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FUTL .0015 about to be gonzo!
Gonna go here...bid support is strong and these MM's can't keep it down much longer
Looks like amateur quarter hour is almost over
LMAO watching it bounce around...bid's now higher then ask
Morning all... Happy Friday!
Think we see a nice day tomorrow with people having a chance to digest everything...break through resistance and close around a nickel when all is said and done. Then the real fun starts Monday after everyone has a nice long weekend to fully let it all sink in.
Now if we get any news/filings tomorrow (which we may cause it said the debtors should be paid off and assets received tonight or tomorrow), than all bets are off and we may go bananas!
I, for one, am glad I won't be chasing :)
That's because in those instances they don't already own $4 million dollars worth of said shares lmao.....but I have to think you already know this by now
And just throw away millions of dollars with the potential to be MUCH MUCH more... how's that make any sense?
Exactly...and at .033 a share would be valued about $4 mil today. Would be completely stupid to think they wouldn't want to increase the value from here. I mean shoot, just getting the pps to .20 would value them at $24mil and that's nothing from here IMO. They are thinking MUCH bigger IMO
Exactly...I know I said dollars not shares but thanks for clarifying :)
Not sure what people don't grasp here... they own roughly 4 million dollars in common stock alone at the current value. Why in the world would they cancel the shares and turn that 4 mil into zero when they can instead turn the business around and make it 20, 50, 100+ million.
There is zero logic that makes sense cancelling the stock....zero
That's actually a good way to put it...at least for those that aren't grasping what's going on here lol
I get what you're saying, but you're arguing the wrong point here. We aren't looking for leftover money to get paid out on after the debtors and such are paid off....that would only happen if the company officially went bankrupt. They have been OFFICIALLY bought and the end result we're all looking for is the commons to stay intact with whatever Wealth Colony is now gonna do with THEIR company!
You are arguing a completely different scenario it sounds like
I just posted it
"Johnson said the debtor intends to close on both Gallant Brands’ acquisition of Hillair’s debt and the asset sale to Gallant as soon as Thursday evening and Friday afternoon at the latest."
Thinking we'll be hearing something sooner rather than later!
FULL Law360 Article
Law360, Wilmington (September 7, 2017, 6:23 PM EDT) -- The tumultuous sale process pursued by bankrupt food distributor The Original Soupman Inc. came to a close Thursday when a Delaware judge approved the sale to an affiliate of shareholder WealthColony Management Group LLC after it agreed to acquire $4.7 million of the debtor’s secured debt.
During a hearing in Wilmington, attorneys for Soupman described a global settlement that had been reached between the company, its post-petition lenders, its proposed buyer and secured creditor Hillair Capital Investments LP that addressed issues raised by the court last week when the sale failed to gain approval.
“The parties are prepared to initiate the closing if it’s approved by the court hopefully by this afternoon. We’re trying to move expeditiously,” debtor attorney Jeremy R. Johnson of Polsinelli PC told the court. “We think the deal has improved substantially for the debtor.”
The settlement terms provided an additional $4.7 million in consideration in the form of a credit bid from Gallant Brands Inc. on the secured debt acquired from Hillair, and Hillair would then drop its objections to the sale. The debtor-in-possession lenders allowed for a forbearance on the $1.7 million DIP facility since it matured last week in exchange for the rights to pursue claims against the directors and officers of the debtor. The DIP lenders would receive the first $100,000 of proceeds from the litigation of these claims and thereafter would split them with a Chapter 7 trustee once the case converts from a Chapter 11.
To address issues relating to the court’s decision not to approve the sale last week, Johnson provided proffered testimony from the company’s chief restructuring officer that indicated the terms of the sale had been approved by the debtor’s board of directors and that WealthColony had dropped its efforts to pursue a change in the makeup of the board through a written consent campaign.
U.S. Bankruptcy Judge Laurie Selber Silverstein agreed to allow additional evidence to be presented in support of the sale, but was not pleased with the proposed forbearance fee being proposed for the DIP lenders, who will be repaid in full, plus default interest, regardless of whether the sale closes or not. She said the fee is outrageous and not justified for agreeing to forbear on the matured DIP obligations for just one week.
“You are taking the only assets that are available to pay unsecured creditors, and you want now not only $100,000 up front after you’ve been paid, but 75 percent of those recoveries thereafter,” Judge Silverstein said. “I’m assuming you’re going to get paid out tomorrow if this closes. Explain to me why, as a court of equity, I should approve this. Why should you be entitled to any portion of the assets of this estate?”
Attorneys for the DIP lenders said they were not asking for payment of the forbearance fee in cash, as is typical, because the estate likely would have no cash once it repays the principal and interest on the DIP. Instead it is asking to pursue the claims against the directors and officers of the company on its own dime, which may not provide any recovery to them whatsoever and could wind up costing them money for the effort.
