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Form 8-K for MOTRICITY INC
5-Jan-2012
Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement.
On December 31, 2011, Motricity, Inc. (the "Company"), through two of its subsidiaries, mCore International, Inc. ("mCore") and PT Motricity Indonesia ("Motricity Indonesia"), agreed to terminate its relationship with PT XL Axiata Tbk ("XL," and together with mCore and Motricity Indonesia, the "Parties"). The termination followed negotiations relating to the continued business relationship among the Parties and XL's indication that it wished to exit its relationship with the Company, as a result of among other things changes in XL's business and strategy and XL's re-evaluation of the economic viability of the contractual relationship. The Parties terminated several agreements pursuant to which the Company provided XL with mobile data and related services in Indonesia. The terminated agreements include (i) the Software License and Maintenance Agreement dated March 18, 2010, by and among mCore and XL ("License Agreement"), (ii) the System Supply Integration and Managed Services Agreement dated August 31, 2010 by and among XL and Motricity Indonesia (the "SSIA Agreement"), (iii) the Hosting Agreement dated June 1, 2011 by and among XL and Motricity Indonesia (the "Hosting Agreement") and (iv) the Master Services Agreement dated June 1, 2011 by and among XL and Motricity Indonesia (the "E&C Agreement" and together with the License Agreement, the SSIA Agreement and the Hosting Agreement, the "XL Agreements"). The License Agreement and the SSIA Agreement were terminated effective December 31, 2011 and the Hosting Agreement and the E&C Agreement are being terminated effective February 29, 2012. Following the termination, the Company is reviewing its agreements with other carrier customers in Asia and re-evaluating its operations in the region. In 2010 and the first nine months of 2011, XL accounted for 13% and 11%, respectively, of the revenue to the Company.
The Company and XL agreed that the Company is entitled to receive its contractual revenue share through December 31, 2012. In addition the Company will receive a cash payment from XL to compensate the Company for software license fees that would otherwise have been due under the XL Agreements. All other payments that would otherwise have been due under the XL Agreements have been waived by both Parties resulting in a net benefit for the Company. No material relationship exists between the Company or its affiliates and XL except in connection with the XL Agreements.
now's your chance
and it was ! I'm up 300% in one day.
Feb 5 calls .30/.35
01/05/12 8-K
http://www.sec.gov/Archives/edgar/data/1003201/000114420412000576/v244663_8k.htm
This will result in an $8,276,500 increase in common shareholder equity over the remaining life of the Securities. In addition, because the reduction in principal from the purchase exceeds the increase to principal from the foregone interest, the Company will accrue and pay significantly less interest expense over the remaining life of the Securities.
bid support has really thickened.
Macquarie seems confident the deal will
be positive for shareholders.
i like this here.
- KDKN owns 56.4% of COUGF.
- KDKN book value .147/sh
- both have seen price declines due to cash raising efforts.
KDKN's last cash raising effort:During the nine months ended September 30, 2011, the Company, received $1,380,000, net of costs, in connection with the sale of 10,000,000 shares of the Company’s common stock. (.138/sh) - o/s as of 9/30/11 129m.
has revs. has properties in development.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8239595
probably so. subscription shares terms to be announced
and support of Brett Icahn.
ANO: 1,000,000 share block buy @ .40
http://www.nasdaq.com/symbol/ano/time-sales
11:12:58 $ .40 1,000,000
1,000,000 share block buy @ .40
http://www.nasdaq.com/symbol/ano/time-sales
11:12:58 $ .40 1,000,000
co is due to announce a long anticipated deal
with Anglo-American, news will be off-hours
10x avg vol
Affiliate of The Broe Group buys land from Kodak
http://www.denverpost.com/breakingnews/ci_19663864
Avalon is still a long time away from revenues.
The feasibility study for construction of full
mining operations (which they need for a loan to finance
the mine) won't be completed until later 2012.
