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Bally Total Fitness Announces Interim Chapter 11 Plan Distribution to Former Stockholders
CHICAGO, March 31 --Bally Total Fitness Holding Corporation ("Bally") today announced that it has commenced the process to make an initial cash distribution to former stockholders, in accordance with the terms of Bally's confirmed chapter 11 plan (the "Plan"). The initial cash distribution is $.31 per share of Old Common Stock (as defined in the Plan).
Approximately $3.5 million has been reserved by Bally's disbursing agent, pending disallowance of certain outstanding claims that were filed in Bally's chapter 11 case. These reserved funds may fund a second distribution to holders of Old Common Stock, but such a distribution is subject to satisfactory resolution of the outstanding claims.
gC
Thanks for the post eastunder. GL
good thing I waited...maybe $4.25 would be more like it.
I smell $4.75...can you?
Yes...you heard right! $4.75 Friday!
Buying in Friday at $4.75. No fool'n!
I'm working on it!
Here it comes!
Next week I'm going to the bank and take out everything I have and plunk it down on USU @ $5.00. Why you ask? Well, I think we're finally starting to see that the Turbin Heads have ruled long enough and that it's time for us to start walking upright and take responsiblity for our OWN campfires. JMHO GL
goldenveal
Can't Wait!
When USU hits $10, you'll be able to afford a different one for every day of the week! LOLOLOLOLOLOL
She's as tempting as a cupcake and as tough as a 75-cent steak!
Bally Total Fitness Announces Settlement With SEC
CHICAGO, Feb. 28 /PRNewswire/ -- Bally Total Fitness Holding Corporation today announced that it has reached a settlement with the Securities and Exchange Commission ("SEC") concerning the SEC's previously disclosed investigation relating to the restatement of the Company's financial statements for 2002 and 2003 and selected financial data for 2000 and 2001. The Company settled the proceedings without admitting or denying the SEC's findings. The settlement does not require the Company to pay a monetary penalty. As part of the settlement, the Company has consented to a final judgment requiring future compliance with Federal securities laws and regulations. The Company fully cooperated with the SEC during the course of the SEC's investigation.
Also today, the Company announced that the Department of Justice has closed the previously disclosed criminal investigation involving the Company's restatement, without action against the Company.
Don R. Kornstein, Chairman of Bally Total Fitness, said, "I am pleased that the conclusion of the government investigations puts these matters behind us as we continue to execute our strategies for the long-term success of our business."
http://www.earthtimes.org/articles/show/bally-total-fitness-announces-settlement-with-sec,296677.shtml
Sharper Image files for bankruptcy protection
http://www.newsday.com/business/ny-bzsharp0221,0,581592.story
Sharper Image Corp., the seller of $300 electric shavers and $1,999 massage chairs, has filed for bankruptcy protection after losing money in 11 of the last 13 quarters.
The 31-year-old retailer will shed 90 of its 184 stores while it deals with a "severe liquidity crisis," chief Financial officer Rebecca Roedell said in papers filed Tuesday night in U.S. Bankruptcy Court in Delaware.
Awesome! Lets make some money!
Friday , February 01, 2008 06:45ET
The following companies are expected to be removed from trading on February 1, 2008.
Boardwalk Community and Internet Bank (NJ) (Nasdaq NM: BORD) has been deleted from the Nasdaq NM market. Reason: Acquired by Cape Bancorp, Inc ($19.5245 & 0.347775 shs CBNJ /sh)
Cognos Incorporated (Nasdaq NM: COGN) has been deleted from the Nasdaq NM market. Reason: Acquired by I.B.M. ($58.00/sh)
Good Harbor Partners Acquisition Corp (OTCBB: GHBBB) has been deleted from the OTCBB market. Reason: Automatically cancelled and converted into the right to obtain a pro rata share of funds ($5.35/sh plus any accrued interest
Good Harbor Partners Acquisition Corp (OTCBB: GHBBU) has been deleted from the OTCBB market. Reason: Mandatory Unit Separation
Dana Corporation (Pink Sheets: DCNAQ) has been deleted from the Pink Sheets market. Reason: Chapter 11 Bankruptcy effective 01/31/2008
Dana Corp. fails to exit bankruptcy by self-set deadline
Dana Corp. yesterday missed a self-imposed deadline for exiting Chapter 11 bankruptcy.
