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the EC issue is less clear.
communications...mole or unhappy ex employee...sometimes stuff is buried in the court docs, but it seems like you have some pretty impressive diggers here...so they may have looked already.
I certainly don't know about THAT, although I appreciate you saying it :)
I have been in touch with one and waiting on a call from the other. Let's see what we can do!
No, those things, while egregious, are commonplace...unfortunately.
There was a judge in NYC on a case that closed earlier this year, who made disparaging comments regarding the shareholders...first that they must agree with the POR since not many filed objections, and then, when we did a drive to have shareholders file objections, the judge berated us because the objections were essentially the same...she was pissed that shareholders were helping each other with the wording.
Whether or not she was actually helping the Debtors...the fact that she didn't bend over backwards to help the little guy was incredibly disappointing.
Other judges I've been in front of are gentle with shareholders...even if there's no money at the end of the waterfall. Its a daunting system and I firmly believe that all shareholder involvement should be encouraged.
Sorry...long answer :(
cool...see you there!
Ilene
I suspect he'll attempt a cram down, yes.
You're welcome! (and Clay, I'm still here...but was on the road for clients earlier).
BTW, I follow this Q stock (posting and answering questions) on the fb page...come join in!
Ilene
its possible. but the shareholder's agreement has nothing to do with the current common stock/shareholders
all speculation at this point. could be co. sold, so no reorg co. stock to issue...I'm not clear whether good or bad at this point.
Court hearing scheduled for Wednesday, 10/23 has been cancelled. Next hearing is 10/23.
http://www.kccllc.net/documents/1212568/1212568121005000000000001.pdf
yes...! did you get what I sent?
As I've reported on this on the FB page, I think they're related. The shareholder's agreement talks about both new stock issuance as well as disposition of that stock. I am still sorting through everything.
As I've reported on this on the FB page, I think they're related. The shareholder's agreement talks about both new stock issuance as well as disposition of that stock. I am still sorting through everything.
This is the one that was subsequently cancelled, right? This shareholders agreement was to be between the reorg company and their new shareholders, who were the hedge funds listed in the agreement. Why it was pulled is up for speculation...
Ilene
I will tomorrow, if that's OK. I am still working this evening but am getting ready to pull the plug and grab some down time....need to recharge the batteries!
I'll reach out to him tomorrow.
Unfortunately, I am a resource for a number of things, but real, dig deep research is not something I can help with. I have my hands full in other areas. However, I am happy to help with local laws and customs, as they may pertain. Always reachable on IHub via posting, or find me on FB at Delaware Shareholder Services.
Ilene
Emails between parties that spell out intent to defraud; legal citations that are incorrect or could be interpreted differently; rigged auctions;
I have not followed this closely enough to remember why an EC was denied. That might be an area...the reasoning behind that decision.
Possibly valuation.
since federal bankruptcy rules allow a company to pick their jurisdiction if they do any business there, you'd think there would be a difference, but I have sat in on cases here and up in NY where Blackstone was involved, and in both cases ultimately, the valuation was of no help...one case is a bit murky but had an EC, the in the other, an EC was repeatedly denied. supposedly, since bankruptcy is federal, the same rules apply everywhere...but the judge ends up setting so much of the tone and ultimately, whether the debtor can get away with questionable tactics, or whether they're called out or not
since federal bankruptcy rules allow a company to pick their jurisdiction if they do any business there, you'd think there would be a difference, but I have sat in on cases here and up in NY where Blackstone was involved, and in both cases ultimately, the valuation was of no help...one case is a bit murky but had an EC, the in the other, an EC was repeatedly denied. supposedly, since bankruptcy is federal, the same rules apply everywhere...but the judge ends up setting so much of the tone and ultimately, whether the debtor can get away with questionable tactics, or whether they're called out or not
Appealing the decision is, in effect, a legal protest against incompetence in a judge...since the action is seeking to overturn his decision. The EC and independent valuation are probably not the strongest indicators though. I would look to legal citations used as precedence for his decision.
Also, in full disclosure...I am not an attorney, but rather have worked for the last 2+ years to bring transparency to shareholders in public co. bankruptcies. I have worked with attorneys, but I am not offering legal advice here...
Ilene
I know there are...and I am so glad to see them all. You all have been very active. I was responding specifically to the timing mentioned in the Admiral's post.
