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No IDK why thats even surfacing as a rumor. GTAT is in chapter 11. The only "earnings report" we can come close to seeing are the MOR's and those are posted at the end of the money / early next month.
So hypothetically GTAT could post the August MOR today, but most likely in the next few days.
Lots of money to be made if one can predict the final lows for the surviving Companies..
Aka companies not going for chapter 11, companies that whethered the storm of the downturn. This downturn will go well into 2016 it seems.
Hoping to pick up some shares of Seadrill in early 2016 if prices reach 2$-3$. As long as Commodities stay at these levels / continue to tank, most oil drillers / oil comps will continue to fall / hold at low levels.
If you read the emails between Mcglynn (counsel to the Ad Hoc Committee) and Despins, Mcglynn contends also that that if GTAT and Despins are trying to prove that GTAT is hopelessly insolvent, that GTAT and Despins' team would want to give all the information possible to the Ad Hoc Committee, to prove their point.
These documents and interrogatories that are being asked for are what will decide if GTAT has recovery for equity. The answers to the interrogatories, and the information in the documents / contracts produced etc. (and other stuff such as IP value and the 5 year business plan that the Equity Committee requested.)
So why are the Debtors' refraining from giving the Equity Committee all documents and interrogatories?
Mcglynn goes on to say "Otherwise, it might create the impression in some minds that GTAT has something to hide."
IMO The Ad Hoc Committee is in a great position to get the information they need. (AKA Everything they are asking for and more)
?? The Shareholder class get to vote on a plan if there is recovery for shareholders in a POR, not the official committee of shareholders (If applicable)
A committee of shareholders is an extraordinary relief granted to shareholders in the event that A) there will be meaningful recovery to shareholders in a POR, B) Shareholders are no longer represented by any party, C) The # of shareholders must be great, and D) Whether the cost of an additional committee (AKA A shareholders committee) significantly outweighs the concern for adequate representation of the equity holders
At the moment a shareholders committee is not warranted because A) it is not known if there will be recovery for shareholders or not in a POR yet and B) it is not known if shareholders are adequately represented or not
in my opinion? at the moment? A) it is to early to tell how this will play out, and B) IMO Shareholders are represented by management and BOD. This can easily change as the case progresses, C) I can't predict this number right now..220 million shares or so, the number would probably be high though. and D) At the moment I would say factor D would be an unnecessary burden on the estates without much return to equity, due to the fact that I believe management is representing us ATM. (factor B)
So only FACTOR C) is fulfilled right now IMO. We need all 4, but they all intertwine in some way.
Yeah I agree, the valuation is wrong for sure.
Yeah, october 6th. No objection deadline as well.
I feel its because assets are not worth what they say they are on the balance sheet atm. (could be worth more, could be worth less) Restructuring charges are going to keep happening, I mean of course it will flatten eventually.
GTAT (GTATQ) went into bankruptcy with 1.5B in assets and 1.3 in Debt on their balance sheet, and now their most updated balance sheet shows 8.7 in Assets and 1.1 in Debt.
GTATs assets have not changed aka not much as been sold, cash has fallen 45 million since the filing, etc. The major reason why now GTAT balance sheet states that Stockholders equity is negative 310 mil now is because of restructuring charges and write downs of assets. Cash has fallen 45 mil, inventory has not been sold in bulk, most revenue is backlogged atm, yet balance sheet shows a huge -310 million? Just some writedowns for the balance sheet. This -310 mil could be +100 mil in a blink of an eye if inventory is sold / Sapphire is in demand.
Same for ANR, write downs will fluctuate according to coal outlook.
ANR is not done writing down assets during this downturn in coal outlook imo. Hoping that the final real value of our assets at the POR exceeds that of the debt..POR Won't be for a while however. This is going to be a long BK.
Shoulda sold for profit around .58-.63 like me and bought back in around .48! Come on dawg!
Hehe you saw the fake article also? The only "earnings" report we will see is the MOR which comes around the end of the month / beginning of next month,
and that will look the same as the past MOR's
Who is "they"? I'm talking about price negotiation for the law firm to file the suit to compel a shareholders meeting.
If your talking about the board, shareholders can't authorize any money / value / shares to them during CH.11. Even firing BOD's is a power that is limited in BK.
