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Look at the trades after the market closed...A buy went for 20,000 shares at 1.275. Then a 2,600 sell at $1.16.
OUCH.....
The effective date was June 3 ,2010.. see link below
http://www.kccllc.net/Citadel
TallRob0 & everyone. I think the senior members may be buying, because they will get some value in the new stock, if my interpretation is correct. The new shares will be available on or about the effective date (June 3), same time the others expire. I contacted Citadel, they don’t know the new share symbol, nor does anyone involved with their BK proceedings.
Prince Mishkin... Actually it did. Go back and look at the trades (min by min). On Scott it shows it reached .01 on 4/26/10 and the all high of 0.0145 on 4/29/10. It could have been a fat finger, but some did buy and sell at those levels.
Posted by: Prince Mishkin Date: Thursday, June 03, 2010 4:13:10 PM
In reply to: Mugwumps88 who wrote msg# 27548 Post # of 27563
err.... those penny spikes never really happened. They were glitches (intentional maybe) that cimply offset the charts. The HOD never registered the spike.
rjhstock.. & Everyone else.... since we're messing around, let say there is some sort of dilution. Don't they normally offer dilution ratios of shares like 100:1, 50:1, 20:1 or something else and not PPS? Hypothetically, what could the new PPS level after emergency from BK?
Posted by: rjhstock
Date: Thursday, June 03, 2010 2:25:20 PM
In reply to: My4ntoy who wrote msg# 59300
Post # of 59302
Just musing folks and having some fun... it has been dull around here and I like musing. All conjecture at this point, but I believe it is all very plausable. Thus the reason why I retain every one of my shares for many months now...
Posted by: My4ntoy Date: Thursday, June 03, 2010 2:18:44 PM
In reply to: rjhstock who wrote msg# 59297 Post # of 59302
rjhstock... Just so I understand what you are saying. say you have 100,000 shares and we use worst case dilution at 85%. That would give you 15,000 shares of the stock after BK. That would bascially give you $3.75 pps x 15,000 shares = $56,250.
Posted by: rjhstock Date: Thursday, June 03, 2010 1:59:34 PM
In reply to: Belgianshareholder who wrote msg# 59295 Post # of 59299
Realistically, I think it could be anywhere from 40% to 85% dilution at worst... even the worst case on a $25 offering would put us at $3.75... more than double from here... my guess is 70% on $25/sh = PPS of $7.50. JMHO
rjhstock... Just so I understand what you are saying. say you have 100,000 shares and we use worst case dilution at 85%. That would give you 15,000 shares of the stock after BK. That would bascially give you $3.75 pps x 15,000 shares = $56,250.
Posted by: rjhstock Date: Thursday, June 03, 2010 1:59:34 PM
In reply to: Belgianshareholder who wrote msg# 59295 Post # of 59299
Realistically, I think it could be anywhere from 40% to 85% dilution at worst... even the worst case on a $25 offering would put us at $3.75... more than double from here... my guess is 70% on $25/sh = PPS of $7.50. JMHO
rsr2004us.. See mostly sells... (lots of them), not sure who bought early in the day.
Here's more detail on the soon to be canceled stock. Look at section # 9 (STOCKHOLDERS’ EQUITY) which was field on 5/7/10.
http://www.sec.gov/Archives/edgar/data/1174527/000119312510113038/d10q.htm
Aurelius gives up the battle for Citadel..see link for details.
http://www.rbr.com/radio/24715.html
TallRob0......Any hint of the symbol?
I've been using the account for several months. It's taking a little longer than normal, because its $78,000.
You can find out who's buying/selling using this link.
http://www.otcbb.com/asp/tradeact_mv.asp?SearchBy=issue&Issue=LCRE&SortBy=volume&Month=5-1-2010&IMAGE1.x=25&IMAGE1.y=7
Here's a list of the folks buying/selling shares. See any familiar names???
http://www.otcbb.com/asp/tradeact_mv.asp?SearchBy=issue&Issue=CTDBQ&SortBy=volume&Month=5-1-2010&IMAGE1.x=16&IMAGE1.y=7
stuij... the deadline already for that already passed. Refer to one of the ealier posts.
Everyone... I contacted ZECCO today, My funds should clear by Friday. I did not think it would take this long. I will put a large number of buys in the mix...get ready. GET READY. Hope I can fill a few orders at .0006, but would prefer .0005.
People of buying a lot of shares....not sure WHY. The shares may be cancelled tomorrow or the next day.
TRENDmendous.... Thanks....I had 154,706 shares pre-BK. I was hoping for something, but after speaking to Sarah Seewer she gave me the news and about the effective date, which is tomorrow.
