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Sending by mistake.
My apology.
One more for your reference and faith:
DRC : TTG and PHIL:
One more to go:
PHIL and TTG:
(Henry's speech in the video)
BIG question today: Are TTG(Tin Thanh Group) and acquisition by Philux Global Group fake?
TTG:
Newflow,
Any possibility of distribution to former equity beneficiaries ?
Thanks for your comment to my posting!
There is not much consequences to TGGI not filing the mentioned 10Q: the first time in a 24-month period.
https://www.finra.org/rules-guidance/rulebooks/retired-rules/6530
Please read 6530(e).
Why there was a NT 10Q filing on Nov 14, 2022 ?
Why there was no 10Q after the 5-day delay on Nov 21, 2022 ?
Possible reasons:
1. TGGI has never been late in SEC filing under new management: acquired by Ren Chen.
Why this time late on a 10Q? You may think that the numbers are more complicated due to the reverse merger of Zuixiangui International Holdings released on Aug 8, 2022. So there is not enough resources to do so?
That could be.
But please consider their whole plan, listing in Nasdaq is just procedures by their experience and networking capacity: not the CEO Ren Chen but Jiacheng Tang.
They have attained all Nasdaq requirements in income by subsidiaries owned by SSG and TGGI equity ownership. How can they solve the 1-year pending obstacle under current trading platform from OTC to Nasdaq change rule? This is the magic power of reverse merger in issuing new equity to make use of the Seasoning Rule. These are all in TGGI's gift boxes.
2. It is in the air that China "has learned" the lesson that she needs to change course and has to open up to compensate the keep-falling economy of the country.
The quarantine will ease up in major cities in small steps. No it is making big steps in course and ideology change.
Management of TGGI is seeing this change and work accordingly by speeding up their "Global Ambitions".
Such decision happened over the last weekend.
Dump the 10Q but speed up the 8K.
3. There will be a near 8K filing on a possible significant reverse merger of SSG(Southsea Global) into TGGI. The accounting firm has been working on such accounting numbers and reports day and night. TGGI will not spend the effort in reporting the 10Q for 3rd quarter of 2022.
I guess SEC should have been informed on this matter.
This vital 8K may be here within the next 2-4 weeks...
to bring in a very bright and joyous Christmas.
Please make clear cut of the following terms:
In POR7, WMI & WMIIC
Successor
(The reorganized debtors and Mr. Cooper now)
Successor-in-interests
(WMILT for allowed claims and equity beneficiaries)
There is a big difference in ownership of assets.
Understanding this is vital in our case.
Iodas,
The term "Assets" is very complicated in bankruptcy.
First and utmost, you have to define what is "Assets" in POR(Plan of Reorganization)
in WMI and WMIIC cases(combined as one): POR7
Please go back to POR7 and read the definition.
You will be able to differentiate:
debtor assets available to creditors
and non-debtor assets. (many WMI subsidiaries' assets have been classified into this category, legally remote and safe harbored)
I should mention here that equities(preferred and common) is under bk Rule 3021 as creditors. But the assets transferred to WMILT did not cover equities, but only for disputed claims. (Here is the confusion in bk.)
The assets belonging to equity beneficiaries has been transferred to DTC/DTCC as escrow pending final winddown distribution process to be notified by the designated personnel. Then Mr. Cooper as the disbursing agent will carry out such process. (Another legal trick here: remember Private Letter Ruling by IRS, tri-angular reverse mergers by Mr. Cooper to "net the residue assets" and then be tax free to equity beneficiaries. )
https://www.law.cornell.edu/rules/frbp/rule_3021
Slow and unprofessional ?
Thanks for posting the site.
I have been following this China Group and their plan for Nasdaq and holding and trading TGGI shares.
Jiacheng Tang has the m/a skills and track records to get this project done.
But they are slow to show after the last PR conference on June 19, 2021 on moving to Nasdaq. The alarming news was they have already had 3x the Nasdaq income requirement from the 2 mergers. No further PR or 8K after 8 months!
They could be fighting in paperwork with Nasdaq. Still being slow.
DD their website design and contents: it is still very primitive and way below the level of a future global conglomerate, not to mention that internet and web design being part of their group business.
I sent an email to them to comment on the web design as an US TGGI investors. You may also bring out your action to move this needle.
newflow,
I am a fan of you on your posting on this board and others.
Your dd and willingness to help has been much appreciated.
Here I would like to share my 2 cents insight and hope that you can help to do further dd for posting, rectification and enrichment.
WMILT revealed so many times that there will be no return from the LT to LH(Lagacy Holders). Many comment that LT has been lying.
