Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
BCON - massive insider selling thru 5 Jan 09
Balance sheet- cash=10.58 ml, op cash flow= -13.32 ml
MESA chart looks great-technically could easily run to .28 IMO. All indicators up/crossing or turning up!
27.9 ml float 39% owned by institutions,
2.96 ml short for 10.2%
Insider acq and Purchase through Oct 08- no data found after that.
However- fundamentals aren't great. Looks like they are getting debt restructured though. Look at last para below for potential 1-100 reverse split????
AZCENTRAL.COM---Mesa Air Group said it has reached a tentative agreement on the restructuring of a "significant portion" of its bonds that have key payment deadlines looming.
The regional airline's ability to repay or restructure the debt has been a big question mark because of its precarious financial condition.
The Phoenix-based company, which flies commuter routes for US Airways, United and Delta, has had large legal bills and cash settlements related to its Hawaii operation and also is faced with the potential loss of business from Delta.
In its latest fiscal year, Mesa's cash balance fell from more than $200 million to $65 million.
The company has acknowledged its problems and said bankruptcy is an option if it doesn't work through the challenges.
The restructuring announcement was made Thursday afternoon. On Friday, Mesa's shares surged 23.3 percent, to 18.5 cents.
Under the restructuring, Mesa said certain holders of two groups of its senior convertible notes have agreed to waive the Jan. 31 put right related to $15.6 million in aggregate principal and to exchange $89.8 million in principal amount for $5.6 million in cash, 13.6 million in Mesa shares and $14.3 million of new debt.
The stock and new debt portion of the deal is expected to close on Feb. 10. Mesa said the closing of the transactions is subject to certain conditions, including the negotiation of a definitive agreement.
The company said it is continuing to negotiate with certain remaining bondholders.
"We appreciate the willingness of our bondholders to work with us through this difficult situation and remain optimistic that the company will be successful in the long term," Chief Executive Officer Jonathan Ornstein said in a statement.
The Street.com----The Phoenix-based regional carrier was recently threatened with delisting by Nasdaq. It has sued Delta(DAL Quote - Cramer on DAL - Stock Picks), one of its principal partners, which had sought to terminate a contract.
Attempted new business ventures in other parts of the world have had some unintended consequences. In Hawaii, where it set up a new interisland airline in 2006, Mesa lost one lawsuit, paying out $52.5 million to Hawaiian(HA Quote - Cramer on HA - Stock Picks), and settled a second, paying $2 million to the estate of defunct Aloha. Mesa was accused of using confidential information obtained from Hawaiian, and of predatory pricing.
Meanwhile, in China, Mesa sold a once-vaunted partnership with Shenzen Airlines, taking a $7.4 million loss.
Currently, with $92 million worth of bonds coming due, Mesa is trying to convince bondholders to take stock in payment. It's not an easy sell, given that shares traded Tuesday at 20 cents, but bondholders may decide that getting something beats getting less in bankruptcy court.
Last week, Mesa reported earnings for its fiscal fourth quarter, which ended Sept. 30. The net loss was $22.3 million, compared with a loss of $62.2 million a year earlier. Excluding special items, pro forma net income was $3.1 million, the company said, up from $2.2 million. Revenue was $325 million, down 1%.
Jesup and Lamont analyst Helane Becker says Mesa can conceivably turn things around, but first must solve its many problems. "The airline industry in general is going to be profitable this year, but whether Mesa can be profitable is still up in the air," she says.
"They have a lot of issues they are dealing with," she says. "They are looking at having bonds put to them, they have to settle with Delta before they can grow in any large measure, and the balance sheet needs to be restructured. It's still a cloudy and highly risky picture."
------Meanwhile, in a recent report CreditSights said Mesa inflated its share --------count to settle convertible bond issues, and now, "with share count ----------growing from 30 million to 900 million, it will need a 1 for 100 reverse --------split after everything settles." But after going "through semi-hell and ---------almost back," Mesa is "almost bottoming," the firm says.-------------
SSCC- Gap down on 15 Jan due to company telling lenders it may file for Bankruptcy, and has hired Bankruptcy lawyers! Technicals look like setting up for potential bounce, but fundamentals suck. Could be a head fake like NT was-although we did luck out on that one.
Reuters-The company has hired bankruptcy counsel and financial advisers in an effort to line up about $750 million in debtor-in-possession (DIP) financing, the paper said citing the people.
Companies use DIP financing to help them fund operations while they restructure debt.
A Chapter 11 filing for protection from creditors could come within two weeks, once the company secures the financing, the paper said.
A company spokeswoman declined to comment to the Journal about a potential bankruptcy filing. Smurfit-Stone could not be immediately reached for comment by Reuters.
