Oneida Ltd. (fka ONEI)

[eagle_2975]

Nope, I only had 11100 shares though. I added to that today with another 50k shares. I believe that there is a strong argument to fight these dirty banks. They were the marjority shareholders, but also the majority creditors, so any action that they took, they would be covered. They control the board of directors, and consequently management. Besides the millions of conflict of interests problems, they also didn't deal in good faith. There was no warning of liquidity problems or a potential bankruptcy filing, and the company said this in its recent 10-Q filing:

"The revised financial covenants extend through the fiscal year ending January 2007. The Company was in compliance with its covenants for each of the first three quarters of the fiscal year ending January 2006.

The Company believes that cash from operating activities and available borrowings under the revolving credit agreement, and other short term lines of credit, will be sufficient to fund its operating requirements and capital expenditures over the next twelve months.

The Company is continuing to explore its alternatives in order to strengthen its balance sheet and enhance its long-term liquidity, including analyzing the Company's ability to further restructure its long-term debt and liabilities. The Company has engaged Credit Suisse First Boston to assist with the analysis."


Nowhere do they warn shareholders of the potential ass-raping they gave us. And how convenient that the company they asked to assist with their analysis has so generously agreed to provide up to $170 million dollars of financing for the company; another conflict of interest. The company just sold out employees and shareholders for the benefit of the banks. They are trying to get rid of the pension liability while screwing us. I only have a few grand at stake here, but I am sick and tired of companies selling out shareholders and will do whatever I can to make it as difficult as possible for them to succeed. I hope I'm not alone.