So, it's primarily a play on RE asset values, until
later next year. At first I liked its chances for an
early rebound in January, which may still occur, albeit
with limited upside, now that RE values are not expected
to rise much.
I've decided to allocate that part of my strategy which is
dedicated to precious metals and rare earths over to the
platinum side instead. Although there are certainly some
values in gold and silver, I think platinum has the most
potential than all of them, especially now being one of
those rare times that it's spotting less than gold.
The best low-priced revenue-producing platinum plays
I know of are Anooraq (ANO) and Prophecy (PNIKF).
Prophecy Coal (PRPCF) is also interesting,
and owns 42% of Prophecy Platinum. Still, I went with
Anooraq because they just got upgraded by Macquarie
to outperform, as their restructuring with Amplats
is expected to monetize some of their massive 100mm
ounces in-ground reserves.
bad news from China today, not upgrading their projected
need for rare metals in 2012.
I thought it was interesting that Macquarie and Zacks
(especially Macquarie) upgraded ANO going into the
restructuring. The continuous company statements to
"excercise caution when dealing with your Anooraq Resources
securities" could be interpreted either way, I suppose.
It's probably worth a shot here at .40.
Whatever happens, they do have the 3rd largest platinum
mine in the world.
http://localizedusa.com/2011/12/22/anooraq-resources-ano-shares-upgraded-to-a-outperform-rating-by-macquarie-analysts/
grabbed stock today, like the news on President
and gelatin subsidiary sale.
grabbed Feb & April 2 strike calls
grabbed Jan 2 calls.
i was serious. go to otcmarkets.com and see
for yourself.
Sherman Oaks headquarters ?
that's shady.
Suite number office ?
shadezzz
995,000,000 shares of common stock authorized
(iii) 991,837,072 shares of common stock issued and outstanding
gettin dark here
No SEC Filings.
just my 2 cents
Omega Navigation scores Chapter 11 victory over HSH Nordbank
Tuesday 20 December 2011, 10:35
by Rajesh Joshi
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Outrage after judge accuses German lender of ‘reckless disregard for truth’
OMEGA Navigation Enterprises has scored a landmark victory in its Chapter 11 battle against senior lender HSH Nordbank in Houston, setting an extraordinary precedent for other
foreign shipping companies seeking refuge from unpaid banks through the US bankruptcy courts.
Judge Karen Brown has ordered HSH to show why it and its law firm White & Case should not face sanctions for “reckless disregard for truth and an intentional strategy to impede
and delay” the case.
The court has given Greece-based Omega until May 31, 2012 to present a reorganisation plan. Judge Brown rejected the bank’s attempt to convert the case to a Chapter 7
liquidation or to lift the automatic Chapter 11 stay.
Sources told Lloyd’s List the judge disposed of matters within 15 minutes of arriving at the Monday afternoon hearing.
“Rarely have we seen such judicial ire,” said one senior lawyer.
“I would not want to be at the receiving end of that,” said another.
Other off-the-record reactions used more colourful language.
The judge’s decision came after HSH sent a letter to Omega directors threatening to sue them for breach of fiduciary duty. She ruled against the bank in this regard, scheduling a
hearing in January to impose sanctions against HSH.
These sanctions will be distinct from the Omega case, possibly with a separate hearing.
HSH supporters are particularly concerned about Judge Brown’s threat to punish the bank with “equitable subordination”, which could jeopardise its voting rights in a reorganisation
and its position as a senior lender.
“This is at the extreme end of the range of unintended consequences,” said Blank Rome partner and bankruptcy specialist Jeremy Harwood.
The development attracted interest from players not usually concerned with corporate workouts.
Port Arthur, Texas-based Sinclair Oubre, president of seafarer-welfare body the Apostleship of the Sea, said: “It is ironic that a Greek shipowner has established status in a US
federal court, while foreign seafarers are routinely considered ineligible for such protection.”
The judge raised the possibility that if HSH’s existing counsel was sanctioned, the bank might need “other counsel to avoid conflict of interest”.
