Energy Conversion Devices, Inc. (fka ENERQ)

[knulp]

MOST UNDERVALUED "Q" STOCK ENERQ .15 PLENTY OF CASH AND ASSETS IMHO A BIG BOUNCE COMING

alert ENERQ .15 vs 2.76$ in cash, other assets worth 5/10$, unbelievable opportunity imho

ENERQ .15 most undervalued "q" stock imho, pps/bv 0.05!!!!!!!!


ENERQ .15$ 7MILL MC VS 145 MLN $ CASH + ASSETS + 800 MILL $ CLAIMS VS SUBSIDIARY UNISOLAR, MUST READ, IMHO CH11 A TOTAL JOKE, PLENTY OF CASH, IN ORDER TO PAY OFF CONVERTIBLE DEBT IT WOULD BE SUFFICIENT SELL UNISOLAR AND RETAIN CORE ASSETS


ENERQ .15 HEADED TO DOLLAR LAND, CONTRACTS + ASSETS + CASH, INCREDIBLE UNDERVALUATION


ENERQ .15 huge newsflow from Japan and Italy, most undervalued "Q" stock, assets worth hundreds of millions, debt easy to manage imho, no brainer this ch11

Solar power in Japan may gain with regulatory changes, WSJ reports

Theflyonthewall.com – 9 minutes ago

In Japan, the solar industry may move to the forefront as regulatory changes and its nuclear power crisis create an opening for equipment makers there and abroad, reports the Wall Street Journal.

and from italy agmt with baraclit
http://finance.yahoo.com/news/united-solar-baraclit-form-strategic-140000408.html

company (USO) signed a lot of contracts since ch11 petition in japan italy and north korea, USO is owrth around 300/500 mln, 2.5x the net debt of ENERQ, imho a great undervalued pick

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DD ENERQ .15, FIGURES UNDERSCORE UNBELIEVABLE UNDERVALUATION imho gain spotlight last week just in JAPAN!!! read at bottom page


ENERQ .15$ 7MILL MC VS 145 MLN $ CASH + ASSETS + 800 MILL $ CLAIMS VS SUBSIDIARY UNISOLAR, MUST READ, IMHO CH11 A TOTAL JOKE, PLENTY OF CASH, IN ORDER TO PAY OFF CONVERTIBLE DEBT IT WOULD BE SUFFICIENT SELL UNISOLAR AND RETAIN CORE ASSETS


ENERQ LENT 800 MILL $ TO UNISOLAR! MC IS LESS THAN 7MLN $, CASH ON HAND JUST LESS THAN 150 MILL, UNBELIEVABLE UNDERVALUATION IMHO, THIS MAY REACH .5/1$

important do your own dd, this is a ch11 stock, you may loose your money invested in, due to potential stock cancellation if POR is confirmed by court


dd ENERQ (ECD).15 HUGE CASH PER SHARE 2,76$, VALUABLE ASSETS TO BE MONETIZED AS 38.6% in OVONYX INC JV AND 100% IN UNISOLAR (USO).
ENERQ (ECD) IS OWED 800 MLN $ FROM USO (LOANS AMOUNT IN THE YEARS FROM ECD TO SUBSIDIARY), THEREFORE, DEPENDS HOWEVER FROM THE SALE PRICE, ECD NOTEHOLDERS MAY BE FULLY REPAID WHILE USO CREDITORS NOT! ENERQ (ECD) IS SITTING ON HUGE AMOUNT OF CASH THAT MAY ONLY INCREASE, IF LEFT ASSETS PLUS OTHER UNDISCLOSED SUCH AS PATENTS, LICNESES, SOLD FOR 3/400 MLN $ SHAREHOLDERS MAY RETAINS SOME CONSIDERABLE VALUE IMHO, AT THIS POINT ECD CH11 IS A NOBRAINER, INSTEAD UNISOLAR (USO) ONLY WAS TO BE PUT IN CH11 AND USO CREDITORS TO SUFFER THE HUGE LOSSES. I THINK AND HUESS EQUITY COMMITTEE TO BE LAUNCHED SOON, ECD IS OWED A LOT OF MONEY FROM SUBSIDIARY, THAT MONEY MAY BE ENOUGH TO REPAY SENIOR BONDHOLDERS AND FUND SHAREHOLDER RECOVERY FROM CURRENT LOSSES

ECD ASSETS INCLUDE:

