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Great news today, anyone else excited by that green hammer at the close? Let's rock on Monday!
Hello again, chemist and others. As for DESTQ, I'm still trying to get my broker, Fidelity, to recognize the loss this year. I called them, since the ticker is showing $0 value, and asked them if I can get a 1099 to offset my gains in other tickers. They said not until more time goes by. I seriously don't understand what they're waiting for. But definitely am going to report a loss, one way or another. I only had 18,000 shares left over (~$500 in equity) from share flipping when the music finally stopped about two years ago. That'll be worth $100 or so in taxes so it's a small matter between me, my broker and the IRS. Shame that as we talk about tax losses, that the owners of DEST weren't able to salvage any of the value they had in this company. They just quit and walked away from a $50 million dollar business? Shame on them (and us, for trusting them with our money).
Anyhow, I'm currently invested in $ME and that's a double entendre :) I am doing lots of self care and I also bought that solid stock that rallied 10%+ today with some FDA-related news.
Someone just made 50 to 1? Wow.
Theft of these shares, I don't even know how to buy shares of this at 0.0002 if I'd wanted to!
Well, I guess that settles, once and for all, what was truly meant by the disclaimer about imminent share cancellation, in DEST's original chapter 11 filing, right? It was written in plain english. Therefore, those that read and understood the dockets continue to have the apparent edge over some folk that prefer to draw fictitious conclusions from "charts" like a crystal ball.
True, this was always a lotto play for us. I was always appreciative of chemist72 and the dialog that we were able to start here around real prospects, rather than fictitious book values and wishful thinking. I only wish that there'd been a resource for shareholders to have a say in what went down before the share cancellation. Had there been, perhaps all our early misgivings about the auction's "preferred bid" giveaway, duplicate claims and canceled hearings might have gotten some response on the part of the company. Instead, we were left with some false hopes and no outlet for keeping pressure on the company to drive any residual value to the shareholders.
Nah, the aggregate amount of these four claims was $4,216.
Saw it, thank you.
I'm still concerned about the lack of cash to pay the claims in full by now. Could mean commons will be canceled. The withdrawal of a few claims does not make me feel more secure about my 20,000 shares, unfortunately.
The lack of transparency from this company throughout the bankruptcy process has been ludicrous. I should have known when they canceled the auction that this could be toast, since the only upside at that time, there being no assets left as of the sale, would have been if a stalking horse bidder had sunk millions of equity into acquiring "the brand name."
I appreciate the chemist for creating a positive dialog here and for allowing us to see both sides of the coin all along.
Kudos to the former mod who apparently took the money and ran. His only "diligence" being that he'd apparently had a horrible misread of the Chapter 11 terminology, and that he somehow believed DEST would outlast its claimants but instead they blinked first.
So you're telling me the entire market cap of this company/shell is less than the retail price of a laptop computer? I'll buy the whole thing.
Is there any shred of hope left that they're putting some efforts into emerging from this BK? I don't know, but would think some insider would be incentives to get it back into compliance.
The motivating factor behind new SEC rule concerning other stocks like DESTQ seems to have been to avoid any opportunity to take on any risk. Unfortunately for existing shareholders, we are left with 100% of said risk. This is awfulness.
Theoretically, where does one buy pink sheets such as DESTQ? My broker went to close-out only mode for this ticker, and I'm not ready to sell mine until we have news. In the past, this board has been able to point me toward brokers that are still available in the OTC environment. Any help in that regard is appreciated.
My gut feeling, and hope is that once all of the claims are settled, company can still pursue a refund of overpaid back taxes with the Internal Revenue Svc rather than carrying forward the losses, just claiming the refund which is capped at up to 80% of the company's profits for the last 5 years. KPMG looked into this provision over a year ago then I don't know what became of the research. Seems they are still within the "window" for filing an amended return. I do not know what happens when that windfall gets collected but it would appear to be within the realm of what's possible and that's why I continue to hold my 20,000 shares which are worth saving as a lottery ticket in my opinion. Whichever institution recently sold over 200,000 shares for squat... I think it was foolish, but that's their prerogative.
https://tax.thomsonreuters.com/blog/how-the-cares-act-affects-net-operating-losses/
As this continues to trade at 1.2 cents, which is right around where it was trading prior to that recent huge sale going through, I remain convinced that one seller was responsible for the huge dip. Unknown is whether they listed all its shares at market, or if they chose a limit price of 0.0014, and missed a decimal point! Either way, that's an irresponsible method of trading especially given that there was no news that would have precipitated any such a sudden 90% drop in share price. But I guess some institutions have money to burn, or else really wanted to write this off.
Amazes me that with that kind of selloff, the seller didn't even protect their interests and set a bottom of like 0.0075 at least. So they got taken to the cleaners. With many of the shares going for a mere 0.0014, could it have been a "fat finger" discount? All of those shares put on the market at once, somebody cleaned up big time but the share price is really depressed now. With the low volume, liquidity has always been a concern for us longs, hopefully now the spring is loaded and we can enjoy a recovery back to 0.02's, before long.
