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I'm curious as to why you believe that MESA's commons will be canceled down the road??
I've seen this on every stock where the Q was added and, basically, the process is seamless and does not miss a beat. It just happened to VSTNQ about a month ago.
The current shares will still be actively traded, the only difference is that a Q will be added to the stock symbol mainly to alert unsuspecting novice investors that this company has been delisted from NASDAQ because it has filed for Chapter 11 bankruptcy. The "Q added" shares will continue to be traded on the OTC BB or pink sheets listing thru market makers. When the company emerges from BK and if there is equity remaining, the existing Q shares will be exchanged for new MESA shares at some value exchange ratio between 1:1 and 1:0. If there is no equity remaining the Q shares will just be canceled
For one, here is a direct quote from the Chapter 11 press release: "On its bankruptcy filing, Mesa listed assets of $975 million and liabilities of $869 million as of the end of September."
If you would like to examine more detail, go to this link, you can pick the balance sheet items and also the various financial ratios are shown, including the book value/share of $0.63/sh: http://ih.advfn.com/p.php?pid=financials&cb=1262740440&symbol=MESA
Also, you can go their website or here on Ihub and review their SEC Filings. The 2nd quarter statements are the most recent shown. The list of assets is very promising in that there are very little intangible assets such as "goodwill"
Most of what you say is correct except that some companies, especially those with positive net equity, where the commons survive Chap 11 in whole or in a diluted position. It is an uphill battle (with an honest judge) for a company to be able to cancel the commons in total when true equity exists....that's called fraud!!! The common stockholders own that equity. Currently, MESA has a positive net equity of approximately $92,358,000 or $.63 per share.
Jax or Wall,
Has there been any discussion regarding the firm to be selected to represent the EC and who makes that decision??
OT is the reason for sure
maybe because OT
I saw that bro...what did it say
It is kind of strange that the EC announcement has not hit the big news wires yet. The Alliance should issue a press release on their own!!!!
I know, they are getting them all....I've had a 25,000 shr buy order in all day and nothing yet!!
I am too!!!
I'll second that!! MC has been a basic building block for a ton of net worth appreciation for a lot of cemjq followers and they should recognize that!!
Congrats CMM....I guess Accounting 101 paid off for you!! Just kidding and represent us with integrity as I know you will!!!
you dog.......I'm envious!!!! My brother (stkmnlg) just told me that they now have crap tables in W VA about 3 hours from us. That could be bad news....might blow all my cemjq profits!!!
Check this link for comparisons
http://chemturaresearch.blogspot.com/2009/12/bankrupt-company-bond-prices.html
You should have Rep calling you and just tell him you need to have it lowered to stay on.
It was, and thank you and I hope your Christmas was great as well. HAPPY NEW YEAR
crooks
Trader,
You can negotiate with E*Trade.....I am paying $8.74/transaction
If you think caution with investing is dumb, that is your choice. Like I said before, I wish you guys all the best with this stock.
Happy Holiday days to you as well!!!
If i were a mmrf stockholder, I would be very worried about this history?????
Fourth Article:
Plaintiffs and PwC agreed to settle the case against PwC. Pursuant to the terms of the proposed partial settlement, a Settlement
Fund consisting of $15,000,000 cash has been established for the benefit of the Class. By Order of the Court dated November 14, 2001, the
proposed partial settlement with PwC was preliminarily approved. The Court issued an Order on May 10, 2002 granting final approval of this
partial settlement with PwC
The original complaint alleges that defendants, while amassing over $50 million in proceeds from insider sales of the SmarTalk stock,
concealed from the investing public the fact that they had been committing gross violations of the federal securities laws, including
misleading the public by claiming that SmarTalk was expanding its business opportunities through favorable acquisitions and distribution
agreements with other companies and that the Company was generating "record" financial results. The complaint alleges that SmarTalk
failed to disclose to the investing public that: a) they artificially recognized the sales figures announced during the Class Period; b) they were recognizing revenues prematurely and improperly in violation of GAAP; c) SmarTalk's distributors were not selling prepaid cards at the levels
represented; d) SmarTalk's management was encountering severe difficulties in integrating the companies acquired; and e) defendants
were not controlling costs. On August 10, 1998, SmarTalk announced that it was postponing the release of its quarterly results due to
SmarTalk's auditors questioning SmarTalk's accounting methods. This news caused SmarTalk shares to drop over 60 percent on
extraordinary volume.
Third Article
These alleged misrepresentations and omissions served to artificially inflate the price of SmarTalk's stock. SmarTalk's stock price increased from $14 at the beginning of the Class Period to as high as $36-1/2 per share as SmarTalk made false assurances about the success of its growth strategy, made false statements about its ability to contain costs and reported false financial results. At the same time defendants were artificially inflating the price of SmarTalk's stock by disseminating to the public statements about SmarTalk's "record revenues and earnings," the individual defendants were selling off their personal holdings. During the Class Period, the individual defendants named herein sold over 2.3 million shares of their personal SmarTalk holdings for over $52 million. Moreover, SmarTalk successfully raised $125 million in a notes offering and used more than 281,000 of its shares as currency to acquire existing prepaid operations from ConQuest and Frontier Corporation. However, on August 10, 1998, defendants shocked the market when they announced that SmarTalk's auditors had informed management of significant issues with respect to the Company's accounting and that its second quarter 1998 and prior quarter and year-end results could require significant adjustments. Upon this news, SmarTalk's stock price immediately dropped more than 50% to below $7 per share on huge volume of 10+ million shares.
