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FBNIQ: Plan of BK effective. All shares cancelled.
http://www.otcbb.com/asp/dailylist_detail.asp?d=08/01/2014&mkt_ctg=NON-OTCBB
Thank you, I still have some, maybe hold until the end of the year, if loss, then claimed loss.
Sad to say but I would sell just as fast as I could, I got out around .70 and lost a bunch then; I have not traded since. In the bankruptcy filing the company states they expect no recovery for the common shares; and in the court approved plan I see no mention of them so I would not expect them to survive.
Read the court filings and make up your own mind is all I can really tell you. Also you might want to check in with one of the class action lawsuits that have shown up.
Should I sell all FBNIQ? For the past few days, only sell, no buy....:(
It's incredible how FBNIQ isn't trading in the trips or quads by now.
What's holding this one up at all?
Already up 40 percent. Could be monster week.
Could easily blast over 20 cents. Glad I bought at 9 cents last week on the panic selling.
It will take a while for shorts to cover. Either way, it looks like it will just be a question of how much I profit. This could be pretty nice here. Up 40 percent on strong volume. Very nice.
Could spike 50-100 percent this month.
This could very easily double in the next 30 days. This has to trade until the BK is completed, and that will take at least 6 months, and probably 18 months. With only 9 million shares outstanding, and being that some of those shares will never be sold, it should be clear that the market maker will make some shorts pay in the next month, as they lock in their 99 percent gains on this. There will be a nice spike between now and February 10th, as some shorts will wait until 2014 to cover.
Either way, this is a good play at 10 cents. I bought some yesterday at 9 cents.
Because there are very few shareholders here.
There aren't more than 50 shareholders, in all likelihood. Some of the big holders may never sell, like the one group who sold a bunch right before the BK announcement. They still have 800,000 shares or so, and they made a bid for the company. Another big holder, Broadbill, who filed some objections in court, have just under 500,000 shares. Maybe they sold over the last few days. Maybe not.
Any big holder has had many months to take their losses. There may be a few stragglers who end up selling, but they should be offset my short sellers.
Stock prices are a strange thing. How can AAMRQ trade at 35 cents 12 months ago, and $2 two months ago, and now be over $12? How can FNMA trade at 25 cents less than a year ago, and now trade at over 10 times that?
I had a stock two years ago that was in BK and involved i a big dispute with their main licensor. Their dispute went to trial and then the verdict was rendered on December 29th of 2011. Nobody even knew about the verdict until the 31st, the last day of trading before the end of the year. That is when I, and one or two other people found out that the verdict was on the Judge's site. The price that day went from 6 cents and closed at 15 cents, but there was a whole day and a half where you could have had all you wanted at 6 or 7 cents. The next day of trading, following the weekend, had the shares close at over 35 cents. But even then, I was able to wake up early and buy more at 20 cents right at the bell, before any official announcement hit the wires.
Take a look at that situation. The stock was KIDEQ. The ticker for that company is now FOUR, but shareholders maintained 100 percent of the company. Read up on it. You will make a lot of money of FOUR if you buy now. The price has somehow gone sideways for 23 months, but they have a settlement coming from the Lehman BK estate within the next 6 months, and when that comes in the price will rocket.
FOUR is a great investment play. I mess around with these spec plays, but my main INVESTMENT is in FOUR,and I have had that since April of 2011, when it still traded as KIDEQ. It changed FOUR in early 2013.
Google 4Kids Entertainment TV Tokyo and you will see how you might retire when this finally plays out. The company is now called 4Licensing. YOu can buy all the shares you want in FOUR and you will make a lot of money relatively soon.
There is a usually a big spread on the bid and ask, as there are not a lot of shares being sold. Insiders have never sold.
TO ALL:
I went long a few shares at .09 only due to the extreme oversold conditions over the past 7 days.
Am in this for a bounce, and as you said, the shares should be tradable for at least the next several months.
Shorts do indeed cover, and at this point, a downside of only .08 versus an unlimited upside may have them taking notice.
What perplexes me the most is that since November 6th when the 8-K statement said "The Company does not expect to be able to distribute any proceeds from the Asset Sale to shareholders and therefore continues to believe that the shares of its common stock are worthless." -- the share price did NOT budge an inch up or down. It maintained equilibrium in the .60/share range.
WHY ?
Why did shares of FBNIQ trade in a sideways range between .55 - .60 for about two solid weeks, then BOOM!! down she went with significant bounces along the way.
But NEVER did the price per share just head IMMEDIATELY down to .08 from .60 like one would think after the company states they believe all shares of its common stock will be worthless.
WHY ?
Why did shareholders NOT panic sell the shares a day after the November 6th 8-k verbage?
In my opinion, what we are seeing here (this past two trading sessions), is pure tax loss selling to lock in maximum losses for the year.
Like you stated previously, this stock will continue to trade until the entire BK proceedings are complete. There will be MANY high percentage bounces along the way as shorts cover and momentum traders ride the wave up.
Check out this chart and try to hypothesize why the PPS just didn't collapse after the November 6th 8k report.
This pig will trade through next year.
