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Depends on the bidders in the staking horse auction. Based on the monthly report there is value and based on the court filings there may be other bidders.
From docket 247
Filing under seal Potential Purchaser Names
To see court docket go to Prime clerk and search Aralez
Check out the monthly operating report filed on 10-31-18 on PRIME Clerk. Stock holder equity of 177.5 million and positive cash flow of 7.4 million. with number like that, hopefully we will see other bidders in the auction.
Could also be a short trap. Every since the deal was announced someone has been shorting the stock.
http://regsho.finra.org/regsho-November.html
Offer is closed
"On October 30, 2015, UQM closed the Offering. The Units were sold at a purchase price of $0.80 per Unit, for aggregate gross proceeds of $6,400,000. Net proceeds, after deducting the placement agent fee and other estimated offering expenses, are approximately $5,800,000. UQM intends to use the net proceeds from the Offering for general corporate purposes."
http://www.sec.gov/Archives/edgar/data/315449/000031544915000083/uqm-20151030x8k.htm
The warrant gives the purchaser the right to purchase one share of stock at an exercise prices of $1.31.
Two successful bidders White Marlin Oil and Gas Company, LLC and Trimont Energy (NOW), LLC. This is from Docket # 324. But no price given.
https://cases.primeclerk.com/duneenergy/Home-DocketInfo
Committee received approval from the Judge to sue officers and directors for 50 million.
"The Committee is hereby authorized and is granted standing to bring claims against the insiders of the Debtors, including, former and current directors and/or officers, on behalf of the Debtors’ estates, nunc pro tunc to June 4, 2015."
Docket 281 and 260. Docket 260 also indicates that there was another bidder in addition to EOS-Petro who was better funded. This information starts on page four of docket 260 (item 9)
https://cases.primeclerk.com/duneenergy/Home-DocketInfo
On going negotiations? Got to look for clues in every court document. Document 249 Item 14 on page 5
If the Sale were to be delayed beyond the current schedule, an extension of the Assumption Deadline would allow the Debtors to have the necessary flexibility to accommodate any such delay without the need for an emergency extension of the Assumption Deadline.
https://cases.primeclerk.com/duneenergy/Home-DocketInfo
Lambert Capital Markets is in the process of preparing a staking house bid.
See the attached letter in Court Docket# 246
https://cases.primeclerk.com/duneenergy/Home-DocketInfo
Shareholders equity $ 43,183,491
This is from Docket # 201 page 3, filed today.
Hopefully the large shareholders will use this to get a shareholders committee formed.
https://cases.primeclerk.com/duneenergy/Home-DocketInfo
You will have to watch the court docket for any information on the 5 million. It would be nice if we had someone who was attending the court hearings. News posted on Scottsdale mentions several lawsuits that will have to be resolved. At some point information on these should be available on the court docket.
Appears that Dune is trying to keep the debtors committee from getting all the information they need to proper value the company.
Be interesting to see how the judge rules (April 30th).
Docket 193
https://cases.primeclerk.com/duneenergy/Home-DocketInfo
Recent companies that did nor cancel their share in bankruptcy include Pilgrims pride (PPC), Chemtura (CHMT) and American airlines (AAL).