The reason for the delay was unclear, although a report by a financial news service pointed to problems in the credit markets.
Officials of the Toledo auto-parts supplier previously said they expected to emerge from nearly two years of bankruptcy protection by Jan. 31. There was no known harm to the company by missing the deadline.
"We're still progressing, and we'll put out an announcement as soon as we can," Dana spokesman Chuck Hartlage said last night.
The firm has commitments for $2 billion in financing, including a $1.35 billion term loan promised by a lending syndicate led by Citigroup, Lehman Brothers, and Barclays.
But Reuters Loan Pricing Corp., citing unnamed sources, said that the parties had sweetened terms in an attempt to entice reluctant lenders to join the deal.
The company headquartered on Dorr Street was unable to pay its bills when it filed for protection from creditors in March, 2006. It later cut employee benefits, closed and sold some factories, established a separate account for retiree health care, and made other changes.
The company, however, will be leaving bankruptcy at a troubled time in the auto industry, and its soon-to-be issued stock could struggle in the volatile markets.
http://toledoblade.com/apps/pbcs.dll/article?AID=/20080201/BUSINESS03/802010389
makes sense...
any reason for the spike?
Delays are usually a good sign for shareholders. Should be a boat load of lawsuits coming down the pike, especially given how well their numbers turned out in 06. Would certainly spice things up.
gC
The Way I See It...
Bankruptcy Court Confirms Delphi's Plan Of Reorganization
Friday, January 25, 2008; Posted: 07:01 PM
(RTTNews) - Friday, auto parts maker Delphi Corp. (DPHIQ.PK) said that the United States Bankruptcy Court for the Southern District of New York ruled that the company had met all of the statutory requirements to confirm its plan of reorganization. The bank entered an order validating the first amended joint plan of reorganization, allowing the company to emerge from Chapter 11 bankruptcy protection.
The Troy, Michigan-based Delphi intends to emerge during the current calendar quarter following the syndication and closing of about $6.10 billon of exit financing facilities and satisfaction of other conditions to the effective date of the plan.
The plan of reorganization includes finalizing the rights offerings provided for under the plan, closing of the investment agreement with the plan investors and consummation of the global settlement agreement with General Motors Corp. (GM | news | PowerRating | PR Charts ).
Rodney O'Neal, Chief Executive Officer of Delphi, stated, "Delphi has substantially achieved all of the objectives that we identified in our 2006 transformation plan. Since the chapter 11 cases were filed in late 2005, we have negotiated amended collective bargaining agreements with our U.S. unions resulting in more competitive U.S. operations."
O'Neal added, "Delphi entered into comprehensive settlement and restructuring agreements with General Motors; made substantial progress in divesting or winding down facilities and business lines that are not core to Delphi's future plans; implemented initiatives in our organizational cost structure to achieve important cost savings and rationalize our salaried workforce to competitive levels."
Delphi, which filed for bankruptcy in October 2005 and expects to emerge from court protection in the first quarter said that while one class each in two lower tier Delphi subsidiaries did not accept the plan, the Bankruptcy Court confirmed the plan over the vote of the two subsidiary dissenting classes holding that Delphi was entitled to confirm and implement the plan for several reasons including based on "new value" contributed by Delphi to the subsidiaries.
On Tuesday, the bankruptcy court stated that it would approve the plan once Delphi drastically reduced cash bonuses for top executives, to $16.50 million from a proposed $87 million. Delphi said that it reduced the payments to $16.50 million, and the board's compensation committee would decide how to distribute the money.