My perspective is that LT did not lie, nor FDIC-R(assets paid for book value for WMB by JPM are safe harbor assets...substantial !)
Here is the my thinking/guess:
1. In many of the 10Q and 10K of WMILT, there is a section touching on The Liquidating Trust Assets:
"The Liquidating Trust Assets consisted of all the assets of the Debtors as of the Effective Date."
Then what is "all the assets of the Debtors" ?
To have a good answer to this, we have to go to the 'Bible" which is POR7.
P.19/767 POR7 under Title I Definition:
1.33 Assets: With respect to a Debtor,(i) all "property" of such Debtor's estate, as defined in section 541 of the Bankruptcy Code,.
Then what is Code 541?
I quoted this from Cornell Law:
11 U.S. Code 541 - Property of the estate,
(a)........................
(b) Property of the estate does not include -
(1) any power that the debtor may exercise solely for the benefit of an entity other than the debtor;
So in our case, all assets which belong to LH(Lagacy Holders)are not assets of the Debtors in bankruptcy proceedings.
WMILT is only a grantor trust managed by the Trustee and Trust Advisory Board. LH are the grantors and legal owners
2. WMI Liquidating Trust Agreement filed 3-12-2012
P7/57:
2.2 Rights of Liquidating Trust Beneficiaries
"The interest of a Liquidating Trust Beneficiary is hereby declared and shall be in all respects personal property.
2.3 Evidence of Liquidating Trust Interest
Ownership of ......evidenced by .....an electronic book-entry system(the "Book Entry System).
All in all, WMILT is set up to manage admin, admin fees, legal fees, expenses and to particularly to take care of creditors and pay allowed claims.
Funds have been designated in specific accounts for specific purpose. For instance DCR(Dispute Claim Reserve)reserved claim amount(not allowed claim amount) for each claim prior to litigation.
WMILT since the ED, could not touch the money reserved for LH. But after the bankruptcies are closed, WMILT can be "allowed" to look for the rest of the/residue assets for final distribution.
3. Bankruptcy Rule 3021. Distribution Under Plan
......., distribution shall be made to creditors whose claims have been allowed, to interest holders whose interests have not been disallowed, .............. For purpose of this rule, creditors include holders of bonds notes,and other debt securities, and interest holders include the holders of stock and other equity securities,......
Therefore, LH are classified as creditors in legal/position sense but not using such term for differentiation purpose in bankruptcy proceeding and distribution under POR7. This is all procedures.
All distribution amount, of course not the exact and final amount, have been more or less calculated to your name with respect to class of former equity class and quantity under the Book Entry System many years ago,
No one can steal your money, no one can steal from TPS, AAOC ... and many BIG ONES. Remember...IRS has been watching all time and looking after your taxes. JPM has been also watching a few hundreds of family entering the rarefied realm in addition to the current 55 private wealth investors....(Bloomberg article was on 6-11-2018...amazing....3 years ago. )
There will be substantial distribution to LH..How much ?
$10B is Lying
$30B being fundamental($24B book value + disallowed credits claim $8-10B)
$100B normal and acceptable
$625B could be if you believe in the "Source"
How? 75/25 according to the "Bible" (POR7).... No Doubt!
When ? Only God knows...but I guess it will be ...... SOON.
There is a season for all things. Enjoy your time with your kins and close friends; A very good time to be thankful and.... be charitable.
newflow,
Thx for your reply.
I still have hope on GNCIQ based on your insight.
Please update us on any further info.
Much appreciation.
newflow,
Just notice that 36191G107 was removed from my Etrade acct on 1-15-2021 due to expiry.
Do we still have hope for any future distribution?
I am planning to file a claim for wamkq relating to LIBOR settlement claims.
But no proof of holding can be provided by my stock broker Etrade who does not keep record over 7 years.
Anyone can chip in to help?
Please also provide the procedures (how to) contact such entity/agent?
Thanks in advance.
newflow,
Your posting is like the pilot light in a stove.
Please keep posting to keep it alive and turn up the fire someday.
Just pray that it does not need another year but in Q1 2021 and will pay at least $6-7 dollar each common share.
Thanks again!
newflow,
Thanks for the info.
Do you have any idea on:
The time window for the closing of this chap 11 bk, wind down and possible distribution to equity beneficiary owner of GNC ?
Etrade
newflow,
GNCIQ is replaced by escrow marker : 36191G107
What do you think about the value of this in terms of possible potential dollar value?
News out that Harbin and GNC cancelled the conversion contract of 299950 preferred shares to common and preferred was cancelled.
