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This week should be a good one for us all - is that the Chief with those Pom-Poms?
Sherri
I really hope it's #5 on your list - ".05 and never coming back"!
Sherri
he won't be happy when he discovers it either!
hopefully they will discover the problem.
Lots of trading - price going up!
Hand raised HIGH
WOW!! Look at the volume and price - I just looked for the first time today-exciting times for everyone!!! GO QASP!!! GO DADDY DEAN!!!!
Sherri
Buying this on Monday may have been my best move ever - do your dd folks - there's still time to make a lot of money here.
It is wonderful to have you back! I hope you had some shares today-do they pay you in shares? You are a source of inspiration and knowledge on this board-it would be a shame if you aren't making any money with the rest of us. Thanks for all you do.
It's great to see so much happiness on the board - thanks to Dean!
Let's hope this is a long run up!
I wasn't talking about the money!
I make them if someone provides the "c's". Who has the most shares- if we can determine this we can get our funding!
Green it is!
I'll make sure to bring them - do you have a color preference?
Great day here-go QASP!
Add one more but no cigars please.
Sherri
Just trying to raise your spirits during the down times -it's all up from here!
We can only hope - it seems like the bashers were out in force this weekend - always a pre-cursor of good news. I am more and more optomistic. GO WAMU!
Sherri
This is one day I am happy to be wrong! Nice to see it holding up this well - maybe there's good news in the pipeline?
Sherri
I have been following your posts for a long time and I value your insight. I just think we are all tired of Rosen's games and the good judge's tolerance of them.
Thanks for your encouragement - I will be here 'till the end! No worries!
Sherri
"Perhaps it won't"
I hope you are correct. I am just looking at past performance.
As some others have stated though, for those of us who have been with this for awhile, it really doesn't matter. We are here until it's over.
It's the end game that matters.
Sherri
Because of the most recent version of the POS POR - this has created fear again. I am holding but there are investors who still sell when fearful.
Sherri
Excellent post - this is the only bankruptcy play that I have chosen to stay with until the end, whatever the outcome. I have been in and out of this stock for over a year now and have already made my money on it. If justice is served, I will celebrate my decision. If not, I will leave a small amount of money on the table. I know that some others who post here have done the same.
It is interesting that so many are trying to enlighten us at this late date. Gosh, where were these folks during all the litigation that has led us to this place. Maybe we could have benefited from their expertise six-months ago. I don't know, it just seems a little desperate right now.
This will tank big tomorrow and some will lack the, let's say, fortitude to stay the course and I respect anyone's decision to stay or go depending on their personal situation. It's just a little late for attempts at salvation; all in my most humble and, apparently, unenlightened opinion.
Sherri
Then it remains to be seen -I feel that equity is extraordinarily well-represented and that this POR does not contain enough information about the value of the estate on the date of seizure to warrant the approval of the US Trustee. Without that approval, this isn't going to fly and, after the 26th competing POR's will be filed.
While I understand your position on this matter and appreciate your considerable knowledge, I will agree to disagree.
FYI- due to the economic crisis and companies having problems refinancing debt, many of these bankruptcies have potential as investments. It is always best to evaluate the assets vs. debt and the viability of the product/business. Given the choice between a pink shell with no viable product or a medical co with "something" in the pipeline for FDA approval, I know where my bet's been placed. So far, the returns have been phenomenal, bottom line - invest where it works for you but there are some experts in this type of investment as well. It's not one to summarily dismissed.
Investors bet on equity in bankrupt U.S. companies
Tom Hals and Caroline Humer - Analysis
WILMINGTON, Del./NEW YORK
Fri May 21, 2010 2:31pm EDTRelated NewsJohnson Controls makes surprise Visteon bid
WILMINGTON, Del./NEW YORK (Reuters) - Buying shares in a bankrupt company is a risky bet. But more than a handful of distressed investors are doing just that, betting the stocks will rise during the court process or that they will get a payoff from the company.
