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Unsecured creditors opposed the restructuring path at court hearing
Surfersvillage Global Surf News, 16 October, 2015 - A U.S. Bankruptcy Court in Wilmington Delaware has approved the financial restructuring of Quiksilver by Oaktree Capital Management.
Accoring to the Bankruptcy News, Judge Brendan Shannon ruled in favor of Quik and Oaktree after a two-day hearing on the matter. There was another offer of financing from Brigade Capital Management who was supported by a committee representing unsecured creditors opposed the Oaktree restructuring path.
Judge Shannon's approval of the Oaktree deal came with stipulations that the groups make an effort to create a better opportunity to find another, better deal. The original deal had a $20 million "breakup fee" that Quiksilver would've been obligated to pay to Oaktree should Quik change to another deal from a different capital management company.
A lawyer for Oaktree indicated that the firm would be willing to move forward without the breakup fee and a deal was struck.
"The financing I'm prepared to approve isn't exactly what's on the table from Oaktree," Judge Shannon told Bankruptcy News regarding his changes to the original bailout plan.
...
IMO, better deals coming, Even Judge Shannon wants to see a better offer for Quiksilver.
So do the Millionaires/Billionaires that are invested, Oaktree will not be able to steal this company without a fight.
This is a huge quote,
"The reality is those savings – and ultimately profits – could be even more lucrative for a company that acquires Quiksilver, since your SG&A at 52.7 percent of revenues is so far out of proportion to others in the industry," Mr. Drexler said in his letter dated April 22. "Contrast that with Nike, where SG&A is less than 32 percent of revenues, and with VF's less than 34 percent. Either company could pay for the acquisition from the savings alone by rationalizing Quiksilver's bloated SG&A."
...
WOW!
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Stream line Quicksilver (20% Savings) and it pay's for an acquisition, can that be true?
Why is Quiksilver's SG&A so bloated ?
Normal SG&A 33% (QUIKSILER @ 52.7%) savings alone would pay for an acquisition...
Why would a 40 year old fine tuned company allow that ? hhmmm,
Mr. Drexler's Consac owns in excess of 3.5 million shares of Quiksilver.
In a letter to Quiksilver co-founder and Chairman Robert B. McKnight Jr., Mr. Drexler called on the Board of Directors to sell the company in order to preserve diminishing shareholder value before Quiksilver's conditions get even worse.
Despite the company's management-created problems, Mr. Drexler contended in the letter that there is still value in Quiksilver, especially to a strategic buyer such as Nike Inc. or VF Corp. The market capitalization of less than $300 million – almost a fifth of the market cap from barely two years ago – is nowhere near a reflection of the inherent value of the company's brands, extensive network of more than 700 stores, and potential operating efficiencies. Mr. Drexler believes the company could be worth at least twice its current market capitalization, especially to a buyer who would reduce costs in the critical category of selling, general and administrative expenses.
Among the costs that could be cut would be the excessive compensation of Mr. McKnight, who was paid more than $3 million in fiscal 2014 in his former role as Executive Chairman, and more than $6 million in the prior year.
"The reality is those savings – and ultimately profits – could be even more lucrative for a company that acquires Quiksilver, since your SG&A at 52.7 percent of revenues is so far out of proportion to others in the industry," Mr. Drexler said in his letter dated April 22. "Contrast that with Nike, where SG&A is less than 32 percent of revenues, and with VF's less than 34 percent. Either company could pay for the acquisition from the savings alone by rationalizing Quiksilver's bloated SG&A."
Where's Drexler?
Drexler is president and shareholder of Consac LLC, which owns more than 2 million shares of Huntington Beach-based Quiksilver (NYSE: ZQK). hhmmm
Think he will just walk away.
Citigroup’s Kate McShane and Corinna Van der Ghinst wonder if VFC (VFC) will buy Quiksilver:
[We] believe VFC is the most likely apparel company in our universe to make an acquisition in 2014. Our meetings with management have indicated that with the Timberland acquisition fully integrated & growth plans on track, and having returned the balance sheet to pre-TBL debt levels, they are actively seeking their next deal…
Following VFC’s unsuccessful bid for Billabong LY, we think Quiksilver could be a consideration, based on: 1) a strong, authentic action sports brand; 2) a solid girls’/women’s brand in Roxy, which we believe still has significant potential, esp given ongoing strength in kids’ action/activewear, 3) DC Shoes, which would complement VFC’s Vans; & 4) Quiksilver should also help alleviate some of VFC’s 2H exposure, as it is more of a 1H brand.
hhmm
Buy ZQKSQ at these levels, market makers playing games, they want your shares and or trades.