The truth is that there are few options if/when the POR is approved. You can bring a shareholder's suit re: the fraud or you can appeal the decision (to approve POR) to a higher court. There are law firms who will take cases on contingency.
Unfortunately, as you know, our federal laws favor the debtor in the bankruptcy proceedings, and despite the fact that many individuals find it difficult to write an objection, or show up in court to speak, some judges have gone on record assuming that lack of mass participation indicates shareholder approval.
Admiral,
You are partially correct...shareholder action so late in the game will likely not sway the judge (although I always think it can't hurt) and anything not filed by the deadline has even less value. However, the more shareholders get involved, the greater the hue and cry to change corporate bankruptcy laws to make more fair to all.
Corporate bankruptcies are open to the public. If there is sensitive information, it can either be redacted in the filing, or there can be a meeting in the judge's chambers. But individual shareholders and bond holders are often in attendance.
Ilene
wish we had more eyeballs on this...maybe the next news release will finally get RARS noticed
I thought it was very positive, too! I thought maybe I was living in an alternate universe...no one else had seen it...no comments on it. Thanks for confirming that I wasn't imagining things.
They appear to be in a stronger position and I am encouraged.
aside from APS...
any thoughts on the 10-Q released on Friday? I haven't seen anyone comment on it...
Good to see you, too!
Yes, most likely good will on the asset side, and the full value on the debt side, some of which has probably already been written down.
As always, there are bound to be bounce plays here, but I doubt whether commons will survive, given the financials. Also, it looks like they're trying to get the judge to agree to bonuses for executives/key employees, so the spending hasn't stopped.
Of course, its happening here in DE, and I may go to a hearing or two to get a better feel...
it does sound that way, but unfortunately, they are quickly disposing of assets, so there will be little left to reorganize.
The key here is going to be the agreements of the creditors to take far less than they are owed on the books, IMO. The creditors hearing is scheduled for mid-October, so that gives them time to attempt to work some things out...but they claim assets of just over $204 million vs. liabilities of just over $214 million, and it looks to me like these sale prices might be bargain basement prices.
All just my humble opinion.
Ilene
volume and accumulation are rising...maybe its a big group!
or not. this stock can do that to me, too :)
probably details on voting, due back by the end of September.
Here I am, making a big splash here, and I've just had a second phone call with the CFO (as a follow up to our first conversation and my subsequent posting here).
There's no easy way for me to say this without looking awful, so I apologize in advance...there is good news and less good news.
Here's the good news...the company reads this site, and so is keeping a pulse on shareholder sentiment.
The less good news is that I received the second phone call because it was clear the CFO and I had a miscommunication previously. I applaud him for calling me and asking me to correct it. I like to think I'm a straight shooter, so I am correcting and taking responsibility for not hearing all correctly. They are working through the issues with MSFT, but at this time, will not be filing an 8-k.
Whether this helps or not, I requested that NEOM at least issue a PR addressing shareholder concerns.
Again, I hate to have to write this, and I am not sure how much I heard incorrectly, and how much was not plainly said, but I will take responsibility.
Because I am no longer a premium member here, I am out of posts with this post. I will read any comments and post to FB...if someone wants to re-post here that would be great.
Ilene
thanks Biz!
BTW, I no longer have the ability to do private messages here, sorry! messages on the fb page are private, though...to those who asked :)
thank you :)
you clearly know a lot more about this space than I do, and I am always eager to learn, so thanks for sharing! one of the things I mentioned on our phone call was that I have a son at American University in DC, and I noticed that most of the shops around AU have QR codes displayed prominently in their windows...its clear to me that merchants want to use the codes to drive business, and are dependent upon the tech savvy to do so.
you got it. and I'll keep calling, if I have to
yeah, don't think for a minute that I didn't try to pry additional information out of him on the phone...he wasn't biting at all :) go figure!
Punchy, I get your doubt of me and what I said! I made 5 or 6 calls today, left some really seething VMs and spoke a couple of times with the receptionist, who I assure you was calling me "that bitch" by the time we were done.
go back and look at my posting history...that's the best I can offer. I sat for 2 + years in the WAMUQ courtroom and tweeted to shareholders regarding the proceedings...
my word is good, that's all I got. we'll see about the company's.
they have four full days, so the announcement was made once the agreement was inked..that was Tuesday. It needs to be out on Monday, if my math is right :)
yw. me, too.
I'm sure there are parts of the deal that would give too much info to competitors, and the amount of licensing fees would be a BIG area!