I lost faith in both companies and sold my gnciq position at a loss/lost.
I am not sure if I overreacted.
The share price is dropping and I expect it will be down to 5-6 cents prior to plan confirmation on 10-14-2020.
This board is too quiet now.
Question:
1. Is Harbin still holding 42% of gnciq ? Public info did not mention Harbin sold all gnciq.
2. Any more hope that Harbin will reinstate former GNC equity beneficiary interests?
Any help is appreciated.
newflow,
That is very comforting to see that the whole thing is not yet final.
My appreciation.
Rule 9019 may work out that the new Windstream will provide compensation
to insiders, employees, institutional investors and us, the former common share holders.
Somewhere sometime, there is a court day 10/14/2020 I recalled was set for plan confirmation.
Is this right?
The record in my Etrade and Charles Schwab were deleted and
message indicating that 97382A309 expired.
The other brokers may be slow to manage it.
newflow,
Thanks for your reply. I have been following your move and wisdom from WaMu to Windstream.
Will there still be light behind the current total darkness?
I still do not buy the zero outcome.
Totally illogical:
1. Over 2M held by insiders; over 600K each by officer and CEO who remians in new Windstream.
2. Zero for hundred of thousands of employees with their retirement accounts.
3. So many institutional owners seeing their investment sour.
Though being deleted or expired with winmq and 97382A309,
there should be record somewhere (DTC, stock issuing agents..)
that such beneficiary interest will be reinstated and paid.
What do you think?
newflow,
Windstream common share escrow marker 97382A309 just got deleted last night (9-28-2020) from my two broker accounts.
I have much worries.
Any hope out of this situation?
Thanks for helping in advance.
ilovetolose1,
Thanks for your reply and sharing.
I bought into winmq due its "speedy Chapter 11" within 2 years, not like many taking 10 years and more.
Common sense drove me to jump in though this is also a complicated case with the common equity cancellation issue.
Why 14 officers still holding substantial amount of shares?
Tony, CEO is holding about 600K and stays in the new Windstream.
https://investor.windstream.com/financials/insider-ownership/default.aspx
And thousands of Windstream employees are rooted in common shares, esp. in their retirement accounts.
It tells me that they will be protected to keep $$$ and working moral.
Am I using this common sense thinking in the right way?
ilovetolose1,
Thanks for posting the vital and relevant info.
But my brian is too weak to digest the whole thing after reading a few times, kind of complicated.
Do you mind elaborate and explain the vital points or anyone can chip in to help?
Questions here also:
1. Any link to prove the new shares of Windstream is $2B?
2. If old shares of winmq can survive and replaced with new shares, what will be a possible new stock price?
3. This bankruptcy is ending. Any guess for a date?
Could anyone help to elaborate bankruptcy code 382 and how does it apply to former equity value of Windstream?
Someone mentioned that the new equity shares value is at $2.0B and the new Elliot group will own $1.25B. What will be the future standing/status of the old equity shares? Thanks in advance.
Newflow,
The subordinated notes holders claims are impaired.
Does the reorganized debtor have the financial ability to pay them before distribution to former equity holders?
Thanks so much for your expert info.
Newflow,
Could you help to interpret this important post relating to the outcome of current winmq shares?
wonderstocks,
I read through p37-41 but could not find your quote.
Could you copy and paste here the whole page or pertinent paragraph?
Or make it very specific to let us to find it.
newflow,
I have been following and learning from your posting.
Thanks!
Just to point out that CTs are junior to LBHI debtors'
debts, in parity to senior preferred/preference equity and senior to common equity.
Swiss,
Please reread my post #89332.
Here is the text:
Pursuant to the Plan, as of the Effective Date, all existing shares of common stock and preferred stock issued by LBHI were cancelled, and LBHI issued one new share of common stock (the “Plan Trust Stock”) to the LBHI Plan Trust, which holds such share for the benefit of such
former stockholders of LBHI consistent with their former relative priority and economic entitlements.
Clear and cut in the Grantor And Beneficiary Statement dated 12-31-2017.
In relation to my previous post 89392,
if we can have some kind of proof that:
CTs(LEHKQ, LEHLQ, LEHNQ and LHHMQ) are in parity with preferred shares of former LBHI, then CTs will also entitled to new CTs or common shares of reorganized debtors.
Anyone has such info ?
The following is the proof that equity interest, both preferred and common interest of former debtor will be cancelled on ED,3-6-2012 and will be rewarded and held by Plan Trust with new common share of the reorganized debtors according to relative priority and entitlement.
