Replies to post #160045 on DD Support Board and Research Team

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Port Jeff. is a nice area of Long Island. I think the last stop of one of the LIRR trains is Port Jeff.

But I don't know if there is a canal there.

Butt in Brooklyn, there is the Gowanus Canal that is nasty and toxic. But it is in between Park Slope and Carol Gardens which are very nice areas.

So I was curious of the origin of the name and the owner.

He is current with his CPA, for what it is worth.

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That Company existed to provide for the pension liability....anyone knowing the history of said prior chairman knows what he did as a raider. Go in and sell off the assets. I was "rolling" sec filings and came across this seven years ago(exact moment of all the 10q's being submitted). What is happening now is just unfortunate...and I will not go to that board and rip them. They need to learn on their own.

refer here:

COWP starting at 11/28/12

I know what you are thinking here. You just have to "hope" that the preferreds are "open for negotiation". I put in a bid a while ago and pulled it. Good luck.

"On October 15, 1986 Canal exchanged 986,865 shares of its $1.30 Exchangeable Preferred Stock ("the Preferred Stock") for a like amount of its outstanding common stock. Since the exchange, the Company has issued an additional 9,108,015 shares in the form of stock dividends and in October 2003 the Company, repurchased for retirement, 992,225 shares (from an affiliate) at $0.10 per share resulting in a total outstanding at October 31, 2010 of 9,102,655. All of the Preferred Stock has a par value of $0.01 per share and a liquidation preference of $10 per share. The Preferred Stock is subject to optional redemption, in exchange for Canal's 13% Subordinated Notes, by Canal, in whole or in part at any time on or after September 30, 1988 at the redemption price of $10 per share. "

Well...apparently the liquidation preference "is" negotiable(extremely) in Delaware given recent developments over the past couple of years(especially this past summer):

Client Alert: Liquidation Preference Not Applied in Delaware Appraisal Rights Action

"On July 18, 2012, Court of Chancery of Delaware’s Chancellor Strine excluded the application of a liquidation preference when determining the value of common equity in an appraisal action."

www.duffandphelps.com/expertise/publications/pages/ArticleDetail.aspx?itemid=287&list=Articles

That leaves the pension liability.

April 2013 regarding COWP

No...they have been liquidating their assets for quite some time. The liquidation preference is associated with the roughly 10 million preferreds. they have a liquidation pref of $10 per share......Delaware says that that means squat. That's all.

If the raider...Edelman...wants to do anything with the shell....the preferreds do not have to liquidate @ $10. Given that they were issued as dividends...Asher controls the preferreds as well...........he can do what ever he likes if so....

It has one rental property left, but the issue is the pension liability. They have to transfer it to an insurance company(pay a premium to do so... of course). It won't be clean until both are satisfied. They are non reporting as well.

I just watch this(radar)...and look for a new filing if it should come. There are no assurances of such. The man is a legend:

"When Stanley Weiser, the screenwriter of Oliver Stone's "Wall Street," caught a glimpse of Mr. Edelman's living quarters in a magazine in the 1980s, he retooled his script so that the 1987 film's corporate raider collected art as well. "The sophisticated part of Gekko, his home and the auctions and that veneer of culture—I modeled all that on Edelman," Mr. Weiser said. Director Oliver Stone and actor Michael Douglas also shadowed Mr. Edelman at work when preparing for the film."

online.wsj.com/article/SB10001424052748704094304575029583894223908.html

The "so called " merger bull cht' target is just a rehash of a prior business that he had. At the time..I briefly considered a merger with that prior business(very briefly).

!!His "gig" was never to acquire and grow anything. His gig was to acquire and scrap it for sale. Always. The other thing...art is not used for a public equity game....it is used as a hedge against public equity...and other similar plays. When the market tanks hard...money will flow into the art game(part there of).

The real scams are not the short term lenders ..shell hackers..et al. The real scam is the individual. Greed feeds off greed!
...always.