Anyone in this? I grabbed some on Thursday at .065.
Posted by Squire38 on :
Up to 0.086.
Posted by Squire38 on :
Sold at 0.085. Watched it peak at 0.090. Oh well any profit is good profit.
Anyway, make sure you do serious DD on this before putting money down. I am only playing this one for a few hours, or days (maybe). You don't want to have this once their restructuring plan goes through (you'll find out during your DD). I am only playing the bounce on this.
[ July 06, 2006, 22:35: Message edited by: Squire38 ]
Posted by Squire38 on :
Bounced off 5 cents. Get in and get out on this one.
Posted by BLACKBEARD on :
winn dixie is a or was a pretty large store chain i had 3 in the area to chose from ,and actually liked the store , they have 725 million in exit money from wacovia , i would imagine this will turn out like kmart a couple years ago . definately watching this and have been for some time now
Posted by Squire38 on :
quote:Originally posted by BLACKBEARD: winn dixie is a or was a pretty large store chain i had 3 in the area to chose from ,and actually liked the store , they have 725 million in exit money from wacovia , i would imagine this will turn out like kmart a couple years ago . definately watching this and have been for some time now
It would be nice for it to come back like KMART did. Right now I am just flipping the mess out of this. Trying to get double my original position and make them all free shares. Then I'll flip a 1/3 at a time until it is know if they will come out like KMART. We'll see.
Just be carefull everyone.
Posted by aristoentertainment on :
i lost 600 dollars in this crap. Hold when i lost 200 like hnmm maybe itl go back up and lost the rest when it dipped. I was on freaking vacation, hardley in computer access. Really sucks.
Posted by Squire38 on :
I only held from June 29 to the July 6th since it was so far below its 5 SMA. Hopefully this week I can get the shares for "free".
Very risky though.
Posted by Squire38 on :
Man, WNDXQ is my new friend.
Posted by Squire38 on :
There she blows! Too bad no one else could share the joy.
Very risky though!
[ July 11, 2006, 16:13: Message edited by: Squire38 ]
Posted by Squire38 on :
DO YOUR DD -- VERY RISKY IMO!
Posted by permanentjaun on :
Probably around $700,000 in volume today. Definently a bottom bounce play. All technicals are trending up nicely. 20 MA is the closest resistance at .22 which would allow a 40% gain.
Had a high of .145 and closest at .135. Up 84% for the day. Ran hard into the close. Worried profit taking will occur but everything seems good to go for at least 20-30%. Anyone else agree? Matt
Posted by permanentjaun on :
Here's the chart
Posted by Squire38 on :
I think it still needs to fill the gap (June 28-29), which is around 0.22. I think it has great potential of get back to the high 20s and mid-to-low 30s.
I did sell a small portion today to protect my capital. I did flip a few times, so I am riding free.
GTLY.
Posted by stocktrader22 on :
I understand its risky, so question is how long is this going to trade, before restructuring happens and the shares are wiped out?
Posted by Squire38 on :
Plan Developed in Coordination with Creditors Committee, Contains Compromise of Substantive Consolidation Dispute
Positions Winn-Dixie to Emerge From Chapter 11 With a Strong Balance Sheet
Secures $725 Million Exit Financing Commitment from Wachovia Bank
JACKSONVILLE, FL, June 29, 2006 – Winn-Dixie Stores, Inc. today announced that it has filed its proposed Plan of Reorganization and related Disclosure Statement with the U.S. Bankruptcy Court for the Middle District of Florida. With this filing, Winn-Dixie is positioned to emerge from Chapter 11 protection as soon as late October.
Winn-Dixie expects to emerge from its reorganization with sufficient financing and liquidity to make significant investments in its current store base, to selectively open new stores, and to take other actions to position the business to compete effectively in its markets over the next several years. The company also expects to emerge with only a minimal amount of long-term debt on its balance sheet.
The proposed Plan of Reorganization represents the culmination of extensive negotiations with various creditors and creditor groups in Winn-Dixie's Chapter 11 cases. Creditors have been divided over whether these cases should be substantively consolidated or not. Litigation of that issue would have been complex and expensive, delaying Winn-Dixie’s emergence from Chapter 11 for a substantial period of time. Accordingly, the Official Committee of Unsecured Creditors (the “Creditors Committee”), with Winn-Dixie's support, successfully negotiated a settlement of the substantive consolidation issue. The Creditors Committee and the company have garnered the support of ad hoc committees representing the interests of trade vendors and retirees. Winn-Dixie's Plan of Reorganization incorporates the substantive consolidation settlement.
Winn-Dixie also announced today that it has received a commitment for up to $725 million in exit financing from Wachovia Bank. The exit financing, which will replace the company’s current debtor-in-possession (DIP) credit facility on the effective date of a Plan of Reorganization, will increase Winn-Dixie’s cash availability substantially. The financing is subject to the satisfaction of customary conditions.
Winn-Dixie President and Chief Executive Officer Peter Lynch said, “The filing of the Plan of Reorganization and Disclosure Statement represents an important milestone in our Chapter 11 cases. We are hopeful that all parties involved in our Chapter 11 cases will agree that this plan represents an appropriate resolution of a variety of complex issues, including potential disputes regarding substantive consolidation.”
Lynch continued, “Winn-Dixie now is positioned to emerge from bankruptcy as soon as late October. Upon emergence, Winn-Dixie will be in a stronger and more financially stable position. We will have only a minimal amount of long-term debt on our balance sheet and, between our projected cash flow and new exit financing, we will be able to make significant investments in our stores and our business to ensure that we can continue to provide outstanding service and products to our customers and compete effectively in our markets.”