Deals
Indeed, many of these stocks -- in names such as Visteon Corp (VSTNQ.PK) , Chemtura Corp (CEMJQ.PK) and Smurfit Stone Container Corp (SSCCQ.PK), among others -- have soared from a few pennies to a couple of dollars in a matter of months.
The investors, including well-known names like Davidson Kempner Capital Management and Aurelius Capital, are also arguing to bankruptcy court judges that they should be paid by these companies when they exit bankruptcy, saying the companies are not nearly as broken as when they limped into Chapter 11.
"It appears to be the result of an influx of capital, coming off the drought of the last two years. For a long time there was no financing. Now there's value for lots of different companies," said Robert Stark, a lawyer at Brown Rudnick LLP, who has represented equity committees in bankruptcies such as those of Oneida Ltd UNEDA.UL and Riverstone Networks.
Timing is of the essence, though. After the equity committee in car parts maker Visteon was denied the right to form, shares -- while still far from their lows -- fell more than 50 percent. Bankruptcy judges often deny equity committees -- partly because of the cost, but also because confirmed reorganization plans with payments to stockholders are few. (The current case of General Growth Properties Inc (GGP.N) is an exception).
But that has not stopped investors from trying to assert themselves, arguing that times are better. Shareholders have also recently asked for equity committees in the bankruptcies of Spansion Inc (CODE.A), Regent Communications and AbitibiBowater Inc (ABWTQ.PK).
Last year, the capital markets were all but closed, making it tough for companies struggling with weak sales in the down economy to make interest payments or replace maturing debt with new financing. Now, many companies are reporting stronger businesses this year and those credit markets have opened.
The equity fights are in a way an extension of the high-profile fights among debt investors this year. In the Six Flags bankruptcy, for example, the company went through several different plans, each one favoring a group further back in the priority for payouts as credit markets boomed. The company finally exited bankruptcy under the control of Stark Investments and other junior bondholders, but shareholders were beginning to jostle for a payment.
"If we were still in the depths of the recession, you wouldn't see any of this. It would just be obvious that there is no value for out-of-the-money debt holders or shareholders. In the old days we would see the bond holders doing this, and now we are seeing equity guys," said Barry Ridings, vice chairman of U.S. investment banking at Lazard.
VISTEON
Sometimes, just the mere presence of organized shareholders -- depending on how loud and persuasive they are -- can be enough to create a payoff in the stock price or the distribution of some warrants or equity in the company's ultimate reorganization.
"That's definitely a strategy, to buy at massively distressed levels and then fight as hard as humanly possible to be recognized and to force a recovery down into those levels of the capital structure," said Joe Stauff, an analyst with the special situations group at Susquehanna International Group. "Case in point -- Visteon."
Shares in the car parts maker took a wild ride this year as hedge funds vacuumed up shares, helping to lift its stock from around 1 cent in December to $2.03 earlier this month. (After a company files for bankruptcy, its shares typically trade over the counter on what are commonly called the pink sheets).
That rally provided a potential windfall to Davidson Kempner Partners, Brigade Capital, Plainfield Asset Management and Aurelius Capital Management, regulatory filings show. They started buying stock for as little as 14 cents in February.
Visteon shares rose 71.8 percent to $1.22 on Friday after Johnson Controls Inc (JCI.N) offered $1.25 billion for Visteon's interiors and electronics business.
A TRADING TACTIC?
In another case, Caspian Capital Advisors, which holds the preferred stock of cardboard packaging maker Smurfit Stone Container, began agitating for a shareholder committee in that bankruptcy in December.
That set off a buying spree in the common stock by funds associated with P. Schoenfield Asset Management, Fir Tree and Venor Capital Management, which spent as little as 9 cents per share and as much as 43 cents. The stock is trading at 16.5 cents, up 22.2 percent, in Friday afternoon dealings.
One lawyer in that case dismissed suggestions that shareholders use committee requests as a speculative trading strategy to drive up share prices.