Trades = $$$
WILL ANYONE BUY QUIKSILVER?
28 April, 2015 Features 10 Comments
Quiksilver – parent company of brands you used to care about like DC and Roxy – is not doing so well. The news has been all over the blogs sites for a minute, but we finally tuned in thanks toAngry Snowboarder, who really dug into this one and tried to figure out who would buy Quiksilver anyway?
In the same letter it was mentioned that Nike and VF Corp could be potential buyers of the brand. While not mentioned a third dark horse contender could potentially be Altamont Capital Partners as they previously bought Mervin Manufacturing in November of 2013 from Quiksilver.
Bloomberg News
Is Quiksilver Shopping for a Buyer?
By Deborah Belgum | Thursday, September 3, 2015
Over the last few years, the beleaguered California surfwear company Quiksilver has been bleeding massive amounts of money.
What was once a high-flying, beach-oriented clothing and shoe company was so wealthy that it was snapping up brands such as the French winter sports equipment company Rossignol, which it bought in 2005 for $320 million and sold three years later for $147 million.
Last March, the Huntington Beach, Calif., company replaced its chief executive officer and its chief financial officer.
Now Bloomberg News is reporting that the company is looking for a buyer to help keep the company afloat. Quiksilver, the news organization said, is talking with potential strategic buyers with a goal of a management-led buyout of the publicly traded company.
Under a deal, Quiksilver hopes to keep its chain of 683 stores, factory outlets and shops-in-shops and avoid bankruptcy, the report said.
As surfwear has been eclipsed by more trendy yoga wear and athleisure styles, Quiksilver has suffered. Last year, the company had a net loss of $309.4 million on $1.57 billion in revenues. In 2013, its net loss was $232.56 million on $1.81 million in revenues.
In March, Quiksilver fired Andy Mooney as its chief executive officer and replaced him with 27-year Quiksilver veteran Pierre Agnes. At the same time, Chief Financial Officer Richard Shields lost his job to Thomas Chambolle.
In addition, Quiksilver co-founder Bob McKnight stepped in as chairman of the board, a position once held by Mooney. hhmmmm
Authentic Brands Group LLC in New York “could be interested in the Quiksilver name,” according to Bloomberg. Authentic is part of private equity firm Leonard Green & Partners L.P.’s investment portfolio, which also includes Advantage Sales and Marketing in Irvine. It owns brands such as Juicy Couture and Jones New York, the latter of which it acquired in April.
Quiksilver will be bought, debt paid off!! Stock soars!!!
Nike mentioned as possible buyer of Quiksilver clothing chain
Print Email Bloomberg News By Bloomberg News
on April 23, 2015 at 12:38 PM, updated April 23, 2015 at 12:39 PM
Quiksilver Inc. investor Consac LLC is renewing calls for the clothing chain to put itself up for sale after it lost almost three-quarters of its value in the past year.
Ryan Drexler, Consac's president, sent a letter to Quiksilver saying the company should find a buyer "in order to preserve diminishing shareholder value before Quiksilver's conditions get even worse."
Robert Jaffe, a spokesman for Huntington Beach, California- based Quiksilver, didn't immediately respond to messages requesting comment. Consac said it owns more than 3.5 million shares of Quiksilver.
Consac, which also pushed Quiksilver to make a deal last month, said the maker of surf and snowboarding apparel and accessories could seek a strategic sale to Nike Inc. or VF Corp., which already own similar athletic lifestyle brands....hhmmm
If it's bought, all bets are off....
Quiksilver would spike to $1.00 in a heart beat.
Thinking January 2016 court hearing pivotal if no new news.
A Billionaire may still show up, allot of cards in play.
They will not show their hand till money can be made...
Brigade Capital, a $19.6 billion fund founded by Donald Morgan III, had made a "superior" offer!
At the end of the day it's all about the Market Makers ....
The Sydney Morning Herald reported that Quiksilver won court approval for a $175 million bankruptcy financing with Oaktree Capital Management after Oaktree agreed to drop a $20 million break-up fee.
The Herald said with the financing and plan-support agreement, Oaktree will be in a position to take over the surfwear retailer by the end of January.
