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Nope, the times when .40-.50 was a good loading zone ended. At this moment good loading zone is 0.30-0.35 and unloading in early .40s.
There is no delisting until October. That is 4 more month to get to 1.00 for 10 days. And I do believe it will get there soon.
It seems that company barely make any press releases. If there was at least once a month something that was in the press the company would be trading at least $1-$2. I will try to contact the CEO to ask why there is almost no press release about the company. Another thing to watch for if you are invested in this company is the dollar strength. In the last couple of years dollar is very strong and it is hard for the companies that sell their product overseas. Inflation is not as fast as the currency drop in other countries, so it takes time to get same profit as when dollar was weak. I hope the CEO will be making press releases before May so company would not be delisted.
Some people have no patience :) This stock is the patience game, those who have no patience will sell it as a loss.
Based on my observation this stock should be trading 0.10-0.15 at least until there are news about what will happen with the common stock. If looking back at the GTATQ stock, it was trading up to 0.63 even after announcing the CH11, mostly because the company is huge on the revenue.
At least with BK anouncment the volume picked up a little.
Someone was really interested in keeping vrsz stock down. I think they are done now and stock will be trading according to risk/value expectation. Based on the trading today I can see that it was trading bellow the BK level. Someone was trying very hard to keep it low.
My guess, if they would be making payment, it would have been in the morning. :(
Very good news!!! Now they can sell the mills that are not profitable.
https://bangordailynews.com/2015/12/14/business/judge-clears-versos-settlement-despite-maine-unions-objections/?ref=topStories5
Judge clears Verso’s settlement despite Maine union’s objections
PORTLAND, Maine — A federal judge has ruled Verso Paper’s agreement to sell mills in Rumford and Biron, Wisconsin, was sufficient to settle antitrust complaints stemming from its $1.4 billion purchase of larger competitor NewPage.
The approval late Friday came nearly a year after the companies completed the sale and means struggling Verso, which owns a mill in Jay, won’t need to meet other conditions to resolve the antitrust complaint from the U.S. Department of Justice.
The 58-member union representing former Verso employees at the shuttered Bucksport mill objected to the settlement.
The union argued the settlement should have included the Bucksport mill and gone further to remedy concerns about Verso’s influence in the coated paper market.
In a separate memo about the decision, U.S. District Judge Tanya Chutkan wrote that the court has limited authority to overrule the Department of Justice’s assessment of what would remedy the alleged antitrust harms under the federal Tunney Act.
“When plants such as the one in Bucksport close, entire communities, where families may have been employed for generations, are often devastated, and the court is aware of the objectors’ frustrations with a remedy they deem insufficient,” Chutkan wrote, citing another paper industry antitrust settlement case. “However, the court’s role here is a limited one, and ‘the relevant inquiry is whether the United States’ conclusion about the adequacy of the … divestiture was reasonable, not whether it was correct.'”
Chutkan referred to the antitrust settlement between the federal government and pulp and paper producer Abitibi-Consolidated, which merged in 2007 with Bowater to form AbitibiBowater and reorganized as Resolute Forest Products through a bankruptcy in 2010.
The unions argued the U.S. Department of Justice should have involved Bucksport in the settlement, requiring Verso either to sell the mill to a competing paper maker or prevent the sale to entities seeking to scrap the mill. The town of Bucksport in November approved a permit for AIM Development to demolish the mill.
Chutkan wrote the government laid out a factual basis for not including the Bucksport mill in the settlement, finding it was not closed because of the merger but because of declining demand for the coated groundwood paper it produced, used in commercial printing for applications such as magazines and catalogs.
Chutkan also cleared objections to the Department of Justice’s judgment that the sale of Verso’s Rumford and Biron, Wisconsin, mills to Catalyst Paper would create a sufficiently strong competitor.
The court also held that price increases after the merger were not a result of the merger and that a broader investigation of anticompetitive conduct by Verso’s parent corporation, Apollo Global Management, was beyond its review under the Tunney Act.
The company has struggled since completing the merger as well.
It plans to lay off 310 workers at a mill in Kentucky and 300 at its Jay mill, mostly in December. In September, the company’s stock was pulled from the New York Stock Exchange after prices fell to 15 cents per share.
The settlement agreement approved Friday expires in 10 years, meaning Verso could face antitrust complaints if it were to reacquire either of the mills it sold as part of the settlement.