Second Article:
Weiss & Yourman Announces That SmarTalkTeleservices, Inc. is Accused of Securities Fraud in New...
Publication: Business Wire
Date: Wednesday, August 12 1998
NEW YORK--(BUSINESS WIRE)--August 12, 1998--
The following is a news release issued by Weiss & Yourman:
A lawsuit was filed yesterday in the U.S. District Court for the Eastern District of New York by the law firm of Weiss & Yourman on behalf of purchasers of SmarTalk Teleservices,
Inc. (NASDAQ:SMTK) common stock between August 14, 1997 and August 10, 1998 to recover damages caused by defendants' violations of the Securities Exchange Act of 1934.
The complaint alleges that SmarTalk and certain of its officers and directors made over $50 million dollars in proceeds from insider selling of SmarTalk stock while committing gross violations of the federal securities laws. More specifically, the complaint alleges that defendants mislead the public by claiming that SmarTalk was expanding its business opportunities through favorable acquisitions and distribution agreements with other companies and that the Company was generating "record" financial results. The complaint further alleges that SmarTalk failed to disclose to the investing public that: a) they artificially recognized the sales figures announced during the Class Period; b) they were recognizing revenues prematurely and improperly in violation of GAAP; c) SmarTalk's distributors were not selling prepaid cards at the levels represented; d) SmarTalk's management was encountering severe difficulties in integrating the companies acquired; and e) defendants were not controlling costs.
On August 10, 1998, in a SmarTalk news release, the Company announced that its anticipated second quarter, year-end and prior quarterly results could be materially affected by any adjustments resulting from an accounting review. The Company further announced that its independent accountants, PricewaterhouseCoopers, had recently informed them about potentially "significant issues" with its accounting treatment for acquisitions that occurred during 1997 and certain other items relating to 1997." Upon this news, the price of SmarTalk shares dropped over 55 percent on extraordinary volume.
If you are a member of the class described above and wish to serve as class representative, you have until 60 days from August 11, 1998, in which to move the Court to serve as lead plaintiff, if you so choose. In order to serve as lead plaintiff you must meet certain legal requirements.
If you wish to join the lawsuit, or have any questions concerning this notice, or your rights or interests with respect to this matter, please contact plaintiff's counsel, Vahn Alexander of Weiss & Yourman toll-free at 1-800-437-7918, via e-mail at wyinfo@wyca.com, or look on our website at www.wyca.com.
First Article:
Robert H. Lorsch, Chairman and CEO, Files Documents for Sale of SmarTalk Shares.
Publication: Business Wire
Date: Thursday, November 20 1997
LOS ANGELES--(BUSINESS WIRE)--Nov. 20, 1997--SMARTALK TeleServices, Inc. (Nasdaq:SMTK) announced that Robert H. Lorsch, Chairman and CEO, has filed documents with the Securities and Exchange Commission for the sale of 1.3 million shares of SmarTalk common stock. According to Mr. Lorsch, the purpose
of the sale is associated with tax and estate planning matters. After the sale is complete, Mr. Lorsch will still remain SmarTalk's largest single shareholder retaining beneficial ownership of 2,913,143 shares of common stock of the Company. Further Mr. Lorsch also announced that he has signed a lock-up agreement restricting any further sale of SmarTalk stock for a period of one year.
SmarTalk TeleServices, Inc. is a Los Angeles based provider of prepaid calling card services.
CONTACT: SmarTalk TeleServices, Inc.
William Kahn, 310/444-8800, ext. 133
You are kidding us, right!!!! It pretty obvious you don't know much about Mr. Lorsch. Why don't you google SmarTalk Teleservices, Inc., follow the path thru 1998 and then tell us how honorable he is!!!!
Thanks Wall, I missed that somehow.
Nice chart Clowny.....thanks!!
A casino within 10 miles of the house and has 20-1 odds on the crap table......I would be a charter member of gamblers anonymous!!! LOL
You must have some will power or you stay out all night catchn the big cats.
yea man, the higher the odds allowed (dbl, triple, five) the better
Craps.....best odds in the house for the player....especially if you always take the odds bet which is even with the house
You can't beat Downtown, away from the strip. The best dinner experience is the old Hugo's in the Cellar in the Queens Casio. Take the wife and you will gain big points and the cost their is remarkably low.
no s**t
That hilarious
I thought the POR was coming out by 12/17
That would be CMM
no....he understands!!
There will plenty more runs on abwtq in the future.