Earlier this week, unsecured creditors urged the bankruptcy judge in Wilmington, DE, to accept a competing financing proposal from Brigade Capital Management, which they argued would allow Quiksilver to pursue an open sale process.
The Herald said Oaktree was pushed to improve its terms in order to compete with the Brigade proposal.
The Herald reported that U.S. Bankruptcy Judge Brendan Shannon said the two proposals “represent a competing vision of how Quiksilver should restructure,” with Brigade pushing for a sale and Oaktree opting for a balance-sheet restructuring.
Judge Shannon set a confirmation hearing for January 25, a slightly longer timeline than originally was proposed.
The changes were made in an effort to ensure that Quiksilver “can move forward with its plan, but that the plan will be subject to a real and robust marketing process,” Judge Shannon said. His ruling promotes a “dual track” process that moves the deal forward with Oaktree, while leaving the door open for other buyers, he noted.
During the hearing, lawyers for the creditors committee sought to show that Quiksilver hadn’t done enough to find a good deal for its assets and had settled too quickly for the deal with Oaktree. The lawyers also wanted to show that even if Judge Shannon refused to approve the deal with Oaktree now, that the firm would remain interested in doing a deal with Quiksilver because it holds 73 per cent of Quiksilver’s debt and has a significant position in a potential strategic partner for Quiksilver — Australian surf company Billabong International.
"Judge Shannon Wants To See A Better Quiksilver Deal"
Judge Shannon's approval of the Oaktree deal came with stipulations that the groups make an effort to create a better opportunity to find another, better deal. The original deal had a $20 million "breakup fee" that Quiksilver would've been obligated to pay to Oaktree should Quik change to another deal from a different capital management company.
There's plenty of interest in this world wide brand.
The sky's the limit, anyone could scoop them up.
Do not think anyone wants to see Oaktree steal the company for cheap.
Side note: Been noticing various new motion pictures where Quiksilver brand apparel seen, i.e. wetsuits, shirts/shorts.
Quiksilver Inc won court approval for $US175 million in bankruptcy financing and an agreement with Oaktree Capital Management to support the clothing company's restructuring after the investment firm agreed to drop a $US20 million break-up fee.
The financing and the plan-support agreement put Oaktree in a commanding position to take over the California-based surfwear retailer by the end of January.
Oaktree was pushed to improve its terms after unsecured creditors urged a bankruptcy judge in Wilmington, Delaware, to accept a competing financing proposal from Brigade Capital Management, which they said was better and would allow Quiksilver to pursue an open sale process.
US Bankruptcy Judge Brendan Shannon said on Thursday that the two proposals "represent a competing vision of how Quiksilver should restructure," with Brigade pushing for a sale and Oaktree opting for a balance-sheet restructuring.
Shannon said the Oaktree deal still allows Quiksilver "to see if there is a better deal out there" without risking the restructuring plan.
'Struggling'
The judge said he was swayed after Oaktree told him Quiksilver could still be shopped around throughout the bankruptcy process. Shannon said Wednesday that he was "struggling" with the break-up fee, which Oaktree could have collected if Quiksilver chose another buyer to support its plan.
"Oaktree's prepared to walk away from the break-up fee. We are not going to make your honour make that decision," said Patrick Nash, an attorney for Oaktree. "There are gives and takes."
Under the Oaktree-backed plan, Quiksilver would exit court protection with about $US500 million less debt. Oaktree owns about 73 per cent of the chain's $US279 million in senior notes, which would be exchanged for a majority of the reorganised company's equity. Unsecured creditors, owed more than $US200 million, would split about $US7.5 million.
Oaktree is providing $US115 million in financing to help fund operations while the company restructures. The other $US60 million is being supplied by Bank of America Corp to pay down amounts owed to the bank from before bankruptcy.
