Good Luck
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Anything going on with this company?
Carey allowed $2250 claim of Ruth Harkin....
What is going on with chapter 7?
Harvey is out....
Famous, what does it take to start a class action? Can you start one. We can find some support....
Washington Mutual class action settled....do you know names of the attorneys involved?
WAMUQ Shareholders class action settled....
WAMUQ Sgareholders class action settled....
50% premium for TIN....
IP wants to buy TIN....Takeover battle
2nd in past 3 months.
IP, TIN, SMURFIT are mentioned in my similar companies valuation objection.
Hon Carey, I feel that you read this board. It is still not late...Justice delayed is justice denied.
Sino Forest....??
Will do!
Waiting...
Docket 4606...Who wrote that? When?
In the past, we have discussed Rule 2019 in the bankruptcy of Accuride. To recap, Rule 2019 is summarized as thus:
"Rule 2019(a) requires that unofficial committees or ad hoc groups disclose, inter alia, (1) the nature and amount of their claims or interests; (2) the date of acquisitions of their claims or interests acquired in the year prior to the filing of the bankruptcy case; (3) the amount paid; and (4) any subsequent sales of claims or interests."
On April 26, the Supreme Court's Chief Justice, the Honorable John Roberts, sent a letter to John Boehner, the Speaker of the House of Representatives, and Joe Biden, VP and President of the Senate detailing amendments to the bankruptcy code; specifically: Bankruptcy Rules 2003, 2019, 3001,4004, and 6003, and new Rules 1004.2 and 3002.1. It is expected these measures will not be held up in Congress and the new rules will go in effect in December.
For our intents and purposes, we will focus on the changes to Rule 2019. For those that are interested, I have embedded the document sent by the Chief Justice detailing each of the rule changes:
Rule 2019 1
Breaking the new rule down, in essence, any "group or committee that consists of or represents, and every entity that represents, multiple creditors or equity security holders that are (A) acting in concert to advance their common interests, and (B) not composed entirely of affiliates or insiders of one another" OTHER than appointed committees under 1102 or 1114 (i.e. Official Creditor Committees) must disclose:
The name and address of each forming entities and for who the group is acting on behalf
Name and amount of claims against / equity ownership in the debtor
The date (by quarter and year) of purchase (unless acquired a year before Chapter 11 petition)
Why is this important? In past situations, funds have argued that this transaction detail is proprietary and could hurt their business. Litigation and objections arose, which are costly, and less focus was put on rehabilitating the debtor. By shifting the "date" to a quarterly basis, super secretive techniques of distressed funds (i.e. asking Joe Beggans at JPM or any other distressed trader at dealers on the Street to make you a market) will stay under lock & key.
With that said, a debtor trying to expose a distressed debt fund's purchase of claims at a massive discount from the original holder is really a strong arming negotiation tactic to exhibit to the Court the misaligned incentives of creditors and emerging debtors.
The most recent example of a Rule 2019 disclosure came in the Lehman Brothers case. In the annex below, you will find the holdings and trades (buys and sells) made by the Ad Hoc Group which consists of Calpers, Canyon Capital, Fir Tree, Gruss, Owl Creek, PIMCO, Paulson, Perry, Taconic and a few other creditors (Elliot and King Street are no longer members).
2019 2
Let's take a look at Paulson's disclosures. We are sticking to LBHI now:
Total Senior Unsecured Claims held as of April 13, 2011 = $4,006,220,219. This number nets buys and sells throughout the transaction history.
Total Purchased Claims ~ $7,006,727,733. Sold claims ~ $3,000,507,555
Capital Spent for Purchases ~ $928,475,080. Average Price Paid ~ 13.2 cents on the dollar
Capital Raised on Sales ~ $637,112,472. Average Sale Price ~ 21.2 cents on the dollar
Current Position = Claims * Market Price = $4,006,220,219 * 26 cents on the dollar ~ $1,041,617,257
Capital Raised (see above) = $637,112,472
Capital Spent (see above) = $928,475,080
Current Position + Proceeds from Sales ~ $1,678,729,729
In other words, according to my calculations, Paulson has made
approximately $750,000,000 on the Lehman Bankruptcy (LBHI alone).
And likewise, Fairfax made a bundle in ABH
The new AbitibiBowater also showed confidence by claiming an income tax benefit of $1.627 billion from “the reversal of valuation allowances against certain deferred tax assets.” Translation: “We built up a lot of tax credits that were worthless when there was no chance of us owing income taxes for the foreseeable future. But now that we expect to be profitable in future years, we will be able to use those credits to avoid paying taxes. Isn’t Chapter 11 wonderful?”
They claimed to have 50 to 70 million in tax credits as per POR....
