so in other words, just sell your daily loss by end of day, get out and to trade another day. Hope you have more up than down days. Sounds like a loser gambling game to me...
Answering my own question. Just looked at the DOW, NAS, S&P, etc. Everything's down today so far...
That's the trouble with doing DD on stocks. You spend all this time researching the CO and watching it trade. But you can't predict what this crazy world and the market is going to from day to day...
What gives? MU trades nicely within +/- 10 cents, then I buy and POW - drops 40cents on no news! What gives? Haven't been watching - Is the whole market getting hit today?
The Claims Agent called today. The gcg web site Court Hearings schedule has been changed/updated:
- 12/4/13 10:30 AM “Debtors' Motion for Interim & Final Orders” (Bar Dates)”
- 12/6 Fri deadline for receipt of bids
- 12/9/13 “Objections due by 12/9/2013.”
- 12/13/13 Fri at 9:30 a.m. “Notice of Auction and Sale Hearing”
- 1/06/2014 10:30 a.m. “Second Omnibus Hearing (Docket No. 84)”
Anyone go on the Savient's "Case Administration Web Site" (gcg), download, complete and file a Proof of Clain form yet? What value does a stock holder use on the claim form, line 2 "Basis for Claim"? Can a Savient stock holder do this - file a claim for stock shares still held as of Oct 14th date of announcement and/or date of Bankruptcy completion? I am guessing stock holders cannot file a claim - cannot use this claim form to file a claim. Meant for 'Credirors' only. We're just out, unless we sue...
Huge front page article goes on n on describing how orphan drugs with little to no patients make millions anyway selling to providers that prescribe for other non-intended uses. Govt caught one Co doing this, sued and won. Also a story how one Co got sued by it's stock holders sued and won for basically the same thing that Savient has done - public misinformation. Read for yourself. kg
Basically said the outstanding shareholders get screwed while the "pre" and "post" Oct 14th Bankruptcy filing debts get paid first and that the "timing" of all the this us uncertain. Also, I find the language very interesting in that it says "reorganization or liquidation", meaning they wish to come out of this continuing to operate under a different owner (but get rid of the existing shareholders). Nice the way the legal 'bankruptcy' system allows a business and it's crooks to just drive on like that....
Oh, and also, I see now a conflict in the court schedule.
This 10Q now says:
- 12/6 Fri deadline for receipt of bids
- 12/10 Tues and 12/13 Fri “respectively” auction and sale hearing
While the original Savient 'gcginc' web site schedule says:
o On or before 11/22/13 Fri - Sale Hearing - If no Qualified Auction Bids Received
o On or before 12/04/13 Wed - Sale Hearing - If Qualified Auction Bids Received
o 12/04/13 Wed 10:30AM - First Omnibus Hearing
o 01/06/2014 Wed 10:30AM - Second Omnibus Hearing
Finally Yahoo let's this Pg 2 post! I can't see anything wrong with it but it's taken 3 separate days of trying... This Yahoo web site sucks!
PATIENT SIZE - Misinformation/Gross Negligence: Going back approx 2 years ago the SIZE of the ‘K’ pt population size was over inflated/over represented starting with huge numbers ranging in the millions. Then after it became evident Savient had got it wrong, silent mode and finally by 5/15/13 correcting from approx 120K to as low as only 9k pts. By or before Sept 2013 investors seeing estimates much much lower - only 200 – 300 pts treated!
o filed 3/21/13 – Form 8K - Q4 2012 Earnings Call, Pg 8: Q&A – Lou Ferrari: “Yeah, Katherine, it’s Lou. We’ve never really given the guidance on how many patients that we’ve treated.”
o filed 8/14/13, Form 10Q, 2Q 2013 Qtrly Report ending 6/30/13, Pg 18 : “The market size for KRYSTEXXA is difficult to predict with accuracy and the KRYSTEXXA Market Study, completed in July 2011, indicated that there are approximately 120,000 RCG patients in the United States....." "a follow-on study completed in June 2013, only approximately 9,000 of these patients are seen by Rheumatologists most likely to prescribe KRYSTEXXA”.
o 8/4/2011 2Q 2011 Qtrly Results: ***“120,000 RCG patients in the U.S” and “We believe this study represents the most comprehensive refractory chronic gout market research conducted to date, and the results provide critical data about the market for KRYSTEXXA,"***
o 10/15/2013 public news release read starting 6th paragraph, “First, Savient miscalculated its market. It originally thought it was selling to a market of 120,000 patients in the U.S”.
o Note: should also include the much published, much anticipated results of the 5/15/2013, Form 10Q: “expanding the clinical utility of KRYSTEXXA into populations beyond RCG “ and “A study looking at the use of KRYSTEXXA in patients undergoing renal dialysis has been completed and we expect data in mid-2013"
Pg 4 contains on of the biggest problems stockholders have - Savient's grossly over represented the 'K' patient size. This problem statement contained seven (7) separate SEC documents evidencing this problem.
I've tried pasting it in about five times and Yahoo WILL NOT LET IT POST! Let's see if Yahoo let's this post...
Not good. Not sure what 13G's typically filed for but it would appear this one the Palo Alto majority shareholders just dumped their Savient stock. Was hoping Palo Alto might step up to appeal the Bankruptcy deal. If I'm wrong, anyone else care to guess what this 13G is about?