In November, the company stated that it has struck an agreement with General Motors and its plan investors on amendments to its joint plan of reorganization, global settlement agreement and master restructuring agreement between Delphi and General Motors, in addition to the investment agreement with the company's plan Investors led by an affiliate of Appaloosa Management L.P. However, Delphi noted that it was advised by both of its Statutory Committees that they would not support the Plan if amended as proposed.
Delphi noted that the potential amendments reflect changes required by its plan Investors to obtain their endorsement of the plan, the company's settlements with GM and its labor unions and the company's emergence business plan and related agreements.
The company also said in November that the potential amendments considers an about $2 billion reduction in the company's net debt at emergence. Under the revised potential agreement, net funded debt is $5.20 billion compared to $7.10 billion under the original plan. Total enterprise value is now proposed to be amended to $13.40 billion from $13.90 billion as per the original plan.
As per the revised potential amendment, plan Investors would purchase $400 million of preferred stock convertible at an assumed enterprise value of $10.25 billion compared to the earlier assumed value of $11.75 billion. Further, Plan Investors would purchase $400 million of preferred stock convertible at an assumed enterprise value of $10.75 billion compared to the earlier assumed value of $12.80 billion. In addition, Plan Investors would purchase $175 million of New Common Stock at an assumed enterprise value of $10.25 billion, compared to the earlier assumed value of $12.80 billion.
Under the revised potential amendment, General Motors would not recover all of $2.70 billion in cash as intended earlier, but would recover at least $750 million in cash, up to $750 million in second lien note and $1.10 billion in junior convertible preferred stock at plan value of $13.40 billion.
Unsecured creditors would now receive 75.5% in new common stock valued at Plan Equity Value and 24.5% though pro rata participation in the Discount Rights Offering at an assumed enterprise value of $10.25 billion under the revised potential amendment, compared to the earlier offer of 80% in New Common Stock at Plan Equity Value and 20% in cash as per the Original Plan.
TOPrS would get 75.5% in new common stock at plan equity value and 24.5% through pro rata participation in the Discount Rights offering at an assumed enterprise value of $10.25 billion. Under the Original Plan, TOPrS were to get 100% in New Common stock at Plan Equity Value.
Existing common stockholders would have the right to acquire about 20.77 million shares of new common stock at a purchase price struck at Plan Equity Value compared to 12.71 million shares of new common stock at a purchase price struck at Plan Equity Value as per the Original Plan. Also, existing common stockholders would be issued warrants to acquire 6.91 million shares of new common stock exercisable for five years after emergence struck at 32.4% premium to Plan Equity Value in addition to warrants to acquire $1.0 billion of new common stock exercisable for six months after emergence struck at 8.2% premium to Plan Equity Value. Under the Original Plan, existing common stockholders were to receive warrants to acquire an additional 5% of new common stock exercisable for five years after emergence struck at Plan Equity Value.
Under the revised potential amendment, there is no provision for direct distribution and for participation in Discount Rights Offering to existing common stockholders as per the revised potential amendment.
Delphi said that although GM and the Plan Investors supported the potential amendments, it was advised by both of its Statutory Committees that they would not support the company's plan if amended as proposed.
The company noted that the Creditors Committee opposes changes to the Plan made since the potential amendments filed on October 29, particularly the proposed increase in consideration to the plan Investors, the form of distribution to GM and proposed addition to out-of-the-money warrants to common stockholders.
The Equity Committee opposes changes from the original plan filed on September 6, which would reduce recoveries to common stockholders as contemplated in the potential amendments. Delphi said that in the absence of a consensual resolution of the concerns, both the statutory committees are expected to supplement the objections filed by each committee on November 2 and seek other relief from the Bankruptcy Court.
Further, U.S. Bankruptcy Court in Manhattan also approved procedures for the February 13 auction that could result in the sale of the company's global bearings business to private equity firm Resilence Capital Partners LLC. The court also approved a $1.50 million break up fee for Resilience Capital, the lead bidder, if the firm is outbid in the auction.
