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  • zoomkittyzoom zoomkittyzoom May 6, 2012 2:10 PM Flag

    $1 million owned; $33 million owed!

    The $32 million difference cannot be simply walked away from. With no operating businesses, there is nothing to reorganize so CHII is not an option. The most likely scenario is a voluntary CHVII, which I would expect to be filed early next week. The next most likely scenario is that Vicis or Jana object to the formation of the new entity and petition for an involuntary CHVII, or file suit to estop the deal, altogether.

    The ONLY way I see common shareholders getting anything at all is if the latter occurs and the BK Trustee finds an optimistic rationale why KADR can/should be saved for longer term payouts to the noteholders and possibly common stockholders. In this latter case, it will be a snail's pace before the $32 million which is atop the food chain after Comerica debt gets satisfied.

    U GUYS R SCREWED, any way you write the story.



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    • You too tri.

      At this point, we are all in on this freeze out poker table.

      300k is safe bet. Given the manipulations and greed, thats good bet with pocket AA.

    • Steve not sure if you were refering to me or not. But I do believe alot of these different types of mergers could be a possibility. I know a few people on here claim to have that many shares but not me, I'm just over 300,000 plus. And if some huge news came out then I would be all in !!

    • Thanks susan.

      What about SEC rule 13e-3?

      I read into this and it sure sounds like us but not sure to be exact. If im correct, they can deregister or delist the shares without our conset. All they had to do was state a good reason such as the company was struggling. This rule sort of give them an escape route, but if we shareholders can prove or show an intent to manipulate for their own gain then these crooks are screwed. What do you think since you owned over 5 million?

    • Now if jana and vicis got together would this apply in a freeze type merger ? if they were buying up the shares and possible now have the majority?? Did anyone buy today with it below .004? I got some at .0035-- bash if you want but I still believe !!

    • This freeze-out tender offer has a significant advantage over a LBO because an acquiring corporation need not make an all-cash offer. Instead of paying the target’s shareholders in cash, it can use shares of its own stock to pay for the acquisition. In this case, the bidder offers to exchange each shareholder’s stock in the target for stock in the acquiring company. As long as the exchange rate is set so that the value in the acquirer’s stock exceeds the premerger market value of the target stock, the non-tendering shareholders will receive fair value for their shares and will have no legal recourse.

    • The most prevalent form of a freeze-out is known as a "reverse triangular" merger and involves an existing operating bank, an existing holding! A freeze-out merger is a technique by which one or more shareholders who collectively hold a majority of shares in a corporation gain ownership of remaining shares in that corporation.

      The majority shareholders incorporate a second corporation, which initiates a merger with the original corporation. The shareholders using this technique are then in a position to dictate the plan of merger. They force the minority stockholders in the original corporation to accept a cash payment for their shares, effectively "freezing them out" of the resulting company.

    • If you sell you will lose this is where we're headed and it is very obvious the bashers don't like what we know!

    • Nice find Palfron!

      What do you think of our situation and our chances of a fair deal in a state like delaware where dissenter rule might not apply?

    • Have you heard of Freeze Out in a reverse triangular merger?

      Just want to know your thoughts on this?

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