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yes due tomorrow. there is one objection docketed as of earlier today. haven't checked this evening...
Ilene
Haha :) touche! January 2025.
I see that!
Thanks! Happy, happy to you, too :) I'm here if needed.
As to the conversation re the DIMEQ decision...JMW did say "before Tuesday" at last week's hearing. I am expecting something tonight on PACER.
Ilene
What an amazing video! Thank you for all you do and for sharing this. Have a wonderful holiday with friends and family :)
Ilene
Enjoy your holiday!!
Mon, its definitely related to us! DIMEQ was not happy at all yesterday (at least Art wasn't) and both he and BR suggested that it would be fine for JMW to rule on that quickly. Personally, I think this was a blunder by her to begin with...first in not deciding whether they were debt or equity and then in not allowing them to be part of the original mediation. I have no feel for how or when she's going to rule on that...
Ilene
gracias :)
:)
Always here my dear, just in lurking mode more and more...
Happy Holidays to everyone!!
Ilene
Unless JMW has added something for that day, it is solely for her to hear the motion on American...remember yesterday, BR stating that the government wanted to settle prior to the end of the year...otherwise, they will be paying additional $$ to settle...so this is a quick hearing for that purpose. Its worth an additional 50M to the pot.
Ilene
Mon,
That's specifically for the American Savings Litigation.
Yup...I see the final order they were working on Friday evening was docketed, and I've read through briefly...since they lay out rules for the auction, it may be that the next hearing won't be until after that, but future filings will lay that all out.
Without access to Pacer, Epiq Systems has the information, but no future hearings have been scheduled that I can find, so far, and I don't remember a firm hearing set on Friday...I expect that in the next filings that will show, although they were talking about 1/9 for Indications of Interest...so a hearing should be sometime in January to discuss those and auction details, I imagine.
epiqsystems.com
I will always post hearing details on facebook and then follow on twitter.
Ilene
In this market, skeptic can't really be faulted :(
typically not...but it really depends on how busy the staff is...
No. I was thinking about calling in for the hearing, but they have a funky system in NJ, and didn't want to sit on the phone, which I was told was likely...up to a couple of hours.
Mike, they are selling assets to repay DOE, although they've agreed to a haircut if necessary...this was a bit confusing and rushed, so I'd like to see the documents being submitted to be certain...but then since there are no other creditors of any size, depending upon sales price, we should be OK...
As background....we had three changes to the schedule today. First was moving from 2 to 1:30. Then, we got there and the attorneys asked for a recess until 4 (later changed to 4:30). Out we all marched, only to come back at 4:30 and have the attorneys ask for another recess for 20 mins. By the time we got back, everyone was anxious to get out quickly, and the attorneys promised to have the clean doc to the court by 7PM, so what we heard in the last portion was a very quick rundown of the new agreement. By the time you read this, the court and all the parties might already have it in their hands...
and many people there are already getting the tweets!
every time I turn around...there you are :)
haha. sorry for any confusion...
thanks for re-posting the tweets
Ilene
I post as the information comes out...first off it was 4PM and then changed to 4:30 as Judge Carey had another hearing and wanted more time...sorry for the confusion. You can always respond to tweets, and when I can, I'll answer!
Austin,
I don't recall that...I know I asked him if he thought "we" had a case, and he said absolutely (after introducing myself as a commoms shareholder). That was on the street corner as he was getting ready to leave on his one visit. I think Strike had a similar conversation with him...?
There was lots of chatter that day in the courtroom when they had the two hour chambers conference. One of the attorneys might have turned to be and said something like that...referring to whatever was being presented in chambers. He was texting back and forth with his cohorts in chambers...but I never found out what was shared by Susman.
I am slow of recall today...but will see if I can do a better job this weekend.
Ilene
life is good, hope with you, as well.
yes, you get to read tweets today and tuesday...lucky dog :)
take care.
I do get to see baboo :) LOL
so much going on there...as here...
good to see you here, too!
Ilene
I do get to see baboo :) LOL
so much going on there...as here...
good to see you here, too!
Ilene
G-
if you sign on to twitter, you can get the updates, and then I'll post a wrap up tomorrow late afternoon/evening that anyone can read.
Ilene
you're welcome!! and to you for your intelligent info :)
Ilene
If anyone is interested, I'll be at the hearing tomorrow and will be tweeting from there. Hearing is at 2PM, I'll be in the courtroom starting at 1:45PM.