“As part of the global resolution we’re entitled to some kind of forbearance fee,” Robert Hirsh of Arent Fox LLP said. “The debtors were not able to give us any kind of cash fee, so we did this.”
Judge Silverstein said the proposed forbearance fee was so outrageous that she questioned the motives behind it and said there was no evidence it was a reasonable request. She moved ahead with the sale approval but said she would not be considering the fee as part of her decision on the sale.
“No one can say this case hasn’t been interesting from the beginning and it continues to be,’ Judge Silverstein said in her ruling.
Hirsh asked to reserve the DIP lenders’ rights to bring the issue of the forbearance fee before the court at a later date.
Johnson said the debtor intends to close on both Gallant Brands’ acquisition of Hillair’s debt and the asset sale to Gallant as soon as Thursday evening and Friday afternoon at the latest.
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 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.
The undisclosed group of DIP lenders served as a stalking horse bidder seeking to credit bid its $1.7 million in DIP lending. WealthColony formed Gallant Brands to make a bid on the assets ahead of an auction after months of pursuing a change in the management of the company both before and after the debtor’s bankruptcy filing.
It’s initial offer of $2.05 million failed to receive approval from the court last week, with Judge Silverstein pointing to issues with the corporate authority to enter the deal from Soupman’s end. In the last seven days, negotiations between the parties resulted in the global settlement and an increase in Gallant’s offer to $6.7 million, including a credit bid of $4.7 million derived from the acquisition of Hillair’s debt.
The debtor is represented by Christopher A. Ward and Jeremy R. Johnson of Polsinelli PC.
Hillair is represented by Robert S. Brady of Young Conaway Stargatt & Taylor LLP and Adam H. Friedman of Olshan Frome & Wolosky LLP.
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.
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.
--Editing by Orlando Lorenzo.
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Just read it...didn't clear anything up completely regarding commons, but confirmed the sale was approved and debtors are being paid off and close of assets...said completed either tonight or tomorrow
Trying to figure out how to post the article on here. Had to use a work email to register on the law360 site and had to view the article on my work phone lol
I got a LOT of catching up to do tonight...not much comp access today. All I can tell so far is sale was approved, which was what we were all hoping for. So GREAT news!!
Other than that...all I see is a lot of bickering back n forth about the next step with the commons and noone knows yet FOR SURE....Is that about right? No factual proof yet one way or another?
Hearing starts in 5 minutes! Gonna be a SUPER anxious day!
Morning All! See we're getting rid of some silly and weak before taking the next leg up!
As much as I always admire those who spend all their "free time" trying to save others, I never quite understand it in these cases. I'm sure you've been burnt here and have many valid points, but wouldn't you agree that EVERY triple zero penny stock is a high risk gamble and 99.999% are scams? I mean while "real legit companies" are trading for dollars, or at least pennies, these are trading at a hundreth of a penny for a real reason lol. They really have no choice but to sell shares, that's why they went public to begin with, and again, if they are trading at a hundreth of a penny, there's a reason and they need to fund whatever crap they got going on.
I'm pretty sure, at least REALLY hope, everyone playing these already knows this. So you look for those opportunities...news, filings, volume, excitement....and you "trade it", not put it in your 401K.
Guess I just never understood the point of what you're doing, but to each their own.
Just my 2 cents...best of luck to you with your plays!
Nice day today...Hoping we can test the 00's tomorrow!
Grats on making some $$$$! Sure do hope you'll be chasing tomorrow though! :)
LMAO....let's crush these .03's!!
CRAZY lol
Niccccce!! Had to run out for an hour and just saw the HUGE filing!!! This is looking AMAZING!
Looking GOOD! Let's knock these .0006's out!
Loaded the boat! :)
OPMZ .0004 in Full BEAST mode!
OPMZ .0004 in Full BEAST mode!
GSPI .0016x.0017 looks ready to bounce here
Pretty sure it's another fake wall trying to scare some into selling. Hard to believe it could be real
GSPI .0016 agreed! Huge Bounce potential after trading somewhere's over 150 MILLION shares in the .004's just yesterday. Just need the B.S. to stop and could be an easy double at minimum
GSPI .0016 agreed! Huge Bounce potential after trading somewhere's over 150 MILLION shares in the .004's just yesterday. Just need the B.S. to stop and could be an easy double at minimum
What I can't get over is where the heck all those shares came from....like over 200 mil in a couple days....doesn't look frontloaded and the O/S is all but maxed so not company dilution. Also didn't see any promos or group plays that would have caused that much action.
This one's been a real headscratcher.....hoping it bounces from these levels after trading well over 100mil in the .004's yesterday
BOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOM!
SHOWTIME!!!!
LMAO....you're sure right though...odd
GSPI .0018 Should Bounce here!
GSPI .0018 Should Bounce here!