Thu, Dec 18, 2014, 6:14 AM EST - U.S. Markets open in 3 hrs 16 mins

Recent

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

Cadiz Inc. Message Board

  • tex7779 tex7779 Dec 7, 2012 5:38 AM Flag

    CDZI files for ch11 bankruptcy protection - question of when NOT if

    Some key factoids:

    In their 10q for Q3-2012 AND Q2-2012, they stated that they will run out of working capital by end of Dec 2012 - just a few weeks away.
    They stated that their working capital stood at a deficit of $ 2.2 million at end of Q3-2012, while it was a positive balance of $ 1.2 million at end of Q2-2012. IOW, they burned through $ 3.4 million of working capital during Q3-2012.
    They solved this issue temporarily by borrowing $ 5 million ( though they asked for $ 15 million ) from their existing secured lender.
    However, those funds will be gone at gone in about three weeks.

    One of their largest institutional investors has started unload their common shares - Altima selling 360,000 shares on 11/12/2012. They are not finished yet.

    They have not applied for an air permit with the CEC for the power station to drive the pumps as per the latest report from the CEC.

    The accounts payables balance keeps growing at a rate of close to $ 1 million per quarter. At some point some or many of these suppliers, who are now owed well over $ 4 million will start screaming and wanting to get paid or take them to court to get paid.

    Brackpool and gang can and will most likely take care of all of those issues by filing for ch11 - and soon.

    Sentiment: Strong Sell

 
CDZI
11.16+0.43(+4.01%)Dec 17 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.