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yeah, I would think so too. However I don't think this company will keep it. I have a feeling the best case situation will be they will issue new warrants to current holders in the new stock. That's BEST case.
As so many others have stated when it comes to BK stocks, probably 99% flat out destroy all shares and start from scratch.
It's best to plan on the worse case, which is no one gets jack squat. IF they do decide to keep it or issue new warrants to current holders, then that's a bonus. If they will wait until last minute to decide on it, I'm not going to keep holding before it's all gone. If they come out and say it a month or more in advance what they will do, then that will help out even more. If they give good warning on keeping it, or issuing new warrants, then yeah I'm going to keep it. We still got a long ways to know
Just a quick FYI, I've already spoken to a few law firms about the Equity Committee. Took awhile to track down the correct firm to talk to about it. All other firms were very nice, professional, and willing to help me get in touch with the right people. That being said, it looks like Equity Committee may be decided on April 23rd. THIS IS NOT A 100% SOLID DATE. They have it penciled in on that date for the EC decision.
I figure I would pass that on to you as I feel you should know that it's still a couple of months away for that decision. The law firm that is representing said I can call anytime if I have any questions. Like I said, they were very nice and willing to answer my questions as best as they could
For now, just have to sit back and keep on waiting. sorry brother Sam, wish I had much better news. Its best to prepare for the worst and if things turn out on the good end, then that's a bonus
well we were having some nice movement. Looks like the 10k and other forms came out and it slowly went down, but not really much volume anyways
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=8746846
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=8747462
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=8747492
good idea, I will have to hunt down the court clerk info and give them a call. Thanks!
was thinking the same thing, but now I no longer see any dates for any hearings:
http://www.patriotcaseinfo.com/
They use to have the "Scheduled Hearings" section, but now it's gone. They had dates for end February and another in March.
I haven't been able to find anything in regards to the EC being approved/disapproved.
Agreed. I was about to share that article. Not sure if that is the "positive" news people thought it would be.
Well, it appeared to be the work of "pump and dumpers". I saw them on twitter and other boards talking about it all week. They were gearing it up for a run. It ran and then they sold after they got their 10 to 20%. Unfortunately, everyone that has been in this for a long time gets the cold end of it
I've emailed the hotline email address place that is on the patriot coal case info web page and asked if they know anything about the Equity Committee being appointed because I don't see it on any future hearings. Maybe they know when it will be done, or at least point me in the right direction.
Not sure if you are able to contact the law firm that you are working with and see if they know of a way to find out. That would be nice to know because once that is done, then we should see this turn a corner for a little bit.
If we find out, for whatever reason, that one won't be formed, then its safe to say we are screwed more than before
Yeah im hoping that they will finally say something about the committee. Would be nice if your lawyers would do more than sit and wait. Haha.
Can't seem to find any updated court hearings for the Equity Committee decision.
http://www.patriotcaseinfo.com/hearings.php
Anyone know or have any updated information on possible Equity Committee for shareholders?
I thought we would have heard something by now. Next session isn't until Jan 29th, but no mention about the EC
If anyone has any helpful information, it would be greatly appreciated
I hope those law suits help out then. That's sad to see someone out that much. My only thinking for them to get out of all these law suits is to say they will give you all warrants in the new stock when they emerge. That would be the right thing, but I don't think they are here to do the right thing for shareholders. I understand they want to protect the company. But, then again, how would you get future investors if they saw how badly the previous were treated and left with nothing. Would be a huge risk for anyone to try and invest.
As for Buffett, he may not have invested in Patriot Coal, but one of the largest ones. Of course, he could have been betting on the Republicans to win and that would make coal even more valuable. So its tough to say what he was trying to do.
Coal is making a good come back and in demand. Countries like China and India keep growing in numbers, and the demand will get higher and higher. They don't care about EPA or any of those guidelines. They just need and want coal for their energy and will pay for it. I'm sure as more efficient ways of procuring coal is done, it will make it easier and less cost effective, and therefore profitable. Demand will be there, will need to keep producing it.