Bloomberg
Institutions that own ZQKSQ
Name Shares Held % Shares Out Change In Shares % of Assets As of Date
T. Rowe Price Associates, Inc. 14,057,132 8.17% -7,945,028 0.00% 07/31/15
PRIMECAP Management Co. 5,899,000 3.43% 0 0.00% 07/31/15
The Vanguard Group, Inc. 5,160,542 3.00% -904,476 0.00% 09/30/15
Dimensional Fund Advisors LP 4,001,849 2.33% -385,060 0.00% 07/31/15
Royce & Associates LLC 2,388,532 1.39% +148,000 0.00% 06/30/15
Norges Bank Investment Management 1,300,325 0.76% +210,602 0.00% 12/31/14
Lonestar Capital Management LLC 1,000,000 0.58% +1,000,000 0.03% 06/30/15
Charles Schwab Investment Management, Inc. 925,100 0.54% 0 0.00% 07/31/15
Goldman Sachs & Co. (Private Banking) 759,313 0.44% +642,227 0.00% 06/30/15
Geode Capital Management LLC 742,167 0.43% 0 0.00% 08/31/15
Quiksilver Annual revenue (last year) $1.6B
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ZQKSQ Fridays Trading
Previous close 0.01
Today’s open 0.02
Day’s range 0.01 - 0.02
Volume 1,453,515
Average volume (3 months) 5,317,875
Data as of 3:41pm ET, 10/16/2015
..
Growth & Valuation
Earnings growth (this year) +4.22%
Earnings growth (next 5 years)+15.00%
EPS forecast (this quarter) -$0.11
..
Next reporting date December 10, 2015
..
Source:CNN Money
Going deep into business debt is a stressful and harrowing experience. Plummeting profits, dipping sales and the inability to make loan payments are often omens of bankruptcy — a business's worst nightmare. But filing for bankruptcy doesn't always mean the end of a company's life. In fact, in some cases, it can even mean the opportunity to create a new beginning. These five well-known companies were able to do just that, and are still operating today after surviving dire financial crises. -
American Airlines
Ashley Stewart
Betsey Johnson
General Motors
Kodak
..
See more at: http://www.businessnewsdaily.com/8243-businesses-recovered-from-bankruptcy.html#sthash.Zkwhcbru.dpuf
Yin and Yang, every board has them, do your own thing, hang ten .....
You may lose a little or gain HUGE, time will tell.
Maybe a Take Over and or Merger before January restructuring plan goes through.
Allot of interest in this company.
If restructuring plan goes through, buy a ton of the new stock! (IPO new symbol)
Oaktree needs to recover their cash (Debt-For-Equity) and the only way Oaktree can do that is to sell their shares to the open market.
Quiksilver had a good idea of what their customers wanted because Green and Law wanted it too, a better wetsuit, a better surfboard, boardshorts with maximum movement, and a cool sweatshirt to wear after a surf. In 1973, the company became known as Quiksilver, a business that has become the biggest surfwear brand in the world, valued at close to $1.5 billion. For three decades the company has enjoyed annual growth of 25 percent....
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That story was back in 2006, brands still worth plenty (Roxy/DC/Quiksilver) a couple of bad deals/purchases (Cleveland) put Quik behind the 8 ball. Fortunes will turn again. Great company, great brands. Company's still worth 1 Billion plus, distribution centers, property, brands etc.
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Company worth nearly $1.5 billion leaves a person with plenty of options. By Emily Ross & Angus Holland, exclusive online extract from 100 Great Businesses & the minds behind them.
Quiksilver Can Pursue Other Deals Unhindered!
Have till January 25, 2016 at this point...
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Judge Shannon "struck" from the deal a $20 million breakup fee, to which Oaktree would have been entitled if Quiksilver went with another deal, and a lien on foreign assets "struck" from the deal, that the bankruptcy financing would have granted Oaktree.
Judge Shannon; Door Open For Other Buyers
Retailer Quiksilver Gets Nod on Oaktree Deal
Stephanie Gleason
October 15, 2015
(c) 2015 Dow Jones & Company, Inc.
...
Additionally, Judge Shannon set a confirmation hearing for Jan. 25, a slightly longer timeline than originally was proposed.
The changes were made in an effort to ensure that Quiksilver "can move forward with its plan, but that the plan will be subject to a real and robust marketing process," Judge Shannon said. His ruling promotes a "dual track" process that moves the deal forward with Oaktree, while leaving the door open for other buyers, he noted.
Retailer Quiksilver Gets Nod on Oaktree Deal
Stephanie Gleason
October 15, 2015
(c) 2015 Dow Jones & Company, Inc.
Quiksilver Inc. received bankruptcy-court approval Thursday to continue on its preferred path with private equity firm Oaktree Capital Management sponsoring the surf-retailer's restructuring.
The ruling from Judge Brendan Shannon of the U.S. Bankruptcy Court in Wilmington, Del., comes at the end of a two-day hearing on the matter, during which the committee representing unsecured creditors opposed the surfwear retailer's proposed restructuring path and brought to the table fresh bankruptcy financing from Brigade Capital Management.
