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Krispy Kreme Doughnuts, Inc. Message Board

cash2go 118 posts  |  Last Activity: 8 hours ago Member since: Feb 8, 2006
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  • Reply to

    Chapter 11

    by cash2go Sep 21, 2014 1:39 AM

    Much more than the $100M cash:

    Siga's 10Q
    page 2
    Cash and cash equivalents $99,029,327
    Total current assets.............$129,734,471
    Deferred revenue................$188,081,857 (((listed as liability)))

    page 6
    The Company received approximately $15.3 million for the delivery and acceptance in July of 115,000 courses.
    ********************************************************************************************************
    Siga list the risk the from BK court they want to avoid, deferred revenue:

    (xv) the risk that some amounts received and recorded as deferred revenue may someday be determined to have been more properly characterized as revenue when received

    (xvi) the risk that some amounts received and recorded as deferred revenue ultimately may not be recognized as revenue

    Looks like Siga could pay $240M and have cash to keep going?
    ********************************************************************************************************
    How does Chapter 11 come in to play unless the settlement is larger than $240M? Deferred revenue is cash payment received and booked as a liability until it is recognized, (for tax considerations and to take full advantage of write-offs in this case?).

  • cash2go by cash2go Sep 21, 2014 1:39 AM Flag

    From "How Stuff Works"

    Companies choose to file Chapter 11 because its long-term revenues will be higher than the liquidation value of the assets. This way, creditors can get more money back if they allow the debtor business to reorganize and work out a payment plan. The business becomes a debtor in possession, maintaining control and ownership of their assets and continuing their regular operations. At this point, there is usually no trustee.

    A company that declares Chapter 11 must disclose all of its assets and make a list of all the debts that it is seeking protection from. This is the creditors' right to question the debtor, a fundamental part of bankruptcy law. In cases involving millions or billions of dollars, this step alone can be incredibly complex. The creditors also meet with the debtor.

    If the bankruptcy court finds that there has been fraud or gross mismanagement on the part of the debtor, they can appoint a trustee, who will take over the operations of the debtor for the duration of the proceeding. The business continues to operate as normal, but the original owner is no longer in control. The trustee appointed to a specific bankruptcy may be different from the "U.S. Trustee." While federal bankruptcy courts are in charge of the proceedings, the Department of Justice also assigns a U.S. Trustee to each district. The U.S. Trustee serves as a watchdog over bankruptcy cases and may act as the trustee in a proceeding.

    While under Chapter 11, a company can only make the usual sales and purchases that are part of its standard business operations. For example, it can't buy out another company, sell off a division of the company, or sell a major piece of equipment or property without approval from the court. It can't undergo a major expansion, either.

    In all Chapter 11 proceedings, a creditors' committee represents the majority of the unsecured creditors, and negotiates the best possible payment options for them.

  • Reply to

    let's hear from PIP......

    by cherokeemgr Sep 18, 2014 11:24 AM
    cash2go cash2go Sep 19, 2014 1:02 PM Flag

    Pharmathene just needs to reassure Siga that Siga's "deferred" accounting entry will be distributed accordingly as it is recognized.

    Hope Siga will negotiate on the HIGHLY paid management teams salaries. PIP does need to play hardball on this issue. Probably a few other Siga "costs" that are irritating to the Pharmathene negotiating team.

  • Reply to

    let's hear from PIP......

    by cherokeemgr Sep 18, 2014 11:24 AM
    cash2go cash2go Sep 19, 2014 12:46 PM Flag

    Siga list the risk the from BK court they want to avoid, deferred revenue:

    (xv) the risk that some amounts received and recorded as deferred revenue may someday be determined to have been more properly characterized as revenue when received

    (xvi) the risk that some amounts received and recorded as deferred revenue ultimately may not be recognized as revenue

    Looks like Siga could pay $240M and have cash to keep going? Looking forward to a Monday PR?

  • Reply to

    let's hear from PIP......

    by cherokeemgr Sep 18, 2014 11:24 AM
    cash2go cash2go Sep 18, 2014 3:55 PM Flag

    Picked up shares at a $7.80 so I'm not complaining. The market doesn't seem to agree with me and what I thought I saw in the Chapter 11 news.

    Time will tell.

  • Reply to

    let's hear from PIP......

    by cherokeemgr Sep 18, 2014 11:24 AM
    cash2go cash2go Sep 18, 2014 2:47 PM Flag

    Chapter 11? Maybe the BK Court will clarify this mystery:

    Siga's 10Q
    page 2
    Cash and cash equivalents $99,029,327
    Total current assets.............$129,734,471
    Deferred revenue................$188,081,857 (((listed as liability)))

    page 6
    The Company received approximately $15.3 million for the delivery and acceptance in July of 115,000 courses.

  • Reply to

    let's hear from PIP......

    by cherokeemgr Sep 18, 2014 11:24 AM
    cash2go cash2go Sep 18, 2014 2:38 PM Flag

    Another wild guess on my part, PIP will make it clear they have no intention of letting Siga d/c the production of Tecovirimat. Siga's theatrics are being played out for anyone thinking of throwing a lawsuit at the management team.
    The Chapter 11 details were a full of good details for Pharmathene shareholders. Chapter 11, BOO, lots of shares being thrown out by day traders and the fear and panic selling that no doubt led to some forced selling. Selling begets more selling, again.

