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.
Not there now...but I look forward to seeing who shows up next week.
apparently, Mother Nature agrees with you! LOL
np!
The Court may well shut down for the day, and that information will be available on their VM recording, if the decision is made after hours on Monday night/early Tuesday. Otherwise, I will be looking to see if something shows up on docket postponing the hearing. If there is a hearing, I will be there again, tweeting.
Ilene
Ilene
np. heading over to the courthouse right now!
np. heading over to the courthouse right now!
Hi all,
I will be in court today tweeting the action in today's hearing starting at 11:30 this morning.
If you want to get the updates, I can be found at #DelShareholder
Ilene
I have my doubts, but I would be very happy to be wrong.
Thanks Q! I appreciate your support :)
I'm sitting here in BK court, waiting for Judge Carey to reconvene. Missed the morning, but I spoke to someone who was here, and the DIP financing is contested. Both the chinese and JCI want to be the DIP lender. Tweetng from here (#DelShareholder) and will post thoughts on overall hearing later. I can't answer questions here, too cumbersome.
Ilene
mopn, I do not see commons surviving. there will probably be opportunities to channel trade TSTRQ, but ultimately, under the POR, they'll be cancelled. IMO
gm. the last I see is an after hours filing on Friday, the proposed order for POR confirmation and other confirmation related docs. No actual Order is signed and docketed yet.
no worries. but thanks :)
I'm going to go stick my head in the oven :)
FIRST AMENDED SUPPLEMENT TO THE SECOND AMENDED
DISCLOSURE STATEMENT FOR THE THIRD AMENDED JOINT CHAPTER 11 PLAN OF THE TSC DEBTORS
(page 10 of document)
(ix) Class 9 – Equity Interests
(a) Class 9a
(i) Classification: Class 9a consists of the Other TSC Equity Interests.
(ii) Treatment: On the Effective Date, all Other TSC Equity Interests shall be deemed cancelled and shall be of no further force and effect, whether surrendered for cancellation or otherwise, and there shall be no distribution to the holders of Other TSC Equity Interests.
(iii) Voting: Class 9a is Impaired and the holders of Other TSC Equity Interests are conclusively presumed to have rejected the Plan pursuant to Bankruptcy Code section 1126(g). Therefore, holders of Other TSC Equity Interests are not entitled to vote to accept or reject the Plan.
http://www.terrestarcorprestructuring.com/pdflib/564_10612.pdf
Xangon,
I'm happy to re-read the POR, but can't commit to a time frame.
Post confirmation, you have 6 mos to file a lawsuit for fraud. You can also appeal to a higher court to have the ruling overturned.
Hope this helps.
Ilene
Sippet,
The old list of equity holders might well contain people who are still shareholders, if you're using it as a mailing list or something...
As for continued trading...it can take months, even longer to finalize everything, however, if the shares are to be cancelled, they can be. I think it was Blockbuster earlier this year, where shares were actively trading until 11AM...mid day halt. Ambac (ABKFQ) has been trading since Feb/Mar when POR was confirmed. Beacon Power (BCONQ) even longer...but, at some point, if shares are to be cancelled, they will be.
Hope this helps.
Ilene
Bankruptcy judges are federally appointed, and a complaint can be filed in the state. I'm not sure what the correct place is in NY, but if you call your representative, someone can steer you in the right direction.
A petition will bring everyone together, but a formal complaint will have some teeth.
Thx TC. Good luck to you all here!
oh my. well, I have no interest one way or another. I want to see shareholders win, eriod. I think that your accusation is way off base, but I won't bother you guys again. good luck
I'm only trying to help explain the process of bankruptcy. I hope you guys are successful here!
but I'm not too proud to admit it...that has to buy some points, no?
I see Mohawk's objection from last September, 2011, before they were represented I guess, since they're identified as a pro se objector, and in that they talk alot about fraudulent conveyance. what's not clear to me is if they are creditors who also own common stock? Sorry...you all are years ahead of me here...
Sippet, I see that they've merged with another firm, so they have a new website now, but they are Debtors' counsel side....did they actually say that they negotiated for common shareholders?
As far as negotiated settlements in general, I have seen a combination of agreed upon terms within a bankruptcy filing, which leads to a much shorter bankruptcy. Remember, once a bankruptcy petition is filed, it can't be rescinded, so a true negotiated settlement would not actually be a bankruptcy...it would be pre-bankruptcy.
I wish I was listening to the hearing. If the testimony is finished, and the hearing adjourned, the Judge can issue an immediate decision or can take time to decide. So, without knowing how the day went (in terms of getting through the agenda items), it may or may not reconvene tomorrow. I know this doesn't help much, sorry.
Its a process, and they can't just decide to cancel commons...they have to show that there is no money for commons, go through the confirmation process and even then, most "cancelled" stock ends up trading for awhile. Look at BCONQ or ABWKQ as examples
I hope so!!
the process takes forever. I don't see a correlation between speed and benefit for commons. bottom line is that in over 90% of public company bankruptcies, common shares are cancelled.
aw shucks...thanks :)
if there is anything I've learned in this business (stock market and bankruptcy) is that nothing happens in the time frame you think it will!
good luck! I just got back from another hearing and that will be at least 1 1/2 more years until resolution for shareholder dollars...and we are already at 7 mos. post confirmation :(
He can take the time he needs to be comfortable signing it, and until he either signs or rejects it, everyone waits...
He can take the time he needs to be comfortable signing it, and until he either signs or rejects it, everyone waits...
yup, great system if you're on the wrong side...NOT
well, maybe :)
work the system
You can appeal on anything, Woops. The real question though is what will make you successful in the appeal.
I'm sorry I can't listen in on the hearing tomorrow. I'll be in court here at another hearing. Let's see the judge's response tomorrow...
If there is clear evidence of fraud, after the bankruptcy case has ended...
If the Judge has faulty reasoning in citing other cases in making his decision...
I don't know the stats on shareholders success post BK.
I agree with you. And yet...don't be surprised if the judge accepts the valuation.
There should be no bankruptcy case that doesn't appoint an EC, IMO. At the very least, the playing field should be level.
I didn't say they were sterling. I've met with them before so I am telling you what I know. Regardless of whether their methodology is fair, what I said was they are good at dotting i's...meaning it will be well documented.
I hear you!
They could ask. Demand doesn't work well when you're not a party in the case.
I don't know this Judge, but there should be an opportunity for them to rise and speak to him. If an argument is cogent, he might give them some latitude. More than likely, offers will fall under lawyer-client confidentiality and will be declined.
Look for previous case rulings.
The most important thing to understand about bankruptcy law is that it works on case ruling...look at the Judge's record or the District Court's record...find instances of when an EC was appointed, and when notth...look at the rationale. Those citations of prior case rulings are what will make the case.
That and the financial side...but if the Debtor has a valuation already, and Blackstone is very good with dotting i's...this is a tough argument.