Check out the John mansville case about shareholders and this situation, very informative.
http://business-finance-restructuring.weil.com/throwback-thursday/absent-clear-abuse-shareholders-continue-to-control-company-during-chapter-11-case/
This article could very well be extremely relevant in the coming weeks ^ "absent clear abuse" is very important..
Here is also a tidbit about filing the suit itself and how the automatic stay of Bk does not apply.
http://www.bayardlaw.com/legal/bankruptcy-court-finds-action-to-compel-annual-shareholder-meeting-not-barred-by-automatic-stay
Yeah solid point, preparations can still begin aka contacting the right law firm + negotiating the price.
This is not a "donation" this is calling on shareholders who want to file a suit to compel a shareholders meeting. One person could do it, 2 people (like mike wilingham did in wmih), 3 people, or 100.
Attorneys have fees. This is not a donation.
and again, no one should be giving cash to anyone but the attorneys who have agreed to file this suit in Delaware, and at the agreed fair / reasonable price. Law firms can hold cash in escrow / trust accounts. If the desired / negotiated cash is not reached, the cash is returned..
This is not a donation, just stop.
Ok I'll rephrase, I would rather give the cash directly to attorneys, who CAN hold money into their trust accounts for situations like this. Once their work is done they take they get paid through the trust account which was negotiated before hand.
I think the way to go with this is to have the attorneys filing / representing us for this suit take the money, and that price will be negotiated. I wouldn't give my 1k to a third party website AND without knowing the actual cost to get this going.
The intial POR will be a major disappointment at this rate. Of course it can / most likely will be amended over the course of the BK.
Every coal company is writing off assets, check the other companies 10-q's. Also, I assume this will be a majority of the write off, came just as chapter 11 began. I dunno we will see in the next MOR. Maybe there will be a pattern, etc..
At the moment, it does not look like management or the board have given up on equity. This BK was coming sooner or later, just like it will come for the few remaining listed companies (Peabody and Arch)
The fact that Alpha declared BK preemptively is a sign that they are trying to maximize value while restructuring debt. Ch.11 has many advantages for a Debtor.
Check out the buy / sells from management in the past 12 months. (obviously they can't buy in BK, so this is before August3rd)
# of Shares Bought 3,674,362
# of Shares Sold 212,805
It is to early to tell if the shareholders are forsaken. There will be a Shareholders Meeting in 2016, shareholders can raise valid points there and band together to maybe even form an Equity Committee with legal representation for all shareholders in this BK case. Who knows, we might need it.
Again, to early to tell.
Something interesting about the Monthly operating report, coal revenues for August 3-August 31 were $264,636,000, while Q2 results showed total revenue of $674,068,000. That is 224,000,000 Or so a per Q2 months. Revenue is up a bit for the month of August.
Cost of coal sales is still about on par with revenue however, which is due to the fact that coal margins are depressed by huge percentages atm
Alpha has a strong footing in coal, just like most major listed Coal companies. We just need an improved coal outlook..
Yep, only a matter of time for Peabody and Arch... I am planning to jump into ANR in the next few weeks. I think the potential is big.
Another thing is the fact that Alpha is in BK. That alone gives it a bad vibe.
HOWEVER, ALPHA declared ch.11 preemptively and has amazing liquidity atm. over 1 billion of cash equivalents if you include the DIP loan. Companies like Arch and Peabody are going to be in chapter 11 in 2016, count on it.
So yeah. Alpha might take a beating now, maybe even more then the other coal companies who have not declared ch.11 (but are in talks to restructure their massive debt..) but will be amazing if coal rebounds.
Assets = 9,897,615
Liabilities = 8,133,454
Stockholders Equity = 1.7 Billion yes, was 2.7 Billion I believe August 3rd.
If you look at the income statement, there is a 600 million loss from "reorganization items"
Hehe Yeah, I fixed it in the Original Message.
Alpha's monthly operating report of August,
http://www.kccllc.net/alpharestructuring/document/1533896150924000000000008
600 mil loss from reorganization items. Must be all from writedowns I assume? anyone have any idea?
EDIT: Posted the wrong document earlier, the correct one is up.
Assets won't be that high since coal is impacted heavily and Alpha is in BK. HOWEVER, they have a great amount of Current Assets that are valued at 95-100% of the balance sheet value. approx 1.7 billion current assets. Its incredible how few BK companies enter BK with such a high amount of Current AND liquid assets compared to its Debt that Alpha currently enjoys...
