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Hotrod,
What are you talking about? There is no lawsuit. I have owned for (3) years.
The stock is zero.
Write it off and move along.
Bad as the stock price is reflecting. It means nothing was amended in favor of the commons. Just a matter of time now.
My take.
Coupe
"Don't be so skeptical" Really?
Nice run. All the way back now.
I am not sure how you could have anything more the skeptism for PPMIQ.
GLTA
Coupe
Now what is this? Flat line for months and then a jump. Prob just drop back down like usual.
ok, I will shut the lights out.
Trucking glad to see you back. Looks like all the quick money buyers are gone for now.
Bye Bye .05. Here comes .04 and then .03.........
I'm 15 minutes behind so I still see red but it looks like it will be going higher.
I still don't understand why this is even a nickel.
ilene's what is the usual time table you would expect for the "Q" shares to be cancelled and the new shares issued?
Thanks,
Coupe
I would pick them up @ .03 just for the heck of it. Whats 3K compared to the 40K I am in for already.
Looks like people are taking the $$$ before the cancellation of shares.
Yes, that has me puzzled.
I would think down to .02 by now.
All signs are pointing that way. Nothing points to anything different.
A nickel is better than nothing. You don't know how long the nickel with be available either.
At least Steve Smith's shares will be worthless also.
Coupe
Looks like here she goes timber. Now that the plan was approved any price is better than nothing. Not sure on the time table but I would be surprised to see this trading in September under "PPMIQ" at least. The bondholders and the creditors (not us) will get the new company. They will eventually recover.
Coupe
It's not going up though. It is trading sideways. One day up a tad and another day down a tad all within a small range.
I guess it doesn't really tell anything. All it tells is no one is sure what will happen.
It is trading like a Zombie. Almost on auto-pilot.
.06 has me happy that it hasn't dropped but the fact it just goes from .06 to .065 everyday is also very concerning.
I would assume if this doesn't move into the .07's soon or at least trade normally then one day soon it will just stop trading.
It's not me for sure. I am still looking for the answers.
Just read the 8K:
(iv) holders of equity interests in the Debtor will receive no distribution.
Definition:
An equity interest is an ownership interest in a business entity, from the concept of equity as ownership. Shareholders have equity interest; their purchase of shares of stock in the corporation gives them a share of the ownership of the business.
So it looks like we get nothing. We a certain holder now but will not be after the commons are wiped.
Please prove me wrong.
That is the big question. I am not sure if that has already been answered. I would think that would have been answered by now though. Since the plan has been agreed upon.
We could or could not fall into "unsecured Creditors".
I would think the bondholders would want to be made whole before commons got 1%. That and the fact that the (2) people against this plan were shareholders have me concerned.
On the other hand if this was already figured out why would PPMIQ stay around .06. .06+ is better than getting nothing and it has been lower than .06 for a while before. Something is keeping it up.
The only thing I can think of is it is stuck @ .06 because that is the value when the new commons come out. So I don't see this going anywhere either up or down until then.
How long after the plan is approved does it usually take to cancel old and receive new commons?
Wish TruckAngler would put his thoughts into this.
Coupe
Hi Garyst,
Looking at a June 5th article it looks to me that the shareholders will get nothing. Just the Bondholders and the creditors. The dissentors of the new re-org are the existing shareholders.
"Under the proposed plan, the debtor's $200 million in cash would be divvied up between senior noteholders, owed $691.1 million, and general unsecured creditors, owed between $6.3 million and $10.3 million, with both groups receiving the remainder of their claims in new stock.
Recovery for senior noteholders is estimated at 29 percent, a few points higher than that of general claimholders, the statement said, because while the treatment for both groups is essentially the same, the senior creditors will receive distributions that would otherwise go to subordinated noteholders per the underlying indenture agreements.
The plan “provides the greatest amount of value for the assets” and is backed by the creditors committee, said attorney Jordan A. Wishnew of Morrison & Foerster LLP, who represents the committee. Judge Shannon approved the committee's letter in support of the deal, copies of which will be mailed out with the disclosure statements.
PMI Group's statement was largely uncontested, Barry said, noting the debtor had resolved concerns presented by the U.S. Trustee and the Arizona receiver.
The only dissent came in the form of two objections filed by individual shareholders, which Judge Shannon overruled on the ground that the issues they raised did not go to the statement itself."
Coupe
Thanks, have a good weekend.
Hi Garyst,
I took unsecured creditors as current shareholders.
Is this correct or still needs to be clarified?
Thanks,
Coupe
PMI Wins Confirmation Of Ch. 11 Reorganization Plan
Law360, Wilmington (July 24, 2013, 8:36 PM ET) -- PMI Group Inc. secured confirmation of its Chapter 11 plan Wednesday as a Delaware bankruptcy judge agreed to sign off on a reorganization that will see the mortgage insurance holding company pay creditors $200 million in cash and emerge as a going concern.