1)AT LEAST 145 MLN $ CASH, INCLUDING 58MLN $ FROM 93,6% IN OVONYC BASF SALE (DON'T CONFUSE WITH 38,6% IN OVNONYX, STILL TO BE SOLD!)
2) 100% USO OR UNISOLAR, THE 100% PROCEEDS SHOULD BE GIVE PERHAPS TO ECD AND NOT TO USO CREDITORS, BECAUSE ECD IS OWED 800 MLN FROM USO FOR ACCRUED AND UNPAID LOANS
3)38.6% IN OVONYX JV
4) POTENTIAL TAX REIMBURSEMNT, NOL'S AND LICENSE AGREEMENTS
5)SOLAR INTEGRATED TECHNOLOGIES (SIT) PUT IN LIQUIDATION OR CH7, BOUGHT IN 2009 FOR 16MLN $



ENERQ .15 VS 2.76$ IN CASH, total nobrainer, worth dollars imho!!!!!!!!!!

ENERQ .15 VS 2,56$ CASH ON HAND!!!!!!!!!! SECURED AND UNSECURED CREDITORS TO BE PAID IN FULL ACCORDING BANKRUPTCY FILING!!!

ENERQ .15 VS CASH POSITION WELL OVER 145 MLN $ OR 2.5$ PER SHARE, ONLY DOUBT (POSITIVE) IF WE MAY ADD 58 MLN $ FROM BASF FOLLOWING THE SALE OF HYBRID BATTERY PRODUCER OVONIC 93,6% T, IN THAT CASE CASH WOULD LIFT TO NEARLY 3$!!!!!!!!!!!!
ADD TO THESE $ THOSE REVENUES FROM SOUTH KOREA RECENT SALE...10-12 MLN $ AT LEAST, IF MORE SALES TO COME ENERQ MAY BECOME A CASH COW WITH OVER 4$ IN CASH, LIABILITIES MAY BE FULLY REPAID, EVEN IF A PARTIAL CONVERSION WOULD LEFT ENOUGH MONEY TO RUN BUSINESS AND PROTECT COMMONS


COMPANY ESTIMATES UNSECURED CREDITORS WILL BE PAID IN FULL, THEN AT LOWER TIER COMMON SHAREHOLDERS MAY BENEFIT FROM BID WAR FOR ASSETS, ANY SALE MUST BE CONFIRMED BY JUDGE, SO ANY OFFER IS ONLY A SORT OF STALKING HORSE BID AND THEREFORE NOT DEFINITIVE

263 MLN $ CONVERTIBLE DEBT DUE IN 2013 MAY BE PARTIALLY CONVERTED IN STOCK AND PAID CASH AT 50% THEREFORE SOME MONEY MAYBE SAVED AND NEW EQUITY RUN WITHOUT OLD EQUITY HOLDERS WIPED OUT

COMPANY THROUGH WHOLLY OWNED SUBS UNISOLD RECEIVED ORDER FROM SOUTH KOREA, worth around 10-12 mln $, so business works!

CEO OWNS 1.7 MLN SHARES or 3% of stock capital

STILL ASSETS TO BE SOLD, NO NEED FOR DIP FINANCING, ENOUGH MONEY TO PAY OFF UNSECURED CREDITORS (ASSETS BETWEEN 100 AND 500 MLN$, SAME FOR LIABS)

OS 53.3 mln short between 5 and 10 mln imho, short squeeze likely in the event of any positive news

it was rumored about Icahn's interest in spite of CVR 30$ recent tender offer too

equity commiteee chances high, hedge funds and other speculators maybe ready to step in, enerq was a nasdaq stock worth dollars only two weeks ago

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Energy Conversion Bondholders Aim for Settlement with United Solar Creditors.mht


Guest Article:
Energy Conversion Bondholders Aim for Settlement with United Solar Creditors
ECD is shopping its 38 percent stake it has in Ovonyx in order to liquidate its estate and repay bondholders
By ALEX CERESTE, Claim Advisory Group, LLC
February 23, 2012


Energy Conversion Devices (ECD) has been funding losses at its unprofitable subsidiary, United Solar Ovonic (USO), since 2003 to the tune of $800 million, comprised of capital expenditures, operational loans, and accrued interest. Now that ECD has formally placed itself and USO into bankruptcy protection, it would like its money back.

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Before filing for bankruptcy, ECD’s bondholders would have been owed approximately $263 million upon maturity in 2013. As a condition of bankruptcy, those notes immediately became due. It had been stated that ECD could not refinance those notes nor would it be able to repay them in full upon maturity next year.

ECD plans to sell USO within a couple months to recoup some of the $800 million it loaned to the subsidiary as well as to purge its losses. Also on the auction block will be ECD’s 38.6 percent minority equity stake in a joint venture, Ovonyx, Inc.

