KV Pharmaceutical Co.(fka KVPHQ)

[quicktrader]

BUYER BEWARE - MUST READ

This Seeking Alpha article just came out today from The GeoTeam!

http://m.seekingalpha.com/instablog/360252-the-geoteam/2088952-k-v-pharmaceuticals-kvphq-senate-vote-update

K-V Pharmaceuticals (KVPHQ) Senate Vote Update

Aug 1, 2013 3:52 PM | about stocks: KVPHQ.PK
As promised, we said that we would "continue to monitor the story for positive or negative developments related to the bullish or short thesis" on K-V Pharmaceuticals (OOTC:KVPHQ). We've been informed by a third-party that the U.S. Senate may take their month-long recess at the end of today's work session.
After speaking with someone from the Majority Health Policy Office for the HELP (Health, Education, Labor, and Pensions) Committee, we've confirmed that the Senate is scheduled to break for recess at the end of the work day - 5:00 P.M - on Friday, August 2 (for all intents and purposes, August 5). The Senate's month-long summer recess was originally scheduled to begin on August 5, and extend through September 6. Furthermore, as of right now, the Senate is only scheduled to meet for nine days in the month of September.
In light of this news, we are concerned that it will not be able to pass Bill S.959 before the September 12, 2013 Chapter 11 deadline that we discussed in our report, "New Information Sheds Additional Light on K-V Pharmaceuticals Bankruptcy Story."
Holding onto K-V shares at this point proves to be a much riskier proposition than it was at the time of our article. At this point, the bullish thesis depends on an equity committee being formed in order to delay the Chapter 11 confirmation process. We have significantly pared back our long position and will consider going short if we determine that the bill will not get passed by the Senate before this weekend.
If K-V is able to resurface on the other side of the current Chapter 11 proposal, we will certainly revisit another bullish thesis. Ultimately, we do feel that Bill S.959 will pass.
Disclosure: I am long KVPHQ.PK.
Additional disclosure: May look to close long position and go short if bill is not passed by the weekend.