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STOCKHOLDERS!!!!! I Think That's Us!!!!
Hey Ray what's this countdown?
I thought this was an easy whatever bagger from .0017...what happened? Did someone sell so he could jump on something else? Looks like it went down...so sad...I bet it goes down even more today most likely because it's missing a few things, like a real product and customers. Wait, are you a customer? Have you actually booted one of these games into your windows 95 system? Is it totally awesome? Wow some of these Windows 95 based games, they make Atari look like Stone Age systems. Is it out on floppy or do I need a cd rom drive...I'm thinking of installing one, I have the port for it, they're like 139 to install but they are really nice to have if you're into games, I'm thinking of putting in a new sound card too maybe you can come over and we'll play games and order pizza? Hey I can do this all day long, and so can others, your choice
Oh yeah I forgot IEDs, my first 6 months back home I used to look for them walking back home from the bar on Sundays after NFL games, but I'm over that now
Relax. First there is the hearing which looks like a slam dunk. Second, the real action won't take hold until the major news outlets report the story, and because it is Seinfeld, a NYC based GREATEST SIT COM HIT OF ALL TIME, it will be celebrated/reported. If you're nervous sell half your shares at .06 and see what the rest do, just don't blame me when you look back and tell yourself, "if I only followed all the way through, I could buy this or that or maybe I'd have the cushion to do something else (if you don't like your job. 7/10 Americans fall into this category, so you just might be in that statistic). My advice is do what you're comfortable with. To me this is only money. I've faced machine guns, mortars, rockets and land mines. I have no worries over something like this.
Because the CREDITORS are going to probably get 10 percent, that's how they get their money back
Full Article from Jlee
BTW, I went down to make a 10k deposit, and the guy asked if I was going to make a trade for a company under .01, and he helped me get the funds in ASAP instead of the normal 3 day hold for a check.
Full Article:
"A hearing on the revised sale is scheduled for 10 a.m. Thursday before Judge Silverstein in Wilmington."
Law360, Wilmington (September 5, 2017, 5:00 PM EDT) -- Bankrupt soup purveyor The Original Soupman Inc. on Tuesday made a second attempt to secure court approval for a plan to sell assets in its Chapter 11 case, saying it will provide new information to allay an objection over the company's board not having signed off on the deal.
In an emergency motion seeking permission to reopen the evidentiary record concerning the proposed sale, Soupman said it has been in discussions with its debtor-in-possession lenders and creditor Hillair Capital Investments LP since the court declined to approve its original sale motion over concerns about the fairness of the process and its corporate authority to approve the deal.
At last week's hearing, the company's chief restructuring officer said Soupman's board had not met to discuss the transaction.
The debtor said it has additional evidence to submit to the court to bolster its second attempt at gaining approval for the proposed sale to Gallant Brands Inc., an affiliate of shareholder WealthColony Management Group LLC, which until recently had an adversarial relationship with the debtor.
“The debtors believe that all parties are currently in agreement with the terms of a consensual asset sale,” the motion said. “As such, the debtors have scheduled a meeting of the debtors’ board of directors for Wednesday … to discuss the approval of the revised terms of the sale.”
One of the issues raised by Hillair during last week’s sale hearing, and mentioned by U.S. Bankruptcy Judge Laurie Selber Silverstein in her decision not to approve the sale, was the fact that Soupman’s board had not voted to approve that proposed sale and so there was allegedly no corporate authority to enter into the deal with Gallant Brands.
During a break in the hearing, but after the evidentiary record had been closed, the company’s two-person board convened a meeting via telephone to approve the terms of the proposed sale. Soupman will be holding a board meeting Wednesday, the day before a hearing on the revised sale, so the directors can approve the new deal.
This new information will require the record to be reopened for the Thursday hearing, at which the court will again consider the transaction.
“Accordingly, the debtors desire to go forward with the sale motion and put on additional evidence in order to address the bankruptcy court’s concerns and seek approval of the relief requested in the sale motion,” Soupman’s emergency motion said.