In the process of winding down ECD, it has amassed $145 million in cash from asset sales for the benefit of its bondholders. This amount includes the recent $58 million received from the sale of another ECD subsidiary, Ovonic Battery Company, Inc., to BASF Corporation in February 2012.

Without bankruptcy’s “substantive consolidation,” which would commingle the assets and liabilities of ECD and USO, USO’s creditors will not benefit from its parent’s large cash position. They can only hope that the sale price of USO will exceed senior debt in the capital structure, putting unsecured claims “in the money.” That senior debt consists of a post-bankruptcy priority intercompany loan from ECD projected to be greater than $8 million by the time of the sale.

Unsecured vendors and trade creditors of USO, totaling about $3.3 million, are hoping to not be overlooked. Additionally, there may be lease rejection and warranty claims, which were listed at over $30 million on the company’s last quarterly balance sheet in September 2011, which may be assumed in a sale of USO.

These creditors are expected to argue the priority of ECD’s $800 million loan to USO, claiming it should be recharacterized as equity and repaid after their unsecured claims. In bankruptcy law, this is called equitable subordination.

It is still unclear whether ECD intended for USO to repay the $800 million as a traditional loan or as shareholder returns - the capital expenditures would hopefully increase net income per share and retained earnings for shareholders at USO. It seems unreasonable to project that USO could have sustained that level of debt and be expected to repay it, given its historical lack of profitability.

ECD, as majority shareholder of USO, may be accused of breaching its fiduciary duty to USO’s creditors. The $800 million loan will be said to be made in bad faith, to the detriment of other creditors. Typically, a shareholder cannot exert undue control over the entire enterprise without consideration for preserving other creditors’ interests.

That would leave ECD’s $263 million note holders having to repay creditors of USO in full, depending on the sale price of USO, before they recover any portion of the $800 million loss. Those notes were trading around fifty cents on the dollar as of mid-February. They will have the added benefit of the Ovonyx, Inc. sale price.

ECD’s attorneys mentioned in the first day hearing that they anticipate a settlement with USO’s creditors. This will take place in a Plan of Liquidation to be filed around May after the sale of USO.

Should ECD’s $800 million claim be treated as unsecured debt of USO, the pool of unsecured claims will be severely diluted by $800 million, greatly to the detriment of USO creditors.

Alex Cereste is a principal at Claim Advisory Group, LLC. Claim Advisory provides debt valuation and advisory services to creditors in corporate bankruptcies.
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Kanematsu to Exhibit UNI-SOLAR(R) Products at PV Expo 2012 in Japan
Exhibition highlights strategic partnership for the Japanese market

United Solar's Dr. Subhendu Guha delivers presentation as part of the Technical Conference Program

AUBURN HILLS, Mich., March 1, 2012 (GLOBE NEWSWIRE) -- United Solar, the global manufacturer of UNI-SOLAR® lightweight, flexible solar modules and a wholly owned subsidiary of Energy Conversion Devices, Inc. (ECD) (OTC:ENERQ.PK), announced that Kanematsu Corporation will be exhibiting UNI-SOLAR products at the 5th International Photovoltaic Power Generation Expo (PV Expo 2012) in Tokyo, Japan from February 29th- March 2nd.

PV Expo 2012 is being held at the Tokyo Big Sight venue. The Kanematsu booth is located in the solar/module zone of the exhibit hall at booth number E41-47. The booth features all of UNI-SOLAR's unique photovoltaic (PV) solutions, including the PowerBond™ enhanced photovoltaic laminate (ePVL), PowerMembrane™ and PowerPlate™. Also on display is a solar-powered "Disaster Kit" designed and sold by Kanematsu, featuring a UNI-SOLAR ePVL-68 laminate, combined with an inverter, battery, cable, and storage box packaged together in one convenient kit.

"United Solar is proud to be exhibiting at PV Expo 2012 in Japan with our strategic partner, Kanematsu Corporation," said Julian Hawkins, President and Chief Executive Officer of ECD, United Solar's parent company. "This conference provides the perfect opportunity to demonstrate how unique and differentiated our solutions are among the commodity glass-based solar products."

In addition, Dr. Subhendu Guha, Chairman Emeritus of United Solar, delivered a presentation at the technical conference on the technological advancement of high-efficiency and low-cost thin-film silicon solar cells. His presentation took place on Wednesday, February 29th from 12:30-2:30PM in the Conference Tower and focused on the accomplishments and challenges of the thin-film silicon PV industry. Dr. Guha is a well-known authority in thin-film silicon PV and has authored/co-authored more than 300 papers. He was the recipient of the World Technology Award in 2005 and PVSEC award in 2009.

