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You will lose it all.
You have no idea what you are talking about.
The converts are trading at 3 cents on the dollar because they are likely getting wiped as well - as they are under the DIP, secured, and first and second lien bonds. They are pari passu with the contingent claims as well.
There's no "claw back". Desperate baggies don't even know what the term means.
If they unwind an asset sale they have to give the money back, lol.
Won't happen anyway.
Equity is a zero. 100%.
The conversion feature is only potentially "deemed equity" under GAAP accounting. It has NO bearing on the absolute priority rule in the bankruptcy code.
The whole face value is debt. Fact.
Nope. But then tomorrow and they still rank ahead. Debt is debt.
The convertible bonds rank senior to equity.
Lol!
Also remember when the CFO tried to blow out a ton of stock after the big HTFBS pump. He filed to sell but missed the window by a few weeks.
Would never entrust my savings to this clown car.
The debacle with the guy from Microsoft they brought in speaks for itself.
To be honest if I was a shareholder I would be suing them. That email from Steve alone is infuriating and Exhibit A.
One thing that has worked out is they've kept UMG. Good on them for that.
UMG has them by the nuts and I'm surprised they haven't hammered them on terms more than they have.
4 years on the latest iteration but really almost 17 years since they announced they were going to focus on "playerless / plugin-free" video. Only things that have really changed are:
1) From Java to JavaScript/HTML5
2) From proprietary codecs that never worked well to now standard codecs that still won't work well because JavaScript is an inappropriate language. It's also problematic as if they are using a standard codec most devices will have a hardware decode onboard anyway.
3) The value proposition that was there in 1999 is now gone - when was the last time you had to install a video plugin lol?
Now, in theory they could add some value by delivering non-standard functionality (whether security, or clicking zones within video ads and so forth) but I've seen little evidence that they can deliver anything.
I have my views about Steve that I will keep to myself.
Keep in mind this is a guy that told an investment conference a couple of years ago that people can share Netflix content by "emailing that link around". Make up your own mind about a guy who would say that to prospective investors.
Good chance they get there in 1-3 months with a 1-for-10 or 1-for-20 reverse split.
Assuming the company is still around in a few months. ~$50M in debt burning $4-5M per quarter and almost out of money again.
Or maybe they will find a way to restructure / eg try to sell the whole Overland business for $20M, pay off Opus.
Remember Cyrus's bridge loan has to start being paid back in Jan. Perhaps then in exchange for deferring that loan and maybe kicking in another few $M (which would last a lot longer without Overland), they can reprieve their convert down to say a $0.60 conversion price to dilute the heck out of other shareholders. (Would convert to 42M shares or so at that level).
Then they'd be left with V3 and GW, exactly where they were before Overland but with massively more outstanding shares. But then what?
It pretty much comes down to Cyrus IMHO. It would be interesting to see if they are carrying these ANY loans at par.
All IMHO and speculation of course.
IMHO the right thing to do now is a managed liquidation to make creditors at least partially whole.
Tax dollars flushed down the toilet.
It's a zero. 100% probability.
Check out the volume here:
https://twitter.com/Keubiko/status/807325481393602562
I just randomly stumbled across that tweet 45 seconds ago.
Two more CFO share dumps:
11.8K shares
8.5K shares
Both on Dec 6 per Form 144 paper filings.
#SmellTheMomentum
VMEM is a POS penny stock with a $ market cap.
Vivekanand Mahadevan is on the board of both companies and is a crony from the Overland days.
VMEM is down 99.8% over the past 32 months. Delisted last month from the NYSE, now a OTC piece of junk. Burned through $600M and turned it into a $5M joke on the verge of bankruptcy.
Clinton Group is a bagholder of VMEM and also a baggy of Imation. Could have played a roll in the RDX deal.
Clinton group looks pretty dumb to me.
IMHO...
I don't even know where to begin in responding to that post.
Lol!
My guess is you are a dyed-in-the-wool bagholder. From you SUNEQ comments I would seem to be correct.
There's no "clawback". Just a baggy delusion.
Lol
Again, rubbish. Auto-generated rubbish.
That assumes Cyrus converts all of its debt at $3.00 per share. Sorry but that's debt. Also assumes exercise of a bunch of warrants that are way out of the money.
