by The Original Soupman, Inc.. Hearing scheduled for 8/29/2017 at 02:00 PM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #2, Wilmington, Delaware. (Ward, Christopher)
I don't believe anyone has posted the actual content of the PDF file to iHub yet
Can you copy and paste the content of the PDF files located in Pacer to iHub?
can you post the PDF file on pacer? It is titled "Notice of Agenda of Matters Scheduled for Hearing Filed by The Original Soupman, Inc.. Hearing scheduled for 8/29/2017 at 02:00 PM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #2, Wilmington, Delaware. (Ward, Christopher) "
yep that's it. wondering if anyone has the PDF file? unable to view it without a subscription to pacer
Does anyone have the PDF file regarding Notice of Agenda of Matters Scheduled for Hearing Filed by The Original Soupman, Inc.. Hearing scheduled for 8/29/2017 at 02:00 PM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #2, Wilmington, Delaware. (Ward, Christopher)
Wondering what the agenda of matters includes
There are around 288 million shares outstanding. How high can SOUPQ go? If it gets to 20 cents that would give the company a market cap of almost 60 million... is it worth that much?
Awesome!
4.5 million shares between the 3 of them -- do these shares increase the shares outstanding by 4.5 million (dilution) ?
10 bagger would be around 0.20 - with outstanding shares at 288M, market cap would be almost 60 million. really think it can get that high?
Hey Gator long time no talk was wondering if you could double check me on this hypothetical scenario to see if it sounds accurate:
Bob has 100,000 shares of DCTH with a cost basis of $15,000.
Reverse split goes through at 1:500 and Bob now has 200 shares of DCTH.
DCTH is trading at $50 with 1M shares outstanding. From now until FDA approval, the company issues 500,000 more shares to tap into restricted cash.
Buyout offer for DCTH of 500M is accepted in 2020 and Bob sells his 200 shares for $66,667
I guess the big question is how much more dilution is going to come post-reverse split. Does 500,000 shares seem reasonable?
that 0.15 dip was juicy ^_^
not yet.. these shorts are stubborn. still 0 available shares available to borrow right now with interactive brokers.. 2 weeks ago when it was up 60%, over 4 million shares were available to borrow
Lights dimming in NY same way the lights blacked out in Saratoga, right? Lol