is back to work
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Nice! Hoping COIN can do the same. One of the reasons I have held through the drop
I hear ya!
How ya been DA?
Nice setup on this one. Grabbed some myself
Just sold some of my shares. Have not had time to watch too closely lately so banked a good percent.
Yeah. The registration was small and finally priced OK. I have been bag holding since the big dump. Love to see it come back into the mid 1's
Recovering a little. Seems to be a theme with them
Good morning all!
Announced some dilution this AM...
Not a pincher
Morning all!
Charger's Scan (Stockcharts) - http://investorshub.advfn.com/boards/read_msg.aspx?Message_id=33854076&txt2find=scan
SimpleGreen's Scan (Stockfetcher) - http://investorshub.advfn.com/boards/read_msg.aspx?message_id=31539713
Crable's Pincher Scan (Stockcharts) - http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35020410
Starter Scans (Stockcharts) - http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35047573
captain america's Scan (Stockcharts) - http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35233571
WOW! Congrats! That is awesome
Not getting much sleep, but keeping busy so can't complain. How have you been Obi?
Morning all! Back from a nasty work schedule.
So where is the bottom for PALM? Bounce play today?
Good morning all!
Good morning all! I am alive!
Sorry, work has been a killer lately. Trying to get back in the swing. Scans aren't pulling up much though. What's hot? Anyone?
Hey Langy! I'm Baaaack
Now what is hot?
Hey all, checking in here. Sorry about being AWOL Langy. Work has been insane. 12 hour days on average...blech
A week or so more and then I am in the clear and will be back in force
I know fantastic! I need to get back from work and now vacation and start taking advantage of all these great plays!
Got snowed in so no. Going back in March now.
Been travelling a ton though for work so I am on the road right now locked in a conference room
It is the entire company minus some international assets. The company in its entirety is registered in Delaware as are most companies in the US due to ther pro business regulatory environment
Then I believe you can use Stock Fetcher
They only exclude pink sheets in their scans, but OTCs and non Pinky Penny's are in there
OK, Here is 1.9 verbatim
"Designation of Seller Securities as Acquired Assets. From and after the Execution Date until the Interim Deadline, the Purchaser may designate Seller Securities as Purchased Assets with the consent of Champion, such consent not to be unreasonably withheld. Such Seller Securities to be purchased shall thereafter be included as part of Schedule 1.1(y) and will be deemed Purchased Assets for all purposes of this Agreement."
That said I have no idea what the means for the shares. It looks like they become the property of the newco as part of the transaction, which in my mind would mean that they are paying for it as part of the acquisition and therefore the common shareholders should be compensated at some level as a result. That may be jumping to conclusions. Anyone else know?
This is from teh championrestructures website. This is likely dated and probably predates the institutional buyout:
"It is too early in the process to know how the shares will be treated. The Plan of Reorganization, which has not yet been developed, will outline how the shares will be treated once the company completes its stay in Chapter 11. However, any time a company files for Chapter 11, the cancellation of shares is a possibility."
If the stalking horse bidder (Centerbridge, Sankatay, et.al.) ends up as the acquiring party then they have already set up the entity. It will be called Champion Homes, LLC (or pretty close to that, the name is in the court documents). The assets of Champion Enterprises will be rolled into that entity it looks like from all of the documentation I have been reaing today.
According to the documents under Docket #386 located here:
http://chapter11.epiqsystems.com/docket/Default.aspx?rc=1
Look under "Exhibit E"
Under Article 1.1 and 1.1(y) it assigns ownership of all outstanding securities to the new company as part of the buyout. It refrences 1.9 to define what is to be acquired. The seller has the right to withold that transfer of the securities, but it cannot be unreasonable
Additionally, under the last document listed as "Exhibit E continued" it goes into some description as to the rights of piggyback if the buyer makes the newco public or private. It confirms that current non accredited shareholders will not be able to participate and those that can participate have to not only meet certain thresholds, but have to 1) be invited to participate by the newco and 2) willing to hold the securities as a corporate entity and not an individual entity (likely to limit exposure to lawsuits and the like given it will be an LLC if the Centerbridge/Sankatay team is the victor)
It looks like there may be some insight under Exbit B in teh following document:
386 2/8/2010 Order (A) Authorizing Debtors Entry Into the Asset Purchase Agreement, (B) Authorizing and Approving the Bidding Procedures, (C) Authorizing and Approving a Break-Up Fee and Expense Reimbursement, (D) Approving Notice Procedures, (E) Approving Procedures for the Assumption and Assignment of Contracts and Leases, and (F) Setting a Date for the Sale Hearing (related document(s)[272]) Order Signed on 2/8/2010. (Attachments: # (1) Exhibit Summary Sheet# (2) Exhibit A# (3) Exhibit B# (4) Exhibit C# (5) Exhibit E# (6) Exhibit E Continued# (7) Exhibit E Continued# (8) Exhibit E Continued) (SDJ)
Debtor: Champion Enterprises, Inc.