Oil will eventually be all gone and coal may be there to take over some of it. I believe some people are working on a better and cleaner way to use it for energy. Its cheaper to obtain, way more of it, and transferring it from one place to another is much easier than oil. If a ship carrying coal hits something in the water, it just falls in there. We all know what happens when oil hits the water. Damage is way worse with oil
That's a long ways off. In any case, its still a long road and an up hill one for coal.
My comment to Patriot Coal would be, do the right thing, and keep stock in tact, or issue warrants in the new company to those who are current holders. If they do that, I would think all those law suits would go away. Wouldn't you agree? You are a holder pre-BK, so your opinion matters the most (IMO).
Same here. Would be a shame for all holders to get the shaft. I know its in bk and that's what happens. However how do you get new investors when you emerge if you show you don't care or protect them. If you don't somehow make some effort to protect or payoff or give new warrants in the company to current holders from emergence then what faith should anyone have to buy in later. Granted it will be people that want to make a quick buck, but any long term investor or firms would stay away knowing if that happens again its all over. No faith or protection.
If they are true to their word it would be nice if they came out and said "hey we are going to issue new warrants to existing holders when we emerge. It will be ok". We know that wont happen but it would be nice
Indeed. Hopefully that EC announcement will be soon. now that they have the venue location in full swing, they will appoint it soon. That is the positive news we really need
I really agree on that for the CEO. I saw the email and press release with him saying all of that. Which I guess is why he is no longer the CEO, and we have all of those law suits going on for everyone that held their shares pre-BK. Not sure how much you owned pre-BK, or if you are just post-BK. But I know some people owned pre-BK (like Sam and a couple of others) are part of those law suits. They also have bought a little more in post-BK to get their avg down. It sucks for those that did own before and they have an avg above $5 or higher.
Of course they sleep at night because they keep getting paid, and when it emerges from BK, they get new shares no matter what. very sad
Hey Sam, hope you're having a good year. I know it can be a lot better, but pcx isn't showing the love.
You hear anything from the law suits at all? Any sort of feedback? Or they just going to ride this out until the end and then figure it out then?
Believe they had some hearings today, but not sure if that also included the Equity Committee or not. I don't think it did. I'm hoping it will at least report when that hearing may be next after today's hearing. Would be nice to finally get that committee appointed so we can finally have it to defend for the little share holders that are left
Hey LostBall! Hope you are having a good new year. You still hanging with us? It's definitely been rough, that's for sure.
I still haven't see any updated info on the EC. I'm hoping after today's hearing they will announce it, or shortly after the hearing today. We could use some EQ love right about now
What do you mean by "anyone reporting"?
I'm hoping after today's hearing we will finally get a good time table for the Equity Committee to be formed. Its been getting delayed past few times already. Latest was rescheduled because it was moved from NY to St Louis. I think they are supposed to announce that hearing today or after today.
Ugh. You never know. Can't wait for this to get out of the hole so I can follow you around on some of these
Yeah I saw that today. A friend told me to look at it and it was at 1000% already. Ouch. Maybe that's why im afraid to leave pcx. It might do that. Sigh I wish! Guess anything is possible. Or wishful thinking.
not sure what's going on, but it looks like Mr. Gates is out. I don't see his company in there anymore
http://data.cnbc.com/quotes/PCXCQ/tab/8
I also see it's down to only 4million shares.
Volume is really low lately, which I think is good because it's finally going back up.
Never saw any reports on Mr. Gates sale of all those shares. Could this be why it's being going down big time for past month or so, as he was selling off a certain amount each day or week, a small chunk at a time? or does he need to file paperwork for any sale?
I also see some execs have sold a few thousand shares. Nothing big and they show they still own a ton more
thoughts?
think we finally seen the bottom and going to be finally heading up now?
hope you are doing much better than me!
Yeah, I might as well just keep waiting it out. Was hoping they would have something updated by now, but agree they may not do so until after the Jan 14th.
I would also think that share holders would just give up on the EC without some sort of ruling. I would also think there would be no reason for the judge to not allow it in the first place.
Not sure how all those law suits are going to pan out either. You have all those firms trying to sue and you never hear anything on them.
I could never get a clear answer on that twitter. I'm not sure if the hinting at buyout will really help a current shareholder, or just leave them with a bag. I know you said that they have to go through all the approvals and such before they can allow it.