The bulk of ANR's Assets are its Owned and leased mineral rights and land, which might not fetch for the 6.6 billion the 10-Q values it at in a final POR.
However if ANR shareholders walk away with a measly 220 Mil equity in a POR instead of the 2.6 billion in shareholders Equity per the most recent 10-q, that is still a price of $1 per share. IMO 1$ per share is the low end, and 11$ per share is the high end.
Still early to tell but a coal improvement in the next year can see that high end be more likely, and if things stay stagnant then the lower end is more likely....
Essentially low end would mean Assets = Liabilities roughly, and high end = Assets > Liabilities by 2.6 bil
EOD dump dawg? Not again!
Couldn't find any info on that
Guba.com.cn, 300433 SZ board. (Lens stock ticker.) under the tab "news " find the news by lens called "investor relations." Mainly the ones in June and July and you will see lens talking about when it entered the sapphire market, what KG furnaces it has and what it is working on. 120 is their highest right now with 160kg in the works.
Gotta use google translate from the get go though
Lens has their own furnaces tho. 120kg And lower, and "working" on a 160kg furnace
Couldn't tell you, depends on if lens was a past customer of GTAT products. Since the "customer" was/is an existing customer. My gut tells me the "customer" was/ is not lens tho .
Lens' PDF regarding the non-public offering, Announcement date "9/18"
Blue Synopsys Co., Ltd. ( hereinafter referred to as the "Company " ) received the China Securities Regulatory recently " China Securities Regulatory Commission administrative licensing items (hereinafter referred to as" China Securities Regulatory Commission " ) issued a review of feedback " [ No. ] 152 168 Notice opinions. Limited " Blue Synopsys shares of China Securities Regulatory Commission submitted the law to the company Non-public offering of shares ( GEM ) application documents " were reviewed , requiring the company to make on the issue The written description and interpretation , and to submit a written reply to the China Securities Regulatory Commission administrative licensing examination department within 30 days Comments. Companies and agencies will follow the requirements of such notice within the prescribed period to prepare and submit written Reply comments , and timely implementation of information disclosure obligations according to the progress of China Securities Regulatory Commission for approval of the matter . This non- public offering of stock issues still need to obtain the approval of China Securities Regulatory Commission , there are still uncertainties , Please the majority of investors to pay attention to risk . Notice is hereby given
http://pdf.dfcfw.com/pdf/H2_AN201509170010821750_01.pdf
Looks like there is some progress on the non-public offering to finance its Sapphire + 3d curved production.
Looks like Lens' shareholder meeting is the 29th,
Here is a PDF of the shareholder meeting info.
https://translate.googleusercontent.com/translate_c?depth=1&hl=en&prev=search&rurl=translate.google.com&sl=zh-CN&u=http://pdf.dfcfw.com/pdf/H2_AN201509230010873071_01.pdf&usg=ALkJrhhxowjezZRbe2zKUip5Um3jFDwHnA
Found another source of this news and here is that translation,
"Panorama News Network on interactive platform that the company 3D curved glass and sapphire products have been verified by the customer realized quantities.
Company 3D curved glass and sapphire products have been verified by the customer, to achieve a bulk supplier"
Is it really press release worthy? The company is going to continue to burn cash for at least the next 6 months - 1 year if coal outlook does not improve.
let them do their thing for a bit, this will run HARD if coal prices improve. Expect Alpha to be in BK for a long time.
Approval already came through.
https://www.kccllc.net/alpharestructuring/document/1533896150917000000000003
Some news coming from Lens regarding sapphire, the translation is bad once again. Basically,
"Panorama News Network September 23 hearing Wednesday Blue Synopsys ( 300433 ) panoramic Online said the company has passed the drop test sapphire shield and client authentication , relevant indicators have reached the customer's requirements.
Blue Synopsys main business is the development of protective glass windows , production and sales. (Panorama Network )"
http://finance.sina.cn/stock/jdts/2015-09-23/detail-ifxhytxr4147221.d.html
This was posted Wednesday 9/23 (China time)
The longer they can stay under bankruptcy protection the better chances equity has.
Why not 0.06 again? fundamentally nothing has changed right?
EOD dump run for your lives! Dawg run!!!! See I can talk about tickers also
Yes to Pre-BK stock compensation, and yes to that program still continuing in ch.11
"Share-based compensation is recorded in the third month of each fiscal quarter"