73,149,359 shares of Common Stock issued and outstanding as of November 13, 2014,
Good chance the price is dropping due to naked short selling by market makers. Look at the charts on short selling and read the attached article. Note the sale on March 19th(5 share sold, 5 shares shorted)and March 27th (8054 shares sold, 8000 shares short)
Date VolShorted High Low Close ShortVol RegularVol
Apr 10 0% 0.01 0.01 0.01 0 334,000
Apr 09 0% 0.01 0.01 0.01 0 233,000
Apr 08 59.90% 0.01 0.01 0.01 230,000 384,000
Apr 07 63.70% 0.01 0.01 0.01 431,000 676,620
Apr 06 41.20% 0.01 0.01 0.01 128,000 310,708
Apr 02 0% 0.01 0.01 0.01 0 9,000
Apr 01 4.30% 0.01 0.01 0.01 4,050 94,180
Mar 31 0% 0.01 0.01 0.01 0 0
Mar 30 0% 0.01 0.01 0.01 0 3,100
Mar 27 99.33% 0.01 0.01 0.01 8,000 8,054
Mar 26 89.24% 0.01 0.01 0.01 417,042 467,333
Mar 25 0% 0.01 0.01 0.01 0 12,900
Mar 24 24.22% 0.01 0.01 0.01 140,000 577,980
Mar 23 33.33% 0.01 0.01 0.01 20,000 60,000
Mar 20 1.61% 0.02 0.01 0.02 1,430 88,830
Mar 19 100.00% 0.02 0.02 0.02 5 5
Mar 18 7.06% 0.02 0.02 0.02 4,000 56,653
Mar 17 9.12% 0.02 0.01 0.01 125,000 1,371,102
Mar 16 70.37% 0.02 0.02 0.02 50,000 71,055
Mar 13 70.75% 0.03 0.02 0.02 184,802 261,222
http://otcshortreport.com/index.php?index=DUNRQ&action=view#.VSpmhvC6Xcs
http://seekingalpha.com/instablog/2406831-shortracker/651241-naked-short-selling-is-killing-otc-companies
There are 6 shareholders who own 85 % of the company (all 5 % owners)
Highbridge International, LLC Shareholder 5.00%
West Face Long Term Opportunities Global
Master, L.P. Shareholder 15.00%
Strategic Value Special Situation Fund, L.P.
Mardi Gras Ltd, Shareholder 25.00%
TPG Funds TPG Global, LLC., Shareholder 13.00%
Zell Credit Opportunities Fund, L.P.
Shareholder 6.00%
Blue Mountain Shareholder 21.00%
Page 24 of Court docket # 156
https://cases.primeclerk.com/duneenergy/Home-DocketInfo
If you read the objections in some of the other documents you get the feeling that Dune was trying to have a quick sale to benefit the DIP lenders. IF the court slows down the sale that is good for the shareholders.
SEC is interested in this case? (Docket # 129)
LEASE TAKE NOTICE that the Securities and Exchange
Commission hereby appears
in the above-
captioned case, pursuant to Section 1109
(a)of the Bankruptcy Code. 11 U.S.C. §
1109
. The Commission hereby requests that a copy of all future papers, including but not limited to, orders, pleadings, motions, applications or petitions, disclosure statements, answering
or reply papers, memoranda and briefs in support of any of the foregoing and notice of all matters arising herein be duly served to the following attorney on behalf of the Securities and
Exchange Commission at the address set forth below:
https://cases.primeclerk.com/duneenergy/Home-DocketInfo
Good post. What puzzles me is the lack of selling in the bonds. Normally when a company is in distress there is a fire sale on the bonds. Last sell was 1/21/15 at 100.21.
Does anyone have any up-to-date information on the bond price. All I can find is a last sale of 100.3.
Check out the form 13D filed on 2-26-15 by Casey Capital. Hidden at the end is a letter written to company demanding changes.
"February 26, 2015
Board of Directors
1110 Lake Cook Road, Suite 220
Buffalo Grove, Illinois 60089
Gentlemen:
KC Gamma Opportunity Fund, LP is a significant shareholder of Essex Rental Corp ("ESSX" or the "Company") that currently beneficially owns 1,461,634 shares, representing approximately 5.9% ownership of the Company. We made our initial investment as we believed ESSX to be undervalued versus its leading position as a provider of lattice-boom crawler crane and attachment rental services. Our investment thesis also included our belief that the Company could be worth significantly more to a strategic or financial buyer.
History of Underperformance
The Company suffers from a material valuation discount due to the market's loss of confidence in the Company's ability to create shareholder value. The book value of the Company has dropped from $5.33 on December 31, 2008 to $2.35 on September 30, 2014. Chronic stock underperformance and declining book value have contributed to the public market's negative perception of the Company. The lack of any improvement in the value of the business has caused the market to significantly discount the stock versus the $5.27 orderly liquidation value of the Company.1
ESSX has dramatically underperformed the broader market indexes over the last 1, 3, and 5-year periods. The current trading price of ESSX shares is near its all-time low.
We believe the Company can take steps to enhance its financial condition and prospects as well as the value of ESSX shares. We recommend the Company:
1. Add shareholder representation to the Board. Kevin Casey, portfolio manager of KC Gamma Opportunity Fund LP, would bring a fresh and independent perspective to the Company's direction and should be elected to the Board. As our representative he would seek to maximize returns for all shareholders.