Any good stocks that could help me recover some of my losses?
Posted by: TRENDmendous Date: Wednesday, June 02, 2010 11:17:05 AM
In reply to: My4ntoy who wrote msg# 1294 Post # of 1295
Really sorry to hear you had a Big Loss. It’s never easy losing a lot of money. You have been a shareholder since before BK?
Posted by: My4ntoy
Date: Wednesday, June 02, 2010 11:12:10 AM
In reply to: TRENDmendous who wrote msg# 1293
Posted by: My4ntoy
Date: Wednesday, June 02, 2010 11:12:10 AM
In reply to: TRENDmendous who wrote msg# 1293
TRENDmendous... I spoke to Sarah Seewer. She said, ALL SHARES WILL BE CANCELED TOMORROW. I SOLD everyhting that I had at a BIG LOSS.
Counsel to the Debtors
Jonathan S. Henes, Esq.
Joshua A. Sussberg, Esq.
Sarah Hiltz Seewer, Esq.
Kirkland & Ellis LLP
601 Lexington Avenue
New York, NY 10022
T: (212) 446-4800
F: (212) 446-4900
http://www.kirkland.com
TRENDmendous... I spoke to Sarah Seewer. She said, ALL SHARES WILL BE CANCELED TOMORROW. I SOLD everyhting that I had at a BIG LOSS.
Counsel to the Debtors
Jonathan S. Henes, Esq.
Joshua A. Sussberg, Esq.
Sarah Hiltz Seewer, Esq.
Kirkland & Ellis LLP
601 Lexington Avenue
New York, NY 10022
T: (212) 446-4800
F: (212) 446-4900
http://www.kirkland.com
TRENDmendous.... I found this.
Exhibit A
Equity Allocation Mechanism
--------------------------------------------------------------------------------
The allocation of New Common Stock and Special Warrants among the Lenders and Holders of Unsecured Claims on the Effective Date shall be based on the results of the following exercise:
1. First, the Secured Claim Equity Distribution shall be deemed made pro rata among the Holders of Senior Secured Obligations and the Unsecured Claim Equity Distribution shall be deemed made pro rata among Holders of General Unsecured Claims; provided, however, that each Equity Distribution shall be deemed to have been made initially in the form of Special Warrants.
2. Second, all deemed holders of Special Warrants that (i) have timely provided an Ownership Certification, and (ii) have provided therewith certification to the Debtors and the Senior Agent that their respective alien ownership, as calculated in accordance with FCC rules, is at or below 20% (“Group 1”) shall be deemed to have exercised their Special Warrants to the fullest extent possible for the corresponding number of shares of Class B Common Stock; provided that any holder who has not requested in writing at least 30 days prior to the Effective Date to receive Class B Common Stock (the “Class B Election Notice”) shall be further deemed to have immediately exchanged such shares of Class B Common Stock for a like number of shares of Class A Common Stock, and provided, further, that, for any holder that would be entitled to shares constituting more than 4.99% of the outstanding Class A Common Stock, the number of shares exchanged by such holder shall be limited so that such holder receives shares of Class A Common Stock constituting no more than 4.99% of the outstanding Class A Common Stock. The alien ownership certification requirement may result in a non-pro rata distribution of New Common Stock.
3. Third, the aggregate alien ownership percentage of New Common Stock after such deemed exercises shall be determined by the Debtors and the Senior Agent. To the extent such percentage is less than 20%, all holders of Special Warrants not in Group 1 (“Group 2”) who timely provided an Ownership Certification (“Eligible Group 2 Holders”) shall be deemed to exercise their Special Warrants, pro rata among all such Eligible Group 2 Holders, to receive Class B Common Stock, up to the number of shares that causes the aggregate alien ownership percentage of New Common Stock to equal 20%; provided that any holder who has not timely provided a Class B Election Notice shall be further deemed to have immediately exchanged such shares of Class B Common Stock for a like number of shares of Class A Common Stock, and provided, further, that, for any holder that would be entitled to shares constituting more than 4.99% of the outstanding Class A Common Stock, the number of shares exchanged by such holder shall be limited so that such holder receives shares of Class A Common Stock constituting no more than 4.99% of the outstanding Class A Common Stock. Each member of Group 2 shall provide to Citadel and the Agent such information as requested by Citadel or the Agent in order to evaluate alien ownership.
4. Steps 2 and 3 shall be repeated until the number of shares being issued becomes de minimis in the judgment of Citadel and the Senior Agent. Notwithstanding anything to the contrary herein, a creditor may, by written notice to the Company and the Senior Agent at least 30 days prior to the Effective Date, receive its Equity Distribution entirely in the form of Special Warrants and shall not be deemed to have exercised any Special Warrants. Any such notice shall be binding upon any transferee of the claims held by such creditor.