Judge Brown rejected all HSH’s allegations, saying they were not supported by evidence.
The bank had argued that the case was brought in bad faith, based on Omega’s alleged administrative insolvency. It also alleged impropriety involving a Glencore joint venture and
Omega’s relationship with hedge fund Delos.
However, some legal experts argued that Judge Brown “ignored the facts presented to her” and “was wrong”.
Blank Rome’s Mr Harwood said: “Most importantly this present issue distracts from showing whether the case should be dismissed and that collateral is deteriorating, which the
judge correctly said were ‘very important’ questions before her.”
The judge’s observations that HSH efforts to conduct marine surveys on Omega’s ships were not ordinary practice elicited some debate.
Lloyd’s List has unearthed a chapter on International Maritime Workouts, written by Holland & Knight partners Lennard Rambusch and Jovi Tenev, in the 2008 legal treatise
Business Workouts Manual. The chapter states that vessel inspections by surveyors are both normal and recommended lender practice in maritime workouts.
Omega counsel Evan Flaschen of Bracewell & Giuliani said his client was still open to a compromise. He hoped that HSH Nordbank would submit to Judge Brown’s suggestion of mediation.
Article from Lloyd's List
http://www.lloydslist.com/ll/sector/tankers/article387130.ece
Published: Tuesday 20 December 2011
© 2010 Informa plc. All rights Reserved. Lloyd's is the registered trademark of the Society incorporated by the Lloyd's Act 1871 by the name of Lloyd's
http://react.bracewellgiuliani.com/reaction/announcements/OmegaNavigationScoresChapter11Victory.pdf
Omega Navigation Enterprises Defeats Lender Motions
Senior Lenders' Motions to Dismiss, or Convert and to Obtain Relief From the Automatic Stay All Denied; Court Rejects All Allegations of Bad Faith; Omega to Continue to Operate in the Ordinary Course of Business
HOUSTON, TX--(Marketwire -12/21/11)- Omega Navigation Enterprises Inc. (Pinksheets: ONAVQ.PK - News) announced today that, in connection with its Chapter 11 proceedings in Houston, Texas, the Court has denied the motion from the Senior Lenders to dismiss or convert the Chapter 11 cases and the separate motion for relief from the automatic stay granted in Chapter 11 proceedings. This favorable decision will enable Omega to formulate a reorganization plan for emergence from Chapter 11.
The Court also entered a separate order criticizing the Senior Lenders for alleging that Omega had acted in bad faith, finding that the evidence was clear that Omega had acted in good faith with respect to each of the allegations.
Omega, while under the protection of the Court has:
The right to continue to operate and pay all operating expenses in the ordinary course
The right to continue to pay employees and crew in the ordinary course
The right to continue all cash management procedures in the ordinary course
The right to continue to maintain all insurance in the ordinary course
Omega continues to generate sufficient cash for operations and will continue to honor all of its charter obligations during the pendency of the court protection. Omega believes the Chapter 11 reorganization process will help the Company facilitate a restructuring of its balance sheet and is working towards exiting Chapter 11 as a financially stronger entity that will be positioned to enjoy future growth based on the strength of its existing modern fleet of product tanker vessels.
Additional information and a list of frequently asked questions and answers relating to the reorganization process and procedures is posted on our website www.omeganavigation.com.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these forward-looking statements by the use of words such as "expect," "believe," "planning," "possibility," "opportunity," "goal," "will," "may," "intend," "anticipates," "working toward" and other words of similar meaning. One can also identify them by the fact that they do not relate strictly to historical or current facts. These statements are subject to risks and uncertainties that could cause actual results and plans to differ materially from those included in the Company's forward-looking statements.