They are winding this company now. Shareholders will in all likelihood get zero, however, it will trade for at least 6 months, as there are hearings scheduled through March, as of now. That means that it is probable that the shares trade for at least a year.
Unsecured creditors who aren't shareholders will get the majority of the money. But even though shareholders won't participate in the end, this will spike a few times before then, as there are only 9 million shares, and some shares will NEVER be sold.
There will be some wicked moves as the market maker plays around with shorts who cover between now and the end of the year, and then in 2014. If you have paid any attention to this at all, you can see what is going on. On the occasion that someone with a big block is looking to get out at any price, it will push it down, but it will usually bounce right back.
It shouldn't go much lower than is, if it does at all. This will be very very interesting to watch over the next half a year or so. There will be opportunities to make a killing if you pay attention closely.
The shares have to trade, as there is no way to get this to stop trading until the whole BK is concluded, and that is at least 6 months, and probably well over a year away.
It is off to the ethosphere with them welcome to the legal theft of wealth through a pre canned bankruptcy in the Delaware bankruptcy system. All your money just been bought by bigger money and you don’t count. I warned people here to get a Equity Comity together.
As my TI once told me "If you got 'em sell 'em" well it was something like that, I am sure the concept is the same.
Where do you own shares of FBNIQ?
It's now trading at .081
.09 - .10 seems to be the loading zone on this one today.
May be in for a nice bounce play here
So how will this affect the FBNIQ shares? Will they be eliminated?
The BIDDER--was APPROVED and is taking over. FBNIQ will be moving back up 60-70 cents. he next several days it could shoot up to over 1 dollar ($1.50). This may be a good chance to come in.
You may have to asking people who are still holding on to FBNIQ. I'm new here. I'd like to know who all are you still holding on.
I agree, how do these Q stocks continue to trade so HIGH after being in bankruptcy so long?
A bankruptcy judge said Furniture Brands International Inc., the furniture manufacturer that hasn't made a profit in six years, can pay more than $5 million in bonuses to key employees, including several company insiders.
FBN owes more than $200 million in unpaid pension obligations.
Always a 'Win-Win' for insiders.
I agree. Lets hope for the best. GLTY
sounds good, but these hardly ever turn out well for common shareholders.
“The continued interest in the Company and brands demonstrates their significant value. We will continue to work diligently through this reorganization process to serve the best interest of our stakeholders
hate to rain on the parade, but the 8-K filed states the following:
the Company does not expect to be able to distribute any proceeds from the Asset Sale to shareholders and therefore believes that the shares of its common stock are worthless.
http://t.co/hFK9dfd8nU
KPS Capital Partners Agrees To Acquire Furniture Brands International
12:23p ET October 3, 2013 (PR NewsWire) KPS Capital Partners, LP ("KPS") today announced that, through an affiliate, it has entered into an asset purchase agreement with Furniture Brands International, Inc. (OTC: FBNIQ) and certain of its wholly-owned subsidiaries (collectively, "Furniture Brands") under which KPS will acquire substantially all of the assets of Furniture Brands, including the company's Lane business, for $280 million. The agreement was designated by the United States Bankruptcy Court for the District of Delaware as the lead bid in a Court-supervised sale process under Section 363 of the Bankruptcy Code and replaces a competing bid that did not include the Lane business. Furniture Brands filed voluntary petitions under Chapter 11 of the Bankruptcy Code on September 9, 2013.
KPS, through an affiliate, has also agreed to provide Furniture Brands with a $190 million Debtor-in-Possession financing facility (the "DIP facility") to support its operations. The DIP facility, which has received interim court approval, will ensure that Furniture Brands has sufficient liquidity to continue normal operations and continue to meet its financial obligations, including the timely payment of employee wages and benefits, continued servicing of customer orders and shipments, and other obligations. It is expected that the DIP facility will receive final court approval at a hearing scheduled for October 11, 2013.
Raquel Vargas Palmer, a Partner of KPS, said: "We are pleased to reach this agreement to acquire substantially all of the assets of Furniture Brands. We believe there is exceptional value in the Furniture Brands businesses that can be realized through considerable operational improvements and focused investments behind all of the company's brands. The KPS transaction is fundamentally and structurally different than the proposed transaction entered into by the debtor at the time of its Chapter 11 filing as it keeps all of Furniture Brands' businesses together and positions the Company for long-term success in its markets."
Ralph Scozzafava, Chairman of the Board and CEO of Furniture Brands, added: "KPS provides us the financial flexibility and operational expertise to emerge from this process a strong standalone business positioned for future growth. We look forward to working with the KPS team to return our business to leadership positions in our targeted markets for the benefit of our employees, customers, suppliers and business partners."