GRANTOR AND BENEFICIARY STATEMENT
LEHMAN BROTHERS HOLDINGS INC. PLAN TRUST
277 PARK AVENUE, 46TH FLOOR
NEW YORK, NY 10172
FOR THE TAX YEAR ENDED DECEMBER 31, 2017
Background
On December 6, 2011, the United States Bankruptcy Court for the Southern District of New
York entered an order confirming the Modified Third Amended Joint Chapter 11 Plan of
Lehman Brothers Holdings Inc. (“LBHI”) and its Affiliated Debtors (the “Plan”). On March 6,
2012 (the “Effective Date”), the Plan became effective.
The Plan provided for the creation of the Lehman Brothers Holdings Inc. Plan Trust (the “LBHI
Plan Trust”). Pursuant to the Plan, LBHI and certain individuals designated pursuant to the Plan
as trustees (the “Trustees”) entered into a trust agreement (the “Plan Trust Agreement”),
effective as of March 6, 2012, establishing the LBHI Plan Trust.
Pursuant to the Plan, as of the Effective Date, all existing shares of common stock and preferred
stock issued by LBHI were cancelled, and LBHI issued one new share of common stock (the
“Plan Trust Stock”) to the LBHI Plan Trust, which holds such share for the benefit of such
former stockholders of LBHI consistent with their former relative priority and economic
entitlements. The Plan Trust Stock comprises the sole asset of the LBHI Plan Trust, and the
beneficial interests in the LBHI Plan Trust are nontransferable.
Liquidating Trust Status
For U.S. federal income tax purposes, the LBHI Plan Trust is treated as a “liquidating trust”
taxable as a “grantor trust” of which the former LBHI stockholders are regarded as the grantors.
Each former stockholder of LBHI that is a beneficiary of the LBHI Plan Trust is treated for U.S.
federal income tax purposes as a direct owner of the underlying assets of the LBHI Plan Trust
(i.e., the Plan Trust Stock) in accordance with its former relative priority and economic
entitlements as a stockholder.
If you own former LBHI priority or common share, the above is your assurance of reward. (IMHO)
SwissCheeseAccount,
LBHI Plan Trust was formed on the Third Amended Joint Chapter 11(The Plan)
ED(Effective Day) 3-6-2012 (Plan Confirmation on 12-6-2011)
Usually it can be extended 6 months prior to expiration with approval from IRS and bankruptcy court.
Assuming if there is no extension by Sept 6, 2020, The Plan Trust will expire on 3-6-2021. Distribution to former equity interest holders in a form of new equity interest of the reorganized debtors, already allocated and deposited to each beneficiary election account on ED, as registered as escrow marker, will show up on stage in your stock trading account. (IMHO)
The escrow marker will be replaced by new shares accordingly.
Please comment.
rokkdatstock,
Thx for your prompt reply.
Docket 1533 1st PSA(Plan Support Agreement) 3-2-2020
Docket 1559 1st Amendment to PSA 3-9-2020
Docket 1584 2nd Amendment to PSA 3-13-2020
New Exit Facility: $3250M(Million) - $2500M Term Laon
and $750M Revolving Credit
Total reorganization financing: $3250M+$1250M=$4500M($4.5B)
So $4.5B is quite close to about $4.0B unsecured debt purged plus certain administration fees in bk.
There is a balance of $500M equity interest(new common share) after 1st Lien Group equity financing.
What is the purpose of these $500M shares?
Old common share is about 43M, new common share should be close to it:50M
Plan Equity Value $1250M/50M shares=$25.
My guess conclusion is: There will be 50M new common share priced at $25.
I am new to the game in winmq and being knowledge limited.
Please comment and share your thoughts. (IMHO)
rokkdatstock,
Thanks for your info.
Do you mind elaborate how did you arrive share value of $24?
Is $24 value for the new common or old common?
tutt1126,
The info you provided have been very useful.
I do not have a dropbox account and the download file cannot be seen.
Do you mind post the link content here?
Much thanks.
Anyone have knowledge or insight on the court yesterday 6-24-2020?
What is the status forward with Windstream ?
Anyone can help to shine some light on the interests incurred on the CTs?
eg. Take LEHLQ at 6.38% with a face/liquidation value of $25.
1. Interests is being part of the claim in bankruptcy.
Will 6.38% or 1.95% Federal Judgement Rate be used ?
2. Will the debtors pay you interests for exactly the time period you held the CT or the last owner holding the CT at distribution getting all the interests since bankruptcy inception/effective day?
Thanks for helping in advance.