I have to jump on a call here at work if someone wants to look through (link back for website)
Furthermore, there are tons of filings that I am trying to process here:
http://chapter11.epiqsystems.com/docket/Default.aspx?rc=1
Most are notifications to individuals for sale approval (though it gives you insight into who the key decisionmakers will be in evaluating bids) Other documents show claims to debt, etc.
I am going through them now, I figure some other folks may want to dig as well
If anyone is interested here is all of the contact info for the key stakeholders relating to the BK for CJHBQ
Key Professionals
Debtors' Counsel
Pachulski Stang Ziehl & Jones LLP
919 North Market Street
17th Floor
Wilmington, DE 19899-8705
http://www.pszjlaw.com
Phone: (302) 652-4100
Fax: (302) 652-4400
Attn: Timothy P. Cairns, Esq.
Mark M. Billion, Esq.
Counsel for The Official Committee of Unsecured Creditors
LeClairRyan, A Professional Corporation
1800 Wachovia Tower, Drawer 1200
Roanoke, VA 24006
http://www.leclairryan.com
Phone: (540) 777-3065
Fax: (540) 510-3050
Attn: Michael E. Hastings, Esq.
LeClairRyan, A Professional Corporation
Riverfront Plaza, East Tower
951 East Byrd Street
Post Office Pox 2499
Richmond, VA 23218-2499
http://www.leclairryan.com
Phone: (804) 343-4090
Fax: (804) 783-7629
Attn: Bruce H. Matson, Esq.
LeClairRyan, A Professional Corporation
One International Place
Eleventh Floor
Boston, MA 02110 US
http://www.leclairryan.com
Phone: (617) 502-8231
Fax: (617) 502-8241
Attn: James L. Messenger, Esq.
Co-Counsel for The Official Committee of Unsecured Creditors
Landis Rath & Cobb LLP
919 Market Street
Suite 1800
Wilmington, DE 19801
http://wwww.lrclaw.com
Phone: (302) 467-4437
Fax: (302) 467-4450
Attn: Adam G. Landis, Esq.
William E. Chipman, Jr., Esq.
Official Committee of Unsecured Creditors
Pursuant to Docket #243, the following creditors have been appointed to the Official Committee of Unsecured Creditors in these cases by the Office of the United States Trustee:
Textron Financial Corporation
11575 Great Oaks Way, Suite 210
Alpharetta, GA 30022 Phone: (770)777-3370
Fax: (770)360-1693
Attn: Susan Andersson
Wells Fargo Bank, N.A.
MAC N9311-110, 625 Marquette Avenue
Minneapolis, MN 55479
Phone: (612)667-7869
Fax: (866)680-1777
Attn: Gordon Gendler
Citadel Equity Fund Ltd. & Citadel Convertible Opportunities Ltd.
131 South Dearborn Street, 35W 403E
Chicago, IL 60603 Phone: (312)395-3286
Fax: (312)267-7630
Attn: Aloke Agarwal
Palace Sports & Entertainment
PO Box 79001
Detroit, MI 48279 Phone: (248)377-0100
Fax: (248)377-2154
Attn: Susan L. Greenfield
Highbridge International LLC
9 West 57th Street, 27th Floor
New York, NY 10019 Phone: (212)287-4900
Fax: (212)287-4915
Attn: Jonathan Dorfman
U.S. Trustee
Office of the United States Trustee
844 King Street
Lockbox 35
Wilmington, DE 19801
Phone: (302) 573-6491
Fax: (302) 573-6497
Correct, the swap is 100% of the current debt load for 60% stake of the firm. The thing to keep in mind though is that the debt payoff will come through as a levered buy for the most part and not a cash buy, so most of it will not be in the money as they will just be paying off high interest debt from Champion with lower interest debt raised by the acqusition team.
Point taken though. Bottom line is that whatever is left the value to the common shareholders should be well above the current pps. Now it is up to the legal team representing the common sharholders to negotiate well on our behlaf and make sure that the acquirers take care of the commons holders.
That is exactly why I am in.
Well we know know the absolute top of what any common shareholders could get.
Champion listed $576.53 million in assets and $521.34 million in liabilities in court papers
Which is a net positive $55M or so in valuation. With roughly 77.78M shares outstanding that leaves a per share valuation after debt of of ~$.707 per share.
Before anyone gets excited about that number, all of the transaction costs/fees will come off the top, payments of any outstanding warrants/restricted holdings and depending upon how it is structured perhaps some bond holders. That will still leave some positive upside fron our current position if they choose to flow it back to the common shareholders (which is why there is legal representation for the common and it also explains why the institutions are not buying or selling at the moment until this gets cleared up)
Dated, but has a lot of good info
Daily Deal/The Deal
January 19, 2010 Tuesday
Champion Enterprises Enhanced Coverage LinkingChampion Enterprises -Search using:
News, Most Recent 60 Days
proposes sale
BYLINE: by Jamie Mason
LENGTH: 658 words
Homebuilder Champion Enterprises Inc.has lined up a cash and credit bid of at least $90 million from a group of private equity and hedge funds and the debtor's debtor-in-possession lenders.
