Longs do have a few remaining positives here IMO, but they are disappearing fast.
JCPQ did its sneaky late Friday BK filing just as I (and many others) said they would. Its what pondscum does.
Thankfully you are in Corpus Christi and not Houston, with shareholder mega-unfriendly Ahole Judge DR Jones, IN MY OPINION of course. He butchered McDermott shareholders with 1 confirmation hearing of just under 3 hours, over ruling a super strong PRO shareholder SEC objection.
The SEC will not be on your side here, because there are no obvious public statements of fraud by Soltau, as there were by Dickson and Spence of MDRIQ, once again IN MY OPINION.
The REIT thing is interesting, but current commons will not see a dime of it. The way the current DOCS read, that appears to be a 'spinoff' attempt, and much needs to be heard in the BK court before you see anything concrete.
Those of you longs with deep pockets, or that know a good BK attorney that will help you pro bono, had BEST GET OFF YOUR complacent ASSES and file a motion in the Corpus Christi bankruptcy court, to approve an Equity Committee. This is your ONLY SHOT at getting a fair recovery/new shares along with the creditors. You may think you will 'get something' because Soltau and the other board members have common shares. That is folly. THEY will get 'new shares' of the 'new company' while signing off on YOU getting the shank. The bonuses they got last week were a small preview.
This scenario has played out many times. Dont believe me? Study chapter 11 reorganization plans approved of publically traded companies, that did NOT have an equity committee representing commons during the bankruptcy. Best of luck to you. Get busy, dont just sit on your ass and read hopium on these message boards.
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