Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
anyone receive any shareholder materials as of yet?
from recent Q: "LG US Facility Plan Modification
On October 25, 2023, LG Energy Solution issued a press release announcing that it modified its plan for a yet to be built battery cell manufacturing plant in the United States to only produce 46-series battery cells instead of the original plan to produce both 46-series and 2170 battery cells. According to the press release, the expected date for start of production remains unchanged, scheduled for late 2025. The Company is currently in discussions with LG Energy Solution concerning the existing long-term supply agreement which contains minimum volume commitments and certain milestone-based prepayments related to the construction of the US facility as disclosed in Note 7, Commitments and Contingencies. The Company continues to recognize the $10.0 million prepayment as a long-term inventory prepayment on the condensed consolidated balance sheets as of September 30, 2023."
also:
"
Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
The consummation of the Chapter 11 plan may have an unfavorable tax impact on us, and we may be limited in the portion of net operating loss (“NOL”) carryforwards that we can use in the future to offset taxable income for U.S. federal and state income tax purposes. As of December 31, 2022, we had U.S. federal NOL carryforwards and state NOL carryforwards of approximately $729.5 million and $531.1 million, respectively, which if not utilized will begin to expire for federal and state tax purposes beginning in 2030 and 2023, respectively. Federal NOLs generated after December 31, 2017 have an indefinite carryover period, and may be utilized to offset no more than 80% of taxable income annually.
As previously disclosed, the Company is in the process of a Bankruptcy Court-approved bidding process that may result in the sale of all or substantially all of its assets. The potential gain or loss recognized with respect to these transactions will depend on, among other things, (a) the value and tax basis of the assets sold; (b) complex modeling considerations under certain U.S. Department of Treasury regulations and (c) the amount of cancellation of indebtedness income realized, if any, in connection with the Chapter 11 plan. Our NOLs (and other tax attributes) may be subject to use in connection with the implementation of any bankruptcy Chapter 11 plan or subject to reduction as a result of any cancellation of indebtedness income arising in connection with the implementation of any bankruptcy Chapter 11 plan. To the extent NOL attributes remain upon emergence from bankruptcy, realization of NOL carryforwards depends on future income, and there is a risk that these carryforwards could expire unused and be unavailable to offset future income tax liabilities.
In addition, under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the “Code”), if a corporation undergoes an “ownership change,” generally defined as a greater than 50% change (by value) in its equity ownership over a three-year period, the corporation’s ability to use its pre-change NOL carryforwards and other pre-change tax attributes, such as research tax credits, to offset its post-change income or taxes may be limited. While we have obtained entry of an order from the Bankruptcy Court limiting certain equity trades which may otherwise trigger an ownership change, we may experience ownership changes in the future, including as a result of the consummation of a Chapter 11 plan.
Accordingly, there can be no assurance that we will be able to utilize our income tax NOL carryforwards or other tax attributes to offset future taxable income, even if any such tax attributes survive any bankruptcy Chapter 11 plan.
"
also:
"
Although we cannot predict how the claims and interests of stakeholders in the Chapter 11 Cases, including holders of common stock, will ultimately be resolved, we expect that common stockholders will not receive a recovery through any plan unless the holders of more senior claims and interests, such as secured indebtedness, are paid in full. Consequently, there is a significant risk that the holders of our common stock would receive no recovery under the Chapter 11 Cases and that our common stock will be worthless.
"
also in that link:
"
We may be subject to a Liquidation Premium Claim as a result of the Chapter 11 proceedings.
