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i bet you have a nice tan on that tight body of yours now. yummy
June 12, Fridays Play and into next week. News and an 8k from today on bottom.
AbitibiBowater Wins Final OK on Receivables Financing Deal
By Peg Brickley of DOW JONES DAILY BANKRUPTCY REVIEW
June 11, 2009
WILMINGTON, Del. (DOW JONES) -- Abitibibowater Inc. (ABWTQ) Thursday won court approval of a $270 million accounts receivable securitization arrangement after agreeing to pay continued interest and professional fees to secured term lenders.
Judge Kevin Carey signed off on the accounts receivable arrangement at a hearing in U.S. Bankruptcy Court in Wilmington, Del.
The deal from a syndicate led by Citigroup Inc. (C) allows AbitibiBowater to speed and smooth its cash flow as it continues operation under the protection of courts in Canada and the U.S.
It's the third piece of the financing that the world's largest producer of newsprint needs to keep its plants running. Carey last week granted final approval to a #206 million Chapter 11 loan, while Canadian courts approved a $100 million loan.
The new accounts receivable arrangement replaces an existing deal from Citigroup that has allowed AbitibiBowater to stay on its feet financially after its May 18 bankruptcy filing. The existing deal terminates Monday.
Term lenders who are owed $347 million had objected to the deal, demanding "adequate protection" payments, including continuing interest on their loans.
Under U.S. law, adequate protection payments are warranted when troubled companies use property that is considered collateral for their secured loans. In this case, lenders say the accounts and the cash are considered collateral.
Term lenders threatened to block the replacement arrangement for accounts receivable unless the company agreed to keep paying them interest.
Company attorney Kelley Cornish said AbitibiBowater agreed to make "modified" adequate protection payments in order to make sure the deal won approval. That includes footing the bill for professionals to look out for the term lenders in the cross-border insolvency proceeding.
AbitibiBowater, based in Montreal, south protection from creditors in an effort to deal with two lines of debt that are the heritage of the 2007 combination that created the company. One series of loans is linked to the Bowater companies; the other is linked to the Abitibi group.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)
8k filed today a/h.
Form 8-K for ABITIBIBOWATER INC.
--------------------------------------------------------------------------------
11-Jun-2009
Entry into a Material Definitive Agreement, Financial Statements and Exhibits
Item 1.01. Entry into a Material Definitive Agreement.
Effective June 5, 2009, AbitibiBowater Inc. ("AbitibiBowater"), Bowater Incorporated ("Bowater"), a subsidiary of AbitibiBowater, Bowater Newsprint South LLC ("BNS"), a subsidiary of AbitibiBowater, Bowater Canadian Forest Products Inc. ("Bowater Canada"), an indirect subsidiary of Bowater, the subsidiaries of Bowater, BNS and Bowater Canada and certain lenders party thereto entered into an amendment (the "Amendment") to the Senior Secured Superpriority Debtor In Possession Credit Agreement dated as of April 21, 2009 (the "Credit Agreement").
The Amendment modifies the Credit Agreement to, among other things,
(i) correct certain documentation errors, including, but not limited to, (a) correcting the minimum base rate from 2.50% per annum to 4.50% per annum, (b) modifying the calculation of the fixed charge coverage ratio required to be maintained by Bowater and the guarantors under the Credit Agreement and (c) clarifying certain provisions related to interest calculations and payment dates (including waiving certain defaults which occurred as a result of confusion over the prior language); (ii) amend the definition of consolidated EBITDA to, among other things, permit Chapter 11 and Companies' Creditors Arrangement Act (Canada) expenses, including professional fees, to be added to net income for purposes of calculating consolidated EBITDA; (iii) permit additional debt owed by Calhoun Newsprint Company to one or more Bowater entities so long as the aggregate amount of such additional debt, together with any additional investments in Calhoun Newsprint Company, does not exceed $10,000,000; (iv) extend the time available to appoint a Chief Restructuring Officer from June 5, 2009 to June 20, 2009; and (v) extend the time available from June 5, 2009 to June 30, 2009 to (a) obtain private debt ratings from Moody's and Standard & Poor's on the loans under the term loan facility provided pursuant to the Credit Agreement and any other incremental facility and (b) provide the mortgages and other related documentation with respect to certain properties.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, which is filed as Exhibit 10.1 hereto, and is incorporated herein by reference.
