Any Escrow Share News?
Yes, they are completely worthless. They were placeholders in the event that there was some major discovery of hidden assets. No such discovery was made prior to the date this bankruptcy ended, and thus, there weren't the billions upon billions of "extra, free dollars" in value that the Escrow share bag-holders were expecting/hoping would flow down to them. There weren't. So there won't be.
Sorry to break it to you, but that's the hard cheese re: the Escrow shares. I'd tell you to write them off on your taxes but whatever losses you had were already baked into the common shares that pretty much got obliterated. Hope that you took whatever losses back when you were able to.
Please note that commons weren't the only securities receiving these escrow shares? I received a number of escrow shares (aka "placeholder shares" on my WAMPQ shares. They still sit in my brokerage accounts. Luckily, I made some good money of the regular preferred's, but the "fulcrum" securities were the PIERS (WAHUQ) shares; anyone buying these in the single lower digits made bank on this (no pun intended) investment.
Quite frankly, I was leaning more heavily in the regular preferred and the DIMEQ Wts., but held the H PIERS as my hedge. So glad that I hedged this out-of-control dumpster fire.
I repurchased ALL of my tax loss lot of RVP shares I sold on the last day of trading for 2015 . . . and added/purchased an additional 50% on top of the 100% repurchase on Groundhog Day. Great movie, but RVP is an even better story going into oral arguments at the 5th Circuit Court in New Orleans.
Long and strong on RVP. Now own more shares than I ever have, and wouldn't mind adding more shares on the expected and eventual dips. If I weren't already 99+% invested, I'd have a limit order set in place to hit, to take advantage of any price drops caused by time-sensitive/price-insensitive RVP owners/sellers that need to get out (for whatever reason) because they simply need cash.
I really, really like the RVP story at sub $3.00/share and am waiting on a couple of tender offers to free up a bit of cash. RVP is definitely on my short-list (but not to be confused with a "list of stocks I'd love to SHORT). Quite the opposite with the RVP Story.
My B-D versus RVP thesis rests on the following:
BD already got COMPLETELY POURED-OUT by the 5th Circuit, and B-D really has no other choice but to come back, with hat in hand, and BEG the 5th Circuit for another bite at the apple, which I'll refer to more colloquially as the "B-Slapping" that they really need, and that I hope they catch . . . just like a hot round right behind the ear. B-D is evil and they need this . . . "it will be a very good lesson for them."
Nb: re "B-Slapping." The "B" is for a word that rhymes with "rich," "ditch," "glitch," "itch," "witch" and
any of the other [letter of the alphabet] - itch words. I think y'all know what I'm talking about, but didn't want the "Potty Mouth Patrol" getting "a little cross" with my description of what B-D has [or rather, should have coming to them if the world were fair, if I believed in Karma, and if B-D were to get everything that they deserve . . . everything that they have coming to them . . . and then some [if only for good measure].
Good luck to all RVP longs. May 2016 be the year where this one pays off to us longs as if we're a broken slot-machine just just out money left, right, every which way.
Looks like the merger should be sooner rather than later, at least according to the following SEC filing:
W2007 SEC Form 13E-3 Amendment #5
Dent lawsuit has been dismissed with prejudice on January 8, 2016, and W2007 anticipates that the Merger will be "promptly consummated on January 15, 2016 (which is this Friday)
Goodbye moring, Professor E.I.,
Just wanted to mention that I woke up this morning, checked several differently titled accounts (e.g., my Roth IRA, my wife's old Rollover IRA from some years ago, a jointly-owned regular taxable (non-retirement) account, a couple of UTMA's for the grandkids), and just like magic, saw that all of the KCLI shares in all of the accounts now had a Contra CUSIP to reflect the Reverse Split effectuated at 6:00 p.m. (CST) yesterday evening. This even includes some shares that were just purchased yesterday morning for the little ones in their UTMA savings accounts for college.
