Good Luck
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Any bet on Volume today?
'I am interested in buying AbitibiBowater, Inc. share certificates. I will pay $5 for each share certificate. I will pay $5 for each 100 or more (minimum 100 shares) share certificate. If you are interested and have share certificates with you, please contact me. I want to buy 1000 certificates and have $5000 budgeted for it. If you have any question, please email or send me a private message. Thank you'
"We would not be here today without the dedication, loyalty and perseverance of our employees, the vision and guidance of our leadership team, the steadfast loyalty of our customers and suppliers, as well as the support of governments and the communities in which we operate. To you, and all of our stakeholders, thank you," added Paterson. "We look forward to working with everyone to continue to shape AbitibiBowater as a leaner, financially flexible and more competitive organization."
You got everyone with you but the shareholders, who put you there in the first place...Sick
From opinion
'Their dismay arising from the loss of their investment is real, but without probative evidence, to rebut the Debtors' valuation evidence, this record provides no rational basis to conclude that the Debtors'valuation is flawed that it fails to account for more than $5 billion dollars of value'
THJKJC- Evidence
1. DOCKET 3024.
2. Evidence S-8 (Statement of Claim)(43 Million acres of Rights)
3. NHB Advisor mid point liquidation value of $9.9 Billion
4. Plan distribution value of 6.8 Billion (gross), Plan page 150
Now, you can look other way and ignore these facts, but these are FACTS. And how can we encounter Debtors' valuation? We are not allowed to even look at it.....It is sick.
What about Shareholders objection about non filing entities? Rule 2015.3
The ABH need not file bankruptcy for Bowater side, but they did that to wipe out shareholders and that is fundamentally unfair and unjust. (Blackstone examined the potential impact of an Abitibi Bankruptcy on Bowater's shares of the company synergies. Mr. Zelin opined that, under a worst case scenario, an Abitibi/Bowater split would unwind all of the benefit of the merger (Tr. 10/7/10 at 96-Zelin) The Company's Form 10K for 2008 showed that the merged Company had achieved the goal of $375 million in annualized synergies on year ahead of managements' projections (EX. D-13. Tr. 9/24/10 at 68 Harvey)
My Finding of Facts and Conclusion of Law: It is generally known that price of shares of comparable companies include a discount from the enterprise value of the company as whole. There is no control premium given in calculating total enterprise value (TEV) of the Debtor. The minority discount inherent in the trading prices of the comparable companies must be reserved by applying a control premium to the equity component of the valuation. The 30% control premium must be added to the TEV.
On July 21, 2008, AbitibiBowater Inc. (the “Company”) filed a registration statement (File No. 333-152431) on Form S-8 (the “Registration
Statement”). The Registration Statement registered a total of 2,000,000 shares of the Company’s common stock, $1.00 par value per share (the “Common
Stock”), to be issued pursuant to the Company’s 2008 Equity Incentive Plan (the “Plan”). This offering has been terminated because the Plan is being
terminated in connection with the Company’s emergence from U.S. Chapter 11 bankruptcy proceedings. Consequently, in accordance with an undertaking
made by the Company in the Registration Statement to remove from registration, by means of a post-effective amendment, any of the securities that remain
unsold at the termination of the offering, the Company hereby removes from registration the securities of the Company that are registered but unsold under
the Registration Statement.
2
Financials dip as FBI raids add to Ireland jitters
1:21p ET November 22, 2010 (MarketWatch)
NEW YORK (MarketWatch) -- U.S. financial stocks added to earlier losses on Monday afternoon, mirroring a broader market selloff but exacerbated by details developing around a large insider-trading inquiry.
The financial sector's losses outpaced broader losses on Wall Street tied to concerns about debt issues in Europe. While investors were relieved that there appears to be a final resolution to Ireland getting a bailout, they remain fearful that the weak banking system there could mean losses ahead on sector investments.
The Financial Select Sector ETF fell 1.9%, while the NYSE ARCA Broker/Dealer Index shed a bit more than 1.5%.
Goldman Sachs Group and Morgan Stanley were among the biggest decliners in the S&P 500 , shedding 4% and 1.4% respectively.
Ireland's decision to seek an international aid package to shore up its troubled banking sector brought only limited relief to financial markets on Monday, as investors continued to fret over Dublin's ability to avoid a restructuring and the potential for trouble elsewhere in the euro zone.
The move initially provided some relief across euro-zone credit markets, boosted the euro and lifted overall risk appetite, strategists said.
But sentiment soon soured, with the euro losing altitude after Moody's Investors Service said an expected shift of bank debt to the government balance sheet would likely result in a "multi-notch" downgrade to Ireland's Aa2 credit rating, which is currently under review. Read MarketWatch coverage of Irish relief plan.
In the U.S., financial-sector investors, already burned by accounting and other regulatory issues in recent years, are closely eyeing a federal probe into possible large-scale insider trading in involving the dealmaking side of the business.
