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EXCEL MARITIME CARR Message Board

tencjedd 18 posts  |  Last Activity: Jul 19, 2014 3:38 PM Member since: Sep 24, 2004
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  • Reply to

    Fat lady had laryngitis

    by tshotglass Jul 18, 2014 11:57 AM
    tencjedd tencjedd Jul 19, 2014 3:38 PM Flag

    You notice that fraud up1down2 has been nowhere to be found?

  • Reply to

    Genco ruling...bad news for equity holders

    by tencjedd Jul 3, 2014 5:00 AM
    tencjedd tencjedd Jul 6, 2014 11:45 AM Flag

    The stock does have value as shareholders will get warrants that allow them to receive new shares once the company's market cap reaches a level that the bondholders are made whole. I saw an analysis that claimed based upon the terms of the proposed reorganization that the shares should be valued at $0.60. The reality is if you like Genco, you're better of buying the equity in the reorganized company once it becomes available, because it will be at a discount to the price where the warrants kick in.

  • "The court agrees for the most part with the debtors' views on valuation and concludes that the equity holders are not entitled to any recovery."

    "The court finds it telling that no equity holders, including large hedge funds on the equity committee, has expressed any interest in investing its own money in a transaction involving the debtor."

  • tencjedd tencjedd Jun 27, 2014 11:54 AM Flag

    This is why I have been saying for the better part of the past 2-3 years, that Eagle is defacto BANKRUPT. Day of reckoning is just around the corner, even if they do pull of another extension or two, or three.

    Reality is, with Panamax spot at a 50% discount to Supramax, makes it hard for Supramax rates to rally.

  • Reply to

    After hours trading

    by dcward Jun 11, 2014 7:07 PM
    tencjedd tencjedd Jun 13, 2014 6:21 AM Flag

    the rallies are clearly short covering and i would agree that there is manipulation going on, but its management continuing to delay the day of reckoning solely as a way to get back at the shorts. dry bulk market fundamentals clearly are not improving, but getting worse! the supra tc avg is down 48% ytd and the asset price swoon seen earlier this year is starting to ebb. even worse for supramaxes is the fact that the panamax tc avg is now trading at a 3k discount to supras. that means unless there is a definitive loa or gear restriction, that panamaxes compete on smaller size cargoes simply by short lifting.

  • Reply to

    no news…… ?

    by jameskalcheim Jun 5, 2014 9:33 AM
    tencjedd tencjedd Jun 9, 2014 7:29 AM Flag

    The lenders get to choose - they can exercise the warrants without the previous restrictions or take a 0.5% fee on the notional loan value. Clearly management hoped that the appearance of the bank exercising their warrants would look optically better then just wasting $6M of shareholder money to buy another 3 week extension.

  • Reply to

    no news…… ?

    by jameskalcheim Jun 5, 2014 9:33 AM
    tencjedd tencjedd Jun 7, 2014 3:57 AM Flag

    excuse me, what i meant to say was the warrants had restrictions which did not allow them to be exercised until certain conditions were meet - mainly that the company's share price reached certain price levels. seeing as those original price levels were way out of the money versus where the stock is today, it is in effect a change of the "trigger prices" not "strike prices". same thing d-bag.

    you may be a short term trader. i am investor. eagle bulk is not an investment. it is a bankrupt company. it has openly stated it will be reorganized. oaktree's patterns on reorganization are available for anyone to research and see what happens. current eagle common equity holders are about to marginalized and the company has been openly stating that for sometime now.

    but keep on buying it. have fun watching your position lose 95% when soph can no longer put off the inevitable

  • Reply to

    no news…… ?

    by jameskalcheim Jun 5, 2014 9:33 AM
    tencjedd tencjedd Jun 6, 2014 4:08 AM Flag

    he just gave away a sizeable chunk of the company to the lenders by making all the outstanding warrants previously given to the lenders immediately exerciseable and removed the strike prices in return for another extension. at this point, all he's doing is running up additional legal bills without any hope of changing what the outcome is going to be.