Representatives for Soupman, Hillair and Gallant Brands did not immediately respond Tuesday to requests for comment.
The Original Soupman filed for Chapter 11 protection in June along with two subsidiaries listing more than $10 million in debt and hoping to complete a sale as quickly as possible to keep the company running as a going-concern.
The New York-based company licenses and sells soup from the chef Al Yeganeh's recipes. Yeganeh owns the Manhattan restaurant Soup Kitchen International, and his brusque demeanor was the inspiration behind the "Soup Nazi" character on the long-running 1990s NBC sitcom "Seinfeld" who had strict ordering protocols and would often turn customers away by yelling, "No soup for you!" if the rules were breached.
Shareholder WealthColony had presented the company with a restrcturing proposal prior to its bankruptcy filing that Soupman rejected because it would have allegedly constituted a fraudulent transfer of the company’s assets. Subsequently, WealthColony began a campaign to acquire written consents from a majority of shareholders to replace the board.
It switched gears last month and instead put in a bid for Soupman’s assets of about $2 million, through subsidiary Gallant Brands, that topped the stalking horse bid of the debtor's DIP lenders. Judge Silverstein declined to approve a sale order for that deal citing concerns about the fairness of the sale process and murkiness about the corporate authority of Soupman to close the deal.
A hearing on the revised sale is scheduled for 10 a.m. Thursday before Judge Silverstein in Wilmington.
The debtor is represented by Christopher A. Ward and Jeremy R. Johnson of Polsinelli PC.
WealthColony and Gallant Brands are represented by Colin R. Robinson of Pachulski Stang Ziehl & Jones LLP and Philip D. Forlenza and Donald F. Campbell Jr. of Giordano Halleran & Ciesla.
Hillair is represented by Robert S. Brady of Young Conaway Stargatt & Taylor LLP.
The case is In re: Original Soupman Inc. et al., case number 1:17-bk-11313, in the U.S. Bankruptcy Court for the District of Delaware.
might have to jump back in :)
Scottrade has local offices and they allow every type of trade that you can imagine.
Here you go man, someone else posted full article, it's very good
https://www.law360.com/articles/960562/soupman-says-it-has-resolved-objection-to-ch-11-sale
Also there are pacer docs on google drive
BTW I'm up here in Northern FL, hotels are packed with So FL people, if it heads up here it could get crazy.
Everyone needs to watch the Seinfeld episode when Jerry and George each invest in the same stock. It starts to tank and Jerry ends up selling, while George ends up making a boat load of money. It's very fitting for what has happened over the last week.
https://en.wikipedia.org/wiki/The_Stock_Tip
Or .30 on Monday, traders choice here, kind of like a fielders choice in baseball.
An agreement to pull it out of BK with creditors being satisfied to the tune of 10 mil speaks volumes, especially when the winning bid for assets is 2 mil.
That alone is great, but the PR is what will really set this off. Any story about coming out of BK with Seinfeld remotely associated with it, takes this thing to another level.
I have to disagree with you there. Ones outside of Ihub are more likely to be long term holders. Ihubers are hard to predict. They can turn on a dime. IMO sellers here are Ihubers with short attention spans, etc
Ur funny Doc, I love it!!!
.50 coming!!!!!
That was then this is now. Do I need to explain how stocks work based on conditions and projections? Want back in? Pay me one dollar. LOL
Anyone remember Pokémon Go? Where'd it go? LMAO It gave Nintendo a nice 2 day pps bump, but Nintendo is a real company with real customers and a real product, it's not run by some gamer boy living in Moms basement.
It's looking good,like they decided to go win-win-win on this one.
Thanks for the full article, here's a part that I found really interesting:
The debtor said it has additional evidence to submit to the court to bolster its second attempt at gaining approval for the proposed sale to Gallant Brands Inc., an affiliate of shareholder WealthColony Management Group LLC, which until recently had an adversarial relationship with the debtor.