SECURITIES AND EXCHANGE COMMISSION
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
[X] Rule 13d-1(b)
[X] Rule 13d-1(c)
Item 5. Ownership of Five Percent or Less of a Class.
"If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [X]."
Dam Yahoo is editing needlessly! Wastes so much time of the customer's time!
Savient Common Stock Holder Complaints List - submitted to Lawfirm 10/25/13
Authored by: kg2931 (SVNTQ (SVNT) (BTGC) Long Term Stockholder 20K Shrs @ $4.64 Shr Avg CB ($92,800) held 16 Yrs since 2/11/1997)
(Titles only, Full text in MS Word & PDF format only)
- Negligence – The simple well publicized fact that Savient horribly ‘Botched’ the ‘K’ launch systematically destroying shareholder value.
- 10/14/13 Mon 1st News Release/Announcement: Stockholders knew SVNT was in danger of delisting but caught totally by surprise/shock by a Bankruptcy/Stalking Horse Sale announcement! The Motion/Agreement fails to address what’s to become of the existing stockholders outstanding shares? The Court isn’t addressing this. The Savient Claims Agent doesn’t address this.
- Starting the next day Tues 10/15/13 SEC ‘Form 4’ filings: all major holdings of company stock dropped from $.57 to $.07 (124%) and unloaded during a one day trading panic! Some also argue there was premature selling knowing there was going to be a 10/14 bankruptcy/sale announcement wanting to beat the street.
- filed 10/15/13 - 8K Current Report, Pg 1: “Compensatory Arrangements of Certain Officers” “one-time incentive payment of $200,000..."
- 5/16/13 Private Stockholder Letter sent to Savient IR requesting the expired “stockholder rights plan” re-voted and reinstated:
o 5/20/13 Savient reply letter back to Private Stockholder - denying/ignoring request:
“Mr. (XXX), As you may have seen, our agenda for the June 13, 2013 Annual Meeting does not include this item. It is our policy not to otherwise comment to shareholders on our future plans”.
o 2Q 2013 Qtrly Report: ‘stockholder rights plan” Not addressed / No mention of it in 2Q. Negligence!
filed 8/14/13 Form 10Q, 2Q 2013 Qtrly Report ending 6/30/13, Note 11—Share-Based Compensation, Pg 15: “As of June 30 2013 company stock options “Weighted- Average Price per Share” ranged from $3.73 - $5.89 per share.” ($4.81 Avg)
Tues 10/15/13 SEC ‘Form 4’ filings: all the high ranking execs emptied all their stock during two spikes in the price between $.07 and $.08. Some argue that there was some overlap or possible premature selling knowing there was going to be a 10/14 bankruptcy/sale announcement and wanting to beat the street. The market panicked and the SP immediately dropped 124% from Friday’s prior $.57 down to $.07! As of today’s Thurs 10/24 close: $.04!
filed 10/15/13 - 8K Current Report, (These same high ranking execs gave themselves the following to stick around the next 6 months. Pg 1: “Compensatory Arrangements of Certain Officers” “one-time incentive payment of $200,000 to each individual. Yachmetz, Hamill, Crowley and Bahrt…”
[page 2 Cont]
- CASH REMAINING – Fraud/Negligence - 2012 Annual and 2013 Qtrly Reports re: For at least a year the company made statements to stock holders that the Co had enough cash to operate through the middle of 2014.
- filed 3/21/13 – Form 8K - Q4 2012 Earnings Call, Pg 5: "....believe that our current cash and short-term investments will be sufficient to fund anticipated levels of operations into the second quarter of 2014.”
- filed 5/15/13, Form 10Q, 1Q 2013 Qtrly Report, Pg 23: "will be sufficient to fund anticipated levels of operations for at least the next twelve months.
- filed 5/19/2013 - Q4 2012 Qtrly Results - Earnings Call Transcript /John Hamill / CFO, Pg 4: “…believe that our current cash and short-term investments will be sufficient to fund anticipated levels of operations into the second quarter of 2014.”
- filed 5/19/2013 - Q4 2012 Qtrly Results - Earnings Call Transcript/John Hamill/CFO, Pg 6: “So again, we have sufficient cash that gets us into the second quarter of 2014.”
- filed 8/14/13, Form 10Q, 2Q 2013 Qtrly Report ending 6/30/13, Pg 24: “we believe that our available cash, cash equivalents and short-term investments, which includes the net proceeds of the transactions discussed above, will be sufficient to fund anticipated levels of operations for at least the next twelve months.”
[Cont pg 3]
N0, the question now is if we let SVNTQ become a 'worthless security', when does the IRS require us to claim the Capital Loss, the year it goes worthless, or the year we claim it worthless? In my case I wish to prolong showing this Capital Loss until at least Yr2014 taxes or longer if possible. So, I'm hoping the bankruptcy sale goes into 2014 before completing.
Note, years ago I went thhrough this on another stock that went bankrupt and stopped trading on the Vancouver exchange. The symbol continued to show as trading for 15 cents even though it no longer traded and Fidelity - to this day Fideltiy will not remove the stock from my statements! In this case the IRS has nothing to hang it#$%$ on so it's pretty much whenever you say it's worthless. kg