IRS should look at it closly....How can they claim NOL's without giving anything to shreholders...??
and they haven't even mentioned company going through bankruptcy...
The settlement reinforces the view that NAFTA Chapter 11 confers rights on foreign investors without taking into account their responsibilities. In future, British Columbia could easily find itself on the receiving end of NAFTA's rough justice.
Well, foreign investors did not get a dime out of NAFTA. NAFTA was used as scapegoat to give Canadian companies some money and kick out US shareholders. I see no way legally this can be allowed, but it did. Nevertheless, than who else cares....????
Carey never wanted to do any hard work and focus on issues. He is going in history as most destructive Judge who is champion of destroying value at the toughest time for the US economy. While President Obama and Chairman Bernanke are implementing QE1 and QE2, Mr. Carey used tomahawk to destroy value.
In addition, today...more rewards to management announced.
http://in.reuters.com/article/2011/03/11/idINIndia-55508920110311?pageNumber=1
By Martha Graybow
NEW YORK | Sat Mar 19, 2011 1:36am IST
NEW YORK (Reuters) - A former Goldman Sachs Group Inc director accused of leaking confidential boardroom information has sued U.S. regulators, saying they are trying to unfairly deprive him of a jury trial.
Rajat Gupta is fighting civil charges that he tipped one-time hedge fund billionaire Raj Rajaratnam, the central figure in a sprawling insider trading case, about Warren Buffett's plans to invest in Goldman Sachs at the height of the financial crisis.
In court papers, Gupta said the Securities and Exchange Commission is trying to retroactively apply the new Dodd-Frank financial reform law by filing a so-called administrative proceeding against him. The proceeding means he must defend himself in a court that is part of the SEC rather than in a federal court, where he could have a jury decide the case.
The SEC's move is "an attempt to bring down a man of sterling reputation and remarkable achievements without the procedural safeguards historically accorded to all persons similarly charged," according to his complaint filed in Manhattan federal court on Friday.
The SEC unveiled its case against Gupta on March 1, just days before Rajaratnam's criminal trial began. Gupta is one of the highest-ranking corporate leaders implicated in the government's wide-ranging insider trading probe tied to Rajaratnam. Gupta has not been criminally charged, and he denies all accusations of wrongdoing.
At Rajaratnam's trial this week, jurors heard a secretly recorded telephone call in July 2008 between the Galleon Group hedge fund founder and Gupta, then a Goldman director.
On the call, Gupta is heard telling Rajaratnam about talks among the investment bank's board members about whether takeovers of Wachovia Corp or American International Group made sense.
Gupta also is a former worldwide managing director at management consultant McKinsey & Co. Neither McKinsey nor Goldman has been charged with wrongdoing.
The SEC's civil case against Gupta has raised questions among some legal experts about whether the administrative proceeding marks a new trend by the agency in shifting big enforcement cases out of federal courts. The Dodd-Frank law, enacted last July, gives the SEC more power to bring administrative cases.
Securities law experts said that Gupta's complaint raises intriguing legal issues, but they questioned whether he would be successful in moving the case.
"Speaking generally, it seems highly improbable that you could get a U.S. District Court judge to intervene in an SEC proceeding at this point," said Sam Buell, a law professor at Duke University in Durham, North Carolina.
Jill Fisch, a professor at the University of Pennsylvania Law School, called the lawsuit "very unusual" and said it was unclear whether a federal judge would want to get involved.
"On the other hand, I could imagine a proactive judge at least putting it to the SEC and asking the SEC, 'Well what about this?' Why did you decide to proceed this way?" she said.
Florence Harmon, a spokeswoman for the SEC, declined to comment on Gupta's complaint.
The case is Gupta v. Securities and Exchange Commission, U.S. District Court, Southern District of New York, No. 11-1900.
Fri Mar 11, 2011 9:50pm IST
To read this story in multimedia PDF format, click here:
link.reuters.com/med58r
By Matthew Goldstein
NEW YORK (Reuters) - It was the summer of 2006 and hedge fund manager Daniel Loeb was having difficulty containing his very harsh feelings towards Fairfax Financial, the Canadian insurance giant, and its CEO, Prem Watsa.
Loeb's New York-based fund, Third Point LLC, had placed a big bet that the shares and bonds of Fairfax and its subsidiaries would tumble. He was looking forward to cashing in his hedge fund's chips, if and when some bad news rocked Fairfax. And he shared that enthusiasm with another hedge fund manager, in a fairly graphic email message that recently surfaced in a five-year-old civil lawsuit filed by Fairfax against Loeb and other prominent hedge fund managers.