No single account held more than 249 shares. Had any account held 250 or more "old" KCLI shares, I would have been reverse-split, 1:250 shares, and a minute later, at 6:01 p.m. (CST), forward split, 250:1 shares, and I would've still been the proud owner of the old reverse split, new forward split "Darkly Traded" KCLI shares.
Instead, each of these old, reverse split shares, with the new Contra CUSIP, will now be exchanged for $52.50 a piece.
This was some of the easiest money ever made, especially the shares purchased yesterday near the opening, at just under $50.00/share. I haven't yet done the math on these last minute purchases of KCLI, but the annualized return should be a crazy number.
Who, in their right mind, would be selling KCLI on what would've been the last day of trading before collecting another 2 1/2 bucks?! The only things that comes to mind would either be big Institutional Investors that either wanted out while this was still fairly liquid and/or those same large holders wanting to sell, believing that the Reversed-Forward Split KCLI will be trading much lower than yesterday's price trading range.
I don't think that these were small (i.e., < 250 share holders of this stock. I hope not, any way.
"Irregardlessly" [sic, I'm happy as a Lark this morning. Deals/offers/opportunities like KCLI don't come along very often, with as much "scalability" as this one had (where one could buy up to 249 shares per account, and where the Sellers of the stock were willing to give up such large spreads on this one. The spread did narrow a bit in the last 2 days of trading, but anyone reading their updated Schedule 14 SEC filing would have noticed that they had TRIPLED the amount of money that they had initially allocated to take this company dark. This told me that the handful of large owners (that already collectively held more than 2/3 of the company, saw this as a TREMENDOUS opportunity to buy out as many small holders (those with < 250 shares), delist the stock, make it much more illiquid than it had already been, and allow Bixby, et al. to run this company as their own private little fiefdom.
Well done, Bixby Family . . . well done!
Ps: thanks for the Christmas money. We're much obliged!
I'm still here, pissed at what these Chinese Crooks [Department of Redundancy Department?] have pulled off with yet another one of the SCAMS for which they're famous for.
Here's my suggestion:
Buy 100 or 200 shares of this POS stock. 100 or 200 shares of AOBI will set you back ~$200 to $400. But . . .
The next step is have your broker transfer your shares out of street name and into yours. I did this with my Fidelity account. There is NO CHARGE for this at Fidelity SO LONG AS you're not requesting a paper stock certificate. Just ask them to do an electronic transfer to transfer the shares out of Street Name and into your name.
The Transfer Agent is Computershare. Fidelity (in my situation) will electronically transfer the shares out of my individual NON-RETIREMENT account and into my "account" at Computershare.com. The Transfer Agent will then send a letter informing me that I now hold X number of shares of AOBI held by Computershare, along with my account number at CS, etc.
This is where the fun part begins:
You will want to transfer at least one (1) share of AOBI to 100 to 200 of your closest family members and/or best friends. Get their permission, of course, but once you do, send a "Letter of Instruction" to Computershare Investor Centre.
In this Letter of Instruction, write an Introductory Paragraph (e.g., "My name is Johnny Wishbone, I am the owner of record of "X" shares of AOBI. I would like to transfer one (1) share of AOBIto each of the following people, trust accounts, custodian for minors, etc., as follows:)
Then, start with the Number 1., name, address and SSN (if you have the latter), otherwise, they'll ask these NEWEST co-owners in our fine company to supply SSN . . . just in case the compnay should make some kind of payment. [As an aside, you can stop ROTFLYFAO right now).
Instruct Computershare to issue a "STOCK CERTIFICATE" (i.e., an OLD-FASHION PAPER STOCK CERTIFICATE). This will be done at NO CHARGE to either the gifting shareholder or any of the hundred or so recipients. This is charged to the company (AOBI).
