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not missing anything, just not enough eyes on it.....and it's not like it'll be 7m straight up for us. there are other costs still coming.... not uncommon to see things in the OTC space trading at 1/2 of cash. $sycrf's trading at huge discount to book too. happens all the time
shhhh keep it quiet
Feb MOR out. First MOR since closing of sale. Got about 7m of equity left with everything accrued. Assuming 1.5m left of wind down cost we should have about 3.5m out fairly soon then the hold back out over time.
Why'd u pick up some? i dont get what those entity actions are
25.25 million bid. ooooo yeah
Ironic how this board was just created while the company's about to file for bankruptcy. bring on the MFINQ crowd
Bankruptcy coming soon. Cash levels are deceiving since a good chunk is already pledged. Insider buying of a few thousand is a joke compared to the guys total net worth.
Shares sold off only because they were delisted off NASDAQ and blackrock couldn't hold them. Every other party has been a buyer (mgmt, small funds, 3rd avenue).
Maturity coming up for the notes next month and the debt trades like there's no chance of a default. We'll know what deal they've struck with the note holders (they got Stephen Goldstein working with them from Evercore, lots of experience) and then the FCC auction is coming soon.
Hired Deutsche Bank as a financial advisor to sell the company. It's game time
Just got into 'interesting' territory at .11
Hi guys,
Could some bulls please sell us some September puts w a strike of $1 for $.05? We think you guys have a compelling argument, we just like to lose money.
Thanks in advance
I'd be careful about FXY guys if you were planning on using it as a Yen short. The sponsor has an ability to close the fund at any time, and should the yen have a dramatic decline, the fund could be liquidated before any USD:JPY 350 scenario materializes. I inquired about it to the sponsor and didn't receive a word back, but they have closed funds tied to other currencies before, and should the sponsor not be able to service the fees associated with the fund, I would imagine they'd have an incentive to liquidate. Yen shorts are tricky for retail, especially ones's tied to ETFs.
Be careful guys on leveraged ETFs including this one. Daily re-balancing is deceiving. Not to say that YCS still isn't an okay yen short for the retail investor, but returns won't be as good as one may expect. Here's a great article on leveraged ETFs for those who are interested: http://www.slcg.com/pdf/workingpapers/Leveraged%20ETFs,%20Holding%20Periods%20and%20Investment%20Shortfalls.pdf
Trial date v. VIA set for April 29th. In the Markman hearing on Dec. 21, 2012 the court ruled in favor for Opti Inc.
Previously, they've won several patent infringement suits in the Eastern District of Texas related to the same patents .
After this last matter is settled, the liquidation of the company should be completed.
bidding war in f-town anyone?
Merger didn't go through. Some members of the Hebel family changed their minds. I received a nice email from George Hebel himself.
Judge ruled in Smith's favor. Lease is not assumed.
Order Confirming Second Amended Joint Plan of Reorganization had been filed today. Star Buffet has exited chapter 11 bankruptcy, with all of the common stock in tact. No dilution occurred.
4kids entertainment (KIDEQ) POR got confirmed this morning. This came up 20 min or so ago.
http://www.law360.com/bankruptcy/articles/401401/4kids-plan-confirmed-over-license-partner-s-objection
What filing did you see that said that they expected 5-7 million after everything was sold off? Was it prepared by the old management or the trustee?
As a side note, 141k are the fees for Frantz, McConnell, and Seymour LLP and 32k for the trustee from Dec 2011 to Oct 2012. Its essential to keep in mind the admin cost if there's going to be anything left for shareholders.
The total for all of the claims of America's Energy and Evans Coal, is aprox 7m I believe. Now this includes two claims from Barbara Evans, one on each schedule for the amount of $1,561,609. Since the claims are equal, it makes me think they're the same claim which means I would be adding an additional 1.5m that shouldn't be there. Maybe someone out there could clarify this?
Thanks Louis,
There is so much fishy stuff going on with this company, and the entire back story. In posts from prior years it seemed like this company was a complete pump and dump. If it only was a pump and dump, how was it able to sell millions of dollars worth of equipment? I started doing some more due diligence and ran across some even more names that are suspicious to me. Still looking into a lot more stuff, but i'll keep you guys posted.
Have a good weekend,
Joe
Okay so there's a market for AENYQ because the shares haven't been cancelled. You can get all of the information regarding this case off of PACER, but you have to sign up for it, and pay .10 for every page that you view. I'm learning as I go with this bankruptcy process, but this is some of what I've gathered from this case so far.