So you believe if bidding ends up at $400M plus, we will not lose shareholder equity? Won't the new owner issue new shares if this happens or will original shares still remain enact? Should I be prepared to sell all of my shares at any point prior to auction? Please forgive my lack of knowledge as this is the first company i have invested in that has filed Chapter 11...
thanks for the info!
u have a long time b4 the auction is finalized with a huge short interest , they will be covering in case a bidding war erupts which is very possible since this last offer trumped a previous offer
so this was the second offer for co in bk.!
this is y we r cing buying the percieved bidding war which actually with all the hedgefunds out there and private capital could actually happen
this was the second offer here
huge
at 400mm u will c a return to shareholders
the pensuion issue is what is the problem here
Anyone have any idea why FBNIQ is up 40% today and who the hell is buying?? I saw the rally from $.32 to $.52 or so on Friday after the KPS acquisition news. And then again today from $.52 to $.72 or so... I own about 12,000 shares which i purchased at $.99 before the reverse split and the subsequent chapter 11 filing... Any info is much appreciated!
ud be very wise to buy all u can
if the bidding gets high enough and we have quite a while till auction,this may be bid enough to cover the pension which is the real reason they filed
hold on 2 is a lock
ridiculous short interest still above 1mm on a teeny tiny float of 8mm
Fbniq, to follow the footstep of ekdkq? Wiping out common shares with a rally or just dump it.
Anyone here with some stock had better get your act together find out who is the Trustee and request a equity committee be formed and try and save your investment.
There is only a 3 million dollar difference between the debt and the equity and it looks like the want to wipe out the common stock. That is like me being 50 thousand under water on my house and filling for bankruptcy for a 200 dollar credit card. It can happen and the C company wont be happy but neither would I.
The company is a ½ billion dollar enterprise and is filling Bankruptcy for 3 million dollars.
Could easily go to $1 soon.
KPS Capital Emerges as Rival Bidder for Furniture Brands
Patrick Fitzgerald
September 11, 2013
(c) 2013 Dow Jones & Company, Inc.
A potential bidding war between two buyout firms is brewing for Furniture Brands International Inc., the big furniture manufacturer that filed for Chapter 11 earlier this week with a plan to sell most of its assets to Oaktree Capital Management.
KPS Capital Partners , which focuses on turning around troubled manufacturers, emerged Wednesday at a bankruptcy court hearing as a possible rival bidder for the furniture maker, which is based in St. Louis....
Bidding War!
I slept in and missed buying in the low 20's, but I got my shares yesterday!
http://www.bloomberg.com/news/2013-09-11/furniture-brands-wins-approval-of-bankruptcy-financing.html
http://online.wsj.com/article/SB10001424127887323595004579069504088683632.html
BCONQ ,LHHMQ, KVPHQ, and more than 20 shares, which I traded for a year, and made good money on it, these guys will not give her a piece of bread!
Before she falls or is worth 0, they will do their work by driving the price up, and they know that they will succeed. Look at the number of shorts - 27% of the total number of shares ... it will be a rally!! Good luck.
there is no allusion to no value after sale as asserted in previous post
total bs
Common will be worthless. This blurb is from the 8-K the company issued this morning:
"The Company does not expect to be able to distribute any proceeds from the Asset Sale and the contemplated sale of the Company's “Lane” business to shareholders and therefore believes that the shares of common stock are worthless."
Good morning, Well, that's added with Q, will now start a new game , a large number of shorts 27 %, no shares will fall , everyone will go out of position on rumors of the acquisition . Read the news, it will allocate $ 140 million to ensure that they continued to operate , and it is reasonable. Guys who give such funds will not be just such a risk capital. There are two development scenarios: 1. Acquisition of competitors at the moment capitalization of 2.43 million dollars, which makes it a very attractive purchase . 2 . Guys who give money for this , apparently does not hold a small amount of shares, and it is simply not profitable to sell here, so that they will raise the price of different ways. I used to think that the letter Q is bad and the stock should fall , no and no again ! Especially with such statements that the company may buy, the stock price can in a short time to go back to .50 and it is possible to go above ... AAMRQ, growth was driven by expectations about the merger. I Sell the Q, when the opportunity comes up. See District $ .40 if she would take him , waiting for .60 and it will be in 5-10 days. Good luck .
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http://www.furniturebrands.com/
At Furniture Brands we’re committed to building the most powerful company in the residential furnishings industry and in the process delivering outstanding shareholder value. We will accomplish this by creating elegant and stylish furniture, selling it in a pleasant atmosphere commensurate with the product’s inherent appeal while leveraging the strength of our brand names to the maximum effect.
We have long positioned ourselves as a branded consumer products company, and never in the history of our company has the strength of our brands been more important to our future. Whether the gallery format or the single-branded stores format, our brand names are the very premise upon which our distribution strategy is based. As “permanent billboards,” our single-branded stores and our galleries both strengthen and gain their strength from our outstanding brands.
A distribution strategy is meaningless, however, without exceptional product. To that end we are proud to employ in this company some of the most talented fashion designers in the world. We will continue to invest in research and development and – most importantly – in the talent to deliver to the marketplace innovative products of excellent value.
Our portfolio of brands is far and away the most powerful in the industry. We believe our growing distribution network is second to none. And lastly we believe our product line is unmatched. Taken together this strategy represents opportunity for market share growth and ultimately increased shareholder value.
Our Brands
Broyhill, Creative Interiors, Drexel Heritage, Founders Furniture, Henredon, Hickory Chair, LaBarge, Lane, Laneventure, Maitland-Smith, Pearson Renovations, Thomasville Furniture
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