The cool part is that we all get to spread the love, SPREAD SOME SHARES to NEW shareholders, make AOBI pay for the transfer/issuance of these 100-200 stock transfers, not only in issuing the 100-200 new stock certs., but to incur the cost of adding/subtracting my 100-200 shares from my accounts, issuing stock certificates where one would normally be charged $250.00 to $500.00 for EACH STOCK CERTIFICATE by our stock brokerage firms.
And best of all, once we hit the Magic Number of 300 or more separate, distinct shareholders, guess what? AOBI's suspension of their duty to File reports with the SEC must ONCE AGAIN RESUME incurring all he Sar-Box expenses of SEC filings, paying law firms, accountants, all of the expenses that they thought they were saving by "GETTING OVER ON US". AOBI's duty to report to, file with, the SEC was merely SUSPENDED . . . it NEVER went away. Once we hit the Magic Number of more than 300 shareholders, their DUTY is ON AGAIN.
I hope that I've explained the process with enough detail, yet without confusing the hell out of everybody. If I managed to confuse, please do not hesitate to ask for help.
AOBI was "such a great Chinese Company, trading in the United States" under OUR stock exchanges, facing compliance with Sar-Box, the SEC, the Attorneys General of all 50 states.
It will be so much fun welcoming Fat Tony & Co., back to our fair country. Our rules aren't as Loosey-Goosey as they are in the Far East, but hey, it'll be fun getting to say "Hi" to these guys.
So, AOBI went dark on us per SEC rules (of suspension of duties to file/report once you have less than 300 shareholders. All that I am doing is helping our friends "stuck in China" to come back to our country, and they will have the privilege of turning the lights back on again. You know . . . just like it used to be . . . Old School . . . good times.
Again, please let me know of I can be of assistance in transferring your shares to family/friends. I'd be happy to help since it will help us turn the lights on once again on a company whose BOD, Majority Holder, etc.
And I am "GUESSING" that . . . it goes up . . . A LOT . . . TODAY . . . on news that the FDA just APPROVED "AUGMENT."
But who am I to say what's up?
Now that's wussup!
And am now LMFAO! All the way to the bank. Bought WMGIZ at prices between 90 and 91 cents and sold enough today to get back all of my original capital, and then some. Still holding LOT$ and LOT$ to go along for the "free ride."
All in all, a Red Letter Day in the Merchant of Death household.
Ps: to answer your question, the year is 2015.
I don't have premium iHub, but I don't mind answering in public:
Yes, my name is David and I am a lawyer.
I hope to be a recovering lawyer some day.
"And, was it over when the Germans [sic] bombed Pearl Harbor?!"
It's not over 'til WE say it's over!
I was not able to log in on time in order to hear the results of this sham U.S.S.R. style vote.
Do you (or does anybody else on this Board) happen to have the Final Tally?
I am trying to get a sense for how many people voted AGAINST the Plan, given that Goldman Sucks, et al. stated that they needed no more than 7.5% of the shares voting AGAINST the Plan.
Even though passage of the deal was a done deal, I believe that they required a "majority of the minority" type vote where they were looking to get 50.1% of the shares not affiliated with the insider trading subsidiaries of G.S. that were acting in concert to circumvent the terms of each series of preferred shares (e.g., no purchases by the company while the dividend is in arrears in order to prevent suspension of the dividend and then allow the company to buy up as many shares on the cheap).
My other theory is that they used the phrase/term "dissenting shareholders." I am wondering if they require that no more than 7.5% of the non-affiliated shares may dissent and request "fair payment" after a suit against W2007 has been initiated.
Again, I'm flying a little blind on this one.
Any assistance/help on any of the issues presented above would be greatly appreciated.
Everybody MUST Register AOBI in THEIR OWN name, not hold it in Street name.
I am hopeful that enough people (i.e., more than 300) holding at least ONE (1) share of this AOBI dog excrement will ask their broker to issue a certificate in your own name, or at a minimum, have the share transferred to your name by the Transfer Agent by doing an electronic transfer.
