I heard you this morning and thought you were brave and awesome. You couldn't see how much you made the Debtor's counsel squirm when you kept asking about proceeds and when those would be discussed and acknowledged.
In all BKs, and this is no different, creditors take haircuts. Hence, the previous objection to the Cash Collateral Motion, and the allowance of objections, specific to that motion, to be allowed up until 12/26.
Re the shareholders, if you looked at the financial statements, which I know you did, you see 2 entities that hold almost 20% of the common. No doubt, these are also creditors, so their common shares are a strategic holding, but with rules in place in BK for how holders of 5% or more are restricted from trading, my guess is they still have these shares. Not to mention that I don't think there have been enough shares traded for them to have been disposed of.
KG, I understand the pain of BK of substantial holders. When I was on the Wamu case, I met people with over 2Million in losses. Many well intentioned investors are caught off guard by a BK filing and take huge losses.
Don't hold for a miracle, Ken, but watch for the peaks and valleys that will happen here. If I'm right, here's what will happen...there will be a run up from current prices, a substantial run up, which some will think means that commons will get paid. Its when the large shareholders will dump and maximize their holdings.
There are other things you might look at here, but this is not the forum...please find me on FB at Delaware Shareholder Services.
Ilene
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