Evan's Coal, the wholly owned subsidiary of America's Energy, is the only thing that potentially has material value in this case. Furthermore, looking at the schedules filed, the Coal Mining leases valued at $10.5m. Sooner than later I'm assuming these leases will be auctioned off because since the filing of this case the trustee is going through them and either assumes it or rejects it.
At this point in time, the trustee and Bradley and Susan Smith are before the court, arguing over whether the lease between the Smiths and the Company should be assumed (the Trustee argues it should be assumed, the Smiths claim that the company has breached the agreement). What initially re-sparked my interest in the case is that the Trustee has said that since the time of filing this individual lease has generated $77,000 in revenue.
Moreover, another development in the case is that some of the equipment has been auctioned off. One of the largest creditors claims is Barbara Evans' (same party that Americas Energy initially purchased Evans Coal from) and that claim was valued at 1.5m and was secured by this equipment. I forgot the exact number that the equipment was auctioned off for but it was near 1.25 I believe.
The old management in this case is gone, and they tried to pull a fast one and file a POR but it got shot down in court and a Trustee was immediately appointed. I don't know if this whole thing was a fraud, if shareholders are entitled to take action against them, or what a reasonable value for these leases is (surely it's not 10.5m). Coal prices have been improving though.
There may be something in this case that is just way over my head, that an experienced distressed investor can point to and say "Joe you're an idiot, this equity is a flat zero" but I haven't talked to anyone else out there that is even following this case.
I'm not sure if this was a swindle or if this is worth anything at all to be honest. this may just be a learning experience lol
It's surprising that no one has posted on this board in two years. A lot of progress has been made on the case since then.
A plan of reorganization was filed back in July which leaves the equity unimpaired. The confirmation date was pushed back to December 3rd, with objections due on November 26th.
In the Castle Union letter to partners last quarter, they mentioned a bankruptcy investment that they wouldn't identify because they were still buying in the open market. Yet, they gave enough details to figure out it was STRZQ. Since that letter was made public, the shares have gone from .86 to 1.37 today. My speculation is that they'd still buy at this market value of 4.40m, since they calculated equity at 11m.
I obtained the schedules of the APA. I had to contact a lawyer dealing with the case to get them. Looks like there are no Assumed Liabilities involved with the purchase as it says NA under the schedule
can someone help out with where you can find the schedules for the asset purchase agreement? Are they in doc. 285 or somewhere else? or did they not make that public information. any help would be much appreciated.
The lawsuit against Lockheed is what this company seems to be dependent on.
"At June 30, 2012, the Company has included in its accounts receivable (prior to allowances) the amount of the actual damages claimed".
Actual claims amount is $978,000...net after they allowed $225,000 was 875,896 so of the pre-allowance 1.10m, 978k is in dispute in a trial that dates as of now are:
-Fact Discovery due by 1/31/2013
-Dispositive Motions due by 2/22/2013
- Pretrial Order due by 4/9/2013
Plus they're in violation of a covenant (although waiver was granted).
It's an interesting situation
On October 11th they reported a sale of office furniture...whopping $1,750. Besides that this case is moving slow.
that disclosure statement that's been posted on here has been terminated as of 4/5/12. There were a lot of material flaws in it apparently
The case is still going on...
https://ecf.tneb.uscourts.gov/cgi-bin/HistDocQry.pl?268666666505596-L_1_0-1
Small company with only 19M in assets at the time of the voluntary petition. In the document Jaxxstraw provided, it claims the company will be able to cover all secured and unsecured creditors as well other expenses (admin etc.) through asset sales, w some remaining should go to shareholders. If I understand correctly its basically like a liquidation except they're keeping the holding company. One person in management has about 7% of the shares so I suppose that's a good thing. I'm new to this stuff but so far everything I've seen points to good signs! I just may rank up a nice PACER bill on this one. Happy investing everyone!
JW, what was your thesis on buying MRVC? I ran through the numbers when the special dividend was declared and I wasn't completely sold on the logic. Would you happen to have a blog or a write up on it? Always happy to click on ads for other members.
- Happy investing,
Joe
Has anyone done any DD on this?
The docket numbers 0:12-bk-19084
Judge Raymond B Ray is taking the case in the Southern District of Florida.
I haven't found any site where the docket is free, and i don't want a high CM/ECF bill :-/ nothing was on KCC
wondering if there's any value in these commons....
helllllooooo anybody out there? Who else has gotten in recently?
Current Assets - Total Liabilities is about .69/share
Sold at new 52 low today of .25
-Happy Investing
Joe
Wish i coulda been the one that bought, then got out at the .81 open on Tuesday lol
i never bought at all...good luck on getting back to the .90's though!