The Federal Bureau of Investigation raided two hedge funds as part of the probe, The Wall Street Journal reported Monday. Read MarketWatcgh story on the FBI raids
Search warrants were issued for Diamondback Capital Management and Level Global Investors, the newspaper added.
The Wall Street Journal reported Monday on some of the tactics the FBI is using to gain cooperation from people in the industry.
Law360, New York (November 19, 2010) -- AbitibiBowater Inc. announced Friday that it has reached an agreement with the government of Ontario to ensure the full funding of its pension program in the Canadian province, inching the newsprint company ever closer to resolving its 18-month, cross-border restructuring process....
http://www.law360.com/bankruptcy/articles/210620
5 million already?
My Finding of Facts and Conclusion of Law: The Newsprint market sharply rebounded in 2010 based on the industry rationalization that occurred during 2009. The export demand has also risen and AbitibiBowater is not able to fill all the orders. Rather then revising projections to reflect dramatic industry upturn, the Debtors artificially capped their profitability to ensure confirmation of the Plan that overpays creditors and enriched management.
The first test, a three-part burden-shifting test announced in Auto-Train Corp. v. Midland-Ross Corp . ( In re Auto-Train , 810 F.2d 270 (D.C. Cir. 1987)), was applied by the court in Owens Corning . The Auto-Train test requires that a proponent of substantive consolidation show that (i) there is substantial identity between the entities to be consolidated and (ii) that consolidation is necessary to avoid some harm or to realize some benefit. Once this prima facie case is made, a presumption arises that creditors have not relied solely on the credit of one of the entities involved in making their decisions.
The burden then shifts to an objecting creditor to show that (i) it has relied on the separate creditworthiness of one of the entities to be consolidated and (ii) it will be prejudiced by substantive consolidation. Finally, if an objecting creditor sustains its burden, the court may order consolidation only if it determines that the demonstrated benefits of consolidation outweigh the harm. (See Eastgroup Prop. v. Southern Motel Ass’n, 935 F.2d 245, 249 (11th Cir. 1991)).
Courts have articulated several nondeterminative factors to be considered in deciding whether a proponent of substantive consolidation has established a prima facie case:
•The presence or absence of consolidated financial statements
•Unity of interests and ownership between various corporate entities
•Existence of parent and intercompany loan guarantees
•Degree of difficulty in separating and ascertaining individual assets and liabilities
•Transfers of assets without formal observance of corporate formalities
•Commingling of assets and business functions
•Profitability of consolidation at a single physical location (see Bonham v. Compton (In re Bonham), 229 F.3d 750, 766 n.11 (9th Cir. 2000)).
Citing the 3d Circuit in Nesbit v. Gears Unlimited, Inc . (347 F.3d 72 (3d Cir. 2003)), Fullam in Owens Corning described the second test, adopted by the 2d Circuit in Augie/Restivo Baking Co. v. Augie/Restivo Baking Co. ((In re Augie/Restivo), 860 F.2d 515 (2d Cir. 1988)), as condensing the various reported requirements into two fundamental principles: (i) whether the creditors of consolidated entities treated the entities as a single economic unit and did not rely on their separate creditworthiness in extending credit; or (ii) whether the business affairs of the consolidated entities were so hopelessly entangled that substantive consolidation would benefit all creditors. (see, e.g., In re Augie/Restivo , 860 F.2d at 518). Substantive consolidation is proper under this test if either factor is present.
The first factor is based on the concept that, in structuring its loans, a lender typically does not anticipate having access to the assets of some other entity if its borrower becomes insolvent. Nor does a lender expect to compete for its borrower’s assets with a creditor of a less reliable debtor. Consolidation under the second factor involves the commingling of two entities’ assets and business functions. It should be used, however, “only after it has been determined that all creditors will benefit because untangling is either impossible or so costly as to consume the assets.” ( Id . at 519).
Further Additional Response Received
ZZZ. Objection of Henry Romero [Docket No. 3884, 11/17/10]
AAAA. Objection of Elizabeth Romero [Docket No. 3885, 11/17/10]
BBBB. Objection of Glenn Dombeck [Docket No. 3886, 11/17/10]
Status: This matter is going forward.
One to win is just buy 3 million for your pal in delaware..
It is not going to do 3 million in next hour! If it does I owe a beer!