5. The distribution of Class A Common Stock, Class B Common Stock and Special Warrants that results from the foregoing steps shall be the distribution made on and as of the Effective Date.
6. Nothing in the above shall permit any holder to acquire more than 4.99% of the outstanding Class A Common Stock nor shall cause Reorganized Citadel to exceed an aggregate alien ownership percentage of 20% in either the Class A Common Stock or in the New Common Stock. Any distribution in contravention of the preceding sentence shall be adjusted to the minimum extent necessary to comply with these limitations; such adjustments shall be pro rata among Eligible Group 2 Holders to the extent legally permissible. In determining whether any holder would hold more than 4.99% of the outstanding Class A Common Stock, such holder will be attributed with any stock held by another holder under common management or that otherwise would be aggregated under the FCC’s ownership attribution rules.
Read more: http://www.faqs.org/sec-filings/100601/CITADEL-BROADCASTING-CORP_8-K/dex22.htm#ixzz0phtkK0tg
TRENDmendous.. I looked at the FORM 8-K. It refers to the effective date.
http://www.faqs.org/sec-filings/100601/CITADEL-BROADCASTING-CORP_8-K/
Question....What happens if you owned shares before BK?...
What kind of money, are you talking about?
Board, what are your thoughts on CTDBQ & LCRE?
SMaturin.... Sort the data by "USER" there seams to be several duplicates in the document. I saw that several are noted as being dups, but there are more.
Posted by: SMaturin Date: Thursday, May 27, 2010 11:41:15 PM
In reply to: DUKES BOY who wrote msg# 26937 Post # of 26951
If you are looking for the spreadsheet to add recent transactions:
use form to add your data:
http://spreadsheets.google.com/embeddedform?formkey=dEJHVURsUDdOcUxTMnJNcmF5LUVQMGc6MQ
Spreadsheet summary data:
http://spreadsheets.google.com/pub?key=0Asb2g32OvSwSdEJHVURsUDdOcUxTMnJNcmF5LUVQMGc&hl=en&single=true&gid=5&range=a2%3Ab13&output=html
View but not edit the sheet:
http://spreadsheets.google.com/ccc?key=0Asb2g32OvSwSdEJHVURsUDdOcUxTMnJNcmF5LUVQMGc&hl=en
Tenacious.. My Zecco account sometimes takes a while to process orders (buy/sell), because they use a THIRD party (only thing, that I don't like). My funds are being transferred to Zecco for my large BUY, but may transfer the funds to another account... Any recommendations?
Posted by: Tenacious Date: Thursday, May 27, 2010 3:11:04 PM
In reply to: My4ntoy who wrote msg# 26901 Post # of 26907
I am forced to use Fidelity (401k); my other account is eTrade. I've heard good things about Zecco from a Pink/OTC perspective...
Tenacious.. Who do you use? I have Scott & Zecco.
TallRob.. I know, but look at their (MTLQQ) current PPS .554 that means someone is/could buying. This has traded at nearly .80 recently. So, even the shares could be done, the stock will still be around for a while. I keeping my fingers crossed.
Everyone. It's not the end,look at MTLQQ (former GM), these shares will be cancelled and replaced. Its trading at .555
+0.004 (0.73%) TODAY.
riverandfold... Thanks... I have a few contacts in the resturant bus, they are all waiting for more info. At least (2) have sent inquires to Lecere. I think this company has excellent potential to make all of us a lot of MONEY. I will be in this for the long term. I would hit a 1M dollar net gain at 0.0073 after expenses. When and if that happens, I will put together a HUGE party at NEPO42 for all the people spreadsheet as of yesterday (the true believers). The bill of course would be on me
RyanTH & Prince Mishkin ... Thanks for the info.. Normally, my scott account has pretty good information, but NOT on this one. HUMMM...may need to rethink this one.
Prince Mishkin, my intentions are to buy 156M shares of the 417.9 Million outstanding shares.
Note:
Outstanding share is defined by the total number of shares held by the public plus any restricted shares held by officers and insiders at a company. If a company repurchases a portion of its shares, these are not considered outstanding.
riverandfold ... I am waiting for the funds to clear. I have NOT made any attempt yet. My logic is get RID of all the weekhands and shorters out, so the PPS can rise as it should. I will control roughly 38-42% of the traded stock. If the orders go through.
anyone seen this?
Investors bet on equity in bankrupt US companies
5/24/2010
http://www.moneycontrol.com/news/world-news/investors-betequitybankrupt-us-companies_459768.html
Buying shares in a bankrupt company is a risky bet. But more than a handful of distressed investors are doing just that, betting the stocks will rise during the court process or that they will get a payoff from the company.