Something I've been thinking about is what if the company that wants to acquire PCX is doing everything they can to get this price lower and lower, so it's cheaper for them to acquire. I know it's hard to prove this manipulation, but then again there isn't any good reason for this to get as low as it is in the first place. I know there hasn't been any EC formed and no "good" news, but there hasn't been any "bad" news either. Many reports saying coal is making a little bit of a demand come back due to rising prices in natural gas. It's helping other coal stocks, but not this one. Kind of fishy. Then again, I don't know BK stocks that well to fully understand the inner workings. either way, it still doesn't look right to me.
I truly hope that after the 14th this will start to go up and we have a date set for the EC. I'm not sure if a rumor or possible acquisition will help the price go up more or just do nothing. Still do have a long ways to go.
I agree with you and wish I was in your situation. Wish I got out at .18, but what you gonna do? Can't predict this! Hopefully you can find a good entry point and make some good coin on it. At least someone will. I truly hope this is the bottom and will start to go back up where it needs to be. We got the fiscal cliff finally done and coal is still selling.
ok so do I need to be concerned that we don't see any EC on the list for the hearing to help back the stock holders?
Any reason why that we don't see it?
Could it be that they are waiting to get their own court date set since this got moved and they just haven't updated the date?
I've been worried before, but now I'm getting even more worried. I've already accepted I'm not gonna get anything for 2012 and will use it as a loss, but I sure don't want to keep staying in this if this means we aren't going to get the help we need with EC. Not sure how much longer I want to keep sitting on this
Hey Ernie, hope you had a good and safe new year's.
I know you're probably not in PCX anymore, unless you jumped back in with it being very low again.
I've been trying to find an updated case hearing info for possible Equity Committee, but so far this is all they have updated:
http://www.patriotcaseinfo.com/hearings.php
you will see it has the date set for Jan 14th, but no other additional info. Not sure if that is one of the things they will be hearing is the EC to be appointed, or just the general hearing, or what.
You know of a way to find out what exactly they are trying to do on that date?
thanks as always!
have a good, happy, and safe new year, Ernie.
Here's to a much better year and hopefully I'll be in the green this time around.
I believe it's just the monthly report that shows what it's been paying for lawyer fees, etc. They put one of these out every month that shows what has been spent the previous month.
I'm assuming due to the fiscal cliff crap that is still going on, it's affecting everything, especially this.
I'm guessing nothing is going to be positive until 2013 for this, and we still don't have the equity committee formed yet. Until that is formed, we have no voice. Once they are, I'm sure they will be involved more to ensure we don't all die a slow painful death (even though that's what it feels like)
Agreed. Unfortunately they are going to wait till the last minute before they do anything. I know they will get it done, but no one wants to appear the "weaker" party by giving in early. If they give in before the deadline, the whatever party "gave in" to whatever, they would think "why didn't you hold out" excuse. So, they are going to wait till the last minute and then use that excuse of "we had to sign something, or EVERYONE is screwed". I guess its a way for whatever party to save face. But IMO, they all lost face.
Hopefully you are right and next year will turn it up. I would think with winter hitting, it should "help" a little bit.
For now, like you mentioned, I will just enjoy the time off and all my time with my son.
That's great to hear. I needed it after watching pcx keep going down the toilet. Little man makes up for it all and he made out like a bandit. Worth all the hard work.
Here is to a good holiday and hopeful new year!
Merry xmas Ernie, hope it was a great one!
very nice, was just reading this one at the same time.
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=8622937
good info, thanks for sharing!
what makes you say that for Patriot coal?
YOu have anything else to share?
thank you in advnace
someone want to tell that to the current stock price. geezus!!
yeah, I hope it doesn't go any lower either. Not sure how much more of this BS I can take. Kicking myself for not getting out at .18 and waiting to get back in. Problem is, if I did that, it would be counted as a "wash" unless I wait a couple of months. Wasn't looking to wait that long. Plus, I figured if I jumped out and waited, something would come out to make it pop and I miss out. Damn if you do, and damn if you don't.
Was giving myself till the end of the month because of the EQ appointment, but now that is up in the air since its changing venue locations. I'm sure they won't even say WHEN they will hold that until January since I'm sure the majority won't be working during the upcoming holidays. May end up having to wait until Feb.