Volume on the order of a few hundred dollars most days. So it's tended to swing hard. Despite what the chart shows, the bid has been only hovering between 0.015 and 0.0175 most days, and that hasn't moved in some time.
I absolutely love the recent development.
Surprised we hit 4... but not surprised.
Thank you for responses. I notice in hindsight the previous monthly bank statements created a creep in buying as well. (Feb 21ish - can't quite call it a surge but we did have volume.) I also note, you had correctly stated, last week's zero volume day was not necessarily a bad indicator. Just meant that the askers were not letting any shares go for under 2 cents, and that's where the bid was. As soon as some bidding interest revisited us yesterday, the share value increased rather significantly.
Could yesterday's influx in volume be related to the issuance of their income statement?
Chemist, I can sympathize and relate with your feeling of being endlessly tied up in this. So difficult to see what the end game might be for this stock. I did big bids at the 1.2 cents level this week hoping they would fill, but no one is selling, either. It's like watching paint dry. I don't know why, but I had assumed that either through the inventory/asset sales, long term lease breaking removing some liabilities from the books, and/or tax loss carryovers they would have found a way to turn a profit in 2021 and pay the shareholders. I did expect to be resolved by March and here we are a month later and feels like hardly anything has happened.
Three quick buys today and all of a sudden, the ask was sitting at 0.04.
I am not sure what this means, because on such low volume it seems unlikely that anyone would bite. I suppose the market makers are hoping someone places a market order and gets trapped.
I would really love 4 cents if I could get anything close to that. I went ahead and listed half my shares for sale at 3.5 cents at the end of the trading day. (But the ask was still showing as 0.04 as of the time of this writing.)
Zero volume on Wednesday and Friday this week. Thursday had only a handful of buyers.
I believe you
Can we make a new rule? Anyone who plagiarizes and paraphrases Warren Buffet has to buy 10k shares at market.
Trading sideways until May or next round of court hearings and POR extensions... shares have been ultra cheap. May use this opportunity to average down again. We'll see.
I was really hoping the broken leases getting off the balance sheet could have gotten us to solvent by now but they spent a lot of funds on legal stuff and the liquidation process so who knows?
With so many shares printing above .03 lately, can anyone explain why these often very small volume trades still occur at 0.02 and less? Is there a force trying to dump shares to keep it artificially low, and for how long before it is allowed to really run up? It has been a roller coaster lately, very thrilling to see some price action after 6 months or more of next to no volume!
As for the talk of shorts covering, that's a theory I'd like to explore with some real data instead of anecdotally.
Are you guys kidding me? Last post from that permabull tea leaf reader was half a cent incoming. And then he just retired from the board while the stock is finally up at these one year high levels that he has been calling would surely happen for a year. What a bizarre scenario.
When the entire order book below $0.07 costs about $60, market manipulators are able to "paint" whatever share price they'd like to see to get their jollies. While it is absolutely thrilling to see this penny stock report upwards of 100% to 500% gains intraday, and paper gains appearing in our portfolios, the fact of the matter is there is still only very light volume, so we are not in real life gains territory until we can proceed forward with a volume shifting event. I am confident that as we proceed closer to settlements and emergence from bankruptcy, there could still be such a vested interest in this security. Now as for the question of "shorts" the reports I am seeing say only 16,000 shares are outstanding? If that's a real number. I don't know if all shorts and options holders were reported to that number or if it's an old number because it has hardly even changed in a long while. I wouldn't even know where to short an OTC. Is there still a market for shorts or shouldn't they have covered their shares long ago at 0.01 or below?
Fat finger? Only 1,000 shares but I was really curious if someone tried to buy at market and was given a whole 6 cent surcharge because of the spread between bid and ask. It must be a quite thin book! From time to time, I've had shares for sale between 0.02 and 0.07 but I must have raised my listed shares up to 0.10+ a few days back (expecting possible jump around a POR deadline which was extended rather than delivered) and then this actually hits for 0.0749. Not the timeframe I was expecting either but we'll see what happens, I suppose, around that scheduled March 3 court session.
Did we pop on any volume scanners yesterday? More curious than the recent price action is the silence on here since 2/8's announcement, that an omnibus meeting was scheduled for March 3, 2021 at 11:30 AM. Do not want to jinx this but might we be nearing some clarity on the Plan of Reorganization, finally? (:p)
I have a rule not to average down X times and this resulted in me avoiding the extra cheap share dump last week which has already resulted in 75% gains for the enterprising among us who continue to overleverage themselves and then get PAID. Good on you if you did it, but I suspect that most of you here, like me are not daytraders, but locked in for the long haul, and not interested in penny gains but are still holding out for major pay day.
Strong close, Monday. Love to see some continuation here and break that resistance.