My take is that they no longer have an adversarial relationship, which causes me to think that this will result in some type of situation where the commons stay intact, old management may still hold shares but not have a controlling interest in the company.
BREAKING NEWS....again
Soupman Says It Has Resolved Objection To Ch. 11 Sale
By Vince Sullivan
Law360, Wilmington (September 5, 2017, 5:00 PM EDT) -- Bankrupt soup purveyor The Original Soupman Inc. on Tuesday made a second attempt to secure court approval for a plan to sell assets in its Chapter 11 case, saying it will provide new information to allay an objection over the company's board not having signed off on the deal.
In an emergency motion seeking permission to reopen the evidentiary record concerning the proposed sale, Soupman said it has been in discussions with its debtor-in-possession lenders and creditor Hillair Capital Investments LP since the court declined to...
https://www.law360.com/articles/960562/soupman-says-it-has-resolved-objection-to-ch-11-sale
I'm encouraged by the level of cooperation that seems to be now taking place here. You rarely see a case where a major creditor (in the hole for about 10 million) is ok with a Chapter 11 asset purchase for far less than what is owed. This is the main reason why I think there is something big going on here.
Approval appears to be imminent. IMO this brand still has plenty of room to grow. The last time I checked, Seinfeld (The re-runs, not the man himself) generates revenues in the billions. The bottom line is people love Seinfeld, and they love this soup. Price point has been an issue, and I believe WC will solve that problem. I don't think they can just buy SOUPQ then flip it immediately. There is some work to be done before anything like that happens and I believe all parties involved recognize it. Original Soupman seems like a perfect fit for a store like Whole Foods, and coincidentally, Amazon (who carries the product) just bought out Whole Foods. However, Amazon has just dramatically slashed prices in its Whole Foods stores, so at the moment, I don't see Soupman making it on the shelf until the price problem is solved, but I really think that it can be done. The company seemed to be very top heavy with ineffective management, and gutting out the dead weight in that area, along with moving the manufacturing to a tax-friendly state could do wonders to increase revenues, and it wouldn't take long to get these simple things accomplished.
I did a stupid thing and that's why I'm here. I'm not sure if anyone outside of here can see my posts? Does anyone know if they can?
NEWS DROPS TOMORROW: HERE'S WHY: The bids today were too strong to be just ihub money coming in here today. I think word spread throughout the in-the-know financial community and they wanted in on the action at a price they could make a killling on. THIS HAS ZERO to do with IHUB even though lots of traders here would like to think that it is. AND BEFORE ANYONE CALLS "CONSPIRACY THEORY" ON THIS RELAXIt is not a conspiracy theory. NOR DOES IT INVOLVE INSIDER TRADING. Word got out plain and simple, it happens all the time over casual conversation in bars (nothing illegal about it, there's public info already out there). Last night there was a delay that got PR'd over law360. These things happen. So the delay PR'd by the legal website dropped the price to a point that made it very attractive. Traders were ready and scooped up the 2s, then vultures came in at the end of the day and shook out some very unfortunate souls that are new to this who gave away ones in panic mode. I'm betting that real news drops sometime tomorrow morning and everyone who sold today will be either chasing or very sorry.
GUYS I SAW A 1.1 MIL SHARE BID AT .0187...seriously, that is not your average every day Ihub player. No one would bet 20k without knowing something
I sort of understand his sentiment, but it is far more than a vanity project. Sure it's nice to be able to brag that you saved the SOUP from Seinfeld, BUT THERE IS BIG TIME MONEY to be made here and we all know it. There's been a delay in the proceedings and that gave the vultures a chance to pounce. It is only a delay. WEALTH COLONY has spent too much time and money to not complete the deal at this point.
