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Started By
Message
re: EXXI - hitting new lows everyday
Posted on 4/15/16 at 11:49 am to Coach Guidry
Posted on 4/15/16 at 11:49 am to Coach Guidry
I'll sell you my 20k for a discount 
1
Posted on 4/15/16 at 11:54 am to Old Sarge
quote:
I'll sell you my 20k for a discount
Posted on 4/15/16 at 1:01 pm to Old Sarge
quote:
My shares don't go away right? I just get shares in the new company as well right?
You loose your shares. Unless im reading it wrong or something changes common and preferred stock get wiped out at any given moment. Thats why some like Coach grabbed up some real cheep to flip quick and make a fast buck...dont want to hold them becasue they can be halted at any moment.
Posted on 4/15/16 at 1:20 pm to NOLAGT
quote:
Investors should understand that existing shares of common stock in a company filing for Chapter 11 usually are cancelled, even if the company emerges and returns to profitability. Also, keep in mind that stockholders will not receive dividends during a bankruptcy proceeding. Common stock usually becomes diluted during bankruptcy, at best, but you maybe able to exchange your old shares for new shares in the reorganized company. These new shares, however, likely will be fewer in number and lower in value.
How can they "cancel" people's stock if the company still exists?
Posted on 4/15/16 at 1:31 pm to Old Sarge
quote:
So the debtors now have a huge stake in the company? To accept 2.8 billion being washed away they must have great faith in the new company right? My shares don't go away right? I just get shares in the new company as well right?
If you are a creditor of an insolvent company would you rather a) take ownership of the company and its assets or b) sit back while the company has no way of paying you (the creditor) debt service. It's like the most fundamental principle of corporate finance and bankruptcy. In a reorganization senior creditors take the company, existing stock holders lose pretty much everything.
This post was edited on 4/15/16 at 1:32 pm
Posted on 4/15/16 at 1:41 pm to Old Sarge
Because they can
quote:
Existing common stock and preferred stock of the Company would be extinguished, and existing equity holders would not receive consideration in respect of their equity interests.
Posted on 4/15/16 at 1:47 pm to sneakytiger
Why are people buying still?
It's almost at .20 I guess I should sell and take my 15,000 loss ?
It's almost at .20 I guess I should sell and take my 15,000 loss ?
Posted on 4/15/16 at 1:49 pm to Old Sarge
If the bankruptcy is done, how is anybody selling and buying? How long or what will determine when the stock disappears with all of its value?
Posted on 4/15/16 at 1:50 pm to Old Sarge
Thats what im not sure about. I read a bunch of people talking about buying it up yesterday and they it would spike today. Some say a lot of companies when they go BK they dead cat bounce the next day. Not sure how it works like that but its what some are doing now. If it were me id sell and get what I could out of it. I want to try to buy into the new company becasue I think it will do well with most of the debt gone.
BK suxs...they are sticking my company for 51k of invoices...
They have filed for BK...it is only beginning...will be months before its all said and done. I dont know when the current stock gets halted or how that part of it works. Maybe someone with more background can chime in....this is new to me.
BK suxs...they are sticking my company for 51k of invoices...
They have filed for BK...it is only beginning...will be months before its all said and done. I dont know when the current stock gets halted or how that part of it works. Maybe someone with more background can chime in....this is new to me.
This post was edited on 4/15/16 at 1:52 pm
Posted on 4/15/16 at 2:06 pm to NOLAGT
Well then I may have pulled the trigger too fast. Lessons learned though. I should have grabbed the quick cash when I was up almost 10k a while back.
My 20,000 shares were bought within 5 seconds at .194
Total summary of my learning experience
Total cost 17,200
Total loss after both of my sell orders 13,000
Net loss after tax deduction this year estimated at 7,800
My 20,000 shares were bought within 5 seconds at .194
Total summary of my learning experience
Total cost 17,200
Total loss after both of my sell orders 13,000
Net loss after tax deduction this year estimated at 7,800
This post was edited on 4/15/16 at 2:08 pm
Posted on 4/15/16 at 2:15 pm to sneakytiger
That's what I read and got the quote from above.
Posted on 4/15/16 at 2:36 pm to Old Sarge
quote:
How can they "cancel" people's stock if the company still exists?
They have declared the intention to go bankrupt, hasn't officially happened yet. People will continue to trade the stock because of its volatility and just will try not to be caught holding the stock when it is done.
They don't cancel your shares, either they get diluted or you are and equity share holder and are have no write to any money and therefore your shares are worthless.
How can people be buying this much stock of a failing company and not have a basic understanding of bankruptcy proceedings.
Posted on 4/15/16 at 2:59 pm to Old Sarge
my bad
Posted on 4/15/16 at 3:14 pm to barry
Is this similar to what happened to NBG when it went off exchange and went to NBGGY? Did a reverse split but stock price never went up
This post was edited on 4/15/16 at 3:15 pm
Posted on 4/16/16 at 8:24 am to TheIndulger
Well, I guess I'll sit here and wait for some new marijuana legislation
Posted on 4/25/16 at 9:44 am to windshieldman
EXXI is now EXXIQ. So I am guessing anyone still holding EXXI have just been killed off?
Posted on 4/25/16 at 10:13 am to NOLAGT
They should have just converted.
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