OT:NRVH
If you go back to the initial p/r announcing the filing and some of the court docs (you can access outside of pacer via the notice agent - its omni mgmt or something like that) they repeatedly talk about 'perserverence' leading to a return for shareholders. Much of the upside rests with the NRV v Crane Composites lawsuit which is about 10 days into the jury trial - from the deposition excerpts that have made it to the docket it seems that NRV sent an RFP to Crane for RV sidewall materials in which it was specified they would be painted black/dark. Crane commissioned a test to see how the styrofoam interior of the panel would hold up - the test showed complete failure, but through malfeasance or just stupid ommission, they went ahead and sold NRV the panels anyway without telling them - that much is undisputed. The demand in the case say 8 mm but that is just for the affected RVs. Yesterday, the damage calculation that was used for a failed mediation popped up - they are also claiming lost profits and business failure - to the tune of about 20+ mm total, with possibly punitive damages on top. Supposedly, they have a very top tier law firm prosecuting the case. With 10mm out in the o/s and the rest of the operations more or less at the solvency line, there could be nice upside, especially if their brands and IP/patents could fetch some add'l money. This guy Riley who sits on the board but a huge chunk earlier in 07 well North of a buck, and he has a rep for being a savvy activist investor. Lloyd Miller and Millenium (Grandview) have the same good rep, they bot after the filing. I have a big chunk - just under 5% - would really like to see some upside there. I like SCRA, but I really prefer smaller cases and especially liquidations - it eliminates that nasty valuation business where shareholders run the risk of getting royally screwed - like AHIZQ, AAI Pharma, Northwest, Kmart (Kmart was so bad I've seen it used as a catchphrase in valuation hearings - 'don't let them kmart you') - I can name dozens. Also following PROEQ - the old purchasepro dot com flier - they have a 40 mm lawsuit against Gateway that is close to trial in district court in Nevada - the judge via summary judgement motions has pretty much reduced the trial to a question of how much money does Gateway owe - the sj motions were so damning for Gateways case that they fired their attys and then tried to hire another firm where a partner was a brother in law to the sitting judge to try and force his recusal - it didn't fly and their request for new counsel was denied. Also NEXTCARD, but that can't be bot or sold anymore - they have a 300 mm lawsuit against E&Y for botching their audit (doesn't hurt NXCDs case that the E&Y auditor is resting in his jail cell). SEMIQ has a huge antitrust case against the DRAM manufacturers - 3 have already settled in the last few months - there was a creditor committee plan to steal the potential excess but the judge threw that off the table about 2 weeks back - thank god. All to say, there are some really interesting angles that develop in bk, most much simpler than analyzing SCRA type cases and between them all you can find enough Q tickers to fill up all your time. Canadian bks aren't bad either though they don't have a good pacer equivalent which makes it much more difficult to stay current in real time.
