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Facts( )
Even that .30 is looking good now. It's a good sign. This is what AAMRQ did over a period of 2 years... slow accumulation from .25 to 11.00...
Too bad PGNPQ isn't staying in bk for 2 years, LOL!
Keep waiting for a dip to add more $, but it climbs over 10% each day... ;}~
Yup! Court Dockets are the FACT! We are just waiting for the POR to be approved and then the fireworks will begin... this is just the pre-show ;}~
What SPARK said! Plus affidavit filed yesterday for supplement in support of the plan...
It's an 800+ page docket in support of the plan.
http://www.kccllc.net/paragon/document/1610386160520000000000007
Did I say.. In support of the plan... an 800 page docket... Affidavit??? LOL
It's best not many people know about this anyway, we don't want it manipulated... so shhhhhhhh!!! LOL
WHoah! Is that you buying your million shares? lol!
DK, lol... ask them ;}~
Commons receive 65% of reorganized company if the current plan is confirmed:
Docket# 0318
http://www.kccllc.net/paragon/document/list/4208
4.8 Class 8: Parent Interests.
(a) Treatment: On the Effective Date, the holders of Parent Interests shall retain their Parent Interests, subject to dilution on account of the Parent Ordinary Shares to be issued in accordance with this Plan. After the issuance of the Parent Ordinary Shares, the Parent Interests shall comprise in the aggregate sixty-five percent (65%) of the total outstanding ordinary shares of Reorganized Paragon without regard to the Management Incentive Plan
Securities.
Ohhh no, that was not the final distribution, we have a 7th coming up... lol!
Should say I have my chips on green! In this context...
Yup, I have my chips on red.. may add a bit more at dips. Am in gambling mood, lol
I may play a little hedge with a bk oil stock (pgnpq). It's the first I've seen since aamrq to mention distributions for commons in POR @ 65%, I think AA was 74%.
I know it won't compare, but... well heck why not? Lol ;}
They keep trading on OTC until the paperwork is finalized.
I've seen Qs stop trading the next day after hearing confirmation and others a year after the confirmation hearing... But typically it takes a couple weeks.
Not sure, haven't been keeping track... They could either become Private Company, trade on NYSE, NASDAQ, but either way no shares for Q shareholders...
Yup, not a crumb! But you can write off up to $3,000 of stock losses from your taxes next year... don't forget that part.
GT emerged from bankruptcy, shareholders are wiped... no distributions of new shares were given to shareholders.
Yes, that was a throwback joke. I was feeling nostalgic ;}~
5th Distribution?... Anyone??... Anyone???
LOL!
It's Paragon Offshore (PGNPQ)
I don't think this is similar to AAMRQ... but I could be wrong! Their Plan of Reorganization is due June 07, 2016, we'll know then. I'll be curious to see how they plan their emergence and if/how it includes distributions to shareholders.
Another Q I'm looking into is pretty interesting in that their plan does state that shareholders will receive 65% of the company when it emerges (AAMRQ shareholders received 74% of AAL). But the plan still needs to be voted on, hearing for that is April 06, 2016
Here's their Docket #0011:
http://www.kccllc.net/paragon/document/1610386160214000000000009
Other than that, haven't seen a Q as nice as AAMRQ's, LOL! But as long as we stay on top of these daily, there's still some nice plays.
Docket #0011, Plan of Reorganization: Existing equity holders will retain 65% of equity.
American Airlines shareholders retained 74%. I know this is way different... in that American Airlines merged with US Airways, but it's interesting enough that I will participate and see where it goes:
http://www.kccllc.net/paragon/document/1610386160214000000000009
How did this not make the Breakout Board ?!@... PHOT, very nice Debut! ;}~
Wow, if there's ever a time to double down from pre-grey... think it's now, lol! ;}~
Yes, glad I did! That other "Q" is rocking too!
