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REDDY ICE HLDGS INC Message Board

  • lawman9753 lawman9753 Dec 28, 2011 11:09 PM Flag

    MY PURCHASE AT .151

    I bought 20,000 shares at .151 at the close. I put the order in a few days ago when the stock was trading at .30. It is apparent that the market maker saw the bid and brought the stock down to fill it. Had I really believed that the stock would reach .151 before the delisting, I would have bid 100,000 shares, not 20,000 shares. This stock is a carbon copy of what happened to CHHP. The stock was on the NYSE, the price fell to 20 cents and the stock was delisted and went OTC. A stock for debt deal was subsequently made with bond holders getting 92% percent of the stock with existing shareholders getting 8%. There was then a 1 for 35 reverse split. Eventually the new controlling sharehoer offered $9.50 a share for the remaining shares which was sweetened to $9.75 a share. The stock traded as low as 12 cents before the stock for debt deal was announced. Both companies are the leading producers in their fields - CHHP manufacures batteries, FRZ is the largest manufacturer of ice products. If the creditors decide to keep the company alive which is the only way to salvage their investment, a similar deal like CHHP's is a strong possibility. If so, the stock would appear to be cheap at his level. The risk is 15 cents, the reward could be substantially more. Do your due dilligence and decide for yourself.

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