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FergusVI, I saw your message the other day, but it wouldn't let me PM you back. Sorry about that. I do not have access to Pacer. I have been reading the court docs of that are posted on KCC. Is that hearing for an Equity Committee you are referring to? I haven't seen that. Just refers to unsecured creditors so far that I have seen, but I agree with madwatcher that there should be value for the shareholders. Seems that JIG is trying to keep it all for themselves, IMO.
I'm long, but FYI ,Fidelity had 0 share available to short on Friday. The interest was listed as 34.5%, if they had any, which they didn't.
Good catch. That is actually what Yahoo Finance has listed also, with a float listed as much smaller than the outstanding. If those figures are anywhere near to being accurate, I agree Monday will be green also, and could be another big day. A lot of folks are just finding out about it over the weekend. Thanks for the info.
Per an 8-K released on April 21, they had a secondary that raised 7.2 million dollars for the company, and the outstanding shares were 2,729,334 after the offering. Those are both big positives for the stock. It's always a concern that a company will have a secondary after a big run up in pps, but since they just had one, I would think they wouldn't come right back with another one.
Small float, very small chance of another secondary offering, and positive news just released. This one could have a couple more really good days, IMO. I held over the weekend and looking forward to what Monday brings.
This is why I am holding. Just an equity representation sends this much higher toward the liquidation value.
You would think so, but they are the DIP lender, and in the proposed re-organization plan, they would be the sole owner of the re-structured company. I don't agree that is fair to the rest of the shareholders because as you mentioned, they don't even own half of the equity. We need an equity committee appointed by the judge to represent the shareholders. Madwatcher mentioned this in his post also. JIG is not interested in any other shareholders, IMO.
Yep. A lot of new millionaires were made during that time.
To me, I would think minimum .10, but who knows. I was in CEMJQ a few years ago, it went from .03 to a high of 1.78. That was fun!
An Equity committee is needed to represent shareholder interests in court. If the judge approves one PPS will go ballistic. I know book value is probably not as high as end of 3Q, which was .84, but if it is just a fraction of that, multi-bagger from here. Jackson group appears to want to keep everything for themselves, but it would stand to reason the assets outweigh liabilities based on financials, and the shareholders should get something, IMO.
Agree 100%. Companies with positive book value file for bk all the time due to liquidity and cash flow issues. BTUUQ is a great example in addition to the ones you mentioned. I think BLUUQ needs an equity committee to represent the shareholders.
Could today be the day it's starts to rebound? Good start on low volume. If volume comes in, this will move quickly.
Yes, I agree. I am interested to find out what the Jackson Group wants to do. They are very invested here. Wouldn't be surprised if they bought out other shareholders and took it private. Just my speculation.
I guess this gives more time to pick up cheap shares, if so inclined.
Any word from yesterday's hearing? I cannot find anything about a ruling or a re-organization plan. Thanks.
Will have their plan heard in court today @ 4:30 eastern time. I have been reviewing the documents, and Jackson Investment Group is the DIP financier and the largest shareholder. What is the best course of action for them? I would think re-structuring debt, then emerging with current stakeholders retaining some value, since they have almost 14,000,000 shares, plus I believe they also hold some notes for some previous loans. What do you guys think? Based on last balance sheet I can find, book value is $0.84/share. I can't see them emerging from bk and just canceling shares without awarding some value to existing shareholders. Even if it was $0.10-$0.20, which is low compared to the asserts vs liabilities, that is a big multi-bagger from here.
Thoughts and expectations from hearing?
I think so also, but just trying to figure out what their strategy might be. They haven't disseminated much info since the filing. Jackson investment group has a vested interest in seeing this through. I am remaining patient.
I read through some of the news releases from yesterday. I know it is common from companies in bk to not continue to file earnings reports and so forth while in bk, to limit cost. Also, I understood them to state they would not submitting any of the remaining approved shares. That is my take away on this. However, does anyone think it may be a possibility that their intention may be to go private? Their largest shareholder, Jackson Investment Group is the DIP financier. Is it possible that Jackson wants to take them private? If so, wouldn't they or the company have to tender an offer for all outstanding shares since the company is still positive in valuation?
Anyone have any thoughts? I was in CEMJQ about 6-7 years ago, and it went from .03 to $1.78 while in bk, and eventually the company tendered $0.27/share when they emerged from bk as a new company with newly issued shares.
I have played several Bk plays, and this still has surprised me that the pps hasn't rebounded with such a positive book value.
When volume comes in, this will go up quickly. Up about 19% on only 151,664 shares.
Just need volume..... Also, it's not unusual for companies to receive buyout offers while in bk. So that could be a pleasant surprise no one may expect. Wouldn't be surprised with assets outweighing liabilities.
Up 40% on 1.164M volume.... Going to explode with 5+M share volume! Could hit .10+ easy, IMO.
Up another 20% on less than 500,000 volume.
Also, look at the historical prices and see how quickly this moves when volume comes in.... This can spike very easily, so I would be taking a position soon, if I was interested.
I think so. I am very surprised it fell to were it did. I have played many bk stocks, and I feel pretty confident about where this one will go from here. Multi-bragger, IMO.
Anyone hear anything the bk proceedings? Know that Jackson Investment Group is the DIP financier as well as large stock holder. Very vested interest.
30% + bounce of bottom today. More to come, IMO.
Yep. Will today be the day, it rebounds? Matter of if, not when, it comes back. Too many assets over liabilities. If we just get a fraction of that, this could potentiially be a ten-bragger or more from here, IMO. Look @ zincq, rjetq, etc. Took a few days after getting Q, but it happened.
Yahoo finance has the book value @ $0.84 per share. That info is prob a few months old, but if actually value is just a fraction of that, we have a lot of room to run from here. Anyone that has followed bk companies have seen big runs from bottom time and again. GLTA.
Anyone heard when they are getting the "Q" added?
Moving up......earnings tomorrow......over .60 just 2 weeks ago....this could double or triple with good report and forecast.
Oil swinging back up. Great entry right here, IMO.
Looking for a good rebound day, today with oil moving up nicely again. Still very cheap.
Yep. That would be good, and another strong open tomorrow.
Yes, I agree. Be interested to see what happens. Think we will have a strong close.
Right, won't take much. I added between .30-.32 today. Good opportunities here.
Very, very thin. Could be in the .50's very quickly on little volume.
Anyone know when "q" will be added? Thanks. Eom
Yes, a different method would have prob not destroyed the pps as the chosen method has. However, if used for a good purpose, it is understandable, and when dilution completed, pps will rise again Hopefully. It will be today. Looking better pre-mkt.
We'll stated. They will prob file "an unregistered sale of securities" release when they are done. Hopefully they will provide some details along with it, and that they ARE FINISHED DILUTING!!!!!!
Think you missed my point. I realize the majority of the selling is dilution, but it has had to have caused some traders to sell off their positions in the "screw it, I have had enough of this crap" mode. Many will re-buy once they know the dilution has ended. I have been holding thinking the dilution had to be about over for a couple of days now. I didn't think it would drop much below .01, if at all, but obviously I was wrong about that. Looking for a hard bounce at any time. GLTY
Most definitely! They have had to scare potential buyers off and caused traders to sell out during the past week.
They definitely have traded enough to have absorbed those shares in the past 6-7 days, and it did feel like capitulation today. Difficult to believe it dropped into the ..05's. Great buying opportunity, IMO.