Nice cofca! and you will too. I need to get in this just saw it this morning ;}~
Hi 98040! There's an interesting sentence in today's PR, I've read it over and over trying to interpret... It sounds like Mr. Charney is trying hard to get recovery for shareholders, especially since he's the largest... give it a shot and let me know what you think:
-----------------------------------------------------------
DJ Ex-CEO Charney Makes Bid For American Apparel -- Update
Jan 07, 2016 20:15:00 (ET)
By Lillian Rizzo
Former American Apparel Inc. Chief Executive Dov Charney has found an investor to back a rival bid for the bankrupt retailer valued at more than $200 million, according to people familiar with the situation.
Mr. Charney's investor's identity hasn't been disclosed, but people familiar with the situation say it is a privately held company.
American Apparel filed for bankruptcy in October and is looking to swap about $200 million worth of debt for equity as part of its restructuring. Its plan would wipe out shareholders, including its largest, Mr. Charney.
Mr. Charney says his proposal would leave the company, which he founded in 1989, in better shape following its restructuring than the deal now on the table.
American Apparel would have total liquidity of some $170 million upon exiting bankruptcy under his proposal compared with $80 million under the company's current plan, according to a Thursday filing by Mr. Charney in American Apparel's bankruptcy case.
"The alternate proposal also offers an attractive valuation to the debtors within the stated valuation range of $180 [million] to $270 million," he said.
An American Apparel spokeswoman said it would consider all proposals but is focused on seeking approval of its chapter 11 plan.
"American Apparel evaluates all bids consistently, and in the ordinary course. The company remains focused on pursuing the completion of its financial restructuring following its planned bankruptcy court hearing at the end of this month," a company spokeswoman said Thursday.
A successful bid for American Apparel would have to exceed the $350 million to cover the money owed to the bondholders in the bankruptcy process, as well as pay off the $90 million in postbankruptcy financing and provide the $40 million of exit financing that is part of the company's chapter 11 plan.
The troubled retailer is slated to present its existing reorganization plan for bankruptcy-court approval on Jan. 20 and hopes to emerge from chapter 11 shortly thereafter..
Mr. Charney called the process for finding a buyer for American Apparel "flawed" in court papers, and alleged that prospective buyers were given insufficient timing to place a bid. He also says the current reorganization plan, which would leave him and other shareholders empty-handed isn't feasible.
"On its current path, American Apparel is profoundly in need of reorientation of its historic creativity, innovation and art," Mr. Charney said in his objection to the company's chapter 11 exit plan.
In early December, Mr. Charney announced he hired Cardinal Advisors to assist in him lining up investors that would keep him involved with the troubled retailer.
It is still unclear what role Mr. Charney would play at the company, the people added.
Mr. Charney was ousted from his position as chief executive in late 2104 amid allegations of sexual harassment and other misconduct, which he denies.
While American Apparel's financial position deteriorated under Mr. Charney's leadership, it worsened once he was ousted in December 2014. For the nine months ending Sept. 30, American Apparel lost $65 million on $385 million in sales.
Suzanne Kapner contributed to this article.
Write to Lillian Rizzo at Lillian.Rizzo@wsj.com
(END) Dow Jones Newswires
January 07, 2016 20:15 ET (01:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc
Still waaaay too early in the game! The plan has not been written and even then, it will need to be voted on and approved. Nothing becomes "final" until the Confirmation Hearing... when is that, some time next year?
I'll be accumulating during these blue light specials, Just IMO! ;)~
GLTA!!!
I agree 98040, it's too early in the fight to throw in the towel. Only time will tell how this gets reorganized. I'm in for lots of green lollies too! LOL
Don't forget this one, Creditors paid in full, Recovery for shareholders...
DJ Judge Approves Hercules Offshore's Restructuring Plan
Sep 24, 2015 13:17:00 (ET)
By Joseph Checkler
A judge on Thursday approved Hercules Offshore Inc.'s (HEROQ) restructuring plan, which gives control of the oil-and-gas driller to its bondholders in exchange for debt forgiveness.
