well, with Whipoorwill and Paragon affiliates
basically owning virtually all the stock and all the debt concurrently, it looks like this was just a planned inside job takeover orchestrated over
the last year.. with debt being senior to commons,
i would not expect any return on commons, they
were only purchased in order to control the
decision-making of the company.
From the last 10Q, assets / liabilities are roughly equal, and this Chapter 11 was likely
ensured over the course of the last 3 months,
as liablities were likely pushed to supercede
assets. That's all they were waiting for.
I would not touch commons with a proverbial
ten-foot pole here. Convertible debt being senior to common stock in Chapter 11, there will not even be a fight from that class (as there usually is in bk). The runup in share price was obviously not based on reality.
sorry about your loss tmonkey.
goes to show about taking profits; it's evident that this
company was intentionally driven into bankruptcy
as a takeover plan. It probably could have been a very profitable
business, and will be, which was the goal all along.
Once again, these crooks use the public markets for
their own purposes and have teams of lawyers to
make sure they get away with it.
Shell and Net Operating Loss carryforward value only
probably 10 cents.
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