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of course. I usually try and sit in on the hearings, but have another meeting tomorrow morning.
Ilene
I believe that the DS will get approved tomorrow, but if shareholders want to impact the process people need to write objections to the POR and get them docketed. Only two objections came in to the DS...
Ilene
Hi. I am looking for current shareholders in OSGIQ. I am in contact with an attorney who believes there is value for equity in this play, and we are putting together a prospective Equity Committee. Please contact me if interested. ileneslatko@gmail.com
Thanks!
Ilene
Looking for shareholders interested in unlocking the value proposition here. Please contact me if you're interested in an equity committee. (ileneslatko@gmail.com) or on FB Delaware Shareholder Services
Thanks!
Ilene
I'm placing faith in Judge Carey...that, and the fact that we get to argue for an EC and then argue confirmation...
The whole case reeks, but I'm a bit cautious of throwing up the examiner mention if we can get an EC. So far, I think Judge Carey is going to be pissed at the Debtors antics, er, actions. Each questionable action gets the POR farther from confirmation, IMHO.
Ilene
these next couple of days (or weeks, if hearing is delayed) should be very interesting!!
I'm counting on that! After conferring with a number of people (large shareholders and attorneys), I think we'll have a winning argument for Judge Carey.
stopping in to say hello :)
nice to see the company's feet being held to the fire here. hearing on the EC has been rescheduled to Wednesday, but another objection may delay that by as much as two weeks.
Ilene
Hey Biz :) Thanks so much.
Ilene
East600
SCHSQ thx!
Ilene
It is on the radar!
Ilene
quit calling me ma'am LOL
This is a loaded question, so I'll try to give an answer that is equally loaded...yes. I think Judge Carey is aware of the raping and pillaging that is happening here at the hands of the creditors. Having said that, he will not lay down and rollover. This Judge has been absolutely 100% clear in past cases that he can only rule on that which is brought before him. So, it is now incumbent on a hired gun, or a pro se shareholder, to effectively lay out cogent arguments as to why an Equity Committee should be appointed. On that, he will rule. On emotion or "should haves" he will dismiss...
Ilene
WOW!! Dwight, you're the man. A hearing is the first start, and my belief is that many parties here understand exactly how this is being rammed through. Lots of work to do, but a great first step!
Ilene
Liam, it may be that you kicked up some interest!! Please feel free to write anyone with my email and have them contact me. I am making contact with the large shareholder, also someone I know from a previous case...
Ilene
Great! Thanks for sending that letter in. The volume of trading has not gone unnoticed. I was in touch today with a DE attorney/firm who would be well suited to take this case, if it moved forward. They have experience with both representing ECs as well as insider trading. Also today, a very large shareholder contacted the same firm, so already there is a chorus forming...
Ilene
Liam, that would be the primary reason. It may get no further at first than an ad hoc committee, and a show of strength is good...hence looking for email info for common shareholders. Timing is everything here, as you know. At this point, I don't care how many shares or when purchased, etc. Someone will need to mobilize quickly, so trying to build a list.
Ilene
In the interest of gathering information in the event an EC is formed, please email me @ileneslatko@gmail.com with contact info.
Many thanks!
Ilene
Thanks for the kind words. Hope all have found the information. Good luck! I'll continue to be at the hearing. Feel free to email/contact me with any questions.
Ilene
I don't know if you follow me on Twitter, but I've posted (as I do after all hearings) a note on today's hearing on my FB page. Please go to Delaware Shareholder Services and look in the Notes section. Read through to the end of the rather short recap. Please feel free to repost, also!
Ilene
Just to remind everyone here, I'll be tweeting live from bankruptcy court on Monday. Hearing is at 10AM. #DelShareholder
Ilene
yes, I haven't seen anything either. its a very interesting case and just might be one where the shareholders win.
I'll be there on the 22nd.
Ilene
I am also waiting for something on the makewhole...as I think this is a big factor in this BK...