"Prem Watsa bend over the hedge funds have something special for you," Loeb wrote in the June 25, 2006 email to Adam Sender, the founder of Exis Capital, whose hedge fund also was "shorting" Fairfax -- that is, looking to profit from a decline in its shares. A little later that day, in an email to a consultant who was doing research for some of the hedge funds wagering on Fairfax's fall, Loeb wrote: "die, Prem Die!"
A month later, Fairfax sued Loeb and Sender, as well as famed short-seller James Chanos and billionaire hedge fund trader Steven Cohen, claiming they had teamed up to "crush" the company's stock. The Toronto-based insurer, which some of the defendants openly had dubbed "the next Enron," contends Loeb, Chanos, Cohen and Sender orchestrated a multi-year campaign to spread disinformation about Fairfax's business model to a number of well-known financial journalists.
The managers argue they did nothing wrong. They say it's normal for bearish stock traders to dig up critical -- even negative -- information about a company that they suspect is presenting a misleading image in its financial statements.
But now those old emails and others like them are coming back to haunt Loeb, as Fairfax's civil lawsuit creeps along in a Morristown, New Jersey, courtroom and some of 10 million pages of previously sealed documents in the case start coming to light. And while the profane language used by Loeb, a 49-year-old father of three young children, may not shock anyone who works on Wall Street, such crude talk could make some investors queasy -- especially institutional investors who have less of a stomach for negative headlines.
The disclosure of those emails in a recent 800-page court filing by Fairfax's lawyers comes at an especially awkward time for Loeb, who emerged in 2010 as one of the $1.9 trillion hedge fund industry's star performers and is poised to do so again this year. The emails, however, are a rude reminder of Loeb's earlier days, when he was perhaps best known for sending caustic letters to the boards of companies his fund had taken a big stake in.
While Loeb still engages in so-called activist investing, it's a less important part of Third Point's strategy, according to the fund's marketing information and people who know Loeb. Indeed, Third Point's nearly 40 percent gain last year was more attributable to placing savvy bets on a rebound in consumer stocks, the rising fortunes of gold and a surge in the value of beaten-down mortgage-backed securities than from agitating for change at a company or even shorting stocks.
Bill Carmody, an attorney for Loeb, said he could not comment on "selected emails" or any part of Fairfax's filing. He said a court order prohibits him from discussing the case. "It's unfortunate that your readers are going to be viewing this entirely from plaintiff's spin on snippets of dated personal emails of Daniel Loeb's, without the context of actual documents in this case," said Carmody, an attorney with Susman Godfrey.
Reuters reviewed the Fairfax court filing after the New Jersey state judge overseeing the case recently made the papers public. Lawyers for Sender, Cohen and Chanos either declined to comment or did not respond to requests seeking comment.
Graphic on Dan Loeb, click r.reuters.com/nuq48r
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http://in.reuters.com/article/2011/03/11/idINIndia-55508920110311?pageNumber=1
Goldmans Sachs (Gupta) and Fairfax (Wasta) too cozy??
GSI Group shareholder settlement!
2008 bonus being paid.....stole money from shareholders..docket 4335
You are right...$30/share now
Foyston, Gordon and Payne INC.
Owns 6.3% of ABH....
http://www.rhsmith.umd.edu/finance/pdfs_docs/seminarspring06/Gande.pdf
Rocket Scientist material....
Smurfit can be valued at $60/share + debt......Abwtq should be valued at 9 billion enough to pay us....what a disaster....
http://www.scribd.com/doc/48139909/SSCC-Activist-Letter
Smurfit Saga.....
We can file with US bankruotcy Court that confirmation order was obtained via fraud....I think this is the way to go...Also calss action if any attorney will take us...
Please email me the forms. Thanks!
It is in process..
Judge Carey should resign....
As you know, Sir, I am not a lawyer, and so please pardon me if I wrote something here that may offend you. I truly believe shareholders got shortchanged here. If Smurfit Stone shares can get recovery, AbitibiBowater shareholders can't be denied recovery and must not be discriminated against. Although for the reasons above, I do not have any hope to get any relief from you, I will let my motion (Docket 3992) stand on it own merit and let you decide on its fate.
http://www.chicagobusiness.com/article/20110123/NEWS05/110129948/smurfit-stone-to-be-acquired-in-3-5-billion-deal#axzz1BxLOqhDE
Smurfit Stone being taken over...
This Judge Carey clearly committed Fraud-imo
I think it is a dead cat bounce....MMs trying to get it short before it goes to zero....be careful
I had sent that to Attorney Cornish....stating that fate of this glass is with a person having initial 'KC'.......
Judge Stark to handle our appeal...
I am baffeled too. What I understand is company is going to be delisted at end of March...go figure