And this rubbish website doesn't even change the denominator to account for extra shares on conversion.
The overall point is that "institutions" aren't buying like many have implied lately.
This is a broken debt-laden penny stock on the verge of potential delisting or worse.
IMHO a total unmitigated disaster.
I can't see how it survives much longer tbh.
What does that link have to do with anything? It's for CMFN not ANY.
"""Comical hugo, Cyrus' filings are wrong.....now would that be purposely or accidentally."""
Neither incompetence nor intent are good reasons.
"""TDAMERITRADE still has the institutional holdings up by 2.5% this week. That's only possible by someone revising their filing. Let's see who did that this week?"""
Like I said before, that increase you are seeing (with a wrong number by the way) is because Cyrus SCREWED UP their Sep 30 13F
They had to file an amendment. That's why you are seeing an increase. Here is the original screwed up 13F:
https://www.sec.gov/Archives/edgar/data/1166564/000131586316001910/xslForm13F_X01/cyruscapital3q16.inftab.xml
and here is the amended 13F-HR/A
https://www.sec.gov/Archives/edgar/data/1166564/000131586316001956/xslForm13F_X01/cyruscapital3qamd16.inftab.xml
Original 13F:
6,607,677
Revised:
7,717,389
Of course neither number matches what they've reported on SEDI - hasn't been updated since July 7, which shows 6,842,108 (but they still show that they own shares in the oldco which no longer exists).
Like I said, screwed up.
Here is my list:
CYRUS CAPITAL PARTNERS LP 7717389
CLINTON GROUP INC 457597
WAKEFIELD ADVISORS LLC 243565
HARBER ASSET MANAGEMENT LLC 218464
KCG HOLDINGS INC 175068
GROUP ONE TRADING LP 108277
SUSQUEHANNA INTERNATIONAL GROUP 84053
CHARTER TRUST COMPANY 35315
MARATHON CAPITAL MANAGEMENT 24330
GEODE CAPITAL MANAGEMENT LLC 24109
FMR LLC 24109
TWO SIGMA SECURITIES LLC 22897
CONDOR CAPITAL INVESTMENT MANAGE 16330
PNC FINANCIAL SERVICES GROUP INC 15790
STATE OF CALIFORNIA 8581
WELLS FARGO & COMPANY 5000
UBS 4039
CUTLER GROUP LP 2181
BANK OF MONTREAL 1250
CITIGROUP INCORPORATED 1000
ROYAL BANK OF CANADA 1000
MORGAN STANLEY 500
CREATIVE PLANNING 200
MANULIFE FINANCIAL CORP 162
LADENBURG THALMANN FINANCIAL 115
DEUTSCHE BANK AG 18
Total = 9,191,339
= about 17.7% of shares outstanding
84% of this (7.7M) is Cyrus.
Class dismissed.
My favorite was the Cyrus term loan where it looked like a modest 8% cost of debt.
But they put in a clause that draws are at Cyrus's discretion. When ANY asked to tap the line Cyrus then demanded TONS of warrants which brought the effective cost to something like 25-30%.
This was during the $160M run rate letter pumpola, during which Cyrus conveniently didn't file insider reports disclosing the warrants for SIX months.
Cyrus's current filings are wrong too by the way, IMHO. They are still showing oldco shares (remember the CUSIP change lol?). They were told about this error and still haven't bothered to correct.
ANY needs another cash infusion from somewhere in the coming weeks. This is a fact, or IMHO....
Chipmunk.
Sure, I'll pull it off tomorrow.
Like I posted earlier, it's Cyrus and almost nobody else.
I calculate the company is out of money in 3-4 weeks.
Could be game over soon.
IMHO....
"""With the current filings as of 9/30, the institutional holding rose to 31.1 percent today."""
As Trump would say, wrong.
Let's have the breakdown. Which institutions, at what %.
I can then prove it wrong.
I didn't say you were stupid enough to go by Yahoo.
What I'm saying is, whatever numbers you are looking at, are meaningless, and wrong.
Understand?
Like I said, rubbish numbers. "They" are wrong.
"They" are probably using stale shares outstanding numbers, and stale and incorrect filings.