The Transfer Agent should still be Computershare, but a word to the wise:
Be prepared to talk with their "customer service reps" in very broken "Engrish" [sic] but with very Americanized names such as "Chip" "Brittany" "Steve" "Heidi" "Jennifer" and so on. I mean, it is blatantly clear that this was NOT their name at birth.
The number I've been calling regarding this fiasco is:
I have much more information to share about their b.s. customer service department but will make a separate post so that this message does NOT get lost:
PLEASE REGISTER THE "NEW, POST-SPLIT" SHARES ASAP!
Fido does not charge me a service fee for issuing certificates in my name (cost is normally ~ $100 bucks with Fidelity). Siebert does not charge a service fee at all for issuing shares.
if the issuance of physical shares seem costs prohibitive (e.g., Charles Schwab @ $500.00, yes 5-0-0 DOLLARS!), please check into electronically registering the shares in your name.
And especially important:
If you hold more than one (1) post-split share, please gift it to a family member or friend, preferably one that does not share the same household address. It is critical that we get the number of registered shareholder back to MORE THAN 300 identifiable shareholders, not brokerage houses holding on behalf of individual shareholders.
If we can accomplish getting the number back above 300, AOBI's will have a duty to RESUME reporting to the SEC as a PUBLICLY held (not a closed, gone dark) corporation. Open all the books, report under Sarbanes/Oxley, hire accounting firms, spend hundreds of thousands each year. If these THIEVES are going to cost us money, I want them to spend as much money in litigation fighting federal securities law violations, both civil and criminal charges and facing multiple count federal indictments for criminal charges (think, e.g., fraud, deception, omission of material information to investors, and so on).
Please let me know if you need any help with transferring shares to yourselves and 300 of your newest, best friends and acquaintances. I'll do my best to help you.
300 PLUS is the goal here.
Tranche 4 continues to receive Cash and PIK payments . . .
Creditors grow more and more despondent with each payment as they come to realize that as more and more money flows to Tranche 4 (aka, the Creditors, the Former PIERS owners), this is money that will be coming right out of the pockets of the "Escrow Shares" that are especially beloved by some . . . Large holders.
These are "shares" that were never really going to receive REAL money any way. Creditors are losing all Hope. And Change. Only receiving dollar bills and PIK Notes as Interest.
Have I told you lately how much I love receiving 13% interest, cash money, from my LTI's and compounded interest on the Series 2 PIK Notes?
Ps: I have completely lost all hope . . . with the "Escrow Shares" that I received from having owned the WMI Preferred Series "R" (aka, the Preferred P) shares?
:( <----- and that, my friends, is a sad, sad face.
And that makes Petey Panda a Sad Panda.
You asked EI for his thoughts (options) regarding dividends (or rather, the lack thereof), and not a single mention of repayment of dividends under the MOU.
My personal 2 cents is that it means that Goldman gets yet another bite at the apple in screwing over the Equity Inn, err, I mean the W2007 Graceful Toxic Wastedump, that Goldman created by concocting a scheme whereby they re-engineered a "reverse Midas," taking Gold (no pun intended), and turning it into a steaming hot pile of crap.
I think the fact that they are paying us a whopping $1.00 over the $25.00 Par Value, means that this is Goldman Sachs' way of eating at a Five Star Restaurant, stealing all the Silverware that they can shove down their pants without cutting off certain male parts, eating the entire meal, licking the plates, stiffing the restaurant owner on the bill, getting 60% of the bill knocked off, and then stiffing the waiter/waitress with a WHOPPING 4% tip!
$26.00 divided by $25.00 par = 4%
I thnk that the MOU's silence re: the dividends, or rather, the lack thereof (except for that $1.00 tip), speaks volumes about how Goldman Sachs makes their money: they steal it out of the mouths of innocent investors, they lie, cheat, steal, and then they pony up an offer for the 40% that they were not able to steal directly. Instead, they had to settle for stealing the ~ $15.00 in unpaid cumulative dividends, without accruing any interest on these unpaid funds, and paying a whopping $1.00 above Par to clear the way for everybody (at Goldman, that is) to make a killing off of the Raping that they put on a BUNCH of former Equity Inns Preferred shareholders.