More good news.... They get a refund of 700,000 from paying too much taxes.
QUINNESEC - An agreement has been reached between Verso Corporation and Breitung Township regarding tax assessments on two parcels at Verso's pulp and paper mill in Quinnesec.
Under the agreement, the township and other tax collecting entities such as Dickinson County and Breitung Township Schools will still lose hundreds of thousands of dollars in annual revenue. However, the losses are not as severe as they would be if the Michigan Tax Tribunal ruled in Verso's favor.
Back in May, Verso petitioned the tax tribunal to reduce the taxable value of its two parcels from $48.5 million to $15 million, claiming that the township's assessment was "invalid and unlawful" on several grounds.
Verso and Breitung Township have now agreed that the taxable value of the two parcels will be $28.1 million.
This translates to a roughly $900,000 decrease in annual property taxes for Verso. The company will still be paying about $1.25 million in property taxes on the two parcels annually.
In a written statement provided to The Daily News, Breitung Township officials explained their reasoning for settling.
"Although the final cost will never be known, fighting this case to the bitter end could have cost the township over $150,000 in attorney and appraisal fees," they said. "Despite the township's commitment to defend its tax roll, pursuing this case had no guarantees of any success better than the results achieved."
Mark Pontti, public affairs manager at Verso's Quinnesec mill, said that the company was pleased to have ongoing dialogue with
Breitung Township and to have reached the settlement.
"This is an important milestone in the journey to achieving a fair valuation of the Quinnesec mill," said Pontti. "One of our obligations is to position the mill for long term viability (and the next generation of papermakers) and, to that end, we want to be sure that we are not burdened by paying more in property taxes than Michigan law allows."
"We trust that we can continue to work together with the township for many years to come," he added.
Since the tax reduction begins with the 2015 tax year, Verso is owed a total refund of $702,895.38 from its summer tax bill. Breitung Township officials said that the county and school will not have to pay interest if refunds are promptly paid.
Verso had also filed a separate petition with the tax tribunal contesting valuations for the years 2012 through 2014. That case has been dropped.
According to numbers provided by Breitung Township, annual revenue losses moving forward include $367,311 to Breitung Township Schools' operating fund, $125,300 to Dickinson County, $88,766 to Breitung Township Schools' debt fund, $85,706 to Breitung Township, $20,406 to Bay College, $18,365 to the Dickinson County Library, $10,203 to the Dickinson County Road Commission, $8,570 to the Dickinson-Iron Health Department, $8,162 to the senior citizen centers, $8,162 to Dickinson County 911, and $3,409 to the Dickinson-Iron Intermediate School District.
If Verso had won its initial request for a $15 million taxable value, annual losses could have been much greater at $602,490 to the Breitung Township Schools' operating fund; $204,856 to Dickinson County; $140,581 to Breitung Township; $132,547 to the Breitung Township Schools' debt fund; $33,471 to Bay College; $30,124 to the Dickinson County Library; $16,735 to the Dickinson County Road Commission; $14,058 to the Dickinson-Iron Health Department; $13,388 to senior citizen centers; $13,388 to Dickinson County 911; and $5,593 to the Dickinson-Iron Intermediate School District.
Losses to the Breitung Township Schools operating levy would be offset, at least in part, by the state's per-pupil "foundation allowance."
After reviewing all of the information considering the December 4th event. In reality the decision was already made on November 18th that Canada imports will tax duties of 17%-20%. Department of Commerce is scheduled to publish and start enforcing the final ruling in early December. So that is why there are no big news about it, because the news are old.
What will drive the stock higher is when Verso Corporation will give a good news based on the sales volume increase because of companies switching to buy paper from US manufactures. I hope this came right on time when Verso is negotiating with the creditors.
I think patience here will play a big role.
It can go down to 0.01 but not lower. The price was going down because of the person who purchased 6,000,000 shares when it was 0.01 and now selling it slowly trying to make $. When he runs out, price should go up.
Seems like a very good opportunity, why the stock in not trading in high volume today?
Where did the information came from about December 4th being some king of news?
I do think it will go up to 0.25 soon. Specially if big players are coming in.
And why is the company trading so low. I understand there might be BK, but 0.03$ is so low for the company that yet to announce BK?
What are we looking here on December 4th?