Well, there are "no matters moving forward" according to what was filed this week. Ever since the company was sold off for parts, we wait with bated breath for some current news. The asset sale in late 2019 was supposed to include some coverage of some other non-specified outstanding debts per reports, but I have not seen that agreement, only news that this was being negotiated into the agreement. As such, the stalking horse bidder was made assurances that they would become the sole won bidder, at which time share prices suddenly cratered by over 50% in a day, presumably because long interest in the stock had been holding out for specified profits that could ensure the emergence from bankruptcy and new life for existing shares.
I'm still disappointed in how that played particularly if insiders were treated to special favors at shareholders expense, including but not limited to, buying shares at depressed prices and taking control of the remaining assets (NOLs). However it also gave me some optimism that the bad news was already baked in, and I decided to hold long term for tax sale purposes to offset my 2021- capital gains rather than sell for a short term loss in 2019 or 2020. As we all know and were aware when we bought this delisted stock, the shareholders tend to be last to the table however the longer this drags out, the closer we may be to some completion and closure on this process.
Taurus69, Have you already moved on from Frontier?
Based on ADVFN policy, which I am beholden to and will respect, I must not delete any questionable or inaccurate statements on behalf of others unless requested to do so, nor eliminate differences of opinion by purging the posts. However, in matters of alternative facts such as this, I can only supply my rebuttal, and ask for the alternative party to corroborate his/my facts in time so that we can be back on the same wavelength again (both longs!) whenever we have more time to conduct the follow-on discussions about the market value of this CH11 stock, which I'd like us to be able to have.
Just a clarification I would like to see made on your earlier post,
since the site I use for reviewing OTC trade history is much different than yours.
1) What source are you using for OTC trades?
2) Is this the correct ticker, or might you have pulled from a different page? You mentioned another stock in the same post.
3) Are you under the impression that some kind of activity, "today" has resulted in the devaluation of DESTQ in current trading, or is it a confluence of errors over the course of time, surrounding the asset liquidation, such as when they became unable to secure a second competitive bidder out of some fifty entrants?
4) Isn't our fate in the judge's and lawyers' hands, mostly? What must a CEO and reorg officers of a sold company do, really to correct the course of this ship? I'm genuinely curious if they still have as much stake in this as you or I do with our tens of thousands of paper shares, obtained over a year ago mostly, and now flailing at 0.01.
Actually, the OTC states that there were several trades today at or above 0.01.
and although the bid is small, this stock did not trade any significant sales below 0.01 today.
It appears that one of our sources may be facing some sort of time lag issue. Please review at your convenience.
Yes, I know. Happy trigger finger.
Sorry, I said peer but Frontier is actually 180 times the value of Destination Maternity as of close today. Well, this presumes that we are very undervalued, not to say we will surely succeed, the market seems to be dead set against this scenario, but I rather like the upside potential.
All about volume now. Today was a hold the line and wait for the news that all claims have been settled. We have seen what a little volume can do to stocks like this. Seeing Destination's name in the news should create a new crop of buyers, which is ultimately what we will need to infuse the volume needed to have shares appreciate more quickly than they can be cancelled, which is always a risk for non-reporting pink sheets.
DESTQ's peer in the OTC world, Frontier has gone from .09 to .27 on the mere rumor that it is in process of cancelling half of its debt. Imagine what treat we may be in for if in fact our debts are settled as the company is poised to emerge with no debt and any remaining assets may be distributed as a special dividend or accordingly ascribed value in the open market based on speculation that they might reverse - merge. Since we've been in this over a year, no hurry to find out a solution but it sure would be a nice day if we could attain this.
One thing I'll never understand is this kind of price action and silence from the peanut gallery. If it were a stock I owned, I know I'd be out in force exclaiming victory! Very strange.
The speculation has been that first quarter of 2021 FTRCQ will emerge from BK, with commons likely being wiped out. There are however, no specific timelines.
Trying to figure out how this moved 50% today on no news. I found it remarkable but for whatever reason, there's no chatter in this room, at all.
One outlier on twitter is just speculating it's because FTR will eliminate half its debt. I will need to see that corroborated. Given the timing and the bid/ask spreads, I think it's more likely that the selling pressure from tax loss sales has finally let up, resulting in a short term reversal.
I saw the price action today as an opportunity to reduce my position at 0.18 and take my 50% gains. I do not expect it to break .20s now but more likely to give back all gains achieved today so I pulled the trigger and sold mine. We'll see.
Revised link to docket 1046:
https://cases.primeclerk.com/DestinationMaternity/Home-DownloadPDF?id1=MTc5MTY3Mg==&id2=0
HEARING CANCELLED. Notice of Agenda of Matters not going forward. The following hearing has been cancelled. Filed by Destination Maternity Corporation. Hearing scheduled for 1/7/2021 at 11:00 AM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #1, Wilmington, Delaware.