At least, that's my shortened, polite version of how I am reading the MOU, and its failure to mention/discuss a crapload of dividends that remain unpaid. The silence is deafening.
At least that's how I see things. Would love to be wrong, but, I have a hunch that I'm unfortunately, not too far off the mark.
David from Dallas (aka, the Merchant of Death).
Hi 56Chevy, and a Happy 4th of July to you! And a friendly Big D 4th of July shout-out to my nearby neighbor, my Enterprising Investor University ("EIU") Professor, and my iHub Mentor (all wrapped up into one), the great E.I.!
I've learned so much by following y'all, searching every day for new iHub posts that either of you has written. I've made a few profitable investments along the way, including my purchase of a certain "B" and "C" series of preferred shares of a former REIT that GS and its "affiliates" has tried to rape during the past 7 years.
I took y'all's lead with Blue Dolphin Energy Company (BDCO) by establishing an initial position in BDCO just a couple of weeks ago, with plans to purchase additional shares on the dips . . . if any.
I've enrolled in (and am enjoying) the "Finding/Identifying True Value for Dummies 101" course, and I look forward to someday signing up for some more advanced, upperclass courses that the Professor has to offer. I have taken away more from you and E.I. than I can ever hope to contribute to others.
True, but as they say, "a bird in the hand is worth 2 in the bush."
Besides, 80% of the 1st Lien Notes were NOT called away, and we still have 2nd Lien Notes that are compounding at 13% interest, which works out to an A.P.R. of ~ 13.65% (using quarterly compounding).
Not too shabby.
Welcome to the Club!
Please note that while you are indeed an additional shareholder in W2007 Grace Blah, Blah, Blah, new shareholders do NOT get counted as additional shareholders, UNLESS, their share(s) is/are held in their OWN name, and NOT in "Street Name."
For the purposes of counting the number of shareholders, if we have 1,500 shareholders owning their shares in Street Name through Fidelity, it is only Fidelity that is counted, and Fido is counted as being ONE (1) SINGLE SHAREHOLDER, rather than as 1,500 separate shareholders.
In order to get the most bang for the buck, I recommend that shareholders ask that AT LEAST one (1) share be transferred into your name (rather than Street Name), so that the numbers can add up to truly and accurately reflect the actual numbers of shareholders/owners, and not using some arbitrary "Number of Brokerages Out There" type count that are holding for Beneficial Owners.
Even better than moving just one share, consider moving 10, 20, 50, even 100 shares into your own name. Once you receive a Stock Certificate for the shares that YOU own in WGCBP and/or WGCCP, you are then free to Contact the Transfer Agent (ComputerShare, at Computershare Shareholder Services), and they will gladly convert your certificate into as many new shares to NEW, DIFFERENT OWNERS to whom you gift shares. And they charge you NOTHING, NOT A SINGLE PENNY, to print/send new certificate(s) to you and the new W2007 shareholder(s).
If you felt so inclined, you could set up an UTMA/UGMA account for your children, grandchildren, the neighbor's children, a total stranger's children. The important thing is to make sure that the shares are taken out of Street Name, placed in YOUR name, and then feel free to transfer to friends, family, acquaintances. A share of W2007 Preferred is currently fetching just under $20.00. For a gift of $20.00, you can give the gift of share ownership to a young child, and as a pleasant "side-effect," add or more shareholders to the actual shareholder count.
No kids to set up UTMA/UGMA accounts? Then transfer at least one (1) share to an adult, making sure that it gets registered in his/her own name. Then, while you're at it, consider setting up a Joint Tenancy, Joint Tenants WROS (with rights of Survivorship), Tenancy in Common and/or Tenancy by the Entirety (depending on your state of residence) between you and at least one other adult to create yet more shareholders out of your 20, 50, 100 shares of stock currently in Street Name.