...and whether its been in the form of a PR or not, it doesn't have to be...I just hate to see anything put out that's incorrect, but I appreciate your reminder that in this case things have been PR'ed. Any material event needs to be disclosed, for sure. I take issue most though, with the time frame stated in the original post...
we're all pulling on the same team!
Ilene
Are you talking about the hearing on the Disclosure Statement? That hearing got postponed until 4/22...
And actually, as nice as it would be, court hearing results do not need to be pr'ed...
I appreciate your enthusiasm, but its useful for shareholders to have accurate information :)
Judge's decisions will be docketed, but they aren't always made from the bench on the day of the hearing. They are often "taken under advisement" and the Judge takes however long he/she needs to make the decision.
Just sayin'...
Ilene
I'll actually be at that hearing on the 22nd, tweeting from it like I do many other BK hearings here in DE. You can find me at
#DelShareholder or www.facebook.com/DelawareShareholderServices
Ilene
the only thing that I see interesting recently here is that their charter agreements are being allowed to be re-written, presumably a better deal for them than their previous agreements. But the speculation here is amazing! Could surge again.
Ilene
looks like you nailed it!
Yes, the creditors tried and succeeded with an end run...as happens in most BK cases.
Your prediction for today might be right...if volume shows up!
Ilene
here you go...
Revocation of the confirmation order is an undoing or cancellation of the confirmation of a plan. A request for revocation of confirmation, if made at all, must be made by a party in interest within 180 days of confirmation. The court, after notice and hearing, may revoke a confirmation order "if and only if the [confirmation] order was procured by fraud." 11 U.S.C. § 1144.
I did, thanks. I am cautiously optimistic here because of the IRS issue, but am well aware that the POR has no value to commons.
Ilene
thanks!! I did see the income. I have reason to believe this judge is very biased against shareholders, so the hearings moving forward could be verrrry interesting!
Ilene
my pleasure. come visit anytime!
https://www.facebook.com/DelawareShareholderServices
Their turnaround is based on the housing markets, and is augmented by the fact that they've managed to clean up some bad loans (so no reserve needed). In addition, they stand to benefit by several lawsuits out there.
My opinion is that they panicked when they the majority of their US portfolio was put into rehabilitation by Wisconsin Insurance Commissioner...and the concept of consolidated financial statements allowed them to move assets from US to offshore subs.
I follow many bankruptcy plays from inside the courtroom in DE. ABKFQ I follow only via court filings and listening to some of the hearings now.
Ilene
Yes, of course. Half of my response was in my head. sorry. They overstated loss reserves, which effectively kept monies out of the estate, and in addition, understated US assets.
Ilene
Unfortunately, I have no idea what their intentions are now. My meeting with them was over a year ago. At the time, they insisted on using loss reserve calculations that didn't reflect improving market conditions. Those should change and return millions to the estate. The foreign subs were a convenient place to hide all sorts of assets. Perhaps the IRS issue will force them to come clean. I do believe that their use of complicated accounting and numerous subs was purposeful in hiding money and attempting to defraud shareholders.
Ilene
these guys have overstated reserves and assets from the beginning. I met with PJ from Blackstone...fuzzy accounting is a generous description.
Ilene
I'm going to get to as many of the hearings as I can. Had some scheduling conflicts earlier and couldn't make it. Yes, moving very quickly through. When I am heading to a hearing, I'll post on here...but can always be followed at #DelShareholder on twitter.
Ilene
I appreciate that's what Investopedia says, but I have sat in bankruptcy courtrooms for over 3 years now, following them on behalf of shareholders and I can tell with certainty, that 1) creditors are way ahead of shareholders and 2)unless the court and the US Trustee specifically agree and approve the formation of an Equity Committee, no shareholders interests are ever represented nor protected by current bankruptcy practices. There are instances where the company truly wants to do the right thing, and some where the finances allow shareholders to be paid, but those instances are limited.
Ilene