"It's not a tactic," said Rachel Strickland, an attorney with Willkie Farr & Gallagher LLP, which represents preferred shareholders. "The implied trading price of the bonds is almost a billion dollars higher than what the company is saying this company is worth. It is not a handful of greenmailing hedge funds saying what it thinks this is worth."
(Reporting by Caroline Humer, editing by Gerald E. McCormick)
This whole sector trades with the DOW and the DOW is tanking today -Chillax folks - it's all good.
Sherri
What is it, like six now? I think the Milanese just don't like men who can hit the high notes!
Actually it's kind of a love/hate relationship. On green days some are enamored and posting about QUASAR-the best OTC ever. One red days some tend to fall into the trap of our resident bashers.
Those that have done the research and are comfortable with their investment decision just hold in silence and hope they are correct.
These boards are mostly for entertainment with some ocassional good info. Most who have held this long-term know whose posts to read. I would hope that no one here has invested based only on the info provided on this or any other board?
Good luck to all!
FWIW-I just checked my gmail account and I received an answer to my inquiry from several weeks ago as well. Green is such a wonderful color!
Happily your stock selection is better than your taste in alcohol! Hang in there Chief - keep the faith - all is well in Quaspland! In my most humble opinion, of course.
GLTY
Sherri
May I suggest a Tanqueray martini instead - then get out your pom poms -I wouldn't be here if I didn't think we will have cause to celebrate at some time in the future.
Sherri
This is not just to Amazz -
OK ladies, step away from your computers for awhile and collect yourselves. You either have the, let's say fortitude to be in this or you should sell. Really, all the bull whining and the bear gloating has to stop. It gets old.
Sherri
Let's hope so - I'm buying more- first time in awhile! Good luck to all! I think it will be a GREAT week if we can get through without an increase in shares- and that's looking like a good possibility right now!!!
I'm, betting he knows the bottom is in and he's buying as we speak,
FINIALLY. We'll see if the tone changes.
You are so right, in spite of the alcohol consumption! I just need to get the greed under control so I sell at the correct time - maybe the trading day should start with a Tanqueray martini-I'll let you know how that works for me! (lol)
Regarding: Things We Learned (Once Again) This Week: actually it's post
#96041 on the jail house board.
Excellent points but, you forget, we are investors (yes, I am using the term rather loosely). We live in this moment. Our goal is to experience it 110%, or 1000% depending on the POS pump of the week and if we waited for the chart to turn. Anyway, when the moment is over, there is no need to revisit it - we move on to the next one.
Because of this, we never actually learn anything!
Cheers,
Sherri
Thanks Taki, I really appreciate your efforts and hope that you will continue next week!
Let's hope people realize that there are many new posters here since we've gone sub-penny and I suspect that they are not in this for the long haul. This will certainly affect our run - but a slow, steady climb is fine and probably better in the long run.
I too will be pleasantly surprised to see this move much, but, that said, any movement upwards will be better than what we've been experiencing lately.
Only once?
I think your schedule is spot-on. Unless the PR is pre-written and released before the meeting begins, there is no way it will make the rounds today. I don't anticipate news until around lunch time Friday. Let's just hope that this one is concisely and professionally written and released, and includes some substantial news. Too much anticipation today will not help anyone's position here to appreciate. It's coffee time, let's just step away from our computers for awhile and visualize great news!
Hey Weeb-
If the professionals running QASP read your post-they just might hire you for PR - what you just said would have been a much better spin than what's been released to date.
I too am tempted to add- I wonder when this will begin it's upward movement again?? I sold some CEMJQ 2 wks ago because I held it long enough to hit LTCG's and now look what happened - I'm afraid to do it again. This one is definitely ready to make a move though. The question is, will CEMJQ continue upwards or start to churn again?
Pretty tempting to sell a few of the other one (CEMJQ) and load another million or so here at these discount prices. lol