Feel free to get creative. After all, these are YOUR shares, and NOT Goldman's or anybody else's shares (although Goldman certainly acts as though this company is their personal b!tch).
I wholeheartedly encourage each and every shareholder of either of these Series of Preferred's to immediately order a certificate OUT of your brokerage account (e.g., Fidelity, Schwab, Merrill Lynch, Scottrade, TradeKing, etc), and as soon as you have received your physical stock certificate for your W2007 Grace Preferred(s), contact ComputerShare. I would be happy to provide any assistance to anybody that needs additional assistance in transferring shares OUT of Street Name, and INTO your own name.
Ps: one word of caution - different brokerage charge vastly different prices to issue a certificate in your name. You do not necessarily need a paper certificate; you could have your brokerage electronically register your shares in your name. I know that Fidelity charges around $100.00 to issue a paper certificate (although they will completely waive those fees depending on the assets you have Fido holding for you and/or the number of trades you do with them each year. Schwab charges $500.00 for a paper certificate - do NOT request a paper certificate through Schwab! Instead, ask Schwab to transfer shares to your name and ComputerShare will hold them electronically. Muriel Siebert & Co., charges NO FEES to send you a paper certificate, regardless of assets that you have with them. Siebert charges a bit more per trade (~ $15.00/trade), but it is really worth it when you consider the charges that Siebert does NOT impose to transfer shares into your name.
Any way, please feel free to ask any questions if you need help/assistance with this, and I'd be happy to try to help you as best as I can.
Yeah, I guess that I kinda surprised myself . . after the fact.
My apologies. I was merely passing along the incorrect information that was give to me by a Fido Cust. Serv. Rep.
You'll have to pardon my ignorance - I've never been in on a reverse-stock-split, where the numbers were quite favorable for those that had several accounts for themselves and family members, and he could cash out at a much higher price than what the stock was trading at. This was/is quite an arbitrage play (if everything pans out.)
This was a "Beer Money Trade," as Enterprising Investor referred to it. Props to EI. It was because of him that I bought into AOBI on the cheap for myself, as well as for family members, and now, I am just waiting for that "beer money" to come along, not necessarily for beer, but perhaps for another intoxicant of one's choice.
No, I too have not yetreceived cash, and I hold multiple positions at Schwab, WellsTrade (Wells Fargo), and of course, Fidelity.
My family also own this company through their Individual Accounts, IRA & Roth IRA Accounts, UTMA/UGMA Accounts, etc.
I called Fidelity last week (on or about Monday, April 7, 2014), and I was told that the money should be coming within 3 to 5 days, and he said that the monies for fractional shares should be in my accounts somewhere around Friday (April 11th).
Well, that Friday has come and gone. I truly do not know what the end plan is on this one. We have already received "partial consideration" in the form of new "post split" share(s), for those that had more than 500 shares in their account(s).
Now, the only thing left for them to truly "turn out the lights [because] the party's over," is for them to cash out all of the "500 or fewer shares" holders, as well as those that held more than 500 shares, but would have received a fractional new share if the number of shares held was not a number that is divisible by 501 where they would be not have a remainder.
Or, put another way, has anybody else called their particular brokerage houses (Scottrade, or the others that I listed above?
I would love to hear back from any of y'all. Please contact me, either by Private Message or by a Public Reply on this board if you'd like to share the info that each person gets after contacting their own brokers, to find out the reason for the delay.
I do NOT know if they are still awaiting FINRA approval . . . or ??
Who the [censored] knows?
Talk with y'all later,
Thank you, sir.
These are a rarity. Not the "getting bought out" part, but the "getting bought out within 3 months of my purchase" part. Were it that they were all so easy!
I do have a question that I'd like to ask you re: a different security, but offsite, if possible.