The terms of the Convertible Notes provide that prior to the maturity date, in the event of a liquidation or sale of the Company, the Company would be required to pay to the holders of Convertible Notes, in lieu of paying the principal amount of the Convertible Notes, the greater of (i) 150% of the principal balance of the Convertible Notes or (ii) the consideration that the holders would have received had the holders elected to convert the Convertible Notes into common stock immediately prior to such liquidation event (the “Liquidation Premium”). As set forth in the final cash collateral order in the Chapter 11 proceedings, the Cowen Parties, who hold approximately 98% of the outstanding aggregate principal amount of the Convertible Notes, have reserved the right to assert a claim for the Liquidation Premium (“Liquidation Premium Claim”). The Cowen Parties are required to file a master proof of claim in the Chapter 11 proceedings, which may include the Liquidation Premium Claim, by no later than November 15, 2023. While we believe that no Liquidation Premium has been triggered or could be triggered in the future by the commencement and prosecution of the Chapter 11 proceedings, there is a risk that the Cowen Parties assert a Liquidation Premium Claim and that the adjudication of any such claim may be unfavorable to the Company, resulting in increased claims against the Company in the amount of the Liquidation Premium.
"
"Process for Sale of All or Substantially All of Our Assets
At the outset of our Chapter 11 Cases, we commenced a bidding process that may result in the sale of all or substantially all of our assets pursuant to section 363 of the Bankruptcy Code. The Bankruptcy Court approved the bidding procedures on September 7, 2023. The bidding procedures provide for substantial flexibility with respect to the structure of any transaction. The Company may select one or more stalking horse bidders and pursue Bankruptcy Court-approved bid protections if the Company believes, it the exercise of its business judgment, that doing so will maximize value. The bidding procedures permit potential bidders to submit bids with respect to not only sale transactions but also other types of transactions involving the Company and its assets, including, without limitation, proposals for the raising of debt or equity financing in connection with a chapter 11 plan of reorganization.
"
https://ih.advfn.com/stock-market/USOTC/proterra-pk-PTRAQ/stock-news/92474212/form-424b3-prospectus-rule-424b3
it remains to be seen if common have value here but i'm hopeful.... buyer beware... and g/l!
Nice post and opener.. I agree it would be nice if we had 'official' information from both(?) parties whom wish to steer our future here. Only then can we have discussions and make educated decisions.
While the Ashton Ryan posts may seem unrelated to our common shareholders' perspective, I still wonder 'if' they were to get $200million (or 'any' monies) 'if' the FDIC has full claim to such monies(?) The company has not replied to me regarding this and I've inquired more than once-
"The following financial data is the latest available information and refers to the debtor's condition on June 30, 2023.
a. Total assets $ 818,773,679.77
b. Total debts (including debts listed in 2.c., below) $ 609,498,207.66
"
https://www.kccllc.net/proterra/document/2311120230807000000000001
"The Debtors estimate that, as of the end of their 2022 tax year, they had federal
NOL carryovers in the amount of approximately $729.5 million, federal R&D Credit
carryforwards of approximately $7.2 million, state NOL carryovers of approximately $531.1
million, and state R&D Credit carryforwards of approximately $4.3 million (such NOL
carryovers, R&D Credit carryforwards, and certain other tax attributes, collectively, the “Tax
Attributes”), and may incur additional NOL carryovers, R&D Credit carryforwards and other tax
attributes throughout the pendency of these chapter 11 cases"
https://www.kccllc.net/proterra/document/2311120230807000000000005
.. and now we know what the 11/14 hearing was/is about......
"Eversheds agrees to make a formal written demand against the
Debtor’s insurers on or before October 20, 2023. In the event that
demand does not lead to a resolution between Eversheds and the
Debtor’s insurers, Eversheds agrees it will file a lawsuit to collect
from the Debtor’s insurers on or before March 29, 2024. "
"
Notwithstanding the Credit set forth above, to the extent the Liquidating Trust is closed prior to the Insurance Lawsuit being finally resolved, the Liquidating Trust shall pay the Revised Final Fee Award to Eversheds, and the Credit will be forfeited by the Liquidating Trust.