Judge Kevin Carey of U.S. Bankruptcy Court in Wilmington, Del., agreed with a federal bankruptcy watchdog that the proposal should be modified so certain third-parties, including former officers and directors of the company, aren't immune from possible future lawsuits. Such "exculpation" clauses are a common point of contention for the watchdog, a division of the Justice Department called the office of the U.S. Trustee.
A Hercules lawyer said the changes would be made, and Judge Carey said he would sign off on the proposal once he sees it.
Hercules' proposal calls for bondholders to swap out $1.2 billion in debt for control of the company, a "prepackaged" deal that had support of most senior creditors at the beginning of the company's chapter 11. Judge Carey recently signed off on a pledge by bondholders to backstop a $450 million loan to fund the company's exit from chapter 11, which put the Houston company on the fast track to get out of bankruptcy quickly. A lawyer for Hercules noted that if things go right, existing equity holders of Hercules could even see small recoveries, despite being $500 million out of the money. The equity holders would have to give up the right to sue the company over its financial troubles to get that money.
Hercules filed for bankruptcy last month with the support of nearly all of its senior bondholders. The company had been in talks with its advisers and bondholders on restructuring its balance sheet since late last year.
As part of its balance-sheet restructuring, Hercules is picking up new debt to finance the construction of its big new project, the Hercules Highlander, which is being built in Singapore. The new rig has a five-year drilling contract with Maersk Sealand.
Like others in the oil and gas industry, Hercules has been hamstrung by low oil prices, which have plunged since last summer. In the U.S., oil is now trading under $45 a barrel.
Many of Hercules' jackup rigs, used to drill for oil in shallow water, have been idled, sold at low prices or have failed to secure new contracts when old ones expired.
A rash of drillers and service providers---including Milagro Oil & Gas Inc., Sabine Oil & Gas Corp . (SOGCQ), Dune Energy Inc. (DUNRQ), Endeavour International Corp.(ENDRQ), BPZ Resources Inc. (BPZRQ), and Cal Dive International Inc. (CDVIQ),---have recently sought bankruptcy protection as a result of plummeting oil prices. Several others have skipped payments to bondholders and warned that bankruptcy is a possibility.
With $900 million in revenue, about $80 million in cash on hand and a signed deal with bondholders, Hercules is in good position to weather the industry's downturn, a company lawyer said in court last month.
Unlike most companies in chapter 11, Hercules has no substantial secured debt and won't need bankruptcy financing to stay on top of its bills.
The company, which hopes to be out of bankruptcy by November, estimates the business is worth from $535 million to $725 million. Total liabilities stand at about $1.31 billion, most of that in the form of bond debt. The approved balance-sheet reshaping is meant to get debts in line with the harsh conditions in the oil-and-gas industry.
The company's trade creditors are being paid in full.
Me too, me too, me too!!! This one is going to be good ;}~
NEWS: Creditors are being paid in full.... says the last line of the article:
DJ Judge Approves Hercules Offshore's Restructuring Plan
Sep 24, 2015 13:17:00 (ET)
By Joseph Checkler
A judge on Thursday approved Hercules Offshore Inc.'s (HEROQ) restructuring plan, which gives control of the oil-and-gas driller to its bondholders in exchange for debt forgiveness.
Judge Kevin Carey of U.S. Bankruptcy Court in Wilmington, Del., agreed with a federal bankruptcy watchdog that the proposal should be modified so certain third-parties, including former officers and directors of the company, aren't immune from possible future lawsuits. Such "exculpation" clauses are a common point of contention for the watchdog, a division of the Justice Department called the office of the U.S. Trustee.
A Hercules lawyer said the changes would be made, and Judge Carey said he would sign off on the proposal once he sees it.
Hercules' proposal calls for bondholders to swap out $1.2 billion in debt for control of the company, a "prepackaged" deal that had support of most senior creditors at the beginning of the company's chapter 11. Judge Carey recently signed off on a pledge by bondholders to backstop a $450 million loan to fund the company's exit from chapter 11, which put the Houston company on the fast track to get out of bankruptcy quickly. A lawyer for Hercules noted that if things go right, existing equity holders of Hercules could even see small recoveries, despite being $500 million out of the money. The equity holders would have to give up the right to sue the company over its financial troubles to get that money.