However, Judge Shannon's approval of the Oaktree bankruptcy financing and plan support agreement executed with Oaktree came with some significant changes, made in an effort to create a better opportunity to find another, better deal.
"The financing I'm prepared to approve isn't exactly what's on the table from Oaktree," Judge Shannon said, noting that if Oaktree doesn't agree to the changes, the Brigade financing remains available.
Judge Shannon struck from the deal a $20 million breakup fee, to which Oaktree would have been entitled if Quiksilver went with another deal, and a lien on foreign assets that the bankruptcy financing would have granted Oaktree. Earlier in the hearing, a lawyer for Oaktree indicated that the firm would be willing to move forward without the breakup fee.
Additionally, Judge Shannon set a confirmation hearing for Jan. 25, a slightly longer timeline than originally was proposed.
The changes were made in an effort to ensure that Quiksilver "can move forward with its plan, but that the plan will be subject to a real and robust marketing process," Judge Shannon said. His ruling promotes a "dual track" process that moves the deal forward with Oaktree, while leaving the door open for other buyers, he noted.
During the hearing, lawyers for the creditors committee sought to show that Quiksilver hadn't done enough to find a good deal for its assets and had settled too quickly for the deal with Oaktree. The lawyers also wanted to show that even if Judge Shannon refused to approve the deal with Oaktree now, that the firm would remain interested in doing a deal with Quiksilver because it holds 73% of Quiksilver's debt and has a significant position in a potential strategic partner for Quiksilver--Australian surf company Billabong International Ltd
A representative for Quiksilver said he wasn't sure that Billabong, which is itself distressed, had a strong enough balance sheet to do a deal with the company.
Judge Shannon acknowledged that the committee could be right in some of its assertions but in this case was willing to defer to Quiksilver 's business judgement. He said he wouldn't force Quiksilver to "roll the dice" and sideline this deal, especially in light of the number of retailers that are forced to liquidate in bankruptcy.
Quiksilver filed for bankruptcy last month after negotiating a $279 million debt-for-equity swap with Howard Marks 's Oaktree Capital . The deal includes $175 million---but only $115 million of new money---in bankruptcy financing provided by Oaktree and Bank of America that has allowed the company to keep its doors open during its chapter 11 restructuring. Unsecured creditors would receive $7.5 million in the deal.
Write to Stephanie Gleason at stephanie.gleason@wsj.com
Oaktree acquired an 18.7 per cent stake in Billabong in 2013 as part of a $350 million debt and equity refinancing deal with fellow US investment company Centerbridge Partners. Billabong is also seeking to refinance about $US200 million of debt held by Oaktree and Centerbridge.
?Quiksilver is now in court defending the Oaktree proposal, under which it would borrow as much as $US175 million from Oaktree and Bank of America Corp. Oaktree would eventually convert its debt into equity and assume control of the company.
Last week, Quiksilver, which was founded in Victoria almost 50 years ago, received a competing $US115 million refinancing proposal from New York-based hedge fund Brigade Capital Management.
In a filing in the US Bankruptcy Court in Wilmington, Delaware, lawyers for Quiksilver's unsecured creditors claimed Brigade Capital's proposal was "cheaper, longer in duration" and provided debtors with greater flexibility.
Read more: http://www.smh.com.au/business/retail/billabong-and-quiksilver-may-merge-banker-tells-court-20151014-gk9eyo.html#ixzz3oejEfNHI
Follow us: @smh on Twitter | sydneymorningherald on Facebook
American Airlines SEC filings statement said that it was possible that shareholders would "NOT" receive equity in the reorganized company. You your both wrong!
At the end of the day it's all risk/reward.
Buy/Sell/Hold.
I'm buying/accumulating!
Quik has to make that statement if things end up that way.
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Share holders should read the whole 10 Q for themselves.
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The thing is why would Quik put there stock out on the OTC anyway. Because they do plan to go back onto the NYSE one day, that's why.
And they will, big time.
Quiksilvers most recent 10 Q report. PART II – OTHER INFORMATION
Quiksiver says, Our common stock may become subject to the associated risks of trading in an over-the-counter market.