"
excellent: "The Settlement Agreement reduces Eversheds’ Final Fee Award (as defined
below) from $2,080,055.19 to $436,673.28, and Eversheds shall seek payment of its legal fees
from the Debtor’s insurance companies. To the extent Eversheds receives payment for its legal
fees from any insurance company, the Liquidating Trust will receive a dollar-for-dollar credit
against the $436,673.28 for every dollar Eversheds recovers. "
https://www.kccllc.net/medley/document/2110526231026000000000002
curious what the matters scheduled are for this 11/14 omnibus hearing or if it's just a placeholder that will be rescheduled:
https://www.kccllc.net/medley/document/2110526231026000000000001
ORDER SCHEDULING OMNIBUS HEARING DATE
Pursuant to Del. Bankr. L.R. 2002-1(a), the Court has scheduled the following omnibus
hearing date in the above-captioned case:
Date & Time Location
November 14, 2023 at 3:00 p.m. (ET) U.S. Bankruptcy Court for the District of Delaware
824 North Market Street, 6th Floor, Courtroom No. 3
Wilmington, Delaware 19801
www.ironstone-properties.com
was hoping so; fingers crossed it's 'quick'
does anyone know if a case exists of liquidating trust vs allianz tower at this time?
well if they spent 1,000 hours to get the 'easier' $6.7mil, don't see how there will be anything left from that pool OR from the $6.4mil that is expected to be harder to get and 'discounted?' (and may take as many hours?)
are we at the point where this should just be wrapped up?
are we looking at 'anything' being left for us? maybe $1-$2mil?
just thinking aloud...................... thank God for the SEC's $10mil!
maybe(?) something in the works here(?) imo, would make sense with the CRE situation and housing at a peak(?)... time will tell-
sounds like even 'if' any monies were recovered that they'd flow to the FDIC(?) -> https://www.fox8live.com/2023/09/06/first-nbc-founder-ashton-ryan-sentenced-14-years-federal-prison-bank-fraud/
curious as to Ryan's net worth(?) https://www.wdsu.com/article/ashton-ryan-sentenced-to14-years-in-jail-must-surrender-by-on-november-6th/45023826
"
Ryan could be forced to pay back hundreds of millions of dollars in restitution. A judge said that matter will be decided at a later date.
Eddie Castaing, Ryan's attorney, said he plans to appeal.
"
they settled? https://www.kccllc.net/medley/document/2110526230927000000000002
"
Status: The Liquidating Trust and Eversheds Sutherland (US) LLP have reached a
settlement regarding this matter. Accordingly, a hearing on this matter is no
longer necessary
"
seems like we have a very strong argument here imo: https://www.kccllc.net/medley/document/2110526230918000000000001
Tuesday, September 05, 2023
1070 misc Chapter 11 Post-Confirmation Report Tue 09/05 12:51 PM
Chapter 11 Post-Confirmation Report for the Quarter Ending: 06/30/2023 Filed by First NBC Bank Holding Company (Parsons, Barbara)
Nothing new or special in there IMO.................
Uamy Presentation out today: https://www.usantimony.com/company-presentation-uamy
UAMY, suggest reviewing all of the recent mgmt/bod changes and pr as of late; investor presentation tomorrow:
https://finance.yahoo.com/news/u-antimony-announces-webcast-company-133500745.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAEh2q5SxCnkudnTGOh4Eq8Ev_YR_Lv-HJXld8H1gNHdJJkLHSNAX_AAZUYR9wZ2f32GHnsPFz1XbQkHVBtjdz9YsrsD2ZKGbmnRXHrKrku9BaxOYSU9k79KXuzzs51oQjPXaVRtEtkyiX-i3WKuOOm1ePMH6-0vwmIL2dgcGj4a-
looks like they lost(?) or abandoned the ironstone domain? .....now up for sale
she has turned up nicely now that the late filing drama has been put to bed and that new mgmt is coming to finally realize the potential here
either ambri 'or' govt contract would be huge here and imo, 'both' can happen
call replay available for next week i believe; my jotted down notes (please verify what i think i heard lol)
Notes:
------
Gary Evans ('lead' director)
10k
11mil rev up 43%
9mil cost
~2mil gross profit
1.6mil op expenses
429k net inc
19.4mil working capital
antimony 2023 price/lb down
trying to increase zeolite sales and prices... streamline ops at BRZ
hiring new divisional mgr
up 56% lbs sold anti sales
up 21% tonnage sold zeolite
within 30 days of q1 end q1 filed....... q2 30 days after that
10k late: unexperienced acct staff... 2022 #'s had to be redone... no numbers had to be changed... clean auditor opinion
historically weak on internal controls... high priority working on sarbanes oxley
new website recently brought online
buyback: $203k bought 419k avg price $0.48 can't buy again until q1/q2 filed
hired new fulltime cfo this week... starting 2-3 weeks.. strong background cost accounting
exec search for new CEO ongoing..
a lot more changes coming.....
