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Current Equity holders are getting nothing. There will be new equity - 1000 shares total of which ESW gets 600, which will probably not be publicly traded.
Here's the approved plan:
http://www.omnimgt.com/cmsvol2/pub_46912/529705_428-3.pdf
Pages of interest include Pg. 15, Pgs. 26 - 28 in the order granting final approval, and Page 6 in the actual plan.
"No Distributions will be made to holders of Allowed Equity Interests. On the effective date, all Allowed Equity Interests shall be deemed automatically cancelled, released, and extinguished without further action by the Debtor or the Reorganized Debtor and the obligations of the Debtor and Reorganized Debtor thereunder shall be discharged."
I read that as well, in fact it was mentioned twice in their 10-Q, but they have also mentioned that part of the reason they filed for bankruptcy was to protect the interests of their shareholders. The language definitely exists, however I believe this only points to the imminent demise of ENDRQ as a ticker, not a demise of the stock altogether. Most likely holdings would be transferred to a new ticker once they emerge from bankruptcy.
"All of the Company's existing equity securities, including its shares of common stock and preferred stock, will be cancelled, without receiving any distribution."
The most important part of the statement being EXISTING, this statement was made before the ticker became ENDRQ as well.... and it was absolutely true, END was cancelled, but were the shareholders left out in the cold? Nope.
Endeavour Wins Approval of Initial Restructuring Deal
"A bankruptcy judge approved a preliminary restructuring deal for Endeavour International Corp . that proposes cutting $568 million in debt from the oil-and- gas company's balance sheet through a debt-for-equity swap with bondholders."
"Judge Kevin Carey of U.S. Bankruptcy Court in Wilmington, Del., signed off on the restructuring support agreement, which has the support of a majority of Endeavour's bondholders, in a Monday order."
From the Dow Jones Bankruptcy News site.
I'd also like to add that Reuters gives ENDRQ a one year PT of $1.00, representing a gain of 2,678%.
I don't see the presentation up on their site.
Is there a place where I can view today's event?
The FDA's Blood Products Advisory committee voted 15-1 in favor of HyQvia. Formal approval is expected sometime this quarter. Not sure why it is falling...
I wish someone had an inkling as to what exactly is going on. There must be information we're not privy to yet. I can't even imagine what that might be.
Ha! Wrong Forum, message deleted.
Exactly my point, thank you. I just don't understand not verifying via trial run whether or not everything will work properly.
That's probably exactly what happened.
However, when your shareholders are relying on you, and you've made a big deal about this conference call, and had darn well better ensure that everything is ready when it's go time.
So now this has been posted on site:
"American Green Video Conference Update
The conference location unfortunately did not have adequate bandwidth to live stream the event. We are currently in process of uploading the taped event, it will be available approximately 1:30pm PST on our youtube channel."
How exactly does one not know whether or not the facilities they are using are adequately functional? Seems like something that would have been checked before people are waiting for the conference to begin. Doesn't that alone say a lot about the competency of this company?
Weren't most expecting an article? It's just another ad, that's all I'm saying.
You can also see if you go to pages, that even though we cannot bring up the full page without a subscription, that it is the same ad that is in Forbes.
Barry Henthorn is the CEO of BCCI not Forbes. Big difference. Not trying to be rude, but shouldn't you at least know CEO's name since you are investing in the company?
Link please? I have seen nothing concerning Forbes CEO. Everything that I have seen has been from BCCI's CEO stating how proud he is to be featured in Forbes, as if buying an ad was such an accomplishment. He wants you to think that it is an article in Forbes, it is not, which is all I am saying.
Your absolutely right, ads are important. The problem here is that they tried to hide the fact that it is an ad. They said that it was an article they were proud to be featured in, claimed they had no idea what was contained in said "article" before it was released, etc. Their advertising company tried to cover their tracks as well. It's not a problem that it was an ad, the intentional dishonesty is the problem.
No doubt the stock will fly, but most likely the Inc. article is also an advertisement.
I understand. No doubt there is still money to be made with this stock. I was just seeing a lot of disbelief out there in terms of the Forbes article being an ad, and most of the time the information seems to be relayed by purposely caustic jerks.... so I thought if the information was presented in a more reasonable manner it might get the attention it deserves.
I wasn't able to find that connection, but it wouldn't surprise me in the least.
I bought the Forbes issue, and found "The Fundamentals Report" where it says specifically that it is a paid for ad. Get the issue, it will verify what I have said.
This isn't the first time they've pushed the reality TV show thing, they've even had castings years ago, and has anything come of it?
They've tried to push the franchise program before years ago, and did it pan out then?
Look, I think they have a good concept, low overhead, etc, but they have some real issues as well yet people continue to gloss over them. If you want to hold this stock, go for it, if you are careful you won't get burned. I hope you don't....
Except all of that is misleading, and it's just an ad. Probably going to be the same with the Inc. "Article" on Monday.
The "Article" in Forbes is a Paid for Advertisement
Many people on this forum as well as others have decided that the Forbes "article" is something of value that should drive the stock and is an overwhelmingly positive development for BCCI but it is not, it is a paid for advertisement. It says so right on the page in the magazine. People who state this fact are not bashers out to get this stock, this is the truth, and should be accepted as such.
The CEO made a comment that no one on staff new what was going to be in the article. Obviously they did, the paid ad in Forbes leads to a website www.thefundamentalsreport.com, which if you look up the domain registration data it will eventually lead you back to www.mediafundinggroup.com which if you'll recall has a advertising deal with BCCI. What may or may not be less obvious is the fact that BCCI seems to be trading stock in order to pay for the $1.7M advertising deal.
If they would have said, "We have a large ad running in Forbes magazine to drive potential franchise interest." or something to that effect no one would be up in arms right now. No instead they have pushed it as not only an article, but an important article, claimed they didn't know what was going to be published, and then mentioned how proud they were about being published in Forbes all the while knowing that there was nothing more than an ad by their ad agency who then tried to cover their tracks.... poorly.
I work for a small investment firm, and we were all about this stock until yesterday when we opened Forbes. The dishonesty alone made us question this play.... yes this stock will most likely have plenty of runs up, yes the company may survive despite management, but the lack of ethics in an already morally questionable venture doesn't bode well. I understand sticking around, but we're walking.