Replies to post #182 on Jennifer Convertibles, Inc. (fka JENNQ)

[rakp]

My dear man, you can keep on ranting and raving but why dont you do what you feel is best and let the rest of us do what we feel is best so than both parties feel comfortable and contented.

[benjo]

here ya go, ya pumping lying butt-head...my email from investor relations:

"In response to your email of January 12, 2011 please review the following:



As described in the Company’s most recent Form 10-Q, on November 19, 2010, the Company filed a plan of reorganization and accompanying disclosure statement with the Bankruptcy Court, which are subject to the Bankruptcy Court’s approval. On December 21, 2010, the Bankruptcy Court approved the disclosure statement and set a hearing date of January 25, 2011 for confirmation of the plan of reorganization, which is subject to the Bankruptcy Court’s approval. Upon consummation of the presently contemplated plan of reorganization agreed to with the Company’s principal supplier, which is also the Company’s principal creditor, such supplier will (i) own 90.1% of the Company’s new equity securities; (ii) receive a $2,638, two-year secured note at 4% interest per annum; and (iii) receive a $1,879, four-year unsecured note at 6% interest per annum. In addition, such supplier has agreed, subject to certain conditions, to continue supplying merchandise throughout the Chapter 11 proceedings. The remaining 9.9% of the new equity securities is to be owned by other general unsecured creditors. In addition, the general unsecured creditors will receive (i) a $1,400, one-year secured note at 3% interest per annum; and (ii) a $950, three-year secured note at 5% interest per annum. In exchange for the new equity interests and notes to be issued, certain claims from both the principal supplier and the other general unsecured creditors will be extinguished. The present equity interests will be cancelled. "

[Superfly15]

General Growth did NOT say shares would be cancelled, in fact they implied from the start (and Bill Ackman backed it up by buying) that common would not be cancelled.