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The 'automatic stay' of BK filing will postpone that until this is over.....which will most likely be over a year away.
Market had this back above $2 bucks on a sniff of export demand and the next trading day they're filing for BK. Fact is, no matter how they slice it, A>L by a long shot considering the assets on the ground they have and most of their liabilities aren't debt, but (future) union labor obligations and anticipated environmental costs. In other words, they could most likely liquidate (today) have any plenty left over for shareholders. Or they could deal with the unions and make up for it on the backs of shareholders.
Now, that is present day. But that is analogous to a man that marries a skinny woman with big ankles. You know how that turns out.
I don't know....they may be selling, lol. There was absolutely no reason to buy that position pre-bk.
Been a lot of posts about facts and opinions and which is which, but one thing for certain is that Marc Sherman has not delivered the promises he made on the conference call, and QSGI in general has not made the filings current as they have supposed to have done.
This is a fact, and if someone thinks it is an opinion, please disprove it. Jaw flapping don't work.
Well, there is this thing called supply and demand. When an economy is in the dumps, demand is less, therefore supply is more....hence lower nat gas prices.
Since QE 1-50 or whatever we're on now (you know that thing that hasn't increased the debt to 15+ trillion nor raised inflation) hasn't done a thing but hurt the economy, it wouldn't be a stretch to figure out that a continuation of the current policies of this administration would not be good for Chesapeake.
With your reference to regulations and the nat gas industry, you have shown the 'skirt up' side of your knowledge of the ins-and-outs of the natural gas industry.
Next, I would like to hear about this new-fangled frack thing that is talked about so much and how it is regulated and what exactly it does.
LOL
It doesn't really matter if I lay it all out in a powerpoint presentation....you would simply deny it nor understand it.
But as far as Chesapeake goes, they are in bad shape now and will be in worse shape if the current administration stays in power this November.
The addition of new board members selected by Mr Icahn wont make one difference.
This conversation is coming to an abrupt halt, since you think that QE doesn't require new debt. LOLLOLOOLLLOL jeez, really?
Quit watching msnbc.
I blame ALL politicians who didn't or don't have the nuts to seal up the border, get hand-outs under control, as well as spending.
The effective tax rate of fat cats is about 10,000 down on the list of importance. Take all their damn money.....it won't make a dent in the deficit or debt.
The housing boom.....brought about with the democrat 'everybody has a right to a home' precipitated this recession. To say illegals helped the boom is akin to saying they aided and abetted in the downfall of the economy.
NEXT
Sure, you can come by my office and read it on my computer.
Post 73423 pretty much covers it. The only thing that QSGI appears to not be paying for is actually briefing time, time associated with filing said briefs, and appearance time. All the background preparatory work for the aforementioned time(s) will have to be paid for by QSGI. It would be foolish to think that a pissant law firm, that didn't specialize in the subject matter of this case, would go out on a limb and fund the entire case. They surely aren't paying for McDonald Tompkins' digging up of the discovery requested by IBM, any required expert witnesses, and don't appear to be eating the time required to research relevant case law. Having some experience with these matters, I can attest that the time associated with gathering discovery and gathering information to put in a brief, is significantly more time than the actual briefing itself. Like 80% = research, 20% = put on paper.
Nevertheless, you can continue to believe whatever you like, it's your prerogative. Don't let the truth rain on your parade. If only those long overdue promised filings by Mr Sherman would magically appear, I'm confident any costs for the prosecution of this case would be tucked in there somewhere.
À la prochaine
It doesn't really matter because QSGI, with their infinite wisdom of engaging IBM, will be paying for it.......for years to come.
QSGI's attorneys were available, Sherman was not. If you read any of the court docs and followed along....even remotely....you would know that.
On the law firm? Hardly, it was Sherman who was the no-show, not the attorneys.
And you think lawyers don't 'bill pad' especially when their client isn't the one forking over the check?
That's probably enough to put QSGI back into bankruptcy, lol
Since someone has speculated IBM's costs were well into the millions, I suppose it would be a proper time to come back and speculate how many hundreds of thousands IBM will submit to the court to determine the amount to be awarded for sanctions related to discovery.
