Thanks for all of your input, fellow posters.
Been in and out for the past 10 days or so. I suspect that will be the same for the next few weeks. Will post when I can.
Note: Abitibi Bonds -- given Dav's assessment that not much has traded over the past few months, it wouldn't surprise me if the FINRA Bond Summary is 100% misleading.
As an example, there have been two times since BK that FINRA (early in the morning), before their computers have been updated, they have actually showed most bonds trading closer to par 85 to 97 (I think).
Tried to print, once, then the site updated and the numbers reverted back to what everyone sees.
Note: Naked shorting -- lot's more info on it -- including some on what Wall Street calls "Terminal Shorts". Topic came out when CIT and GM were heavily naked shorted prior to BK, even though the Illegal Naked Shorting Rules were changed. Abitibi is the last big remaining Naked Shorter company that has yet to come out with their POR.
Note: Newsprint demand should be increasing slightly over the next few weeks due to cobverage of Haiti and the Olympics. Still hearing that 7.2 million tonnes is the bottom. But 7.8 million tonnes for North America will be it -- which means that the export market will have to increase. I think realistically -- 4 plants (AB and Bowater) will need to close. But, only some of those assets will be completely stranded (ie close to the grid and water) for other future requirements.
Note: website for Equity Committee -- great idea. I think that if you can draw people to it -- ie. a lot of mutual funds that sold during the past year, plus other s/h of naked short companies -- you have the potential for a 100 Billion dollar lawsuit against the following parties (SEC, FINRA, NYSE, IRROC (formerly Market Regulation Services in Canada -- that has suggested that the Abitibi algorithim trading was really taking place in the United States -- despite having a listing in Canada. They essentially washed their hands on the illegal naked shorting issue. It is really important that as of certain trading dates the Canadian stock symbol traded over one million shares daily -- and then suddenly it switched to very low volume in Canada, but onver one million shares on the NYSE. A lot of buy 10,000 shares in Canada, but sell 99,000 shares in the US (ABY) to keep the prices the same during 2007 and 2008.
Add to the list above, all of the accounting firms for Abitibi that have essentilly performed formal Audits that obvioulsy mis-stated the number of shares outstanding. And other information that investors rely on.
New Fraud and Error Standards Extend Auditor's Role -- Detecting Fraud and Error" in the August 2004 issue of CA Magazine. Essentially Abitib's Auditors screwed up big time.
Then Add to the list all of the Management that Dave listed in an earlier post this week, plus Frank (Montreal office -- I will try to find his last name). Then add Wayne Harvey becuase he signs off on all of the SEC filings -- which are obviously not 100% correct if you consider the "share information" under naked shorting. 870 million dollars stolen from Abitibi -- due to naked shorting, plus "gaming of the systems" wrt the Bonds -- meant that Financing options were more limited -- just as CIT, GM and Calpine.
Just think the Naked Shorting issue all started with rumors of two Big-Name ENRON traders losing their shirts and their respective fortunes when the company went BK, then they went to Goldman Sachs and told them all about the Naked Shorting and the ENRON LOOPHOLE.
So then they went after Calpine and Naked Shorted over 50% of their stock, because they were angry that Calpine, Dynegy and Duke all lived to tell another tale.
That's for now.
PS -- I still feel that either Tembec or another Company is going to buy Abitibi on a shhare deal and that's why the stock has been traded by the mm's the way it has.
PS2 -- think soft commodities (Pork Bellies -- SFD, Cotton, Electricity Prices - Calpine, Cattle fUTURES -- ALL IN RELATION TO A POSSIBLE UNWIND in inflationary-deemed commodities such as gold, crude, etc.
PS3 -- think dollar strategy for Abitib -- Should they realize thei Translation on Foreign Exchange now -- I say they already blew it a 97 cents Canadian to 1.00 US.
PS4 -- if their Pension fund has come back to 75% -- then cash out leave in Cash and say he you go -- we will give you the other 30% in new stock. At some point -- paying 90 top strategists to manage your Pension Plan doesn't pay for itself -- then lt them go (ie. costs of management outweigh returns). Isn't the gain from 46% to 72 or 80 or whatever it is good enough. Take all the money and cash out -- and just ssay we screwed up on the remaing 30%.
AI