The company has a $7.3 million interest payment due later this week, but it was unclear it was going to make the payment, the people told the paper.
The company has about $3.5 billion in outstanding debt and roughly $7.5 billion in annual sales, according to the paper.
It has about $316 million in debt payments due this year and also also needs to refinance a $800 million revolving credit line due in November, the Journal said. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Lincoln Feast)
AP-A bankruptcy could be bad news for common shareholders as they often get little or nothing back on their investment once management seeks court protection from creditors. That's because common shareholders' call on company assets is typically less than that of bondholders and preferred shareholders.
Jan 15 (Reuters) - Smurfit-Stone Container Corp (SSCC.O), a major corrugated packaging maker, has told lenders it could file for bankruptcy amid weakening sales and a cash crunch, the Wall Street Journal said, citing people familiar with the matter.
"The (company's) market cap has fallen below $100 million, and the bonds are trading at less than 20 cents on the dollar," Deutsche Bank-North America's Mark Wilde wrote Thursday in a client note. "This reflects its high debt levels, difficulties in refinancing, and deteriorating fundamentals."
Wilde said the news highlights the distress in the debt-laden industry, which is facing growing pressure as volumes decline steeply.
"The other extremely heavily leveraged name in our space is AbitibiBowater," Wilde said. "Other leveraged coverage names include Temple-Inland and International Paper, but we think that those two companies are in much better shape than Smurfit-Stone."
Smurfit-Stone shares fell 30 cents, or 83.4 percent, to 6 cents. In the past 52 weeks the shares have ranged from 5 cents to $9.99.
at first glance-technicals look OK, but low volume and negative money flow, short term play with limited upside IMO
ABK 284.5 ml float with 53.9 ml short as of 01/23/09
ABK eliminates quarterly dividend in Dec to preserve capital and Securities fraud suit amended on Jan 20.
ABK:US
Ambac Financial Group Inc
Gardy & Notis, LLP Files Amended Securities Fraud Class Action f
Gardy & Notis, LLP Files Amended Securities Fraud Class
Action for Purchasers of Structured Repackaged Asset-Backed
Trust Securities, Callable Class A Certificates, Series 2007-
1, STRATS(SM) Trust for Ambac Financial Group, Inc.
Securities, Series 2007-1 -- GJW
ENGLEWOOD CLIFFS, N.J., Jan. 20, 2009 (GLOBE NEWSWIRE) -- Gardy & Notis, LLP has filed an amended complaint in the securities fraud class action lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of Structured Repackaged Asset-Backed Trust Securities, Callable Class A Certificates, Series 2007-1, STRATS(SM) Trust for Ambac Financial Group, Inc. Securities, Series 2007-1 ("STRATS") (NYSE:GJW) from the date of issuance on June 29, 2007, through and including April 22, 2008 (the "Class Period").
The case has been assigned No. 08 Civ. 11241. The defendants in the case are Robert J. Genader, Sean T. Leonard and Ambac Financial Group, Inc. The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing a series of false and misleading statements concerning the financial results and operations of Ambac Financial Group, Inc.
If you purchased STRATS during the Class Period and have sustained damages, you may, no later than March 2, 2009, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation, and you must meet certain legal requirements to serve as a lead plaintiff.
For more information regarding the lawsuit or to obtain a copy of the complaint, please contact plaintiff's counsel, Charles A. Germershausen or Kelly A. Noto at Gardy & Notis, LLP:
I am in VG, RAME, GNBT and EPEX. Like them all.
Also looking real hard @ RTK, SNG and GSX, planning to get in today
I like AVR too, just not enough cash to play them all.
Funny you charted my final four for today!
Let's make some money!
SUNV on todays watch, can you post chart? Haven't figured out how yet. tia
Mattchew was having trbl with IHUB on Friday! Probably why he hasn't replied
Check out rfmd, Chart? TIA
Mattchew,
Can you give me some link to good chart analysis sites/boards?
McChief
when i signed i got a message that gave mony101 board. here's the link
http://investorshub.advfn.com/boards/board.aspx?board_id=7489
ok, enough banter. we need to talk stocks in the future.
I FLIPPED A MILLION AT A BUCK A PIECE.
mattchew, i see you learned that lesson. you better stay on top of things or you DO GET BURNED!
dude, i told you i'm dipping my toes, not squandering my retirement!
mattchew, remember, i've been off the grid since i retired two years ago. just dipping my toes to brushup before i get serious.
you idiot, i'm only down 26% as we speak, i'll be even soon!
Hey Matchew, kachew,
Why would I cry over a piddly little 60K investment?
ok matchew, show me the T chart.
Where's that T chart you promised?