These risks and uncertainties include but are not limited to (i) the ability of the Company to continue as a going concern, (ii) the Company's ability to obtain Court approval with respect to motions in the Chapter 11 cases, (iii) the ability of the Company and its subsidiaries to prosecute, develop and consummate one or more plans of reorganization with respect to the Chapter 11 cases, (iv) the effects of the Company's Chapter 11 filing on the Company and the interests of various creditors, equity holders and other constituents, (v) Court rulings in the Chapter 11 cases and the outcome of the cases in general, (vi) the length of time the Company will operate under the Chapter 11 cases, (vii) risks associated with third party motions in the Chapter 11 cases, which may interfere with the Company's ability to develop and consummate one or more plans of reorganization once such plans are developed, (viii) the potential adverse effects of the Chapter 11 proceedings on the Company's liquidity or results of operations, (ix) the ability to execute the Company's business and restructuring plan, (x) increased legal costs related to the Company's Chapter 11 filing and other litigation, and (xi) the Company's ability to maintain contracts that are critical to its operation, to obtain and maintain normal terms with its vendors, landlords and service providers and to retain key employees. In the event that the risks disclosed in the Company's public filings and those discussed above cause results to differ materially from those expressed in the Company's forward-looking statements, the Company's business, financial condition, results of operations or liquidity, and the interests of creditors, equity holders and other constituents, could be materially adversely affected.
Contact:
Company
Gregory A. McGrath
Chief Financial Officer
Omega Navigation Enterprises, Inc.
PO Box 272
Convent Station, NJ 07961
Tel. (551) 580-0532
E-mail: gmcgrath@omeganavigation.com
www.omeganavigation.com
Investor Relations / Financial Media:
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, NY 10169
Tel. (212) 661-7566
E-mail: omeganavigation@capitallink.com
Empire Resorts and Entertainment Properties Trust Announce Concord Resort Development Milestone
Empire Resorts, Inc. (NASDAQ-GM: NYNYD) ("Empire") and Entertainment Properties Trust (NYSE:EPR) (“EPR”) today announced that subsidiaries of the companies have finalized terms of an option agreement, whereby Empire’s subsidiary, Monticello Raceway Management, Inc. (”MRMI”) has the right to lease a parcel of land owned by EPR’s subsidiary, EPT Concord, II, LLC (“EPT Concord”) for future development of a new regional destination casino resort, hotel and harness racetrack at the site of the former Concord Resort. MRMI has made a payment in the amount of $750,000 to EPT Concord in consideration for the granting of this option.
The option agreement defines the land parcel to be leased by MRMI and the economic terms of the lease, which the parties expect to execute after site plan approvals are obtained from local authorities and other conditions are met in the summer of 2012. The proposed development is a central component of a comprehensive master plan which is being developed by Hart Howerton as Master Planner for the development. The larger project is expected to include the casino resort, hotel and racetrack, as well as a golf course, specialty lodging, complementary retail, and other entertainment and recreational uses, along with new residential communities.
A Master Development Agreement will be finalized during the first half of 2012.
David Brain, President and CEO of EPR commented, “We are excited to share this news as it demonstrates meaningful progress in Sullivan County and is an important step toward realizing our vision for the Concord Resort.”
Emanuel Pearlman, Chairman of the Board of Directors of Empire and MRMI concluded, “This is an important milestone that brings us closer to the creation of over a thousand well-paying jobs at the Concord Resort property. We are very pleased to be associated with the management team at Entertainment Properties Trust. Our respective companies expect at least a $600 million investment in the initial phase and share a passionate commitment to deliver a comprehensive resort development of which Sullivan County and the State of New York will be proud.”
About Empire Resorts, Inc.
Empire owns and operates, through its subsidiary Monticello Raceway Management, Inc., the Monticello Casino & Raceway, a harness horse racing track and casino located in Monticello, New York and 90 miles from midtown Manhattan. For additional information, please visit www.empireresorts.com.