....and a big fat LOL
So what. 1,500 in airfare and a day's worth of time. Although this has been dragging on for months, very little work has actually been done. Making a request for discovery takes little time, the act of pouring over the documents is what takes time. Since QSGI is stonewalling, hence little time spent. 50K would be a bill-padded estimate.
2 million for this rinky dink suit ? lol That's 4,000 man hours @ 500/hr. Or, put another way, 2 people working 40 hours/week for a solid year, with 2 weeks vacation.
They'll be asking themselves the same question within a week. Ignorance and optimism I suppose.
Tease? I was doing you a favor if you were trying to exit. The high end estimate to creditors is 56%. Commons get zilch according to their numbers. Hit that bid.
I'd prefer that you add them up and prove me wrong. And while you're at it, get a copy of the lawyer's invoices to IBM.
LOL, hardly. IBM has probably spent 40-50K, which is high for what has been done, but a drop in the bucket and they spend this kind of chump change defending frivolous suits all the time.
On the other hand, 40-50K is probably the total sales for QSGI for the last six months.....but we'll never know since those filings have never shown up.
What did you expect? Did you think IBM would hire a $500 flat fee traffic ticket attorney to handle a hundred million dollar damage accusation? Quite the contrary, the discovery requests made by IBM are everyday, run-of-the-mill discovery requests. They have not been out of the ordinary, excessive, nor have they even used all the discovery options available.
On the other hand, QSGI can't sit there and whine about discovery when they knew full well that discovery is part of the process,,,,,,a process they started. You get what you get when you awake the sleeping giant.
What was the estimated percentage payout for unsecured creditors according to the liquidation plan?
Putting up quite a fight? They look like a fish floundering around out of water. IBM is the aggressor, and they are the defendant. Enough said.
I think I do. I've actually lived through a few of these so called 363 sales and I happen to know some folks at Lazard that are responsible for shopping assets.
But you guys can continue to believe what you want to believe, I'm not here to convince you otherwise.
A great move?? Lazard has wasted a solid year marketing the IP assets and failed to deliver a measley opening bid. S&C has had their heads in the sand too. They have no other choice. Apple has done an excellent job running off potential buyers.
http://ih.advfn.com/p.php?pid=nmona&article=52001233
Hired a new gasket maker,,,,,if you missed it. That was the last update in, well, a good while. (And what an update it was! woohoo)
It'll all make sense when Dynegy Inc files for BK probably within the week.
The Plan provides that on or prior to the Effective Date, DH will be merged with and into
Dynegy, with Dynegy being the Surviving Entity (the “Merger”). The Surviving Entity will then emerge on the Effective Date as Reorganized Dynegy. As such, the Plan provides for the treatment of Claims against and Equity Interests in the Surviving Entity pursuant to the Merger, as compared to DH and Dynegy separately.
In other words, when they say equity interests are cancelled, that means for both Dynegy Inc and Dynegy Holdings.
That's fyi for whoever is paying 60 cents for the opportunity to be cancelled.
Yep. All Sherman has to do is put up or shut up. He is the one that made promises he hasn't kept, so the comments about his shortcomings are on point.
Denial. If QSGI was selling that, the financials would be looking pretty good by now. Way too much of it here.
Does the motion to dismiss state that they have made the required sec filings, finalized audited financials, incorporated their proposed business model improvements, etc??
Yeah, what I thought.
Not hardly. A simple employment contract would do exactly what you are talking about. That has nothing to do with not having enough credit to get a loan.
The whole deal was just a partnership. Sherman didn't live up to his end of the things he was supposed to bring to the table, thus he got sued.
Read the lawsuit and get back with me.
IF you can get approved on your own, you don't need co-signers. Sherman had to get owner financing and co-signers all in one. He must be a helluva snake oil salesman.....probably could sell ice to eskimos or convince people to take sand to the beach.
He can't polish a tird, though. No filings and this thing hasn't seen 8 cents in i don't know how long.
More like bottle rockets.....duct taped to a barge.