Champion's stalking-horse bidders, PE fundCenterbridge Capital Partners LP, hedge fund MAK Capital Fund LP and affiliates of PE fundSankaty Advisors LLC, would provide the debtor with $50 million in cash for 60% of the buyer.
The debtor's DIP lenders, led by the Cayman Islands branch of Credit Suisse Group, would credit bid the balance on the debtor's $80 million debtor-in-possession loan and its prepetition debt, according to the Jan. 15 sale motion.
When it filed for Chapter 11 on Nov. 15, the Troy, Mich., maker of factory-built homes owed its prepetition lenders $187 million.
In exchange for the credit bid of the DIP, the lenders would receive 35% of the buyer's equity. The DIP lenders would also provide the debtor with $40 million in new notes in exchange for the remaining 5% of the reorganized equity.
Centerbridge Capital Partners, MAK Capital Fund and Sankaty would backstop the new notes, which would mature in five years and carry an interest rate of LIBOR plus 250 basis points in cash, with a 2% floor on LIBOR. The notes would also bear interest of an additional 200 basis points to be paid in cash or in kind, court documents said, giving them a total price of LIBOR plus 450 basis points.
If the DIP lenders did not want to participate in the bid, they could opt out, and the stalking-horse bidders would acquire their debt in cash.
Court papers did not estimate a total value of the cash and credit bid for Champion.
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware in Wilmington is scheduled to consider approval of bidding procedures on Jan. 28, court documents said.
Under the proposed procedures, the stalking-horse bidders would receive a $3 million breakup fee if they lost at auction. They also would receive expense reimbursement, with the breakup fee and reimbursement not to exceed a total of $4 million.
Competing bidders would have to deposit $5 million and offer the stalking-horse bid plus $4.5 million - the breakup fee, expense reimbursement and $500,000. Bids during the auction would have to increase in $250,000 increments.
Champion seeks to set a Feb. 24 deadline for competing bids, a March 1 auction of its assets and a March 2 hearing to approve the sale.
The debtor, which makes factory-built homes and modular buildings, filed for Chapter 11 with 18 affiliates on Nov. 15.
Champion said in court papers that it had to file for Chapter 11 because of the downturn in the housing industry.
"The market for factory-built housing is affected by a number of factors, including the availability, cost and credit underwriting standards of consumer financing, consumer confidence, employment levels, the general housing market and other economic conditions and the overall affordability of factory-built housing versus other forms of housing," court documents said.
Champion Enterprises
Enhanced Coverage LinkingChampion Enterprises -Search using:
News, Most Recent 60 Days
has 22 homebuilding plants in 13 states and three provinces in western Canada. It also has five facilities in the U.K. Its buildings are used for commercial and residential purposes.
The company's homes are sold through 1,400 independent sales centers, builders and developers in the U.S. and Canada. Champion Enterprises
Enhanced Coverage LinkingChampion Enterprises -Search using:
News, Most Recent 60 Days
has 2,026 employees. The debtor has sold more than 1.7 million homes since its founding in 1953.
The debtor's operations in the U.K. and Canada were not included in the bankruptcy filing.
Champion listed $576.53 million in assets and $521.34 million in liabilities in court papers. Chicago asset manager Columbia Wanger Asset Management LP owns 10.63% of the debtor.
Debtor counsel Laura Davis Jones and Curtis Hehn of Pachulski Stang Ziehl & Jones LLP could not be reached for comment. Timothy Cairns, also debtor counsel at Pachulski Stang, refused to comment on the case.
DEAL SIZE
$ 50-250 Million
SUBJECT: Bankruptcy; Auctions; Debt Financing
I am not sure what difference that makes. The quals to piggyback are unchanged.
Dearborn Bancorp Inc. $ 1.27
DEAR -0.08
Short Interest (Shares Short) 875,900
Days To Cover (Short Interest Ratio) 0.4
Short Percent of Float 13.60 %
Short Interest - Prior 18,100
Short % Increase / Decrease 4739.23 %
Short Squeeze Ranking™ -2
% From 52-Wk High ($ 3.22 ) -153.54 %
% From 52-Wk Low ($ 0.35 ) 72.44 %
% From 200-Day MA ($ 0.98 ) 22.83 %
% From 50-Day MA ($ 1.01 ) 20.47 %
Price % Change (52-Week) -34.10 %
Shares Float 6,438,500
Total Shares Outstanding 7,687,470
% Owned by Insiders 16.30 %
% Owned by Institutions 37.20 %
Market Cap. $ 9,763,087
Trading Volume - Today 47,538
Trading Volume - Average 2,226,600
Trading Volume - Today vs. Average 2.14 %
Earnings Per Share -10.92
PE Ratio
Record Date 2010-FebA
Where did you get in at?