Securities traded in the over-the-counter market generally have significantly less liquidity than securities traded on a national securities exchange, due to factors such as the reduced number of investors that will consider investing in the securities, the reduced number of market makers in the securities, and the reduced number of securities analysts that follow such securities. As a result, holders of shares of our common stock may find it difficult to resell their shares at prices quoted in the market or at all. Furthermore, because of the limited market and generally low volume of trading in our common stock that could occur, the share price of our common stock could be more likely to be affected by broad market fluctuations, general market conditions, fluctuations in our operating results, changes in the market’s perception of our business, and announcements made by us, our competitors, parties with whom we have business relationships or third parties with interests in the Bankruptcy Cases. If our securities begin trading in the over-the-counter market, in some cases, we may be subject to additional compliance requirements under applicable state laws in the issuance of our securities. The lack of liquidity in our common stock may also make it difficult for us to issue additional securities for financing or other purposes, or to otherwise arrange for any financing we may need in the future.
also
Operating under chapter 11 of the Bankruptcy Code may restrict our ability to pursue our business strategies.
• consolidate, merge, sell or otherwise dispose of all or substantially all of our assets;
Unquote:
Allot more going on then you might think.
U.S. BANKRUPTCY COURT APPOINTS COMMITTEE FOR QUIKSILVER CASE
According to the U.S. Bankruptcy Court docket, the U.S. Trustee assigned to the Quiksilver case appointed an official committee of unsecured creditors.
Bankrupt Company News reported the following members will serve on the committee: Justin Shearer of U.S. Bank National Association as indenture trustee, Baily Dent of New Generation Advisors, Ian Im of Samil Tong Sang, Ronald M. Tucker of Simon Property Group and Martin Leder of Global Brands Group.
Quiksilver U.S. filed for chapter 11 bankrupty protection earlier this month, with a plan to give Oaktree Capital Management and Bank of America control of the company in a $279 million debt-for-equity swap, reducing existing debt by over $500 million. Quiksilver Inc.’s foreign subsidiaries will not be affected by the chapter 11 filing.
Read more at http://business.transworld.net/news/u-s-bankruptcy-court-appoints-committee-for-quiksilver-case/#WrURyCHY3uSQKX6t.99
Oaktree Set to Combine Quiksilver, Billabong
MEDIHA DIMARTINO
Monday, October 12, 2015
Oaktree Capital Management LP’s turnaround plan for Quiksilver Inc. calls for combining the Huntington Beach-based footwear and apparel company with Australia-based Billabong International Ltd., a “source close to the situation” told the New York Post.
Quiksilver filed for Chapter 11 bankruptcy last month to reorganize its U.S. operations. The company’s European and Asia-Pacific businesses were not part of the filing.
Oaktree, a Los Angeles-based private equity firm, owns a majority stake in Billabong and is looking to provide up to $175 million in debtor-in-possession financing to Quiksilver at 12% annual interest. Its offer is comprised of a “secured term facility of $115 million” and “secured asset-based revolving credit facility of $60 million,” according to court documents.
Brigade Capital Management LP in New York submitted a competing offer to Quiksilver last week, looking to lend up to $115 million at 10.5% interest.
Brigade’s offer is “cheaper, longer in duration and provides the debtors with greater flexibility,” the Official Committee of Unsecured Creditors wrote Friday in a filing to the U.S. Bankruptcy Court for the District of Delaware.
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Do not worry about the negative people on this board, just hang on to your shares, and or buy on the dips, or just wait it out at this point. You'll end up with nothing or 1000 percent profit.
If it goes to zero, Quiksilver will offer new shares on the NYSE on an IPO, that stock will differently go up for awhile. I'm still thinking merger with Billabong, current stock recovery.
They have the right to buy common shares at .86 cents starting June 22, 2016 and also starting June 22, 2019, 1,300,000 shares, 1,000,000 shares and 750,000 shares....
Insiders buying options:
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
Agnes Pierre, Stock Option (right to buy) 1,300,000 Common Stock @ $0.86 06/22/2015
Thomas Chamballe ...................................750,000 " " "
Greg Healy ................................................1,000,000 " " "
The above Quiksilver executives signed contracts on June 22, 2015 where they have the right to purchase common stock @ .86 cents starting June 22, 2016 for on of them, the others can buy starting June 22, 2019, hmmm, interesting, 2 months before filing for BK.
nothings written in stone...
If Billabong and Quiksilver Merge, it's a new ball game, "Batter up"!!
So did American Airlines ...