I see shares available on eTrade level II every day. If it isn't spoofing, I think that it would be pretty easy to buy a million shares for under a nickel. No one is buying and it bothers me. The Darden clan has essentially lost their shares already (just look at the price history). My rational side believes that they just want a future. At this point, maybe that is a job with pay.
I keep wanting to gamble and pick up a couple of hundred thousand shares but then I remind myself of my losses. I chased possibilities and ignored realities. Besides the belief that the Dardens want to protect their shares (said here many times on the ride down), what tangible evidence do we have that the common shares will survive? How many companies in this situation come out with shares alive?
Good luck to the brave here. I hope that you win. I am still holding.
I signed up for Quicksilver alerts, press releases, SEC filings, etc. I expected something after hours. Nothing. Looking at the documents, it appears that unsecured debt holders are fussing about ENI, use of cash, and the like. If I am reading correctly (probably not), it almost seems like they are wanting to freeze assets for liquidation (??).
On the upside, the stock was still trading even if it was barely noticeable.
Even this message board has low volume compared to days gone by but I agree, the outcome of the court is all that matters. Darden clan has pretty much lost their shares already as have all of us holders. I want to believe but wanting to believe is why I lost so much money. I don't know the options on the table but I suspect the family has back up plans if the common is wiped out. We'll see.
I have been surprised by the low volume. It has been very difficult to fill orders on either side and we have had little volume. It doesn't look like much new money has come into this stock. Why? My feeling is that most believe we will get wiped out and are staying away. There are a lot of smart people out there. Some of them would have found this "buy". This would be above .03 if people believed in a bright future. We haven't seen complete dumping because large holders will take the write off (not much difference between 3 and 0 ). For them, count on the write off and toss the dice for a nice rebound. KWK+A+Q turning around would be great but I have seen no publicly documented action suggests that they can or will.
I can handle being wrong. KWK+A+Q, please embarrass me.
This is about Rule 10b5-1 and insider trading. Insider trading plans are scheduled trades to avoid the appearance of trading on insider knowledge. The price was much higher when this plan went into place. this might have put gas in his truck and bought a night out at the Cattleman's (if everyone picked up,their own tab).
Those are about table #1, #5 which details shares still owned after the sale. After the sale of the 6,504, he still has 5 million plus directly owned shares and 33 million plus indirectly owned (quicksilver energy).
They also filed today to give notice that they will not produce the annual report because it is too expensive. I gave the SEC links in an earlier post. This all feels very very bad. Your optimism is a little like wearing a Hawaiian shirt to a funeral. Out of place.
Shareholders lose. Canada is saved for Dardens. They live for another day. They lose their stock but they have already done that pretty much. It has been near worthless for a while.
From another SEC form filed by Quicksilver this evening.
The Company’s securityholders are cautioned that trading in the Company’s securities during the pendency of the Bankruptcy Case will be highly speculative and will pose substantial risks. Trading prices for the Company’s securities may bear little or no relationship to the actual recovery, if any, by holders thereof in the Company’s Bankruptcy Case. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.
A plan of reorganization or liquidation may result in holders of the Company’s common stock receiving little or no distribution on account of their interests and cancellation of their existing stock. If certain requirements of the Bankruptcy Code are met, a Chapter 11 plan of reorganization can be confirmed notwithstanding its rejection by the Company’s equity securityholders and notwithstanding the fact that such equity securityholders do not receive or retain any property on account of their equity interests under the plan.
Glenn Darden, Quicksilver's Chief Executive Officer said, "Quicksilver's strategic marketing process has not produced viable options for asset sales or other alternatives to fully address the company's liquidity and capital structure issues. We believe that chapter 11 provides the flexibility to accomplish an effective restructuring of Quicksilver for its stakeholders."