Now the possibility of some sort of news of a buyout or something to that affect, or something else coming out mid to late January has me intrigued. some say that's not good, everyone will lose everything. But I'm under the impression they have to buy all outstanding shares at whatever price and that's how they would take it over. I'm talking about that one company that failed the IPO earlier this year. I know you're not in pcx anymore, so you may not be researching it much anymore. I'm still digging around, but so far nothing helpful. mind won't shut up about the possibilities
via yahoo board for pcxcq:
weird buying...huge buying blocks at 13:14
$0.1000 38,260 OTO 13:14:31
$0.1000 116 OTO 13:14:28
$0.1000 5,000 OTO 13:14:27
$0.1000 68,100 OTO 13:14:25
$0.1000 25,424 OTO 13:14:24
$0.1000 203,900 OTO 13:14:22
$0.1000 700 OTO 13:14:22
$0.1000 300 OTO 13:14:22
$0.1000 200 OTO 13:14:22
$0.1000 500 OTO 13:14:22
$0.0999 57,500 OTO 13:14:20
This keeps tanking lower and lower, but someone is buying up big blocks. Not sure if someone is loading up or what.
via yahoo board for pcxcq:
weird buying...huge buying blocks at 13:14
$0.1000 38,260 OTO 13:14:31
$0.1000 116 OTO 13:14:28
$0.1000 5,000 OTO 13:14:27
$0.1000 68,100 OTO 13:14:25
$0.1000 25,424 OTO 13:14:24
$0.1000 203,900 OTO 13:14:22
$0.1000 700 OTO 13:14:22
$0.1000 300 OTO 13:14:22
$0.1000 200 OTO 13:14:22
$0.1000 500 OTO 13:14:22
$0.0999 57,500 OTO 13:14:20
This keeps tanking lower and lower, but someone is buying up big blocks. Not sure if someone is loading up or what.
Yeah unfortunately they are getting paid a lot. But it's expected. Good news is they finally have the venue location.
Best of luck to you as well!
hey LostBall, you still with us? Still hanging out and waiting?
Looks like Equity Committee has been pushed off again because its being moved to St Louis. Was hoping they were going to rule on Tuesday for it, but they pushed it. I don't see any update schedule for it. I would guess not until January.
hope all is well with you
haha, that is so true!
I'm sure it was his company that decided to do it and just add it to the portfolio to be diverse. Include all of it.
I know for years people have said to always invest in coal, it will always go up. Yeah, that was true many years ago, but tends to be going away from that.
No doubt coal will be around for a very long time, but those tree huggers do make it difficult to make a good investment on it. another 4 years with democrat that is against big coal doesn't help either.
Yeah, that's a good observation.
I like to think the same thing with PCXCQ and Bill Gates company owning such a big chunk. Granted its only 2.4 million shares and a small % of the OS, but that's still some big chunk of change ($56 million).
I would think he wouldn't let it all go away without something. Of course, he may not care and use it as a big write off. Then again, he's been writing it off as a loss since 2008 and 2009. How many times can you keep writing it off and get away with it. I'm assuming he can write off another big chunk since it went from $10 early on in the year down to .10. That's a big loss.
Then again, why would anyone just let $56 million just go.
We will never know what he is thinking and why, but I'm sure there is a logical reason for it. Just wish he would let us have some sort of insight to it
well, just glad you didn't buy way too many then. I see it bouncing all over the place, but from the looks of the latest news, its going the wrong way.
Hey Ernie, did you jump in AONEQ?
If so, you still in it?
http://www.aimhighprofits.com/aoneq-a123-systems-states-stock-to-have-no-value-21964
I hope not...looks to be gone soon
good lord this has tumbled so bad.
anytime Sam. I also agree that if this company, or the company that emerges from the BK, wants to promote themselves as a "patriot" and say they are true Americans that they won't screw over everyone. Be honorable, like you said.
It won't happen, but hopefully they'll try and do the "right" thing and figure out a way to give back most, if not all, back to those who "believed" in them.
Fairytale? Perhaps. But then again, I am a dreamer. Sometimes dreaming pays off (Steve Jobs, Bill Gates)
Looks like a crappy xmas season for us all in pcx. Not even going to get coal in the stockings. haha