About Entertainment Properties Trust
Entertainment Properties Trust (NYSE:EPR) is a specialty real estate investment trust (REIT) that invests in properties in select categories which require unique industry knowledge, while offering the potential for stable and attractive returns. Our total investments exceed $2.9 billion and include megaplex movie theatres and adjacent retail, public charter schools, and other destination recreational and specialty investments. We adhere to rigorous underwriting and investing criteria, centered on key industry and property level cash flow criteria. We believe our focused niche approach provides a competitive advantage, and the potential for higher growth and better yields. Further information is available at www.eprkc.com or from Brian Moriarty at 888-EPR-REIT.
Cautionary Statement Regarding Forward Looking Information
Statements in this press release regarding the company’s business that are not historical facts are “forward-looking statements” that may involve material risks and uncertainties. The company wishes to caution readers not to place undue reliance on such forward-looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1995, and as such, speak only as of the date made. For a full discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the company’s Annual Report on Form 10-K for the most recently ended fiscal year, as amended, as well as the companies’ Quarterly Report on Form 10-Q for the most recently ended fiscal quarter.
so 2500/mo gets them investor relations, but
if they want to upgrade to promotions effort
it would cost another 5000/mo.
still, i've seen co's pay a lot more than this,
especially the scams which pay the most.
this is no scam, if it was they would have immediately
upgraded to promo and sold shares to pay for it.
AMEL is reasonably attractive at five cents
imo
Massive NSS continues on American markets unabated
just look at the SEC's own FTD report for
the second half of November. That's failure to
deliver shares. Meaning you buy shares but your
broker never gets them. it's a naked short.
selling shares they don't have. the only way they
have to deliver them is if you call in for physical shares.
This is DTCC data, I downloaded the zip..
stocks of all types, etfs, you name it.
Trailer total quantity of shares 1,942,318,341
2 billion shares sold in a 15 day period, money exchanged, and no shares received. and it could
be far worse, because the SEC does not legally stand by these numbers.
http://www.sec.gov/foia/docs/failsdata.htm
Massive NSS continues on American markets unabated
just look at the SEC's own FTD report for
the second half of November. That's failure to
deliver shares. Meaning you buy shares but your
broker never gets them. it's a naked short.
selling shares they don't have. the only way they
have to deliver them is if you call in for physical shares.
This is DTCC data, I downloaded the zip..
stocks of all types, etfs, you name it.
Trailer total quantity of shares 1,942,318,341
2 billion shares sold in a 15 day period, money exchanged, and no shares received. and it could
be far worse, because the SEC does not legally stand by these numbers.
http://www.sec.gov/foia/docs/failsdata.htm
Kaminak and Ryan Gold "back in play".
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=70138004
i like that it's lower than the recent private placement.
i also like the tone of this article.. which suggests
consolidation as soon as this winter. back on high radar.
http://www.reuters.com/article/2011/11/16/canada-mining-yukon-idUSN1E7A709A20111116?feedType=RSS&feedName=mergersNews&rpc=43
http://finance.yahoo.com/q?s=KAM.V&ql=0
btw another co mentioned in that article went up 20%
today -
http://finance.yahoo.com/q?s=RYGZF.PK&ql=0
- Sycamore said they will consider raising
their bid of $3.00 for each un-owned share
if they get internal access to
Talbot's finances.
- filings show 300-330 million in assets
with NO debt at all.
- tough retail environment hurting everyone,
but once you own this presence and brand,
you own it going into a potential turnaround.
my guess - 300 million not including Sycamore's
already owned 10% = perfect match to book value
300 million / 63 million shs not owned by Syc
= 4.75/sh
OR 300 including Syc's shares = 270/63 = $4.28/sh
worst case total low ball = 250/63 =
$3.96
ceo is seeing substantial growth in 2012.
appears to be some accumulation in the .60s
hoping for one more dip under 1.50 or @ 1.50
before year-end.....
like the call approach to get additional exposure.
i was hoping for 1.00-1.15
DHT and SBLK - the bulker and the tanker
that still pay divs and operate at profit
while trading under a dollar.
add to top level radar @ .90
i'm waiting again also, Ken. The earnings result
for year ended Sept 30 will look so incredibly bad,
there could be a further negative reaction.
December 29th..