They had announced plans to sell almost all their ships except a few. If they go through they will have mostly the newbuilds all due by end of year. The time will fly by and they are currently under water. If market prices rebound they would be in great shape.
Thank you. I guess they mail the statement. This is what I got back from Cantor Firtzgerald "American Stock Transfer only asked for us to provide mailing addresses for the lenders, but they may have another method of distributing the shares. ".
I could not find which filing you are referring to but I did see an 8K for the 10M shares. They did an unregistered offering so not sure there is anything else to get approved unless they decide later to submit an S1/S3 to get listed on a major exchange.
I missed the blackout period and 90 days but looks like they took an issuance or unregistered securities approach so no S1 or S3 is required. I don't think there are any more restrictions to open up trading other than building up a network of market makers or getting listed. Maybe tomorrow if we are lucky.
You will not have to do anything for your bonds and stocks in SFYWQ. I wish I knew when trading would start. Since the exchange to newco happened yesterday in my account I expected trading today. I have not seen the registration statement yet and am pretty sure that approval by the SEC is needed. It should have been drafted by the Effective Date, April 22 and submitted on the 25th.
I don't get it either. PRGNL is senior and only up 17%. Volume is very high also.
Thank you for the heads up. I would prefer DIP financing shares go to by brokerage account. I am following up with Cantor Fitzgerald and will let you know what they say.
100k last trade value or par? The implied value for each bond was $6.1 based on the common close of .217 ignoring all warrants. I am too lazy to calculate the number of share per par. If you take your 242 share times 24.22 you had a bond value of $5861 at $6.1 or $96k par value bonds at 1000. I have each issue of bonds, stock and DIP financing so I converted all values to common, ignoring the warrants to keep track of portfolio value given how thinly traded the bonds were.
BTW, DIP financing funded from the account, does not go back into the account. You will get stock certificates mailed to you. Cantor Fitzgerald securities is handling DIP financing.
If you have TD Ameritrade, go to transaction history and add up all the 87073T105 exchanges. These are your common shares. Next add up the 87073T121 and 87073T113 exchanges these are your 2019 and 2020 warrants. Regardless of your mix of bonds and common, if you take the common shares and multiply by $24.22 you should have the exact same value as before the exchange. Any warrants are gravy assuming the stock opens above $24.22 (which is equivalent to $.217 for old common and $6.1 for old bonds)
Depends on the price it opens at. You will get 8.98 shares for every 1000 of SFYWQ. Any price or value is meaningless in your account until it opens. If you get 24.2 per share for newco you made money since the last trade and the warrant values are extra money. 1000 shares were worth $217 at close so $346 is a nice increase. I still have placeholders in TD Ameritrade.
If that happens it is equivalent to a 50% increase over the last closing price for the common alone. Add in warrants and it is a 1.72 bagger. Not quite your 10 bagger yet though :)
I believe an S8 focuses on management incentive programs and formalizes the court filing on 4/25 in that area. You need to look for an S1 or S3 registration statement. I generally don't see SEC documents the day they are filed and have not seen the S1/3 registration statement yet.
If you have a broker they will get the instructions and do the conversions. If you are holding certificates there is a company you can contact that is managing the conversion. I think you can find it on the swift web FAQs but if not it is on the KCC site.
All three bond issues were sold in the last couple of days. One indicated a valuation of $500M, one $375M, and the last about $210M. Volumes were not high enough to establish a valuation for newco. We will need to wait and see, but the bond sales on Monday that were at 11 were very encouraging and were the highest price in over a month.