#delshareholder
One big roadblock to the development of energy regulation and storage technologies has been the lack of standards regarding how to properly compensate the companies that have developed and are now operating these advanced storage and regulation technologies: many industry insiders blame the bankruptcy of Beacon Power to instabilities in the way the company has been compensated for its services. In early November, shortly after Beacon Power filed for Chapter 11, the Federal Energy Regulatory Commission (FERC) approved a new rule that will provide incentive payments to companies like Beacon that manage the energy moving through the grid. The new legislation will effectively change the way utilities who operate the power grid pay companies like Beacon that provide frequency regulation to help make sure electricity flows through the grid efficiently at a constant frequency of 60 hertz.
While the FERC ruling wasn’t specifically crafted to rescue Beacon – the ruling was first proposed back in February – it may result in doing just that once it goes into full effect, since it ultimately may double Beacon’s revenue, boost its share price and inviting new sources of capital to come forward.
--Green & Clean
Cleaner Energy and a Box To Store It In November 15th, 2011 | Author: Tracey Schelmetic
there's a great article on the entire industry...
http://bostonglobe.com/business/2011/11/13/clean-tech-firms-lose-luster/VEOXsmn7oUduenvlz1vuoN/story.html
Its the government...penny wise and pound foolish! I've seen enough posturing by gov't agencies involved in these BKs and it almost never works...who knows...I don't take anything for granted here, but I get a lot more from the hearings themselves...been involved heavily in a couple of other BKs since Beacon declared and just haven't taken the time yet to read through carefully...
You're right, they have been overly cautious with doling out more money, and letting Beacon spend what they say they need to keep the business running...
My thinking (maybe poorly expressed) is that they won't put up other roadblocks since they don't want to have a complete loss on their hands, again, and may give up something in order to get this through the process more quickly.
I do need to do more reading...
Yes, Solyndra is a liquidation, so not a good guide here. The timing might be perfect...let Solyndra take the heat and maybe the DOE will be less rigid on Beacon??
thanks, btw...
Yes, I agree that making sales while they're in BK might prove difficult, but if they emerge with a clean balance sheet, they could make it as a leaner company. And certainly, the lawyers typically bleed the estates dry in BK court, so the prayer is for a speedy resolution...not always what the attorneys seem to go for!
I think there are two major issues here, and depending upon how they're handled, and when Beacon emerges from BK protection, they might be OK as an ongoing concern...the credit has dried up for "clean tech" co. from what I've read, although this will probably change as the economy improves. Additionally, it seems that these technologies are not completely self supporting yet, but again, if they can make it through this they should be OK.
Whether the shareholders are protected or not...is another story...I don't have enough financial information yet.
The hearing on November 18 should give some more information, as will the filings leading up to it.
Ilene
yw. always good to be hopeful...just be realistic, too.
Ilene
There will be months of hearings...if you follow the stock and the board...you'll know.
LA Dodgers decided to sell the team instead of go through the process, and it will still be 5 or 6 months before its wrapped up. Washington Mutual is just over 3 yrs into their BK now...it won't happen quickly or under cloak of darkness...
Ilene
These shares may become worthless. In fact, in the majority of bankruptcies, common shares are excluded from any monetary payout and therefore become worthless when the company emerges from bankruptcy.
Beacon just declared BK, so at the least, you'll probably have numerous times to "play" the peaks and valleys that typically occur during the process.
Eventually, a Plan of Reorganization (POR)be filed with the court, and this document, along with the Disclosure Statement (DS), will lay out who gets paid and the amount they'll get. For example, the creditors are always the first to get paid, and in some cases they get 100 cents on the dollar, in other cases, they agree to take a haircut so that the company can emerge with a reorganized, leaner company that can once again be competitive. At least this is the theory behind filing for BK...often it becomes a shell game where assets are hidden or overlooked, so that the amount to pay everyone off is less than there should be. Commons are always the last to be paid.
There are some examples of companies that emerge from BK with commons not only intact, but in superb shape (look at Pilgrim's Pride). There are many more where despite the DS laying out the reality, investors/traders refuse to believe...Blockbuster is the most recent one that comes to mind.
There are others, like Washington Mutual, where shareholders fought for and got an Equity Committee (not a usual occurrence) and have a place at the settlement table. Since that case is still ongoing, there is no idea at this point what any settlement might provide for shareholders, but even there, the DS specifically says commons get nothing...the Judge in that case has twice declined to approve the POR presented to the court and Wamu is currently in mediation to try and bring all sides to an agreement.
Hope this helps...
Ilene
Next scheduled hearing is at 2PM on 11/18 in front of Judge Kevin Carey. Information can be found at Epiq Systems.
The objection deadline is 11/14.
Ilene