A penny stock trading on the OTC exchanges carry inherent risks. Knowledgable investors knew the risk with Blockbuster but yet it was still necessary to halt the stock and publish articles about it. It is unheard of a penny stock to be halted. It tells me that an agenda was in place to dissuade other outside investors from participating in the shares. For the most part it has worked. The only thing is the insiders don't control all the shares.
Get the shares down below 1 penny before the trustee gives his reason for a dismissal of the case to the judge. The trustee's actions from the past week suggests that the case is ready to be resolved. Limiting the scope of the bar date is to expedite the resolution of the case. There will be the bashers lament that the shares will get dissolved. They can't be further from the truth. Those NOL's are of vital importance to the future of Blockbuster. The senior debt holders who control the bankruptcy will not allow those NOL's to dissapear. I almost forgot, the Canadian trust still exists.
Bulltrade, Dish seems to be very discreet about the shareholder meeting. The date came across during the earnings call when an analyst wondered why a shareholder meeting had not been scheduled. It was not posted on Dish's website. Where is the proxy? Dish is keeping this shareholder meeting under wraps for a reason. Any merger vote requires a lead time to send the proxy before the event. I do not see any proxy as of yet.
As of August 25th 2014, note that Blockbuster Inc. not Blockbuster Liquidating Inc. is listed as the issuer. Any public traded company listed on the PCAOBUS board must pay a issuer accounting fee greater than 0. Further, ALL companies listed on the board had average monthly equity market cap during the preceding calendar year of GREATER than 75 million based on all classes of common equity. Why do I point this out? Just further confirmation of the amount of deception that has occurred throughout this bankruptcy.
This scenario of the senior debt being negotiated contains a high probability of occurring. October 1st is the date that this scenario may come to fruition. The case being dismissed remains a high probability and makes the exit clean and efficient. The Oct 31st shareholder meeting by Dish was delayed to give the debtors(Blockbuster Inc.) time to negotiate the notes and make a request to the judge for a dismissal of the case, and conversely merge the shell into Dish Digital. I feel very strongly that this timeline will be followed.
Only part of it was for the studios. Less than 100 million. Good try though. Not quite as incompetent as Carl but a bottom feeder nonetheless.
Fred, you so nonchalantly omit the Canadian Trust. Money that is pretty much in escrow until the bankruptcy case is dismissed. Keep on deceiving and distorting. I for one know what is going on. Keep on blabbering. Such a useless fellow.
Buffett, you have never been more wrong. Do I need to remind you that the trustee as well as Cooley are under strict orders to follow the confidentiality rules. Be careful what you say that may misconstrue the actual facts.
Bull trade, I disagree. Let's see what happens with the senior bonds. They expire on October 1. I assume that the insiders would like to get this company out of bankruptcy with very little debt. Let's see if they renew the bonds to 2015. I suspect a merger of Dish and ? before the shareholder meeting.
Stonem, Green Opts is as bad as the bashers. Promoting his own self-ego for the sake of attention. What happened to the PR? This board is as bad as it has ever been.
Chuck, Dish finally scheduled their shareholder meeting for October 30. Any transaction as you surmised would require a shareholder vote. Will we see a deal being made before then. That is the million dollar question.
Keep an eye out on the expiration date. Either a renewal to Sept 2015 or the more likely scenario that they get paid. Hint... Outerwall. A renewal to Sept 2015 means we remain in limbo for another year. I gather that won't happen.
The judge says that the deal among all creditors minus Ergen is confirmable. Additionally, Ergen's actions during mediation was somewhat bizarre, and more importantly wasting the mediators plan. Looks like Ergen lost out. Doesn't mean a thing. Like I mentioned earlier, this has been a diversion. Someone big is involved with Dish. We will know soon enough.
Typically, chapter 7 bankruptcies last 3 months. With no assets, revenue or anything of consequence, this bankruptcy continues on with the 1 year duration approaching. Ask yourself what is taking so long? Judges don't like their courts being taken up by simple cases as this. Unless, judges see a reorganization taking place. Judge Lifland saw that in 2012. Unfortunately he is not around to see the completion.