Whocares, I appreciate your comments and concerns. I agree that we are behind and late with our efforts and I would have LOVED to have begun this process in Dec or Jan. I would respond by saying better late than never, and I really don't think this whole bk process will be wrapped up in early March. I'm sure you have witnessed this process before and one thing I've learned from playing Q stocks is these things almost always drag out much longer than anticipated. Since you brought up cemjq, we can use them as an example. Weren't they shooting for fall of 2009 to announce their POR and exit BK? Now they just went for another DIP loan?
So a couple things we know for sure. This company is solvent. The book value is definitely higher than the .058 we're currently trading at. It may not be $1.47, but I suspect (without seeing latest MOR) that we're higher than .50/share. And no, we don't have a definitive answer on commons. These are the very reasons why I entered this stock. If we were insolvent, with a smaller than PPS or negative book value, or we knew for sure commons would be wiped out, I would not have bought any shares. If we knew for sure there would be a positive outcome for common shares, this stock would be overvalued right now - probably somewhere in the .40-.50 range.
I play these when I see an opportunity to double or triple my investment as the company and courts work TOWARDS a POR and bk exit. I have no intention of holding through the POR and final decision on commons. The way I (and I'm sure others) play these stocks are to get on board the MM manipulation game and make $ alongside those on wallstreet who control the price of these bk plays.
So I don't see anyone here being desperate, but rather working with what we have and dedicating a little time to stack the deck more in our favor. I hope no one bashes you b/c you bring up points worth discussing. However, I don't see any down side in our "last minute" efforts to request an EC. The worst thing that could happen is we're out a few hours and a few bucks from drafting and mailing out letters to the Judge, attorneys and Champion execs. If they reject our request then they reject our request.
No hard feelings here and I doubt you will get bashed for your opinion. Hope this helped answer some of your questions and concerns.
Clint
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