$861,788 traded today (Friday). Volume high all week. Follow the money.
I saw a direct correlation between the PPS dropping today from 8s after Twitter users posted an outdated, misleading Bloomberg article from March with the headline: "Zenergy Brands Proposes Wiping Out Equity in Reorganization" . . . The Tweets asserted that commons were indeed cancelled; however, they were not cancelled so I felt the need to clarify with links to the actual court documents for anyone seeking answers.
The "proposal" to cancel commons was supposed to be confirmed at the May 14 Confirmation Hearing. But the plan was not confirmed and, since then, there has been nothing but positive reports coming in from the company as they appear to be getting back on track. They should've never been in bankruptcy to begin with but were forced into it by an unscrupulous lender (TCA) who tried to go in for the hostile takeover (steal the company because it was doing so well and has so much upside potential). The loan documents (which called for payment installments in several tranches) had some shady legal language that triggered the bankruptcy when TCA refused to continue lending. ZNGY's lawyer (if any) who signed off on these loan terms should have his head examined but it is now coming to light that TCA has done this in other instances and they are being looked at closely for criminal violations in other cases.
Why, at this stage, would the judge approve a new proposal that cancels common shares when it was not approved back in May? Since then, Zenergy has made solid progress with nice assets, revenue flowing in, operating "business as usual" with updates/upgrades to the company website (www.whatiszenergy.com), and debt being paid down to the point it looks like we're in a break even or even a profitable situation now.
As mentioned in the Twitter thread, I typically don't play Qs but we've seen what they can do lately and this one has a lot of upside potential. Price is still low enough that a double up/ride free shares to mitigate risk is more likely than not IMO. GLTA.
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