PV Expo 2012 is Japan's largest exhibition and conference for the PV industry. The annual event attracts over 120,000 exhibition visitors from all over the world. Held in conjunction with the PV Systems Expo, these two conferences attract parties from around the solar industry.

United Solar, with more than 25 years experience in the industry of solar power generation, is the largest manufacturer of lightweight, flexible solar panels in the world, and has been awarded nearly 70 United States patents for various technological advancements. For more information about United Solar or its UNI-SOLAR laminates, please visit our website at http://www.uni-solar.com.

About United Solar/UNI-SOLAR®

United Solar has been a global leader in building-integrated and rooftop photovoltaics for over 25 years. The company manufactures, sells and installs thin-film solar laminates that convert sunlight into clean, renewable energy using proprietary technology for which the company has been awarded over 70 U.S. patents. UNI-SOLAR® brand products are unique because of their flexibility, light weight, ease of installation, durability, and real-world energy production. For more information on United Solar visit uni-solar.com or follow UNI-SOLAR on http://Facebook.com/unisolar and http://Twitter.com/uni_solar.

United Solar and its parent company, Energy Conversion Devices, Inc., on February 14, 2012 filed voluntary petitions for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Eastern District of Michigan. More information about the Chapter 11 filing is available on the Internet at http://www.energyconversiondevices.com/restructuring.php.

CONTACT: Kim Paulson
Corporate Marketing Manager
United Solar Ovonic LLC
[phone]
[e-mail]




Source: Globe Newswire (March 1, 2012 - 8:16 AM EST)

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UNI-SOLAR(R) to Power 3.45 MW Solar Installations in South Korea
AUBURN HILLS, Mich., Feb. 29, 2012 (GLOBE NEWSWIRE) -- United Solar, the global manufacturer of UNI-SOLAR® lightweight, flexible solar modules and a wholly owned subsidiary of Energy Conversion Devices, Inc. (OTC:ENERQ.PK) announced today the shipment of 3.45 megawatts (MW) of its UNI-SOLAR photovoltaic (PV) laminates to South Korea for two separate projects with its distribution partner, KC Energia Co., Ltd., a joint venture partner of KC Cottrell, a Korean solar PV solutions provider.

The first, a 2.1 MW installation consisting of approximately 14,580 UNI-SOLAR laminates, is located at the Gwang Yang Port Distribution Complex, specifically designed for Yeosu Gwang Yang Port Authority "Green Port". The laminates are expected to generate approximately 2.6 million kilowatt hours (kWh) of electricity and reduce 1,678 tons of carbon dioxide annually.

The second, a 1.35 MW project located at the Dang Jin Waste Management Facility, consists of 9,375 UNI-SOLAR laminates installed over 365,111ft². Annual electricity generation expected is approximately 1.4 million kWh.

Both solar PV projects were developed by Korea East West Power Company, a global leading energy company specializing in engineering, procurement and construction. Korea East West Power Company developed the project in cooperation with United Solar's distribution partner, KC Energia Co., Ltd.

"UNI-SOLAR PV laminates are the most lightweight solar PV product available in the Korean market, and approved by Korea Energy Management Corporation KEMCO," said Salama Naguib, Vice President of Sales for United Solar. "United Solar is focused on expanding its markets through globalization of sales, and we see great opportunities for solar PV in Korea. We look forward to continued partnerships with KC Energia and KC Cottrell."

United Solar has more than 25 years experience in the solar industry, is the largest manufacturer of lightweight, flexible solar panels in the world, and has been awarded nearly 70 United States patents for various technological advancements.

About United Solar/UNI-SOLAR®

United Solar has been a global leader in building-integrated and rooftop photovoltaics for over 25 years. The company manufactures, sells and installs thin-film solar laminates that convert sunlight into clean, renewable energy using proprietary technology for which the company has been awarded over 70 U.S. patents. UNI-SOLAR® brand products are unique because of their flexibility, light weight, ease of installation, durability, and real-world energy production. For more information on United Solar visit uni-solar.com or follow UNI-SOLAR on Facebook.com/unisolar and Twitter.com/uni_solar.

United Solar and its parent company Energy Conversion Devices, Inc, on February 14, 2012 filed voluntary petitions for Chapter 11 reorganization in the U.S. Bankruptcy Court the Eastern District of Michigan. More information about the Chapter 11 filing is available on the Internet at http://www.energyconversiondevices.com/restructuring.php.

CONTACT: Kim Paulson
Corporate Marketing Manager
United Solar Ovonic, LLC
[phone]
[e-mail]




Source: Globe Newswire (February 29, 2012 - 10:56 AM EST)

News by QuoteMedia