you cant just cancel a Chapter 11 BK. Its been filed, shared got hammered, and longs are done. This means that the stalking horse requirement has been met however, and on to the competitive auction. There is a process for the Chapter 11, its in Federal BK court now and a Federal judge is running this show.
Longs have been slaughtered here...but yet we now know GSK is interested. Also Roche is probably interested. Add Merck, Johnson and Johnson and a few others. A bid of $1.5 billion would leave shareholders with $800 million leftover, or about $5.1 a share. This is a court supervised auction. This will be the first time longs will have been treated fairly. This is not over, not nearly over.
this whole thing is a scam and attempt by the bondholders to steal from us. they will probablly successful is only problem, i sure hope trustee and judge make sure we get a piece of the pie too.
DNDN BOD is corrupt and bought and paid for. Wouldnt surprise me if kickbacks are happenging to them. We are actually better off with US Federal BK judge, to stop this nonsense and corruption. I am so angry ! How can this happen?
Yes I am buying shares. I believe the BOD had multiple offers, filed the premature BK to plunge price, and now pick up shares for the buyout. They have been successful so far. I believe we will get bids from $1.5 Billions and on up.
No. There is a Federal court supervised auction here. If the bids are over the amount to pay off bondholders, we will get what is left. I am buying more.
Read the docket. James explained everything. Need a stalking horse bidder by Dec. 29th. That will probably be delayed now. If there not one we are screwed. If there is one then on to the auction process which is US Fed court supervised. Then by Jan 29th or so, an auction will be held whoever bids most wins. Do your own DD. If company is worth over $750 million then we get something. $1.5 billion works out to $5.1/share. It can go higher. Just because stock doesnt trade doesnt mean you lose the stock itself. If there are successful bids over the $750 million then your shares will be tendered for whatever company buys it is my guess. Its all a huge gambe at this point but at this price there is no reason to sell.
Thank you James. Obviously you are a lawyer to have access to the Pacer system. YOu by far have the most intelligent posts. I give it a 50-50 chance that common shareholders will get anything at this point. If we do get the lucky 50 % then we have a shot at $1-3/share, and possibly $5/share. But who knows. You are better off going to Las Vegas and placing your money on a roulette wheel at this point. I invested in this company, embarassingly so, and got suckered into this lies and fraud by the JJ and BOD. I have no choice to hope for the best and ride this out. If someone feels really like taking a game then buy even more now, and hope that you can break even. Other than that, best luck to us and lets hope we are treated fairly by the Federal courts, which I said I believe is actually good for us now as it dis empowers the BOD the bond holders and the other criminals behind the scenes here. Best wishes.
50/50 chance of getting anything. Quite possible and likely to get zero. If we get something then $3-5/share is quite possible. Who knows. Roll the dice. If you believe the company has value, as I do, and BP is going to pick this up for $1.2-1.5 Billions then keep holding. If you sell you dont get anything just the current 13 pennies. Im not selling.
dont agree. costs can be mostly eliminated with a large BP. Provenge and plus the 6 phase 2 candidates, patents, FDA and EU approval. They were pretty close to break even already whish is why the BK surprised me thought it would take another year at least. Its all corruption. We've seen many companies get bought out for $3 billion plus with no sales or viable product. I think this has value based on above . The value of something is based on what someone will pay for it, and I guess we will soon find out.
Plus $100 million cash plus $2.7 billion NOLs. Think we will see something.
Looks he is recommending to throw out quite a lot of the whole contract that the BOD and bondholders have setup.
"These are Plan Support Agreements entered into between the Debtors’ and a handful of unsecured creditors which have the effect of dictating the course of these proceedings, pays professional fees when there is no
underlying legal obligation to do so and which also act to circumvent provisions of the Bankruptcy
Code professional expenses without oversight or control."
"The Plan Support Agreements are not designed to resolve this Debtors’ financial
affairs. They are designed to favor a small group of creditors at the expense and exclusion of all
others. The Plan Support Agreements are not necessary to permit the Debtor to seek a sale of its
assets. The Debtor can take this course of action without the agreements that tie its hands into a
predetermined course of action."
This is looking good for us. We have the Federal courts possibly intervening and stopping the BOD and bondholders collusion and crminal, behind the scenes agreemetns. I dont see that they are going to be successful with their plans. This may go straight to an auction with no preconditions and a slice for the unsecured shareholders. That is what he is suggesting to the judge, and he even references AMR. Lets hope for the best.
I believe the entier BOD should resign immediately. I am also hoping this gets the attention of the attorney general and criminal charges are brought up against them all for this scheme for grand theft.
look at docket no. 167 for the objections by the trustee. ...
Yes but his info is at least helpful at times. this is going to catch the attention of the sec and AG of delaware and will lead to state and federal fraud charges imho.