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According to the CFO, Neomedia is in the process of working with Microsoft on issuing the 8-K in the proper timeframe. MSFT does not want all details made public, and that's the holdup right now.
Since one of the primary protections under bankruptcy is relief from creditors, I suspect EK declared bankruptcy in order to conserve cash and to try and time the auction so it was more advantageous for them. This way, they could have an orderly auction, vs a fire sale.
All in my humble opinion only.
Ilene
I'm not sure why you'd think that. This has been a great play and its not done, IMO.
I don't disagree with you on much of that, unfortunately...I don't see this hitting 3B, but do believe that the opening bids as "known" are not important. anyway, thanks for posting the original article. its important to have all the opinions, I think, and going into tomorrow with that article out there will be interesting.
see you tomorrow
I guess you and I don't quite see this the same way, but time will let us all know how this plays out! Since this isn't a stalking horse situation, I have more confidence in the ultimate outcome here. I don't necessarily see why anyone would pay what the analysts were touting, but if you read the original posted article regarding the two low bids to date, this was buried in there:
"Those initial bids could rise quickly if Apple and Google compete to keep the patents out of each other's hands amid a legal battle over the lucrative smartphone and tablet markets. A year ago, Google started the bidding for Nortel Networks Inc.'s patents at $900 million before a consortium including Apple and Microsoft Corp. MSFT +0.67% won the bankruptcy auction with an unexpectedly high winning bid of $4.5 billion."
It may not always be that a stalking horse is the wisest course. In a case where there might be a number of interested bidders, a company might do better in a "naked" auction. Here is an excerpt from an article:
Stalking horse bidders can play a valuable role in certain 363 sales, but such a preeminent status is not always necessary. In many cases, having a stalking horse actually diminishes the received value. The debate on whether the stalking horse adds value or, as many insolvency professionals suggest, the stalking horse process will most likely chill the bidding, making the established floor the ceiling.
Ilene
It may not always be that a stalking horse is the wisest course. In a case where there might be a number of interested bidders, a company might do better in a "naked" auction. Here is an excerpt from an article:
Stalking horse bidders can play a valuable role in certain 363 sales, but such a preeminent status is not always necessary. In many cases, having a stalking horse actually diminishes the received value. The debate on whether the stalking horse adds value or, as many insolvency professionals suggest, the stalking horse process will most likely chill the bidding, making the established floor the ceiling.
Ilene
Maybe I'll go see him sometime. Been crazy, but love following the rulings and arguments! were you in for EK?
I have not.
that is pretty funny stuff! like the BOD ever watches out for shareholders once they declare bankruptcy...unfortunately, the judges often live in a make believe world
Ilene
Hi back! I've been following this and writing about it for months now...but I mostly lurk on the boards :)
Hi all,
Sorry to see that once again, another Judge has denied shareholders their rights via an equity committee.
If the mods will allow, www.change.org/petitions/the-us-congress-change-the-corporate-bankruptcy-laws-to-be-inclusive-of-shareholders
Judges have stood in the way of the shareholder getting heard and having a seat at the negotiating table...
Many thanks!
truly! that should've been an apology instead of a deletion.
To your comment, "starved for cash", the COO mentioned yesterday that they were running a very lean operation, with everyone taking a huge paycut, so they could focus on getting this through all the regulatory hurdles to commercialization.
Ilene
love's a bit strong :)
actually, make my living making corporate bankruptcies more transparent...care very deeply about shareholders and investors...
Ilene
Just circling back, as I heard from the gentleman at the FDA/Orphan Status office late this afternoon, just as I was heading out...
He confirmed both what I reported earlier(and also reported by numerous others) and what the company confirmed in their clarification 8-K. They did receive Orphan status, still in the pipeline somewhere with the FDA approval. Nice to see the FDA respond.
Ilene
but here's hoping, eh??!!
I never comment on price, although having been previously married to someone who did clinical testing and will soon be even closer to the FDA...I am acutely aware of the huge hurdle Regenicin has just cleared.
The time frame forward is murky (even according to the company), but usually, Orphan status means a much shorter time period through the FDA hoops.
I believe the company will put something out to clarify...
YW.
I wish I could have gotten through to the FDA, but will post when I have more information.
Ilene
I just had a very informative conversation with the COO, Chris Hadsall. They have been working on a huge DOD grant to fund this, and with the help granted by the confirmation of the orphan status, there will be fewer hoops to jump through that for most applications with the FDA.
I placed a call to the FDA, Orphan Drug Office, but the gentleman there was out of the office, so I could only leave a message asking for clarification from them.
There are numerous people who have been already helped by this product, and the hope is that the FDA will allow that data to stand in lieu of some of the clinical trials.
Ilene
Hi all! Didn't see this already posted, sorry if its a duplicate.
Ilene
The Federal Deposit Insurance Corporation as receiver (FDIC-R) for United Western Bank, filed with the U.S. Bankruptcy Court a notice of withdrawal without prejudice of its motion for an order confirming that the automatic stay does not apply, or in the alternative, for an order granting relief from the automatic stay to allow the FDIC-R to exercise certain tax rights without prejudice. Court documents explain that the FDIC-R has "currently resolved the issues raised in the Motion with the Debtors."
As reported today in BankruptcyData.com
you were indeed! I should've remembered :)
I got no specifics, and I've spoken to them several times, so I know they don't want to say anything beyond what they can legally say...so no firm time frames. However, the issue is with the auditor. They were completed and the auditor had asked for (and received) some additional information, and that is the hold up. Not on the company side.
thanks...on the phone w investor relations now...that is the deadline for the 1st Q..."they are still working on the annual...hope to have it soon"
hmmm...if you don't mind my asking, where did you get the info?
again, thanks
the quarterly report or the annual report? I've called a couple of times and have yet to get a specific date...
thanks!
cool :)
you can put a stop on, and when its triggered, you sell at the next price...if its not moving quickly, it might be the stop price.
you can put a stop limit on, and if it triggers, you can only sell at that price...so if its in free fall mode, your price may not be hit and you could lose bit.
hope that helps.
Ilene
Glad you called, and will vote on paper! Re: AMBAC, my guess it divvies were credited but not paid because they've been in BK the whole time...but please keep me posted. Yes, sharebuilder might be a lost cause :(
Ilene
OT
do not let your phone vote stand...they are now requesting that all votes are in writing...and it will protect you. Please ask them to fax or email you a ballot and vote again.
Ilene
I haven't specifically, though to be honest...I haven't searched either. I will see what I can find. have the interest payments been recent and are they current? Usually they're suspended during a BK...
Ilene
I haven't specifically, though to be honest...I haven't searched either. I will see what I can find. have the interest payments been recent and are they current? Usually they're suspended during a BK...
Ilene
just #328
Ilene
Indeed!! I suspect there's a lot here that eyes will be watching!
Ilene
a few :)
It depends if commons are saved (rare, but it happens), in which case I've seen from pennies to ten dollars+ (Pilgrim's Pride). I've seen people swear that commons are fine, despite the POR promising otherwise, and then overnight all value is gone (Blockbuster).
There are plenty of examples of the in between, in process, uncertain of final resolution BKs.
I'll actually be at the confirmation hearing and will be tweeting from there (more later) to keep everyone informed.
Ilene
There are a number of other lawsuits, but not all of the lawsuits will return dollars to Ambac, some return dollars to subs, which will not flow to this.
With the objection deadline coming up on the 26th, I think a more complete picture will emerge.
Ilene
I would say that lots of things are possible...
Ilene
Class 8. Shareholders are always the last class to get paid.
Ilene