I got out, looking for a re-entry point. If the market is holding it's breath to see if the CEO gets canned and he doesn't there will be a bounce. If a budget deal approved there will be a bounce. If CEO gets canned it might drop a lite more but this will be limited.
So you think this is trading at near cash levels because the CEO might get canned? So, where's the bottom then?
Hercules could have opted to extend the additional loan, which makes the asset seizure look planned. OCZ had a supply deal with Toshiba, and with a new loan from Herc or possibly even a new source they could eventually have returned to profit.
What kind of game are they playing? OCZ was starting to make waves with some saying the new drives were outperforming even Samsung's newest drives in real world tests. If their new drives are as good as they say, anything could have happened, including a buyout at a premium.
So why are you still hanging around here pipster? Shouldn't you be out celebrating your "victory"?
Ps: looks like FIO not immune to the negativity around SSD tech, seems like the whole sector is down a lot, considering how many buyouts were happening and are expected to continue happening this seems orchestrated.
Pss: you aren't one of those paid bashers hired by Samsung, are you?? Those guys were totally busted for spreading lies on message boards... Just sayin, no bull that really happened.
Whatever pippy, anyhow to clear up your confusion I got lucky on the drop from .62 to .10 but the previous drop from 1.09 I was out waiting for the drop.
My break even point is .0975, by my calculations that is roughly 80m, but of course that is if I hold on for the end game. As I've told you repeatedly, I always trade my positions :)
Let me try to interpret what you meant while I wait for your response on my other response, let's say you actually meant to say that the gov't shutdown didn't last long enough to be meaningful.
If that's what you really meant, you need to understand that even though the shutdown only lasted a short period of time, the real issue here is that the budget has not been approved, and with no budget spending is capped for non-essential operations.
Budget is about to be approved, and VMEM should see a backlog of orders get filled when this happens.
These guys are trying to take care of all parties involved it seems, but I believe the incentives are going to make them work even harder, which is the purpose.
I'm going to go out on a limb and say, they are likely already in negotiations with other interested parties which probably includes Seagate and others.
This ride isn't quite over yet, any way you look at it.
I'm pretty sure the government shutdown happened and was not a ruse, did you misstate what you meant to say here?
OCZ Technology Group Inc.'s (OCZ) chief executive and other employees stand to earn up to $2.36 million in bonuses if they can get Toshiba Corp.(TOSBF) (TOSYY, 6502.TO) or a rival bidder to double the $35 million bid for the company that is slated to lead off an upcoming auction.
OCZ Technology (OCZ) on Wednesday filed papers requesting a bankruptcy judge's permission to pay between $1.275 million and $2.36 million in bonuses to 13 employees it says are "essential" to the success of the flash-storage vendor's Chapter 11 sale.
"The debtors believe that all of the [bonus plan] participants have the ability to materially impact the sale process, including the ability to maximize the recovery to creditors by effectuating the sale at the highest possible price," the company said in court papers.
Toshiba (TOSBF) has offered $35 million for OCZ Technology(OCZ), which OCZ is hoping to test at a Jan. 13 auction. If the bonus-eligible employees--including CEO Ralph Schmitt and Chief Financial Officer Rafael Torres--can sell the company for at least $5 million more than the Toshiba(TOSBF) bid, then they will share in a minimum bonus pool of $1.275 million.
A sale price of $50 million would yield a $1.7 million payout, according to the proposal. Bonuses are capped at $2.36 million, which would be paid if the employees meet a "stretch" goal of selling the company for $70 million, or double the starting Toshiba(TOSBF) offer.
Those eligible for bonuses include not only executives but also managers, department heads and regular employees. The company hopes to shield the other bonus recipients' identities from the public in order to protect their privacy and preserve employee morale.
While companies in Chapter 11 face strict rules when it comes to paying bonuses to executives and other corporate insiders, such bonuses are allowed when they are tied to difficult goals that, if achieved, will significantly benefit the company's restructuring.
OCZ Technology (OCZ) said its bonus
Seeing lots of dimes today :)
The stock is down because f'n dirtbag shorts like you jump on any bad news for VMEM. You should cover now because at these levels, a buyout is likely.
I don't know what you are LOL'n about man, OCZ just made an announcement that basically tells Seagate and others they are stupid if they don't try to outbid Toshiba for OCZ. Short covering and spec buyinig should give OCZ a big boost today.
haha I guess you were not one of the smart shorts who covered and went long yesterday, sucks to be you :)
Did you miss the part where I said he very likely didn't get the 14 million for being CEO, he probably got it for being an early investor?? I guess that didn't fit with your short position huh?
PS: you should cover soon, there is a bipartisan compromise that will be voted on to avoid another government shutdown, lots of CIA and FBI folks looking to buy Violin arrays when they have a budget.
Enron didn't have assets that could be sold above the amount of debt leaving the shareholders with something, however small. There isn't much hope for OCZ shareholders, but this certainly is not Enron. BTW, did you see the 1.6 million shares scooped up at the ask at .06?
I bought some shares Monday, it was very risky and today I'm paying for it, but it could have gone either way. Trading isn't going to stop and it is going to trade in a range, but far less predictable than if the company were healthy.
This is a 100% spec play, people betting on a bidding war I suppose. A very dangerous game, but it could pay off for the speculators since short covering would make for huge gains in a short time.
You call that a settlement? No, Rambus forgave all past infringements and the antitrust appeal to sign a forward license at 10m per quarter. That isn't a settlement son, that was Rambus throwing in the towel. What's funnier is that Elpida was actually paying more than this by themselves before, pathetic.