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  • jozken1 jozken1 Aug 14, 2012 3:21 PM Flag

    An option to buy 100,000 shares of Valence’s common stock

    Why would Fisher agree to an option to buy 100,000 shares of Valence’s common stock with an exercise price of 2 cents per share? The option will vest in equal quarterly installments over four years. If the shock is going to be worthless after reorganization what is the point. Or is the BK filing to settle with creditors and a smoke screen to create a sell panic to buy up the stock at a very low price.

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    • another mystery surrounding this company.

    • yes, follow the money, it was one of Don's favorite statements when justifying why this was his investment of choice. Vanadium, as far as I am concerned, could have been a billion dollar product. will we ever know?
      what I do know is they have over 200 patents surrounding it. Kanode more than once said in content that no one has been able to go around it and valence is the gatekeeper.
      I wonder what they were thinking when they were planning BK for weeks possibly months before hand. Donn T. knows much about this and Kanode not buying shares in his own company for years speaks volumes now.

    • Appreciate your postings, Spook. You greatly helped in the patent (Austin and Canada) issues, and now the BK event.

      I raised the Fisher option puzzle, as well the value of 300+ patents as a significant understated asset value with Mr Gray of IR. Logically, he merely took a "pass" to the unknown outcome of BK proceedings.

      Funny, at the May cc, Kanode was, to my ear, dumbfounded when an investor asked about the prospect of bankruptcy, underscoring his question with cash position and loan-timing.

      The common rule is: follow the money. Who gains the most? My guess right now is that Carl will get it all back from many, many years of insider buying at much, much higher prices. Its like a reset button on his massive investment, only the outcome is total, private ownership. All the best.

    • Just reading the docket on GemCap, and I see that there is a letter of intent (conditional) from them to provide $10M debtor-in-possession financing after GemCap completes their due diligence. The Court has to approve a deposit on the DD, and assuming GemCap's willingness to provide the DIP facility after that, it looks like it could be a go.

      Not really that large an amount as DIP financing goes.

    • >>>>The WF DIP motion was originally made on an emergency basis, and now it's pulled, but without any reference as to why it's no longer an emergency situation.<<<<

      In several filings today, VLNC is looking to bring in GemCap Lending LLC.

      The filings stress the emergency nature of the requests, just as they did with Wells Fargo. The Judge approved the motion for WF, but then VLNC requested it be withdrawn. Perhaps they're getting a better deal from GemCap or Wells declined.

    • Yes I am and thought I was being so outlandish that there would be no doubt as to the humor in it. When one gets banged around like I did in this stock (remember, bought in one day, next day a BK filing) I have to find something to laugh at or I would find myself in some windowless institution.

    • I pray and hope that you are being facetious. Certainly nobody in their right mind would put a very large percentage of their portfolio into such a speculative venture.

      It looks like volume is drying up, no interest in this stock, even for traders.

    • metco, I've got a pacer account. I've posted some of the early docs over on the VLNCcomplaint board, and summarized some of them here.

      Hadn't seen the bit about WF yet, but I haven't checked today's stuff. I do remember something to the effect that they wanted to do some dd before committing to a DIP loan:

    • Do you think Berg's ability to come up with 10 million or so hinges on his sale of Mission West? I was leaning more toward Berg not coming forward as DIP lender due to conflict of interest charges that would most certainly be made given his level of control here. The WF DIP motion was originally made on an emergency basis, and now it's pulled, but without any reference as to why it's no longer an emergency situation. Has it moved more toward a 363 sale? Did some A/R get collected....if so from a Berg controlled entity? Did WF decide it didn't want to touch Valence with a 10 foot pole no matter how usurious the fees would be? I think we get hints within the next few weeks.

    • Think Mission West sale. Is the deal done? If so, no need for DIP. Existing shares survive if for no other reason than to keep the law suits to a minimum (imho). All speculation on my part. RDK.

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