Hercules filed for bankruptcy last month with the support of nearly all of its senior bondholders. The company had been in talks with its advisers and bondholders on restructuring its balance sheet since late last year.
As part of its balance-sheet restructuring, Hercules is picking up new debt to finance the construction of its big new project, the Hercules Highlander, which is being built in Singapore. The new rig has a five-year drilling contract with Maersk Sealand.
Like others in the oil and gas industry, Hercules has been hamstrung by low oil prices, which have plunged since last summer. In the U.S., oil is now trading under $45 a barrel.
Many of Hercules' jackup rigs, used to drill for oil in shallow water, have been idled, sold at low prices or have failed to secure new contracts when old ones expired.
A rash of drillers and service providers---including Milagro Oil & Gas Inc., Sabine Oil & Gas Corp . (SOGCQ), Dune Energy Inc. (DUNRQ), Endeavour International Corp.(ENDRQ), BPZ Resources Inc. (BPZRQ), and Cal Dive International Inc. (CDVIQ),---have recently sought bankruptcy protection as a result of plummeting oil prices. Several others have skipped payments to bondholders and warned that bankruptcy is a possibility.
With $900 million in revenue, about $80 million in cash on hand and a signed deal with bondholders, Hercules is in good position to weather the industry's downturn, a company lawyer said in court last month.
Unlike most companies in chapter 11, Hercules has no substantial secured debt and won't need bankruptcy financing to stay on top of its bills.
The company, which hopes to be out of bankruptcy by November, estimates the business is worth from $535 million to $725 million. Total liabilities stand at about $1.31 billion, most of that in the form of bond debt. The approved balance-sheet reshaping is meant to get debts in line with the harsh conditions in the oil-and-gas industry.
The company's trade creditors are being paid in full.
What is FTR? What Chart or Study is that? Thanks XL!
Hey cazual, there you are! Nice to have you celebrate with us, you deserve it, you were the OG ;}~
Anyone care to fill in the redacted material [***]?
2.4 Mesa ASF Price. The purchase price of each Mesa ASF Furnace to be purchased by GT Hong Kong pursuant to an Intercompany Sale (such price, the "Mesa ASF Price") shall be equal to [***].
4.1 GTAT Corp. ASF Furnaces. With respect to Mesa ASF Furnaces sold by GT Hong Kong to Customers which Mesa ASF Furnaces were originally GTAT Corp. ASF Furnaces, GTAT Corp. shall indemnify, defend, and hold GT Hong Kong harmless from and against any and all claims, damages, liabilities and losses (including reasonable attorney's fees) incurred or suffered by GT Hong Kong related to any claim asserted by Customer against GT Hong Kong for personal injury or property damage solely to the extent caused by the gross negligence or willful misconduct of GTAT Corp. with respect to such GTAT Corp. ASF Furnaces. Notwithstanding Section 2.7 hereof, the foregoing indemnity shall not cover any claims, damages, liabilities, and losses incurred or suffered by GT Hong Kong related to any claim asserted by a Customer against GT Hong Kong, for breach of warranty with respect to such GTAT Corp. ASF Furnaces, except (i) in the case of gross negligence by GTAT Corp. and (ii) [***].
Here's Exhibit 10.5 and we'll get to see the excluded intercompany sales information after August 1, 2020:
https://www.sec.gov/Archives/edgar/data/1394954/000162828015005801/ex105intercompanysalesa.htm
Nevermind, ct = Confidential, I found the document here: https://www.sec.gov/Archives/edgar/data/1394954/999999999715013524/filename1.pdf
Ha ha.. Hi 98040 and cofca! I see you are in this one too! I'm accumulating at the dips. This should pop nice come positive news...
it's Confidential.... shhh!!! lol