I have never seen this happen with a bk company before, has anyone else?
Sure there are plenty of companies that spent this amount of time in ch. 11 but they all had substantial assets+cash to work out with creditors. Nortel for example after selling its patents reached 9B it has left to work out.
BB after doing a 363 sale which netted an end value which was:
"As we have discussed before, we were able to purchase the Blockbuster assets at a far lower price than their previous book value."
- Dish CFO Robert Olson
has no reason to be in ch11. What I wonder is if there is a limitation truly preventing the total transfer that they are working in the background or perhaps tied to some future date that needs to expire. I think at this point it would appear fairly obvious that this is case is out of the ordinary and hopefully before too long something will finally kick in that will force the SEC to look into this. At some level I truly believe Icahn is still involved in this but you can be sure whatever comes of it will not be in the benefit to shareholders unless it is an absolute last resort. Maybe if Icahn #$%$ Bill Ackman off enough someone might be able to persuade him to take a quick look. We all know how greedy Icahn is, him coming in at the last hour, investing again in what he called his worst investment only to take another loss from which he could have easily recouped more through liquidation seems highly suspicious. His shady late night deal behind closed doors at his Manhattan residence with Ergen sipping brandy and smoking fine cigars should be more scrutinized.
Basically, in a nutshell, the reason for the long delay is to facilitate an efficient stealing of the money. If it were done quickly or within a reasonable time, the law firms would not be able to feed properly on the body. Once enough money has been spread around, and the bribery finished, then exit. I do think we are about there.
What I find particularly gallling is the bankruptcy court's contempt of the shareholder. KCC is a joke, nothing but a morass of legal documents. We've achieved an institution designed to serve the lawyer class and the wall street class, and to hell with the shareholder. I think the Judge's deserve a lot of the blame. What do they care? There is a huge disconnect between the 'legal' and 'main street'. While I didn't like the leftist lean of the Occupy movement, I can see the reason for it. As a shareholder I get nothing from the court, no help, no transparency. Read Weil bankruptcy blog to see how far into an alternated reality they have gone. I do think this debtor will be re-organized and re-financed, and our shares will again have value. But the bankrupcy court in this country is basically another aspect of the wall street hustle. Just look at the fees the law firms sucked out of this process. I went to law school for awhile, quit. In my class my peers were 99% just out to get the $. I have no doubt that the legal courts are pretty much bereft of any meaningful justice.
I'm not sure about that. I think that last run that resulted in the stock being halted, probably conveniently timed with someone with a massive short position covering (I wonder who that could have been), was an opportunity to squeeze out the daytraders and the bottom feeders who played the bk allowing them to get out with some profit.
Problem is though is that there has been a lot of long-term retail investors around in this company for awhile who were averaging down and the plan to consolidate all the shares during the run-up didn't result in the expected net catch because these holders didn't sell because the run was not substantial enough motivation.
That wasn't a problem though because surely the last-card call for ch 7 conversion by the trustee would result in boat loads of investors offloading since the cancellation appeared all but certain. As we seen though that event produced, surprisingly, almost no selling.