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Did anyone file objections to the plan? What was the deadline to do so?
Thanks a lot.
How could've Aurelius sold a lot Hs on Mar9-10, 2010?
Look at volume?
wahuq historical prices
Date Open High Low Close Volume Adj Close*
Mar 15, 2010 28.00 28.00 26.05 27.00 523,200 27.00
Mar 12, 2010 24.75 29.00 10.25 28.00 392,100 28.00
Mar 11, 2010 23.50 24.90 23.50 24.75 1,500 24.75
Mar 10, 2010 24.75 24.94 24.50 24.55 2,200 24.55
Mar 9, 2010 25.00 25.00 24.00 24.00 3,100 24.00
Mar 8, 2010 25.75 25.75 23.00 23.50 784,300 23.50
First EC, now TPS, I wonder who will be the next wanting to depose the Hedge Funds.
Not the market, the Plan has to assign a value to anything that's considerred a form of distrubition.
Or HYPOTHETICALLY SPEAKING...
The POR could convert the old preferred into debt in the newCo.
Me either...
Catz
There is just one issue with your example.
Everything that's considerred a distrubition in a Chapter 11 Plan of Reorganization has been valued, so that the POR could calculate a % between distribution and a claim.
So for cash, it's a no brainer. For stocks in the newCo, there is an IPO price that equals to the estimated value of the new company minus new debt and then divided by total number of shares. If the preferred is assumed by a company like JPM, that's also easy, you could give a face value.
Now in the scenario you decribed below, how do the POR assign a value for "re-floating preferred"? Considerring that it's only going to be a $160 million newCo, and the fave value of total preferred is at 7.5B right now.
We should try to find out more about this.
"The WaMu claims stemmed from a swap agreement it had with Lehman’s special-financing unit, according to proofs of claim filed by JPMorgan. The New York-based bank paid itself back for what was owing by taking collateral deposited with it by Lehman, according to the claim documents. Lehman had objected that $80 million of the collateral was part of a guarantee agreement that JPMorgan wasn’t entitled to draw on".
Wouldn't it be funny if this so called "Wamu claim" was the CDS against Wamu(betting wmi/wamu will default) that JPM bought from Lehman? If that's the case, we can now prove that JPM bought CDS on WMI/Wamu before it was taken over. Lehman filed BK before wamu did.
Tom,
Good to see you here, I'd suggest starting with I-box on this board.
I've been here before the wamu bank was taken over by OTS/FDIC, give me a call if you want to chat.
TMA.GB is now at 11 cents on the dollar, so if they reach FV, that's an 8 bagger, not bad at all.
TMA.GJ is only at 0.02 cents on the dollar, so you could actually buy the entire $1.315 billion FV for only $263,000, now that's a lottery ticket.
You are welcome.
Only if we could have a UST like the one for the BGP case, then it wouldn't be left up to shareholders like us to do the objections.
ILoveStocks,
Appreciate all of your efforts for objecting the billings for Weil, A&Ms and etc.
I just came accross an objection from UST in a different case, and they are in New York, but I thought this could potential provide some more ammunition for you in the future.
http://www.bordersreorganization.com/pdflib/744_10614.pdf
Reply of Defendant Washington Mutual, Inc. to Plaintiffs' Memorandum of Law in Opposition to Defendant's Motion to Compel Production of Documents and Answers to Interrogatories
http://www.kccllc.net/documents/0812229/0812229110427000000000005.pdf
http://www.kccllc.net/documents/0812229/0812229110427000000000004.pdf
http://www.kccllc.net/documents/0812229/0812229110427000000000003.pdf
http://www.kccllc.net/documents/0812229/0812229110421000000000009.pdf
HangTen
Thanks a lot for the reply. My interest is finding the current pricing of these Capital Tursts, whether in the form of the sub notes or perferred stocks or tradable claims. I don't beileve they are public traded, but the pricing info(if found) would give us an good indiction of where we are in the asset/liability picture.
For us common equity holders to have a chance of surviving, one would expect to see the capital trusts approaching par value first.
That's any other assets in addition to the NOL?
If the debtor wins the fight over FDIC for the Tax Refund, that's a good addtion of $265 million"
Do we know what other assets Corus have?
"As of June 30, 2009, Corus had $417.8 million in floating rate junior subordinated notes (the “Debentures”) which included the original issuance of $404.6 million in Debentures, as well as $13.2 million in deferred interest payments related to those Debentures. The Debentures were issued to unconsolidated subsidiary trusts of the Company (the “Trusts”). Each Trust’s sole purpose is to issue Trust Preferred Securities, and then use the proceeds of the issuance to purchase debentures with terms essentially identical to the Trust Preferred Securities, from the Company."
Does anyone have information on how to lookup these Trust Preferred Securities? They were referred as Corus Statutory Trust I, II, III...XII and XIII at one point in the past.
Hearing held...HUGE win for EC...Docket # 1390
Hearing Held.
Agenda items:
#1 - As to Adv. Proc. No. 10-55361 - status conference - briefing will be completed shortly on the various pending motions
and the motions will be ready for consideration by the Court
#2 - Motion granted - Order signed
#3 - Not considered by the Court for the reasons set forth on the record at the hearing
#4 - Not considered by the Court for the reasons set forth on the record at the hearing
#5 - Continued indefinitely
#6 - Not considered by the Court for the reasons set forth on the record at the hearing
#7 - Order due under certificationi of counsel
Motion to Vacate "Motion Under FRCP 60(b) for Order (A) Vacating Interim and Final DIP Financing Orders and (B) Granting Related Relief" Filed by Official Committee Of Equity Security Holders...