Reading for the weekend
Further Additional Responses/Objections Received:
DDD. Joinder of Glenn Dombeck to Objections of Certain Equity Shareholders
[Docket No. 3540, 9/23/10]
EEE. Memorandum of Objection of John Haack [Docket No. 3613, 10/19/10]
FFF. Objection of Robert Wallis [Docket No. 3708, 11/1/10]
GGG. Objection of Pratik Shah [Docket No. 3709, 11/1/10]
Reading for the weekend....Additional Responses/Objections Received:
SS. Joinder of William Kovach to Objection of Certain Equity Shareholders
[Docket No. 3430, 9/23/10]
TT. Letter from Kelly Nickolson [Docket No. 3431, 9/22/10]
UU. Response of Dr. Henry Romero and Ms. Romero to Debtors’ Omnibus Reply
to Objections to Confirmation of Debtors’ Second Amended Joint Plan of
Reorganization (As Amended) [Docket No. 3434, 9/23/10]
VV. Joinder of Joel Lambeth to Objections of Certain Equity Shareholders [Docket
No. 3435, 9/24/10]
WW. Joinder of Robert Alan Cameron Gilbertson to Objections of Certain Equity
Shareholders [Docket No. 3436, 9/24/10]
XX. Joinder of Daniel R. Thornton to Objections of Certain Equity Shareholders
[Docket No. 3437, 9/24/10]
YY. Joinder of Tamer Ziady to Objections of Certain Equity Shareholders [Docket
No. 3452, 9/27/10]
ZZ. Joinder of Pratik P. Shah to Objections of Certain Equity Shareholders
[Docket No. 3471, 9/28/10]
KK.
Objection of Certain Equity Shareholders [Docket No. 3224, 9/13/10]
LL.
Limited Objection of Paul Planet and Thor Thorsteinson [Docket No. 3275,
9/14/10]
MM.
Objection of Certain Holders of Common Stock/Peter I. Shah [Docket No.
3293, 9/16/10]
Hearing for November 23rd.
500,000 shares at 0.038 one block..What should I do with my 10,000 shares?
Good article
In a notice recently released by the CFTC, Painter said Judge Bruce Levine, his longtime colleague, had a secret agreement with a former Republican chairwoman of the agency to stand in the way of investors filing complaints with the agency.
"On Judge Levine's first week on the job, nearly twenty years ago, he came into my office and stated that he had promised Wendy Gramm, then Chairwoman of the Commission, that we would never rule in a complainant's favor," Painter wrote. "A review of his rulings will confirm that he fulfilled his vow," Painter wrote.
The Court is lead to believe many things. I raised issue regardign Naked Shorts. I was asked shut...
"This Court was lead to believe that the Debtor will not be able to emerge out of bankruptcy without Rights Offering and Back Stop Commitment. I am surprised that this Court really believed that. Your Honor knew that Smrufit Stone was very easily able to get out of bankruptcy and was able to get good financing terms. AbitibiBowater has more assets then Smurfit Stone did then as well as today. These processes of 'Rights Offering' and 'Back Stop Commitment' and the bickering over it has cost over $100 million to the Debtors or about $2 per share."
Symbol Security Name Market Category Reg SHO Threshold Flag Rule 3210
ABWTQ ABITIBIBOWATER, INC. u Y N
What is rule 3210?
The Canadian Press
Date: Monday Nov. 15, 2010 5:36 PM ET
MONTREAL — Insolvent newsprint giant AbitibiBowater's net loss nearly doubled to US$829 million in the third quarter due to soaring restructuring costs.
The Montreal-based company's loss for the quarter ended Sept. 30 was equal to US$14.35 per share, compared with a loss of US$511 million or 8.85 per share a year earlier, according to a filing with the U.S. Securities and Exchange Commission.
AbitibiBowater, which reports in U.S. dollars, has been operating under court protection from creditors in Canada and the United States for about 18 months.
A U.S. Bankruptcy Court judge in Delaware could soon sanction a restructuring plan despite objections from some creditors.
A majority of AbitibiBowater's creditors in Canada and the United States approved the restructuring plan in September, but Bowater Canada Finance Corp., a special purpose subsidiary with no operating assets, failed to win approval and may be excluded from the restructuring.
AbitibiBowater faced $731 million in restructuring costs during the quarter, compared with $301 million a year ago.
Excluding the charges, it lost $93 million compared with a loss of $184 million in the same period of 2009.
Sales increased 9.2 per cent to $1.2 billion from $1.09 billion.
http://www.ctv.ca/CTVNews/Canada/20101115/abitibibowater-loss-101115/
'AbitibiBowater defended the guarantee, saying it preserved cost savings and other benefits of merging the companies. Allowing the Abitibi side to file for bankruptcy would have cost Bowater about $200 million a year, the company said in court papers.'
They never needed to file Bankruptcy for the whole company and wipe out shareholders completely.
Ergo check out this article..
Thanks Pitt!
Lunch32, What does 16666 shares means?
Soec buy? It usually sells off at end of the day...but good luck anyway!
Where is the article? I don't see any...
Not all is lost. Judge has to look at all the evidence(finding of fact) to make rational decision....
I own some bonds. From confirmation,they will trade for 5 days and then canceled and converted to when issued stock. They barely trade.
Why are so many large blocks traded?
I read that. I do own some bonds.
yes. ask will counsel consider our objection
Speak up and ask when is our turn....
I am on listen only line...
tell them we will request modification...