--------------------------------------------------------------------------------
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
10.1 Amendment No. 1, dated as of June 5, 2009, to the Senior Secured Superpriority Debtor In Possession Credit Agreement, dated as of April 21, 2009 by and among AbitibiBowater Inc., Bowater Incorporated, Bowater Canadian Forest Products Inc. and each of the lenders party thereto
AND.............................................................
AbitibiBowater Wins Final OK on Receivables Financing Deal
By Peg Brickley of DOW JONES DAILY BANKRUPTCY REVIEW
June 11, 2009
WILMINGTON, Del. (DOW JONES) -- Abitibibowater Inc. (ABWTQ) Thursday won court approval of a $270 million accounts receivable securitization arrangement after agreeing to pay continued interest and professional fees to secured term lenders.
Judge Kevin Carey signed off on the accounts receivable arrangement at a hearing in U.S. Bankruptcy Court in Wilmington, Del.
The deal from a syndicate led by Citigroup Inc. (C) allows AbitibiBowater to speed and smooth its cash flow as it continues operation under the protection of courts in Canada and the U.S.
It's the third piece of the financing that the world's largest producer of newsprint needs to keep its plants running. Carey last week granted final approval to a #206 million Chapter 11 loan, while Canadian courts approved a $100 million loan.
The new accounts receivable arrangement replaces an existing deal from Citigroup that has allowed AbitibiBowater to stay on its feet financially after its May 18 bankruptcy filing. The existing deal terminates Monday.
Term lenders who are owed $347 million had objected to the deal, demanding "adequate protection" payments, including continuing interest on their loans.
Under U.S. law, adequate protection payments are warranted when troubled companies use property that is considered collateral for their secured loans. In this case, lenders say the accounts and the cash are considered collateral.
Term lenders threatened to block the replacement arrangement for accounts receivable unless the company agreed to keep paying them interest.
Company attorney Kelley Cornish said AbitibiBowater agreed to make "modified" adequate protection payments in order to make sure the deal won approval. That includes footing the bill for professionals to look out for the term lenders in the cross-border insolvency proceeding.
AbitibiBowater, based in Montreal, south protection from creditors in an effort to deal with two lines of debt that are the heritage of the 2007 combination that created the company. One series of loans is linked to the Bowater companies; the other is linked to the Abitibi group.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)
HOly crap, all we were waiting for was the news to start flowing!
all my money is tied up at the moment...
thanks! I'm not touching it lol
Bounce play watch for tomorrow! OSCI bad news. Not sure what it is yet.
Current info as of now trading a/h.
Oscient Pharmaceuticals Corporation (OSCI)
$0.175 $-0.1852 (-51.42%)
Bid $0.175 Ask $0.175 Volume10,885,932
(Pre dump chart) Support at the .10 area and the .06 area.
lol, why are you and I the only ones posting on this board anymore? Loniee shows up every once in a while.
I saw their adds on the baseball game at the gym yesterday. I added more because of it lol. i even looked for their spounges at the store, but coudln't find any
Looking forward to tomorrow and next week!
CPST Chart! WOW. I sold waaaaaaaaaaay to early lol.
ACAS Chart
ACAS breakout today on news.
American Capital Declares $1.07 Dividend Per Share
Thursday 06/11/2009 10:47 AM ET - Pr Newswire
Related Companies
Symbol Last %Chg
ACAS 3.35 21.38%
As of 4:00 PM ET 6/11/09
American Capital Ltd. (Nasdaq: ACAS) (the "Company") announced today that its Board of Directors has declared a dividend of $1.07 per share payable on August 7, 2009, to stockholders of record as of the close of business on June 22, 2009, with an ex-dividend date of June 18, 2009. At the election of each stockholder, the dividend is payable either in cash or in shares of common stock, or due to certain limitations described below, in a combination of cash and common stock.
If the aggregate amount of the cash elections exceeds 10% of the aggregate dividend amount, the cash portion will be prorated among the stockholders electing to receive cash. The remaining portion of the dividend will be paid in shares of common stock ("Stock Portion"). The number of shares of common stock comprising the Stock Portion will be determined based on the volume weighted average price of American Capital's stock on the NASDAQ Global Select Market on July 27, July 28 and July 29, 2009. The exact distribution of cash and stock to each stockholder will depend on the stockholder's election as well as elections of other stockholders. For example, if all stockholders elected to receive the dividend in cash, the actual dividend that would be paid to stockholders would consist of a 90% Stock Portion and a 10% cash distribution.