The pot just got thicker...
Docket No. 1360
I guess we now know why the old counsole for OEC was fired.
Privet and Prescott breached their fiduciary duties to the orginal EC while serving as members (and Chair) of the original EC, purpoting to negotiate "for the EC" and instead negotiating a burdensome, oppressive "DIP Load to Own Transaction" for their own economic benefit and to the detriment of their constituents.
The old counsole was part of this plot too.
Rodney McFadden files Objection to Disclosure Statement Describing Amended Joint Chapter 11 Plan of Reorganization and Motion for Entry of an Order Approving the Adequacy of the Disclosure Statement
Doc# 1340
United States Trustees files Objection to the Debtors Amended Disclosure Statement Describing Amended Joint Chapter 11 Plan of Reorganization
Doc# 1358
OEC files Objection to Disclosure Statement and Solicitation Motion
Doc# 1346
OEC files Omnibus Reply to Objections to and in Further Support of the Application for Order, Pursuant to 11 U.S.C. 328, 330 and 1103, Authorizing Employment and Retention of Baker & McKenzie LLP as Counsel to the Official Committee of Equity Security Holders, Nunc Pro Tunc to April 1, 2011
Doc# 1353
Madclown,
What is your view on the approved order for debtor to de-register as a public company?
TIA
Last week's earthquake cause major disruptions to many US-China undersea cables that are routed through Japan.
uhlmant,
Always appricate your DDs. I hope you could may clarify this question regarding the warrants.
In reading your post, are you suggesting that trxaq shareholder will get the pro rata new Trench/Serail A warrants(3.5% of new common) that's striked at 1.4B EV, and trabq shareholer will get the pro rata( 4.1% of new common) new Trench/Serial B warrants stiked at 1.5 EV upon exiting BK?
I've always been under the impression that trxaq and trxbq shareholdrs are getting the same treatment in the plan. Meaning that they get both new Serial A warrants and new Serial B warrnats. In my calculation, for every 1000 shares(regardless trxAq or traxBq) someone owns today, they will get about 13(15M x 3.5% / 40M x 1000) new trench A warrants(strked at 1.4B EV) and 16(15M x 4.1% / 40M x 1000) trench B warrant (striked at 1.5B EV) on effective day.
Are I wrong about this?
My understanding is that TROXV is the new equity, it usually starts trading before the BK company emerges anyone know when Tronox will be exiting?
Trxaq and trxbq will continue to trade until the company exits, then owners of both of them will be getting the pro-rated warrants (it looks the warrants are already in the money, and they still have 7 years to go).
Thanks so much for your thoughts on this.
Madclown,
Really appreciate what you've done here for benefits of all the PBS shareholders(and for all Dimeq LTW holders too).
I have a couple of questions that I hope you could share your thoughts on.
1. I've seen a letter from the UCC in last nights' filing, but did not see one from the EC. What do you think EC's going to do? Are they are going to keep quiet? If they do file something to support the plan, won't that be the kind of evidences that they are violating their duties to all common shareholders as the official equity committe?
2. I know I should not expect much from the UST, but where are they at all in this case?
3. As for the objections for the plan, when is the appropriate time to file them? Should it be after the DS approval, or the timing doesn't matter at all. The motion for shorten from the debtor is another joke, they only filed their exibits last night.
TIA
I thought both of parties said they were going to file a certification of counsel that afternoon.
Has anyone seen it yet?
No, abk did not really trade as low as 2 cents, it was just a fluke on the first trading day after BK annoucement.
I agree with you on all the TA anlasis for PBSOQ. But looking at the case, the main difference for EC in PBSOQ is that they seem to be in the driving seat now. The debtor was in bed with the existing DIP provider, who was in bed with the formal CEO to steal the company. With the new financing, Steel is going to be out of the picture once they are fully repaid.
One of today's court agendar item is EC asking the court to deny debtor's request to extend their exclusivity. I'd expect the court to modify it so that the debtor will share the exclusivity with EC and creditors committee, so that EC could file their plan early next Month, if not terminating debtor's exclusivity outright.
Warrants can be traded freely just as stocks.
Zilla, good to see you here, I too have been watching abk for a while and not ready to jump in yet.
Thanks a lot for the reply on BBI, I will continue to watch that one.
Lastly, I've been following PBSOQ for a while, they seem to be moving into the right direction. The equity committee was able to secure alternative financing and are in the process to replace the existing DIP financing; The formal CEO and CFO were convicted, there seem to be some hope the debtor could recover some money from the formal CEO's forfeit suit; The debtor is also in the process of rejecting the pre-petition class action settlement; The creditor committee seems to be in the camp with the equity committee, and together they are ready to file equity committee's plan early January.
There is just one problem, judging from the volume or lack of, nobody seems to be interested in this one. Do you have any take on this?
TIA
Zilla,
I was in tronox, and like you, am regretting of selling them too early.
I've been in wamu before the unjusted seize and ever since. I'd love to see your take on bloaq/blobq.
TIA.
I take it that somebody really wants shares for tronox
I think nothing but MMs game is happening....
If something is really happening, the volume would NOT be this light...
Does anyone have an update on Wednesday's hearing? Especially the item of EC Counsel's application for Interim Compensation.