1 objective, improve operations to increase share price
claim their story hasn't been pitched properly to the govt....
think they're in a unique position being a US producer to meet some military demands...
goal to better educate govt entities to their capabilities/opportunity
visit from Montana mining (something)
Joe attending conference House natural resources committee .. phoenix... critical minerals.. friday...
antimony 'is' on US critical minerals list
what about Ambri?
frequent contact with senior mgmt at ambri.. so far sole supplier of antimony.. have a confidentiality agreement with them... all they can say is they're very close.. speak frequently with them
cognizant of the fact institutions aren't looking at them
aware of ir/pr..
award from a gov agency would be a newsworthy event.. in a perfect seat to do that
wadley surveying.. material thusfar? bought fair amount of ore from them.. grade is not as high as years past.. maybe miners aren't cleaning the ore... added a gravity table at the smelter
sorts out the antimony ... Mgmt / owners are wadley owe documentation so uamy can finish dd... hasn't been supplied... last meeting 3 weeks ago... agreement has been extended
trying to bring it to a head.... has been a heated discussion with the BOD... not living in a complacency zone
mining in montana? slim to nil skinny veins cost ineffective
reason in Mexico... cost of labor...etc...
trisulfides? 2 new furnaces installed yet? every 100 pours they have to change our a crucible... they're rotating furnaces to eliminate downtime..
enough feedstock to produce as much as the market is demanding? have enough at this point using recycled material from US company... resmelt it again....
no antimony trisulfide shipped into US since 2020
were behind last year... currently have a surplus
had 18 tons of concentrates from guadalupe; currently making into trisulfides now
have 11-12 tons of that left.. virgin material
target for eps or share price next? haven't typically put out projections... hard for a small company... share price is based on delivering... if they deliver it will take care of itself
US-based company in this business... 'option value' ... further support from govt and/or govt agencies
zeolite capacity? can it be scaled? company efforts product differentiation?
BRZ has capacity to product a lot more product...
changes were made.. BOD approved capital..... changes could support 3-4x what it is today
crushing to spec is the key item; why they're looking for an expert outside the company
plans to explore new markets? have to 1st be able to meet demand from current markets/customers.. and then expand upon that... see the opportunity
probably time to monitor this one imo; mgmt/BOD shakeup... investor call here shortly:
https://www.sec.gov/Archives/edgar/data/101538/000165495423009287/uamy_ex991.htm
THOMPSON FALLS, MT / ACCESSWIRE / July 18, 2023 / United States Antimony Corporation ("USAC"), (NYSE American: UAMY) announces a Company Update / Investor Call for the 18th of July at 2:00 PM Mountain Time (4:00 PM Eastern).
Dial In Information:
Toll free: (888) 506-0062 International: (973) 528-0011
Access code: 160138
Remote Replay available for 7 days:
Toll free: (877) 481-4010
International: (919) 882-2331
Confirmation code /Replay Passcode: 48742
Speakers:
John (Gus) Gustavsen, Chairman & CEO
Gary C. Evans, Lead Director
Joe Bardswich, P.E., Director
I did notice Shivan added this to his linkedin profile within the last month or so (it was previously not listed fwiw):
ChairmanChairman
Golden Mountain Financial Corp. · Full-timeGolden Mountain Financial Corp. · Full-time
May 2006 - Present · 17 yrs 3 mosMay 2006 - Present · 17 yrs 3 mos
Denver, CODenver, CO
GMFC is a diversified holding company.
i wonder if they moved everything to chinese stock market? A LOT of similarities from url (hntx) to general website subsections..etc...etc.. maybe... maybe not.... i always hope they'd file again and/or merge..etc...
http://en.hntxcd.cn/about2.html