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While I'm glad to hear that they're being held accountable for their lying and deception, I wonder what recourse investors have now with this filing, since investment decisions were made based on the misinformation they were spouting on various media platforms?
I had 19,064 AAMRQ shares, and yesterday I received 192 shares (plus $392.01 in cash, defined as "return on capital") between the two accounts that held my original shares (one with Charles Schwab, the other with Edward Jones, both accounts now able to be closed as I transferred the shares and funds out to another account). The final distribution was just a hair over 1%.
Using the share price that TKane provided based on prior disclosure about the DCR ($25.45/share), and 4.8M shares in the DCR as of 9-30-21, that's $122,160,000, minus the $8.4M for the single-dip claims, and minus the $3M (rounding up from $2.5 and $400K noted in the release), that leaves approximately $110.76M for distribution to holders of the original AAL/AAMRQ stock.
Does anyone know how many of those shares received a distribution in the past so we can narrow down the expectation for this final distribution?
While percentages appear in the details regarding the prior DCR distributions, I haven't located the number of shares that received a distribution. http://www.amrcaseinfo.com/distribution.php
Again, I'll be happy with whatever gets distributed, but it would be nice to narrow it down if we can.
Thank you!
Thanks for the clarification. I'll take whatever comes our way. My 19,014 AAMRQ shares have done very well overall, and it will be nice to put closure on this DCR.
Using some rough math based on the current price of AAL stock ($20.7/share at the moment), and 4.8M shares in the DCR as of 9-30-21, that's $99,360,000, minus the $8.4M for the single-dip claims, and minus the $3M (rounding up from $2.5 and $400K noted in the release), that leaves approximately $87.96M for distribution to holders of the original AMR stock. How many of those shares have been distributed in the past so we can narrow down the expectation for this final distribution, does anyone know?
I found the DCR remaining share count in the latest financial from AMR (as noted in the "Legal Proceedings" section) . . . " As of September 30, 2021, the DCR held approximately 4.8 million shares of AAG common stock." Here's the link to the source: https://www.sec.gov/ix?doc=/Archives/edgar/data/4515/000000620121000098/aal-20210930.htm#i5183f129c22944acbfdb4b02ae581f48_94
Thanks for sharing. I see the $8.42M to be distributed from the DCR for "single-dip claims", and the $2.5M reserved for the American Labor Allocation, and the notation about the balance of DCR "New Common Stock and cash" to holders of the "allowed AMR equity interests" by December 31, 2021. I don't see--and don't recall--the latest figure for the total amount of new stock and cash remaining the in DCR. Does anyone know that current figure? Rockland, you mentioned the size of the last distribution . . . what figure are you basing that comment on? Thanks to all who may be able to narrow this down a bit.
Here is the link to the information regarding the CVR (Contingent Value Rights) as filed with the SEC: https://www.sec.gov/Archives/edgar/data/0001460702/000149315220000828/ex2-2.htm
Interesting article about AMC and potential Chapter 11 filing (postponed for now).
https://www.marketwatch.com/story/amc-vows-to-bar-universal-movies-from-its-theaters-after-video-on-demand-comments-2020-04-28?link=sfmw_fb&fbclid=IwAR1C-qDXYm7CxdJjWIXyYrdXh7u2CUSCwyaBz-8-czENjh2SEU2M0kilhr4
Based on the information about Chapter 7 . . .
"Under Chapter 7 bankruptcy, all assets are sold for cash. That cash is then used to pay off legal and administrative expenses incurred during the bankruptcy process.
Once a company files for Chapter 7 bankruptcy, the company pays its creditors in a specific order. Generally, the company pays investors or creditors in the following order:
1) Secured creditors
2) Unsecured creditors
3) Shareholders
Usually, little to nothing is left over for shareholders after paying the more senior creditors."
That being said, someone just posted that the Chapter-7 filing for HMNY shows $395M in assets and $277M in debt. That's a difference of $118M (assuming all creditors get paid in full), leaving that to split amongst shareholders (unless I'm missing something). From TD Ameritrade, there are 2.0B shares outstanding, so dividing $118M by that I arrived at $.059/share for HMNY shareholders. I welcome relative input and comments on this.
This includes information about Chapter 7 (whereby all assets are sold and expenses are paid . . . usually leaving nothing for shareholders. The title of the link implies Chapter 11 (which is also explained), but Chapter 7 details are there for the reading.
https://www.investopedia.com/ask/answers/10/stock-holder-lose-equity-chapter-11.asp
Thanks for sharing, Rockland. So, does the "partial dismissal" still hold up the final distribution from the reserves? It would be nice for that final distribution to be made already to put closure on this once and for all. All the best wishes to you for the holidays and beyond.
Using a standard 50/200 EMA on the daily chart for a golden cross (lower ema breaking over the higher), this is nowhere near a golden cross. The 50 EMA is currently around $.0032 and the 200 EMA is around $41.09. I'm curious about what you thought you saw unless you were completely joking.
