S&P 500 was trading down about 15-20 points in afterhours trading at about 6 PM Eastern. Indicates a fall of about 150 DJIA points. Could change a lot by Mon. morning though.
Might raise some interesting questions for Saturday night's Democratic "debate." Will see if anyone has the balls to ask a tough question.
Look at the deal LINE / LNCO announced after Friday's close. Basically traded $2 bil of existing debt for $1 bil of new debt. The caveat, the new interest rate is almost 2 X the old rate. Net savings, something like $16 mil per year. Did manage to extend maturity dates on some of the debt.
Hold very small positions in CHK and LNCO. Less than 2% of my portfolio each.
You are probably correct. Right now the NAV is 5.65. It was 6.22 on Aug. 20th, the day of the last declaration. All things feet from the NAV. Possible cut to 5.5 cents?
One of Response's problems was Accounts Receivable. They were doing some tests with no "upfront" funding and no idea who / how they were going to be reimbursed.
Convert the $25 million of debt to shares and then do a massive reverse split. Apollo will have to settle for perhaps 25 cents on their $. So issue stock valued @ $6 million......would need to issue 300 mil new shares @ 2 cents each.
Then do a 1 for 50 Reverse split to get the price back up to the $1.00 area.
Of course, all this depends on them actually still bing in business.
Kel.............a past (not recent) holder
Sounds good but must be aware of CLVS type situations. Maybe just go after companies with already approved drugs. Too many "ifs" when dealing with the FDA.
Look at KERX.....lower market cap, product approved and selling, loads of cash. Down a lot from it's highs due to sluggish launch. Things improving now. Also has EU approval and will likely partner before long.
Kel......holding KERX......sold CLVS @ $98
"adjusted" cash on 9-30 about $23.7 million.....burn rate $5-6 mil per 1/4. Hopefully that number will improve soon with RGI added sales(minus RGI overhead) and organic growth.
Kel.............still PATIENT but getting a little nervous too....
Look at AEZS. Doing a 1 / 100 reverse split. Will go from 4 cents to $4.00 area. They diluted their shares (small biotech) up to the 700 million level, debt not a problem. Effective Friday, Nov. 20th.
I held / traded AEZS at different times.
Nothing to support FSAM, like a big NAV. They really own nothing other than whatever revenue stream they can generate from FSC and FSFR.
Maybe like AEZS. Trading @ 4 cents. They're doing a 1 / 100 reverse split effective Friday. MSTX nowhere near that bad though.
My X girlfriend went through the first one when her 5000 shares (bought near 2.00) became 833 shares. Now will become about 8 shares. They will be worth about $4.00 each or $32.
So, this company, without ever going bankrupt, has turned her $10,000 investment into $32. So much for "buy and hold."
Kel.............ps.......I don't have any, although I've traded it numerous times with no disasterous losses.
Said they were going to liquidate and the stock slumped to 25 cents. Changed their mind and the stock was up to $4 in a few weeks. Np protection for those who sold on the liquidation news.
KBIO situation smacks of manipulation. Why would anyone plow $$ into that situation? No thing in Phase 3. This is just a game and those buying at these higher levels will be the losers. BEWARE!!!!!!!!
Kel............just an observer