Even Yahoo has it wrong:
http://finance.yahoo.com/quote/ANY/holders?p=ANY
and they get it from Capital IQ, an institutional grade data provider (but probably better than your "brokerages") if you look at their percentages the implied shares outstanding number is 43.2M (7.7M for Cyrus / 0.1781) when in fact there are 51.8M shares outstanding.
Pinetree capital shows up on a stale Jan 2015 filing (almost 2 years out of data).
Garbage in, garbage out.
Basically Cyrus owns about 15% of the shares. They are an "institution" I suppose, but are really a creditor at this point.
After that there is almost nobody of size.
In other words, the false narrative that you guys are trying to create, that "institutions are buying" or whatever, is pretty much rubbish.
IMHO....
You put out a meaningless number with no backup.
Most "institutions" are 13F filers which means their holdings only come out 4 times per year, 45 days after a quarter end.
Yet you have access to day-by-day changes? LOL
Post some details and I'll shred them for you.
meaningless rubbish number.
SUNEQ has a less than zero chance of recovery. It will be cancelled. Senior bondholders will likely be wiped and will be lucky to get 10 cents on the dollar. Preferred equity which also ranks higher than equity is gone. Commons are a zero.
The debts are easy to calculate, even excluding the contingent lawsuit and other claims. The assets take a bit more work but it's easy to conclude that the judge and the bond market are right - it is hopeless.
All the baggy letters in the world won't change that.
Yes you got screwed over. But sorry, it's not up to the bond holders to make you whole - they are taking enough of a pounding themselves.
Really sad that people won't accept the truth here. I.e. MATH.
"""institutional shares up in 2 weeks from 7.800.000 to 8.900.000"""
This is the kind of lazy analysis that gets people into trouble.
The only reason it appears the # went up is because Cyrus screwed up their 13F filing for Sept 30 and filed an amendment on Dec 2.
Cyrus gets interest payments in cash.
There is no institutional interest in ANY to speak of. Of your 8.9M number, 7.7M is Cyrus.
There were Gorilla emails too around the same time as the borrow evaporated.
Just a coincidence....
Lots of StockTwits daytrading nuts jumped in too.
These broken go-nowhere penny stocks with puny market caps can bounce around for no reason.
Even companies on bankruptcy have violent moves up and down for no good reason.
Best to stick to the fundamentals.
And IMHO the fundamentals are downright awful...
I don't think Cyrus will want to take their lumps this year though so my guess is we won't see a Chapter 11 or 7 (or other report with debt to equity conversion) until 2017. Which starts in 4 weeks...
All IMHO and speculation only....
Last year ANY put out a press release about patents that were granted and PR'd by Overland YEARS ago. Lol!
I don't mean this in a bad way, but IMHO this is one of the most pathetic "companies" I've ever come across.
But to their credit they keep finding dummies to give them cash, like Opus Bank etc.
I made way more money shorting Opus Bank than I ever did shorting ANY.
All IMHO....
To me it looked like a simple squeeze. As soon as the borrow disappeared it started moving higher (presumably there were recalls out there). As soon as the borrow appeared again it tanked.
Was consistently painted higher at the end of many days as well.
Meeting payroll in a month is concern #1 IMHO. Delisting looks more likely than not now as well.
Maybe back to the venture exchange? Assuming the company survives January that is....
IMHO....
This company isn't worth close to the existing debt IMHO.
Poor Virg is losing it.
I don't think anything has been filed. But SO many of the insider trades on this name are filed weeks, months, and even years late or incorrectly.
And of course many founders, spouses, kids etc don't report at all.
Eg looks like PT never owned a single share. He purported to own 100K shares for years and years, and then just amended his filings to show that these were only options (even though they were included in proxy materials etc.), and his wife owned 400k shares but doesn't have to report.
And so on....
Delusion.
I never said that the docket has "verbiage" that equity is being cancelled (although the judge using the word "hopeless" should be a nice hint for you).
What IS in the docket is enough DATA and INFORMATION to easily CALCULATE that the equity is worthless.
As for the bond market my point is:
A) if equity gets and recovery, by definition ALL of the bonds are paid off IN FULL
B) the senior bonds trade at 3% of par.
Therefore all of the hedge funds, the entire bond market, and all of the distressed debt investors out there that specialize in this stuff are just leaving a 33X opportunity on the table. THATs relevant to the equity.
Lol!
Well, borrow did loosen up today.