Sat, Dec 27, 2014, 5:12 PM EST - U.S. Markets closed

Recent

% | $
Quotes you view appear here for quick access.

Corning Inc. Message Board

  • mvahr mvahr Sep 19, 2007 1:50 PM Flag

    25 million shares are pegged to Asbestos litigation fund

    Management doesn't want the stock up, because they would have to provision more money for this.

    Also they need to buy back the shares cheap to pay them for their stock options (remember the stock buy back, still 350 m dollars pending to be bought)

    This is why the "specialist" keeps the stock down

    You are the only ones left holding this piece of shit

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Even if your theory is correct, you have to remember that no company makes financial provision based on stock price but on the earnings and balance sheet. So if at all they have to manipuate the litigation liabilities, they would bring down the earnings or would have said they would manage the lower end of the estimates. The fact that they didn't shows that they are not manipulating their stock. Some company might have unloaded the stock today as a part of sector rotation. Finance sector is now the new darling. So some tech stocks will roll. Most of the tech stocks today opened high and closed low in contrast to Financial stocks.

    • As usual - there is little truth in your statement. Wiseowl carefully explained this some time ago. The settlement will be in dollars not shares. They pledged 25M shares some time ago when they were cash short. Whatever the settlement is for the 25M shares will more than cover their responsibility and they then return the remainder to their coffers. The "insiders" and the specialist have nothing to do with the terms of the settlement.

      It seems a little odd to me that wahr means truth auf deutsche!!!! In vino veritas

      • 1 Reply to ironroad41
      • Ironroad, do you have a link that indicates the settlement will be in dollars, not shares? In their SEC filings they specifically indicate the settlement includes 25 million shares of Corning stock.

        "Asbestos Settlement

        On March 28, 2003, Corning announced that it had reached agreement with the representatives of asbestos claimants for the settlement of all current and future asbestos claims against it and Pittsburgh Corning Corporation (PCC), which might arise from PCC products or operations (the PCC Plan). The proposed settlement, if the PCC Plan is approved and becomes effective, will require Corning to relinquish its equity interest in PCC, contribute its equity interest in Pittsburgh Corning Europe N.V. (PCE), a Belgian corporation, and contribute 25 million shares of Corning common stock. Corning also agreed to pay a total of $140 million in six annual installments (present value $131 million at March 2003), beginning one year after the PCC Plan becomes effective, with 5.5 percent interest from June 2004, and to assign certain insurance policy proceeds from its primary insurance and a portion of its excess insurance at the time of settlement."

        "The liability expected to be settled by contribution of our investment in PCE, assigned insurance proceeds, and the 25 million shares of our common stock (totaling $837 million at June 30, 2007) is recorded in the other accrued liabilities component in our consolidated balance sheets. This portion of the PCC liability is considered a �due on demand� obligation. Accordingly, this portion of the obligation has been classified as a current liability even though it is possible that the contribution could be made beyond one year. The remaining portion of the settlement liability (totaling $165 million at June 30, 2007), representing the net present value of the cash payments, is recorded in the other liabilities component in our consolidated balance sheets."

        Thanks.

        Cathi

    • You make a good point. Because the stock is lower than it was at the end of the previous quarter, we should take a non-GAAP boost since those shares are now worth less. Last quarter we got hit with a -.04 adjustment. This time we should see about a +.02 adjustment. If the YEN stays strong we should see profit come in about .39. Then the stock will soar. Thanks for bringing that up......

 
GLW
23.32+0.10(+0.43%)Dec 26 4:00 PMEST

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.
Virgin America Inc.
NASDAQFri, Dec 26, 2014 4:00 PM EST
TherapeuticsMD, Inc.
AMEXFri, Dec 26, 2014 4:01 PM EST