Indeed, many of these stocks — in names such as Visteon Corp, Chemtura Corp and Smurfit Stone Container Corp, among others — have soared from a few pennies to a couple of dollars in a matter of months.
The investors, including well-known names like Davidson Kempner Capital Management and Aurelius Capital, are also arguing to bankruptcy court judges that they should be paid by these companies when they exit bankruptcy, saying the companies are not nearly as broken as when they limped into Chapter 11.
"It appears to be the result of an influx of capital, coming off the drought of the last two years. For a long time there was no financing. Now there's value for lots of different companies," said Robert Stark, a lawyer at Brown Rudnick LLP, who has represented equity committees in bankruptcies such as those of Oneida Ltd and Riverstone Networks.
Timing is of the essence, though. After the equity committee in car parts maker Visteon was denied the right to form, shares — while still far from their lows -- fell more than 50%. Bankruptcy judges often deny equity committees — partly because of the cost, but also because confirmed reorganization plans with payments to stockholders are few. (The current case of General Growth Properties Inc is an exception).
But that has not stopped investors from trying to assert themselves, arguing that times are better. Shareholders have also recently asked for equity committees in the bankruptcies of Spansion Inc, Regent Communications and AbitibiBowater Inc.
Last year, the capital markets were all but closed, making it tough for companies struggling with weak sales in the down economy to make interest payments or replace maturing debt with new financing. Now, many companies are reporting stronger businesses this year and those credit markets have opened.
The equity fights are in a way an extension of the high-profile fights among debt investors this year. In the Six Flags bankruptcy, for example, the company went through several different plans, each one favoring a group further back in the priority for payouts as credit markets boomed. The company finally exited bankruptcy under the control of Stark Investments and other junior bondholders, but shareholders were beginning to jostle for a payment.
"If we were still in the depths of the recession, you wouldn't see any of this. It would just be obvious that there is no value for out-of-the-money debt holders or shareholders. In the old days we would see the bond holders doing this, and now we are seeing equity guys," said Barry Ridings, vice chairman of US investment banking at Lazard.
Visteon
Sometimes, just the mere presence of organized shareholders — depending on how loud and persuasive they are — can be enough to create a payoff in the stock price or the distribution of some warrants or equity in the company's ultimate reorganization.
"That's definitely a strategy, to buy at massively distressed levels and then fight as hard as humanly possible to be recognized and to force a recovery down into those levels of the capital structure," said Joe Stauff, an analyst with the special situations group at Susquehanna International Group. "Case in point -- Visteon."
Shares in the car parts maker took a wild ride this year as hedge funds vacuumed up shares, helping to lift its stock from around 1 cent in December to USD 2.03 earlier this month. (After a company files for bankruptcy, its shares typically trade over the counter on what are commonly called the pink sheets).
That rally provided a potential windfall to Davidson Kempner Partners, Brigade Capital, Plainfield Asset Management and Aurelius Capital Management, regulatory filings show. They started buying stock for as little as 14 cents in February.
Visteon shares rose 71.8% to USD 1.22 on Friday after Johnson Controls Inc offered USD 1.25 billion for Visteon's interiors and electronics business.
A trading tactic?
In another case, Caspian Capital Advisors, which holds the preferred stock of cardboard packaging maker Smurfit Stone Container, began agitating for a shareholder committee in that bankruptcy in December.
That set off a buying spree in the common stock by funds associated with P. Schoenfield Asset Management, Fir Tree and Venor Capital Management, which spent as little as 9 cents per share and as much as 43 cents. The stock is trading at 16.5 cents, up 22.2%, in Friday afternoon dealings.
One lawyer in that case dismissed suggestions that shareholders use committee requests as a speculative trading strategy to drive up share prices.
"It's not a tactic," said Rachel Strickland, an attorney with Willkie Farr & Gallagher LLP, which represents preferred shareholders. "The implied trading price of the bonds is almost a billion dollars higher than what the company is saying this company is worth. It is not a handful of greenmailing hedge funds saying what it thinks this is worth."
Everyone, if dilution was to happen, what could the ratio be?
ALL... Can someone provide today's transactions? How many shares went at .0004, .0005, .0006?
SMaturin ...On the buy of 156M shares, I am trying to rid of the week hands to force up the PPS. Please provide feedback.
Need input. I may buy 156M shares at .0005. What do you think would happen to the current PPS? Thsi would give me 38% of the stock at 417.9 shares.
TRENDmendous I need some clarification.
Do you mean .034-.035 or .34-.35?
SMaturin.... My account don't have private PM. Can you PM your email, so I can respond to your question?