  • Reply to

    3-day extension?

    by jameskalcheim Jun 2, 2014 9:34 AM
    tencjedd tencjedd Jun 3, 2014 8:05 AM Flag

    Close to bankruptcy!

  • tencjedd by tencjedd May 29, 2014 8:03 AM Flag

    Panayotides era at Excel Maritime comes to abrupt end

    Oaktree and other investors re-house Greek bulker company as founder departs

  • Reply to

    So it's restructuring or bankruptcy...

    by alcatwize May 16, 2014 10:19 AM
    tencjedd tencjedd May 27, 2014 8:33 AM Flag

    The $1.1B fleet value is generous by close to $100M.

  • Reply to

    So it's restructuring or bankruptcy...

    by alcatwize May 16, 2014 10:19 AM
    tencjedd tencjedd May 19, 2014 6:37 AM Flag

    Negative NAV is much lower then $22M even with the pickup in Assets. Closer to -$200M.

  • Reply to

    Another Extension To Document a Restructuring

    by markettrader61 May 15, 2014 10:13 PM
    tencjedd tencjedd May 16, 2014 3:10 PM Flag

    Genco and Eagle going bankrupt or not at or near the same time isn't an issue. Just because one goes under doesn't mean another can or won't. The world doesn't need either of their ships, together or independently. And different lenders/debt owners at this point. So not a relevant consideration.

  • Reply to

    Are there games being played with this stock?

    by jameskalcheim May 12, 2014 4:19 PM
    tencjedd tencjedd May 13, 2014 9:00 AM Flag

    Yes plenty of games being played with this. But market is having difficulty valuing bankrupt shipping companies. Look at Genco, stopped trading at $1.70/share. What do those people get? They get a warrant to buy the stock, that would give them 6% of the company AFTER, and only AFTER, the market cap of the reorganized entity rallies to a level that the debt holders have been made whole. Totally ludicrous. You'd be better of just buying the new equity once its starts trading.

    Looking at short interest versus price on Bloomberg, SI has dropped by about 1M shares since the end of March, so perhaps some of the bounces have been short covering rallies.

    Reality is this stock is worth about $1.

  • tencjedd tencjedd May 7, 2014 2:04 PM Flag

    Shorts really getting squeezed. Stock is down almost 10% from when you posted.

  • tencjedd tencjedd May 7, 2014 7:28 AM Flag

    Please, show me the profits!!!

    Apparently, another village has lots its idiot!

  • Reply to

    Management bonuses for an excellent 2013

    by caustic_fred May 1, 2014 8:43 AM
    tencjedd tencjedd May 6, 2014 6:22 AM Flag

    It's been a while since I had the pleasure of using it, but Genco/Peter G did have a Yankees Suite back when markets were better. Given those two line items, I'd guess they still have it.

  • New York judge rejects bid by common equity holders to quash restructuring plan

    A New York bankruptcy judge has rejected attempts by common equity holders in Genco Shipping & Trading to derail a restructuring plan that gives them little recovery in the reorganised company.

    Shareholders Aurelius Capital Management, Och-Ziff Capital Management and Brown Rudnick had objected to Genco’s motion for a court order authorising assumption of the restructuring agreement, which will give 81% of the revamped company to holders of its senior debt.

    But US bankruptcy judge Sean H Lane overruled those objections and authorised Genco to assume the restructuring plan.

    As TradeWinds has reported, Genco’s shares traded at levels stronger than might have been expected even after it flagged intentions to enter Chapter 11 and revealed details of the reorganisation plan. It traded at about $1.70 per share just before Genco’s filing.

    Equity stands to get seven-year warrants for up to 6% of a reorganised Genco in the pre-packaged bankruptcy plan. But this is worth only $0.60 per share, suggests an equity analyst who has studied the offer — about one-third of where the share had been trading.

    Although Genco was delisted from the Nasdaq exchange with the filing, its shares trading over the counter in New York were near $1.73 at TradeWinds’ deadline.

EXMCQ
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