This dividend includes the Company's remaining 2008 taxable income, which is required to be distributed to stockholders in order for the Company to maintain its tax status as a regulated investment company and to eliminate its income tax liability. The IRS issued a Revenue Procedure allowing a publicly traded regulated investment company to distribute, with respect to a taxable year ending on or before December 31, 2009, its own stock as a dividend for the purpose of fulfilling its distribution requirements if, among other things, the aggregate amount of cash that may be distributed to its stockholders is at least 10% of the total dividend. The Investment Company Act of 1940 could prohibit American Capital from paying any cash dividend when its asset to debt coverage as determined under the Act is less than 200% and it has public bonds outstanding. However, the staff of the Securities and Exchange Commission has provided the Company with no-action relief to the effect that American Capital may declare and pay a cash dividend in these circumstances, provided that the cash portion does not exceed the 10% cash minimum required by the IRS Revenue Procedure.
The Company will mail a letter with additional information regarding the distribution election and an election form only to registered stockholders promptly after June 22, 2009. (Registered stockholders are those stockholders who own their stock directly and not through a bank, broker or nominee.) The completed election form to receive cash or common stock must be received by American Capital's transfer agent, Computershare Trust Company, N.A., prior to 5:00 p.m. (EDT) on July 24, 2009. Registered stockholders with questions regarding the dividend may call our transfer agent, Computershare Trust Company, N.A. at (800) 733-5001. Registered stockholders who do not make an election will be deemed to have elected to receive their dividend in stock.
Stockholders who hold their shares through a bank, broker or nominee will not receive an election form from the Company. Rather, they should contact their bank, broker or nominee for instructions on how to make an election or if they otherwise have questions regarding the dividend.
American Capital reports the anticipated tax characteristics of each dividend when announced, while the actual tax characteristics of each year's dividends are reported annually to stockholders on Form 1099DIV. The dividend will be fully taxable to stockholders. The Company anticipates the 2009 declared dividends to date of $1.07 per share to be a distribution of ordinary taxable income.
For further information or questions, please call our Investor Relations Department at (301) 951-5917 or send an email to IR@AmericanCapital.com.
ABOUT AMERICAN CAPITAL
American Capital is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate and structured products. Founded in 1986, American Capital has $11 billion in capital resources under management(1) and ten offices in the U.S., Europe and Asia. For further information, please refer to www.AmericanCapital.com.
Performance data quoted above represents past performance of American Capital. Past performance does not guarantee future results and the investment return and principal value of an investment in American Capital will likely fluctuate. Consequently, an investor's shares, when sold, may be worth more or less than their original cost. Additionally, American Capital's current performance may be lower or higher than the performance data quoted above.
This press release contains forward-looking statements. The statements regarding expected results of American Capital are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional, national or international economic conditions or changes in the conditions of the industries in which American Capital has made investments.
(1) As of March 31, 2009.
SOURCE American Capital Ltd.
http://www.americancapital.com
I saw, I don't care. I made money, granted way under what it is at lol
BREAK THAT!!!!!!
I would not be surprised to see this break .25 today Lots of momo and anticpation of the NASDAQ meeting.
once we break .25 we will have some fun to .30
added on the dip!
I think thursday is my new favorite day lol
OFF WE GO!
NASDAQ Meeting today. Announced in this video at the 14 min mark.
http://hosted.mediasite.com/mediasite/Viewer/?peid=3bf950b23c3d4cd79150b998f17295be
DCGN mentioned in this PR. Might be breaking out one of these days.
Illumina DNA sequencing available, if not affordable, to the consumer [The San Diego Union-Tribune] Knight Ridder/Tribune "Business News "
Jun. 11 --The San Diego biotechnology company Illumina is launching a futuristic service that will give consumers the chance to get their DNA sequenced.
But it's not cheap: $48,000 .
The company, which specializes in DNA research tools for scientists, thinks consumer gene sequencing could become widespread within a few years. That could give patients quick access to personalized information as the role of specific genes in disease becomes better understood.
For now, the company hopes to attract a few early adopters to use the service and in the process help it build the infrastructure and physician network necessary for wider use.
"Obviously it's not a big market at $48,000 ," said chief executive Jay Flatley , who announced the service yesterday at a Consumer Genetics show in Boston . "But it's a price at which at least a few people will do this."