U.S. Bankruptcy Judge Brendan L. Shannon removed major roadblocks to PMI's exit path when he overruled key objections at a confirmation hearing Friday, but final approval had been left to hang fire after time constraints prevented the court from tackling other outstanding issues.
Those loose ends were tied up quickly at a teleconference Wednesday, during which PMI attorney Joseph M. Barry told the court that the lion's share of those issues had since been resolved and Judge Shannon ruled on what little of what remained.
Judge Shannon said he would sign the conformation order as soon as a clean version was submitted under certification of counsel.
Entry of the conformation order will mark the final step on PMI's lengthy trip through Chapter 11, which began in November 2011.
PMI Group entered court protection after its business collapsed in the housing bust and the Arizona Department of Insurance seized its operating subsidiary — PMI Mortgage Insurance Co., or MIC — but made little headway toward an exit during the first year as the bankruptcy case bogged down in a multistate dispute over $2.2 billion in tax assets.
A mediated settlement in November 2012 paved the way for the current plan, in which a reorganized PMI will emerge as a going concern holding up to $1.2 billion in tax assets, while senior noteholders and unsecured creditors owed approximately $700 million will divvy up $200 million in cash and receive new stock in the company for the balance of their claims.
On Friday, Judge Shannon shot down objections to the plan from the U.S. Attorney's Office, which contended the plan's primary purpose was to avoid paying taxes, and the U.S. trustee, which claimed the reorganized entity would merely be an empty shell in search of speculative turnaround.
Discussions with those parties in the following days resulted in minor changes that addressed their remaining concerns, Barry said, and both the federal government and the U.S. trustee had since agreed to sign off on the proposed order.
The only unresolved issue presented Wednesday was an objection from the committee of unsecured creditors opposing language that would affirm that the bankruptcy court was not taking jurisdiction over MIC, which had been placed in receivership by an Arizona court.
Committee counsel Anthony Princi argued that while the language had been previously included in the plan and disclosure statement, it should be left out of the order because MIC and the receiver had submitted themselves before the Delaware court during the confirmation hearing.
“I believe the language should track," Judge Shannon said in overruling the objection. “I don't believe that participation in the conformation hearing changes landscape.”
PMI Group and MIC had been at loggerheads over the use of the $2.2 billion in tax assets before reaching their mediated settlement in 2012. In the deal, PMI Group received $20 million from MIC in exchange for $1 billion of net operating losses, according to court documents, retaining the other $1.2 billion of tax breaks for its own use.
Under the approved reorganization plan, senior noteholders, owed $691.1 million, and general unsecured creditors, owed between $6.3 million and $10.3 million, will receive essentially the same treatment, with both groups receiving a split of cash and new PMI stock.
Recovery for senior noteholders is estimated at 29 percent, a few points higher than that of general claimholders, because the former will receive distributions that would otherwise go to subordinated noteholders per the underlying indenture agreements, according to the disclosure statement.
PMI is represented by Pauline K. Morgan, Joseph M. Barry, Kara Hammond Coyle and Patrick A. Jackson of Young Conaway Stargatt & Taylor LLP.
The creditors committee is represented by Francis A. Monaco Jr., Kevin J. Mangan and Thomas M. Horan of Womble Carlyle Sandridge & Rice LLP and Anthony Princi and Jordan A. Wishnew of Morrison & Foerster LLP.
The case is In re: The PMI Group Inc., case No. 1:11-bk-13730, in the U.S. Bankruptcy Court for the District of Delaware.
--Additional reporting by Matt Chiappardi and Lance Duroni. Editing by Chris Yates.
Those .03's are getting closer by the day.
Two weeks and we will see them.
PPMIQ will go to .03
I think you guys coming in just delayed it.
It should have went to .03 right after to jump. Then it waits there for a while and makes another jump months later.
See you @ .03
GLTA
Nice to see you back Trucking.
Keep the posts up.
Do you have the current status of the bonds?
Thanks,
Coupe
I thought this was suppose to follow Fannie.
Yes, it is miserable to watch a stock go from 1.00+ to .01 over a few years. Some of it rubbed off on me.
I would be the extremely happy to see this @ .30+ again.
PMI up= Very Happy
PMI down= Miserable
@ .03
Yes, it hit that volume once in 3 years.
Do you want to wait that long again?
Just a matter of time until .03 is on the board. I am actually surprised it is maintaining somewhat.
The base will form around .03 like usual. Not at these levels.
More likely to see .03 than .10. Been here 3 years
Too Late :)
Back to .03 again. :(
Thank you.
Trucking,
How is the bonds doing?
Thanks,
Coupe
We are not in the game. If we were we would be able to run with them. Tough to see both of them fly like rockets.
GLTA
Looks like we are going back into hibernation. Volume is falling. Another year of checking this daily. ugh