AND BTW WE ARE TALKIN' NYC HERE PEOPLE!!!! DAMN RIGHT THERE IS SOMETHING TO HAVING BRAGIN' RIGHTS...These guys are on a mission to make money plus have a little something to brag about....fuh gid aboud it
WC owns the same stock as we do. What you are failing to understand with your simplistic car analogy is that the assets will not be valuable without the stock, and that's why they bought the stock in the first place. See? You have to understand that SOUP is a highly visible public brand and that it runs in the public domain. The stock is just as much a part of its essential components as everything else it comes with, and after WC pulls it out of bk, it will become much more valuable than it its right now. And you are using the analogy of a new car. SOUP is not a new car, it is a car that needs some work, the assets inside it, like the engine and tranny have to be gutted and replaced with new components, therefore it is not really the assets they want at all. They want the frame and body, which in this case is everything else but the physical assets. I hope this helps you straighten things out in your confused mind.
Probably spelling it out in PLAIN CLEAR ENGLISH that the stockholders will be compensated fairly, meaning we get to keep our stock in SOUP as it remains public.
That 1.1 million share bid at .0187 tells you everything you need to know here.
MASSIVE BID, NEWS ABOUT TO BREAK!!!!
THAT'S YESTERDAY'S REPORT
People who just got burned by giving away their shares may want to file a class action lawsuit against the creator of that fake news article.
Thanks Zues, well I expect that we'll probably be taking some more incoming fire before this is all over...all we can do now is stick with our DD. Wherever there is money to be made, there are those that will try and get a bigger piece of it at the expense of others. Sad fact.
Hey Zeus, the really great thing is the court used the word
stockholdersTHIS IS GOING TO BE A STOCK THAT EVERYONE WILL REMEMBER FOR THE REST OF THEIR LIVES
That is an excellent and concise analysis! People need to really think about that. Shares were scooped yesterday, and I hope the majority were not sold by people who bought in the 5s, because then it's basically legitimized theft.
BTW EVERYONE: That Law 360 blog uses that modern teaser format to get you to read part of it then forces you to buy it if you want to read the rest. (Think they may have known this one was going to get a lot of hits?) THE SALE DID GO THROUGH, THE ARTICLE WAS POSTED BEFORE COURT APPROVAL, and it was posted in a teaser format to increase sales on its website.
You would not lose anything. Every ticker has a numeric identifier that you do not see. So if a company wants to change its symbol, then the symbol will change but the numeric identifier will remain the same, meaning you keep what you have unless you decide to sell it.
All assets will remain on the same property maintained by SOUP. Employees and their benefits and retirement and stock plans will also remain. The only difference is that now Gallant, a wholly owned subsidiaryof WC will take over management of the operation. WC is not in the business of running operations. It is in the business of managing a hedge fund. THE TICKER is still alive and they bought 51 percent of it as we all know. The other 49 percent belongs to members of the public, as well as employees of SOUP(Q). IF, and this is a big IF, they decide to take the company private, then it is a lengthy process. It can not happen over night. "New Co"/Gallant, was necessary in order to purge SOUP entirely of it's old management and operational systems which have been a failure. In this way they can maintain control of the new company without being directly involved in it's operations or co-mingling it with the other pieces of Wealth Colony itself. I know you may ask, "Well, why not just say they own SOUP and fire the old managers?" It's a legitimate question, and I have an answer: It is just plain easier organizationally to start fresh. Gallant has everything ready to go, and it clears out what remains of the bad management. Also, at some point, if and when WC decides to sell Gallant/SOUP, it is now a much easier thing to accomplish. Staying public increases its value and public relations. I see no reason why it would not remain that way. This is all IMO
Same thing happened to me.
I think half the traders here do zero reading. All they have to do is look at the fact that the employees and their benefits have been taken into consideration and will be protected, including their 401ks, which I'm guessing have some company stock in them. Would not be surprised if many of them have lots of shares. NOT ONLY THAT WC itself has 83 million + shares, but it doesn't stop the speculation and worry. I believe we are golden here.