2. Cut Office Expenses. The Company should terminate the arrangement with Hyde Park Real Estate LLC ("Hyde Park") regarding the office lease. We believe the Company should not pay rent expense for New York City offices when its headquarters are in Buffalo Grove, IL.
3. Evaluate Strategic Alternatives. The Board should evaluate strategic alternatives for the Company. In our opinion, the public market is applying little value to the Company's assets. The market has lost confidence in the Company's ability to execute its business plan and create shareholder value.
Essex is a valuable asset in an industry that has seen significant consolidation recently. We believe numerous financial and strategic buyers would be interested in discussing strategic alternatives with the Company. Financial buyers could be attracted to the ability to buy assets at or below liquidation value, to acquire a public platform business, and to obtain significant net loss carryforwards (NOLs) at no additional cost. However, we believe the Company would be more attractive to a strategic buyer because the Company offers:
1. Cross-selling opportunities in customer base and various crane assets;
2. Net loss carryforwards that a profitable company can utilize; and
3. Synergies from removing public company expenses, which we estimate to be between $3-6 million.
The Board Must Take Action Immediately
We believe there are other shareholders that support our ideas. We insist the Board immediately add shareholder representation, terminate the lease with Hyde Park, and engage a financial advisory firm to conduct a comprehensive review of strategic alternatives. We look forward to having a thoughtful and productive engagement with the Board to discuss these matters. However, if the Company fails to consider our requests, we will not hesitate to seek substantial Board changes at the next annual meeting of shareholders. You may reach us at (646) 825-4630.
Sincerely,
Kevin Casey
Seagate to compete with Toshiba on acquiring OCZs assets’
Hope this true
http://www.myce.com/news/seagate-to-compete-with-toshiba-on-acquiring-oczs-assets-69709/
I wish I had bought some today. Interesting document posted.
Court document # 175 http://www.gcginc.com/cases/svp/maincase.php
"Motion for Order Providing the Creditors' Committee is Not Authorized to Provide Access to Confidential or Privileged Information of the Debtors Filed by Official Committee of Unsecured Creditors."
I have never seen a creditors committee ask to not provide confidential information to creditors who request it. Normally you have to sign a confidential pledge and you are granted access. Are they trying to hide something?
And someone bought ever share. The 10Q was also filed on 11-14. They have a good product with increasing sales. They have too much debt and too much overhead. If I were a hedge fund I would buy the bonds and debt for pennies on the dollar. Use that debt to make a bid in the auction. For maybe a ten million dollar investment you could bid 100 million plus in the auction. Fire the management, sell the operation to one of the pharma companies that was interested in it 2012. Keep the NOl's or sell them.
There has been steady buying as if someone is accumulating shares. They bid deadline has been pushed back to December 6. Another three weeks to find out what game is being played.
Its weird, only two claims have been filed against the company (~$2500).
https://cert.gardencitygroup.com/svp/fs/searchcr
I tried to buy the svnt.aa bond thru Scottrade but was unsuccessful.
We will not find information about other bidders until the Nov, 22. What I have been watching is the form 4s. There were a lot of sells on 10-17-13. Then nothing. The insiders were selling at 7-10 cents then they stopped. Some of them still have significant number of shares. I also watch the bond sales. No activity since 11-1-13. Usually hedge funds buy up the bonds of distressed companies because of the leverage it gives them. Either there is no interest at all or they already have enough bonds bought to make a higher bid. I believe the price will drift down to the low 3s then move up the closer we get the deadline.
STPFQ new symbol Monday
read the NOTICE OF BID DEADLINE. At the bottom of page 2 they finally admit they do not not significant debt.
"Although the Debtors believe that they do not have any significant secured debt obligations, the DOE (as defined below) or other parties may assert interests in, or with respect to, certai
n of the Debtors’ assets. The Debtors reserve their rights regarding the character, validity, extent, avoidability and enforceability of any such interest.
http://www.kccllc.net/ecotality/document/1316126130923000000000002
Way to many shares short. The whole float has sold in the past four days. Could set up to be a huge short squeeze. Only time will tell.
PLAN OF REORGANIZATION filed on 4-25-13.
"Section 4.08 Interests
Classification: Class 8 consists of all Allowed Interests represented by the KDI Common Stock.