Thanks, rockland . . . I was able to see that much of the information from the description of the document, but I was unable to open the document itself for review.
When I go to the amrcaseinfo website and click on the latest court document (filed on 9/30), I get the following error message: The requested URL /pdflib/null was not found on this server.
The same is true for all of the court documents dated in 9/2019 (court document numbers #13235-13230). Is anyone able to view them, and if so, what is the status as of 9/30 regarding the DCR and settlement of the cases that would potentially allow for the remaining funds in the DCR to be made as a final distribution to original shareholders?
Thanks in advance for anyone who can provide an update.
Thanks for sharing your experience, JAG, it's appreciated, and useful insight as well regarding our current (and future) LQMT situation.
Thanks for sharing the experience and the tidbits of information you received during the visit. It is appreciated!
While information regarding the court documents should be viewable on the www.amrcaseinfo.com website, the last three posts (in reverse chronological order) #13226, 5 and 4, specifically, are not viewable (Not Found errors). The alternate website location to view the information is supposed to be located at www.aa.com/restructuring, but that page is also "not found". I did call the Customer Service number (888-285-9438) for the bankruptcy and reorganization, and they are checking into why documents aren't viewable.
Does anyone know the number of cases that remain open that would potentially impact the Disputed Claims Reserve (DCR)? I know there's about 7.2M shares remaining in the fund, and a previous post calculated the potential payout to AAMRQ shareholders of .017 (multiplied by the number of AAMRQ placeholder shares held) if remaining unresolved cases close in favor of AA.
I believe there was a Reddit page previously posted that held current information about the DCR status, too, and I'll check into that now.
Thanks in advance for any information.
Fyi, the additional shares just appeared in my Schwab account. Have a great day!
As of this morning, the additional shares for the sixth distribution have appeared in my old (closed) Edward Jones account, but have not yet appeared in my Charles Schwab account (although someone else here posted that their Schwab account did receive them today). I'm sure they'll come through some time today. Very happy with my investment here over the years. Congrats and good luck to you all. I remain optimistic that once the bankruptcy dust settles, we may still see another (small) distribution from any remaining DCR. Have a great day!
While both Schwab and Edward Jones confirmed yesterday that they had received notification of the distribution details for AAMRQ shareholders, and Schwab confirmed that today is the "swing date" (the date the new shares are supposed to be credited), today they said that the distribution agent has not yet released any shares, and based on past experience it is more likely to occur a day or two after the swing date . . . just FYI as we await their arrival. As a reminder, Monday is a holiday, which may delay things if we don't see something later today or tomorrow.
I also used a different broker five years ago (actually two different ones). When I transferred my IRA to Schwab, the holding shares transferred with it and are still there. They will remain there until after the next distribution determination is made (no guarantees on another [7th] distribution, though). The other account (at Edward Jones) was transferred to another broker, too (TD Ameritrade), but the holding shares for AAMRQ stayed with Edward Jones, so it was handled differently there (I don't know why and neither did they). I phoned both companies yesterday, both had received confirmation that additional shares were being distributed, and both expected the shares to appear sometime today, but that's out of their control, so I'll keep watching.
Congrats! Have a great trip.
Why the unnecessary rudeness? It goes against the grain of why the majority of us are here. Rockland has been a valuable, insider, contributor for a long time here, and his comments and contributions are appreciated. If you don't have anything positive to contribute, kindly keep your comments to yourself.
I like that answer much better, thank you!
Unfortunately, however, we will have to wait until the January 31, 2019 date for the hearing that he filed, will we not? I agree that based on his history with the judge and the judge's comments, it's unlikely to change the release . . . only the date of release. Happy new year to you all!
Based on the entry created today (12/28/2018), filed a few days ago, it appears that the next hearing on the objection to the release of the DCR is set for 1-31-19. Am I correct in assuming that nothing will be released from the DCR until after that date? SMH
Heck, I'll be the "nut" of the joke if it helps to expedite the release of the shares from the DCR. Does anyone know how long after the Bankruptcy judge's approval this payment can be released? How soon is "as soon as practicable" anyway?
It was just a bit of friendly feedback is all, because it made me laugh (since it referred to something completely different). Have a nice day, and thanks for the Wonka-laugh, too!
LOL, it should read, "you're . . . ", otherwise you are (you're) not referring to his mental state, but rather, something completely different.
Very good--and long overdue--news! Thank you, as always, for sharing!
Thank you, as usual, for the update!
Hello.
Might you have access to any updates related to the meeting scheduled for earlier today about the release of the additional shares? If you don't mind sharing your source, I can look for myself, but I haven't been able to find anything so far.
Thank you for your continued sharing of information on the board.
Yeah, ditto what he (The Sound Guy) said! Thank you!
Thank you for providing this information and update!