  • Reply to

    “a very large sum of money,”

    by cash2go Sep 17, 2014 2:52 PM
    cash2go cash2go Sep 17, 2014 3:20 PM Flag

    Note who said it would be a very large sum of money, U.S. Bankruptcy Judge Sean Lane.

  • Reply to

    “a very large sum of money,”

    by cash2go Sep 17, 2014 2:52 PM
    cash2go cash2go Sep 17, 2014 2:56 PM Flag

    Why Chapter 11?

    Endanger Production

    In Chapter 11 papers filed yesterday, Siga said PharmAthene’s victory in the contract dispute is endangering its ability to produce the smallpox medicine, called Tecovirimat. Court protection will allow Siga to put off posting a court bond on the damages award to PharmAthene while it attempts to lower the penalty on appeal, the company said.

    * tee may be right about the $4, and the market should start pricing in the good news with daily ramps.

    Congrats to all

  • Bloomberg
    “Everyone agrees” the judgment is going to be “a very large sum of money,” U.S. Bankruptcy Judge Sean Lane said today at a hearing in Manhattan. Still, the underlying lawsuit must be dealt with later and primarily in Delaware, where it’s pending, Lane told Charles Dale, a lawyer for PharmAthene.

    * hope everyone loaded up on this dip

  • Did Siga just say it now owes Pharmathene $232M? Wants Chapter 11 to pay debt and maintain control of Tecovirimat, just need time to reorg. Should take about a week under Chapter 11, see latest 10Q:

    Siga's 10Q
    page 2
    Cash and cash equivalents $99,029,327
    Total current assets.............$129,734,471
    Deferred revenue................$188,081,857 (((listed as liability)))

    page 6
    The Company received approximately $15.3 million for the delivery and acceptance in July of 115,000 courses.

    *and continues to fill $430M order

  • Reply to

    PIP is plainly now worth more than $4.11 / share

    by teebrane Sep 16, 2014 1:28 PM
    cash2go cash2go Sep 16, 2014 4:55 PM Flag

    BK is the only chip the boyz have left to play.

  • Reply to

    Delaware Supreme Court view of Siga

    by cash2go Sep 16, 2014 3:17 PM
    cash2go cash2go Sep 16, 2014 4:53 PM Flag

    Looking back at what Delaware Supreme Court said.

    Supreme court said focus on LATS terms, lump sum is appropriate on expectation damages. Appeal? Looks like the boyz running the bad faith tactics now want to go to Bankruptcy Court to play games.

    Siga's 10Q
    page 2
    Cash and cash equivalents $99,029,327
    Total current assets.............$129,734,471
    Deferred revenue................$188,081,857 (((listed as liability)))

    page 6
    The Company received approximately $15.3 million for the delivery and acceptance in July of 115,000 courses.

    Chapter 11 - Pharmathene agrees to let Siga stretch out payments and pile on interest.

  • [B]ad faith is not simply bad judgment or negligence, but rather it implies the conscious doing of a wrong because of dishonest purpose or moral obliquity; it is different from the negative idea of negligence in that it contemplates a state of mind affirmatively operating with furtive design or ill will.

    ((again))

  • cash2go cash2go Sep 16, 2014 1:04 PM Flag

    Financial Press wants you to sell! I'm looking at the $1.85 gift horse I've been buying today and not asking questions.

  • Looking at Siga's 7-31-2014 10Q
    page 2
    June 30, 2014
    Cash and cash equivalents $99,029,327
    Total current assets.............$129,734,471
    Deferred revenue................$188,081,857 (((listed as liability)))

    page 6
    The Company received approximately $15.3 million for the delivery and acceptance in July of 115,000 courses.
    * Also
    Completion of initial BARDA contract for $433 million to be completed by first quarter 2015

    Milestone for FDA approval will be worth $50 to $100 million more
    ---------------------

    Chapter 11 with the understanding that interest will continue to add to payout to Pharmathene? Pharmathene could work with that. Siga is already good for $250M and more to come with the last 430M Barda order.

  • Reply to

    Apparently the number is $232 million

    by zacklabster Sep 16, 2014 9:28 AM
    cash2go cash2go Sep 16, 2014 12:42 PM Flag

    ...said 232M (plus interest)

  • Reply to

    More "bad faith"...

    by cash2go Sep 16, 2014 9:47 AM
    cash2go cash2go Sep 16, 2014 11:05 AM Flag

    232M plus interest, guess Siga wants to be a part of future BARDA contracts and protect themselves from personal lawsuits. The "bad faith" was an ugly statement about how management handled negotiations as they mislead their own shareholders. The Boyz are now negotiating with Pharmathene on merger under best possible terms? Pharmathene has $$100M in tax loss carry forwards that would be valuable in seeing PIP shareholders getting every possible dollar they are owed

  • Reply to

    More "bad faith"...

    by cash2go Sep 16, 2014 9:47 AM
    cash2go cash2go Sep 16, 2014 10:06 AM Flag

    ((Listed under Liabilities))

    Deferred revenue................$188,081,857

  • Looking at Siga's 7-31-2014 10Q
    page 2
    June 30, 2014
    Cash and cash equivalents $99,029,327
    Total current assets.............$129,734,471
    Deferred revenue................$188,081,857

    page 6
    The Company received approximately $15.3 million for the delivery and acceptance in July of 115,000 courses.

KKD
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