Treatment: Except to the extent that a Holder of an Allowed Claim in Class 8 has agreed to a less favorable treatment, on the Effective Date, or as soon thereafter as is practicable, each Holder of an Allowed Interest in Class 8 shall receive one
Reorganized KDI Warrant for each outstanding share of KDI Common Stock held by such Holder as of the Distribution Record Date.
Voting: Interests in Class 8 are Impaired. Each Holder of an Allowed Interest in Class 8 shall be entitled to vote to accept
or reject this Plan."
No purchase price for the warrants given other than that they will be the same price as the class B stock. They are non transferable and must be redeemed in full with in 30 days of being issued.
https://www.americanlegalclaims.com/lcms_documents/16/5179b7131c63b.pdf
please post a link
All I can find is this Statement
"8. What value will School Specialty’s common stock have in the future? School Specialty cannot predict what the ultimate value of its securities may be and it remains too early to determine whether holders of the common stock will receive any distribution in the sale and Chapter 11 process. Please contact your professional investment advisor for further information"
http://ssiucm.schoolspecialty.com/ucm/groups/public/@guestmktger/documents/document/x397545.pdf
The 2027 bond is trading at $5 up from $3.5.
http://cxa.gtm.idmanagedsolutions.com/finra/bondcenter/BondDetail.aspx?ID=NzM5MzYzQUY2
"About 25 parties interested in A123 assets are under confidentiality agreements, Timothy Pohl, a managing director of Lazard Ltd. (LAZ), told the court. Siemens AG (SIE) of Germany and Tokyo- based NEC Corp. (6701) are among companies interested in bidding for A123 assets, their lawyers said in court today."
http://www.bloomberg.com/news/2012-11-08/a123-receives-court-approval-to-hold-dec-6-auction.html?cmpid=yhoo
After the news came out the bonds moved from $44 to $52.5.
The management at A123 is trying to give the company away.
From page 11 "At this time, the Stalking Horse Bidder is the only party to submit a bid that does not contain materially unsatisfied conditions that must be fulfilled prior to closing. Thus, despite the rumors of alternative stalking horse bids, there remains only one bid that is currently a viable option for the Debtors."
From page 14 "MA-CEC argues that the proposed Bidding Procedures do not reasonably identify the assets to be sold and fail to state the treatment of the claims secured by any assets sold by the Debtors. The Debtors disagree with this characterization and believe that the Bidding Procedures appropriately explained that substantially all of the Debtors’ assets could be included
in the Sale."
http://www.loganandco.com/dockets/ASI/ASI_DKT_000215_084519_00128156_bd399711bb2acfdb0948d54529e3d5.pdf
2016 bond when up $7.75 today.
AONE.AA / CUSIP: 03739TAA6
Last Sale
Date: 10/17/2012
Price $38.250
Yield 36.453%
Daily Trade Summary
High Price / Equivalent Yield: $40.125 / 34.66400%
Low Price / Equivalent Yield $36.750 / 37.96300%
Net Change (Price) $7.750
I am waiting for the bond price to go up before I buy. Its down to 23.875 and has traded in a range of 21.90 to 27.25 today.
http://cxa.gtm.idmanagedsolutions.com/finra/bondcenter/BondDetail.aspx?ID=MDAyMDhKQUU4
No distribution yet. Talked to Scottrade last week and they had not received any information on a final distribution. Lets hope a pattern is emerging where Chemtura tries to throw the old shareholders a bone as the final distribution and someone throws it back pointing out their should be more meat on the bone.
The first bone 1.5 million. The second bone 2.8 million. Will we get a third offer??
New document posted. The new distribution date is June 22, 2012. Also the amount increased by 1.3 million.
"The Final Distribution will be made on or about June 22, 2012 in the form of Cash and New Common Stock, as defined in the Plan. The aggregate value of the New Common Stock to be included in the Final
Distribution is approximately $2,826,407 (valuing the New Common Stock at the Plan valuation per share of $13.45), and the aggregate value of Cash is approximately $78,668. The Final Distribution will result in approximately .0008539 shares of New Common Stock and $.0002901 in Cash being distributed for every one share of common stock previously held in the Company before its chapter 11 filing.3 There will be no more distributions to holders of Class 13a interests under the Plan."
http://www.kccllc.net/documents/0911233/0911233120626000000000001.pdf
Scottrade says they have not received any funds. They are checking with KCC to see when the final distribution will be sent.