The company hopes consumer genetics will help it build on the quick success it has achieved with research tools. Last year Illumina reported $50.5 million in net income as sales grew 56 percent to $573.2 million , making it one of San Diego's largest biotech companies.
One other company, Massachusetts -based Knome, already offers a sequencing service but charges $99,000 . Several companies also offer services, some for a few hundred dollars and in some cases using Illumina technology, that test for specific genetic markers that are linked to disease.
The advantage of a full genome sequence is that a patient need not undergo repeated tests for specific gene markers as more becomes understood about them, because the patient's genetic information has already been captured.
Flatley doesn't think the price will necessarily stay in five figures for long. "The $1,000 genome is not that many years away," he said.
To demonstrate the potential, Flatley showed off a demo of an iPhone application a patient could use to display information on gene traits, disease risk and ancestry.
The company aims to have a fully functioning version of the application next year. That would make it easy for patients who'd had their genes sequenced to share information with medical providers.
Author David Ewing Duncan , who has undergone a variety of genetic tests and written about the experience, said that at this point the services are mostly a novelty.
For one thing, he said, not enough is known about most genes to make the information you get from genetic tests particularly useful. He said that is likely to change.
"It's more just kind of cool right now, kind of like the first few cell phones," said Duncan, who is director of the Center for Life Science Policy at the University of California Berkeley . "It's slick new technology. Illumina is onto something as far as what's coming."
Here's how it works: First a patient would visit a doctor or genetic counselor, who would explain the process and possible problems. For example, the patient would be cautioned that the process might uncover unpleasant information about disease risk.
Then there would be a seven-day waiting period. Illumina would then send a kit with the necessary materials to preserve blood and saliva samples that would be returned to Illumina for analysis.
The results would then go back to the doctor or counselor, though they would be in a scientific format that would require expertise to understand.
To address that, Illumina has also signed up four partners -- 23andMe, deCODE Genetics , Knome and Navigenics -- that a patient could pay for a more consumer-friendly analysis of the data.
The company has already signed up a handful of people for sequencing, including Harvard University Professor Henry Louis Gates Jr. It projects sequencing 500 genomes and generating $25 million in revenue per quarter by the end of next year.
------ Thomas Kupper : (619) 293-1037; thom.kupper@uniontrib.com Thomas Kupper : (619) 293-1037;
To see more of the San Diego Union-Tribune or to subscribe to the newspaper, go to http://www.signonsandiego.com/.
Copyright (c) 2009, The San Diego Union-Tribune
Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc. , 1247 Milwaukee Ave. , Suite 303, Glenview, IL 60025, USA .
ACAS BREAKOUT! NEWS!
Thursday, June 11 2009 10:47 AM, EST American Capital Declares $1.07 Dividend Per Share PR Newswire "US Press Releases "
BETHESDA, Md., June 11 /PRNewswire-FirstCall/ -- American Capital Ltd. (Nasdaq: ACAS) (the "Company") announced today that its Board of Directors has declared a dividend of $1.07 per share payable on August 7, 2009 , to stockholders of record as of the close of business on June 22, 2009 , with an ex-dividend date of June 18, 2009 . At the election of each stockholder, the dividend is payable either in cash or in shares of common stock, or due to certain limitations described below, in a combination of cash and common stock.
If the aggregate amount of the cash elections exceeds 10% of the aggregate dividend amount, the cash portion will be prorated among the stockholders electing to receive cash. The remaining portion of the dividend will be paid in shares of common stock ("Stock Portion"). The number of shares of common stock comprising the Stock Portion will be determined based on the volume weighted average price of American Capital's stock on the NASDAQ Global Select Market on July 27 , July 28 and July 29, 2009 . The exact distribution of cash and stock to each stockholder will depend on the stockholder's election as well as elections of other stockholders. For example, if all stockholders elected to receive the dividend in cash, the actual dividend that would be paid to stockholders would consist of a 90% Stock Portion and a 10% cash distribution.