Would you mind shooting me an email? The "Coppell" part of my email refers to the small town on the opposite side of the county from you, so we are practically neighbors!
Coppell [at] gmail <dot> com
The word around the campfire is that things will quickly be coming to a (favorable) conclusion/resolution* in the very near future.
Just a hunch.
Mark this post.
* defined as the reverse-stock-split being effected in the very near futures, and that the company will be buying up all of the 500 shares or less lots for 50 cents each, as well as paying 50 cents per pre-split share for any fractional remainders.
New 52 Week Highs on both the Series B and Series C Preferred Shares (symbols WGCBP and WGCCP, respectively).
Anybody know what is going on with these securities? Any word around the campfire on W2007 Grace's Preferred shares?
Thanks in advance,
David (aka, MrchntDeth)
I sent you a message on a different board, but about the same company.
When you say "Big Mistake," what was that in reference to?
Was it that Goldman had made a Big Mistake, and that they are screwed? Was the "Big Mistake" in suggesting that they might be making a tender offer for the rest of the shares that they were not able to buy on the sly?
Would love to get your take on this company (WGCBP/WGCCP).
"lets hope a plan gives us a bone and not the rest of the equity to the dip lenders again."
Unfortunately, I think that this is exactly the same thing that Credit $ui$$e Team DIP Insider Lender$ had in mind . . . that they manage to give everybody immediately below them a bone . . . a really BIG, BIG BONE.
Unfortunately, the BONE that they're working on giving us is not the kind of bone that you had envisioned, or hoped for.
Think of it more as an "AC/DC's" type "Givin' the Dog a Bone" kinda bone.
The "gentlemen" that are stealing the company right out from under "our" feet (and by our, I'm referring to the 2nd Secured Bondholders, the publicly traded bonds), could give a Flying F[censored] about the NOLs.
Trust me on this one - they are really quite happy with the raping, er, rather, the great sale price, the great bargain that they have worked for. They're lining their nest pretty well.
They've done quite well . . .
They'd be LTFAO if they could see your threat to set the NOLs on fire. Hell, they'll do it for you with an Arc Welder with a Big Ol' Smile on their faces . . . they've already set your investment/speculation on fire . . . do you really think that they care about some NOLs?
I'd be laughing hysterically if I weren't hurting from my "secured" bonds getting "insecure" pretty quickly. Great disappearing act . . . quit waiting for the phoenix . . . they'll be happy to douse out the fire by pissing Single Malt Whiskey on the ashes.
Fat Lady . . . coming soon to a theater near you.
Well they already came . . . inside of our mouths and our behind-sides. Not tasting quite as good as that Single Malt.
To me, since the majority of the preferred classes voted in accepting (minus TPS), then the 70/30 change just swayed in U favor of the numbers staying the same, right?
I'm starting to catch up today - been one heck of a day for me.
edits in bold
Now, wait a minute.
Were the TPS part of Class 19, or weren't they?
If I recall correctly, they were begging and pleading with the judge that they were a different security, and SHOULD BE in a separate Class.
She DENIED their request, as she has done with just about any other request or motion coming from Brown & Rudnick (or any of the other law firms representing the TPS holders).
Now, all of a sudden, people want to slice and dice and cheat through statistics?
Either the TPS were or were not part of Class 19.
Judge Judy ruled that they ARE part of Class 19, and MUST be lumped in with the other Preferreds.
They got a Class 19 Ballots.
They voted their Class 19 Ballots.
Now people are saying that we should look at the majority of the Ballots cast, but just ignore the TPS Ballots, since they are, to use Weil Gotshal's words, "acting [voting] in 'Bad Faith'") emphasis added
The balls on Weil!
These crooks are amazing (and not in a good way).
Yeah, let's count the Ballots, but only the ones we like . . . and let's call some of the bigger retail Preferred shareholders and see if we can't adjust the voting just a tad.
God, I so hope that I get a call from Weil. I would give my left [arm] for that.