Through its ND Acquisition Corp. subsidiary, Resilience Capital has offered up to $44.20 million for the bearings business. According to the terms of Resilience Capital's offer, the purchase price could drop as low as $18.20 million if the company doesn't reach agreements with the UAW before the sale closes. The company is attempting to cut the number of workers at the Sandusky plant to 623. A final court hearing on the sale of the business is scheduled for February 21.
DPHIQ.PK closed the Friday's regular trading session at $0.16. During the past 52-week period, the stock was trading between $0.10 and $3.24.
LOLOLOLOLOLOLOLOLOLOLOLOLOLOLOL!!!!!!!!!!!!!!!!!
you know what they say...use it or lose it! LOLOLOLOL!!!!
so far so good
I'm buckling up...just in case LOLOLOLOLOL
Wilbur Ross: Automotive Supplier Consolidation to Continue
Could Mr. Ross be our White Knight, waiting in the wings?
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_D/threadview?m=te&bn=71086&tid=198&mid=198&tof=1&frt=2#198
DETROIT -(Dow Jones)- U.S. billionaire investor Wilbur Ross said consolidation in the automotive parts-making industry, which has already led to bankruptcies and buyouts, will continue as auto makers look for more ways to cut costs.
"I believe (auto makers) will move toward more global platforms to cut costs," Ross said during a speech in Detroit Tuesday. The move will create a need for " global suppliers who will be able to cut costs by amortizing and engineering over larger unit volumes and to provide consistent quality control worldwide."
Ross's comments suggest that more U.S. parts suppliers could follow such companies as Dana Corp. (DCN), Delphi Corp. (DPH), Collins & Aikman Corp., Dura Automotive Inc. (DRRAQ) and Tower Automotive Inc. (TRWAQ) into bankruptcy protection or be sold to a private equity firm. Ross, who was on the forefront of the supplier consolidation in 2004, has bought bits and pieces of companies to form International Automotive Components, which has revenues of $6 billion and employs 29,000 in 17 countries.
Delphi's shares expected to see active trading in Wednesday's session
http://www.foxbusiness.com/markets/industries/technology/article/stocks-focus-wednesday_446739_12.html
Court OKs Delphi emergence plan if bonuses cut
http://www.reuters.com/article/rbssConsumerGoodsAndRetailNews/idUSN2254959120080122
If Dana becomes the beggar again, they may be forced to re-visit some of those earlier offers. Namely, Appaloosa. IMHO GL
The court is like the ref in a hockey game...they're only there to make sure everything is done by the book, but they don't decide the outcome of the game. If money dries up, nothing the courts can do. If that happens, Dana becomes the begger again. IMHO GL
I'm not 100% convinced Dana can secure the financing it needs to emerge from BK considering where the worlwide financial crisis is headed. When the news came out last week that BoA was buying Countrywide, their stock shot up over $8.00. Everyone expected it was a done deal. Now they find out BoA has a termination clause saying Countrywide must pay BoA 160 million if BoA walks. In other words, there is always an escape hatch, when it comes to these deals. I would imagine Dana's deal also has them. IMHO GL
gC
Remember the story of David and Goliath?
Tata, in its infinite wisdom, just introduced a $2500 car to replace India's antiquated scooter market. If they were to consolidate DANA, DELPHI AND DURA and then begin manufacturing a $5000 car or maybe even cheaper. WHOA!!!!!!
funny you should say that because there's been a rumor circling the Detroit Auto Show this weekend claiming Tata Motors is in secret negotiations to buy DANA, DELPHI AND DURA in order to get a foothold into the U.S. market. Any thoughts?
Thanks Superman, for all your help getting my picture up and running...next time I'm in your neck of the woods, drinks are on me!
gC
by the way, which one are you in the picture you?