This dividend includes the Company's remaining 2008 taxable income, which is required to be distributed to stockholders in order for the Company to maintain its tax status as a regulated investment company and to eliminate its income tax liability. The IRS issued a Revenue Procedure allowing a publicly traded regulated investment company to distribute, with respect to a taxable year ending on or before December 31, 2009 , its own stock as a dividend for the purpose of fulfilling its distribution requirements if, among other things, the aggregate amount of cash that may be distributed to its stockholders is at least 10% of the total dividend. The Investment Company Act of 1940 could prohibit American Capital from paying any cash dividend when its asset to debt coverage as determined under the Act is less than 200% and it has public bonds outstanding. However, the staff of the Securities and Exchange Commission has provided the Company with no-action relief to the effect that American Capital may declare and pay a cash dividend in these circumstances, provided that the cash portion does not exceed the 10% cash minimum required by the IRS Revenue Procedure .
The Company will mail a letter with additional information regarding the distribution election and an election form only to registered stockholders promptly after June 22, 2009 . (Registered stockholders are those stockholders who own their stock directly and not through a bank, broker or nominee.) The completed election form to receive cash or common stock must be received by American Capital's transfer agent, Computershare Trust Company, N.A ., prior to 5:00 p.m. (EDT) on July 24, 2009 . Registered stockholders with questions regarding the dividend may call our transfer agent, Computershare Trust Company, N.A . at (800) 733-5001. Registered stockholders who do not make an election will be deemed to have elected to receive their dividend in stock.
Stockholders who hold their shares through a bank, broker or nominee will not receive an election form from the Company. Rather, they should contact their bank, broker or nominee for instructions on how to make an election or if they otherwise have questions regarding the dividend.
American Capital reports the anticipated tax characteristics of each dividend when announced, while the actual tax characteristics of each year's dividends are reported annually to stockholders on Form 1099DIV. The dividend will be fully taxable to stockholders. The Company anticipates the 2009 declared dividends to date of $1.07 per share to be a distribution of ordinary taxable income.
For further information or questions, please call our Investor Relations Department at (301) 951-5917 or send an email to IR@AmericanCapital.com.
ABOUT AMERICAN CAPITAL
American Capital is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate and structured products. Founded in 1986, American Capital has $11 billion in capital resources under management(1) and ten offices in the U.S., Europe and Asia. For further information, please refer to www.AmericanCapital.com.
Performance data quoted above represents past performance of American Capital. Past performance does not guarantee future results and the investment return and principal value of an investment in American Capital will likely fluctuate. Consequently, an investor's shares, when sold, may be worth more or less than their original cost. Additionally, American Capital's current performance may be lower or higher than the performance data quoted above.
This press release contains forward-looking statements. The statements regarding expected results of American Capital are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional, national or international economic conditions or changes in the conditions of the industries in which American Capital has made investments.
(1) As of March 31, 2009 .
SOURCE American Capital Ltd.
CPST News: Just FYI I would be hesitant at buying at it's current lvl. 200 ma is at .99... But who knows! She is flying !
Photo Release -- Capstone C30 Successfully Integrated Into Ford Vehicle by Langford Performance Engineering Ltd. GlobeNewswire "GlobeNewswire "
CHATSWORTH, Calif. , June 11, 2009 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, today announced that its C30 liquid fueled microturbine has been successfully integrated into a Ford S-Max people carrier in the United Kingdom .
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6263
BOOOOOOOOOOOOOM
CPST A/H statistics. Slowly but surely. Need to hold .75 or above!
After Hours
Last: $ .76
After Hours
High: $ .76
After Hours
Volume: 107,825
After Hours
Low: $ .7385
Chart:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=38552736
I wasn't touching that one after that run lol. Hey, at least I learned some lessons from the past, saved me here.
Stock on watch. CIM Getting squished pretty good in there, gonna have to go one way or the other.
CPST back at .74 finally. Let's Go now that the GAP was filled!
CPST, gap filled lol
ya, I held axl and lea two weeks ago, I'm pretty pissed about it b/c I have no idea why they would run b/c GM went bankrupt????????????????????????
I'm gonna hold cpst, once it breaks out it should be good to the 200ma IMO.
looks like it's about to go. just gotta break the .75 and hold .74 lol
I think the decimal places is the mm's just scraping more money out of people, but I could be wrong.
I can't figure out wtf all these 100 share trades are. partials?
1 left at 17.5
CPST not moving like I expected. Hopefully she finds her legs soon and breaks the .74
watch DCGN for volume
MORNING, and we are off!
when is that?
I didn't see it hit that either but I guess it did according to http://www.nasdaq.com/aspxcontent/ExtendedTradingTrades.aspx?selected=CPST&mkttype=after it did.
Yep, here is the trade...
16:11 $ .95 19,450