He concluded, “I want to thank our Associates for their unwavering support during this process. Their perseverance and commitment to help Winn-Dixie get better all the time played a significant role in positioning us to emerge in such a positive way. We are also extremely appreciative of our customers and our partners in the vendor and real estate communities for their continued loyalty to Winn-Dixie.”
Business Plan
The Disclosure Statement filed today includes a discussion of Winn-Dixie’s five-year business plan, which is designed to position the company to compete successfully by delivering high-quality products and customer service with competitive pricing.
The business plan highlights the many actions the company has already taken to enhance its operational and financial performance. These include numerous merchandising and marketing initiatives, such as a focus on improving the perishables offering to reinforce the stores’ image of freshness and quality and communicating the branding message of “Getting better all the time” to reflect the improvements that are being made in the stores and throughout the company. Other major completed actions include a reduction of the store footprint to focus on regions where Winn-Dixie’s market share and profitability provide the best foundation for growth, a major redesign of the field and corporate overhead structure, and an annual cost reduction of approximately $100 million.
As a result of these initiatives, Winn-Dixie has reported improved financial results and sales growth in recent periods. For the quarters ended January 11, 2006 and April 15, 2006, the company reported year-over-year increases in identical store sales of 7.3% and 6.7%, respectively. In its business plan, Winn-Dixie projects additional growth in revenue (fueled by continued increases in identical store sales and, beginning in 2008, new store openings), gross margin and EBIDTA (earnings before interest, taxes, depreciation and amortization) during the five-year period.
The Disclosure Statement also includes information about the proposed Plan of Reorganization, financial estimates regarding the company’s reorganized business enterprise value, and events leading up to and during the company’s Chapter 11 cases.
Approval of the Disclosure Statement and related voting solicitation procedures, which Winn-Dixie will seek at a Bankruptcy Court hearing scheduled for August 4, 2006, will permit the company to solicit acceptances for the proposed Plan of Reorganization and seek confirmation of the proposed Plan of Reorganization by the Bankruptcy Court. Assuming these milestones are achieved, Winn-Dixie expects to emerge from Chapter 11 reorganization as soon as late October 2006. The company’s Chapter 11 cases are being presided over by the Honorable Jerry A. Funk, United States Bankruptcy Judge for the Middle District of Florida.
Lynch said, “In the 16 months since Winn-Dixie filed for Chapter 11 protection, the company has made tremendous progress in addressing its operational and financial challenges. In particular, there has been a tangible improvement in customer service, Associate morale, and the quality of the product offering – particularly in perishables. All of this has led to significant increases in identical store sales in recent months and improving gross margin. I look forward to seeing what our talented and dedicated Associates can accomplish once they are no longer held back by the constraints of Chapter 11.”
Details of Proposed Plan of Reorganization
The Plan of Reorganization and Disclosure Statement may be modified prior to the approval of the Disclosure Statement and as a result of the confirmation process. Key elements of the Plan of Reorganization, as currently proposed and subject to approval by the Bankruptcy Court, include:
The company and its subsidiaries will be deemed substantively consolidated for purposes of the Plan of Reorganization and distribution under the Plan of Reorganization in accordance with the settlement negotiated by the Creditors Committee, which include different levels of recovery for different categories of unsecured creditors, based on their relative rights and the strengths of their positions on the substantive consolidation issue and other matters.
Substantially all of the unsecured liabilities of the company will be discharged in exchange for distribution of common equity of the reorganized company, allocated to the unsecured creditors in accordance with the substantive consolidation compromise.
A portion of the common equity of the reorganized company will be set aside for use in a long-term incentive plan to be provided to certain key Winn-Dixie Associates. That plan may consist of a combination of stock grants and options. The participants in that plan and the awards for each participant will generally be determined by a newly constituted Board of Directors.
On the effective date of the Plan of Reorganization, a new Board of Directors will be appointed. The initial New Board will be comprised of nine directors.
Administrative claims and priority claims will be paid in full as required by the Bankruptcy Code, unless otherwise agreed by the holders of such claims. Secured claims may be reinstated on original terms, satisfied on deferred payment terms, or paid in full at the election of the company.
Certain creditors with claims under $3,000, including creditors who elect to reduce their claims to $3,000, will receive cash payments equal to 67% of the amount of their claims. Creditors with claims under $100 will be paid in cash, in full.
Current holders of Winn-Dixie’s equity will not receive any distributions following emergence and their equity interests will be cancelled once the Plan of Reorganization becomes effective. Similarly, subordinated claims, including stock-related claims, will not receive any distributions and will be discharged.
CEO Retention
The Winn-Dixie Board believes it is in the best interest of the reorganized company to enter into a new employment agreement with Peter Lynch, pursuant to which he will continue to serve as the President and Chief Executive Officer of Winn-Dixie after the Effective Date of the Plan of Reorganization. Lynch has expressed a strong desire to continue serving in these roles after the company emerges from Chapter 11. To this end, the Winn-Dixie Board, Creditors Committee and Lynch are negotiating the terms of a new employment agreement for Lynch. His current retention agreement expires on August 31, 2006.
About Winn-Dixie
Winn-Dixie Stores, Inc. is one of the nation’s largest food retailers. Founded in 1925, the company is headquartered in Jacksonville, FL. The company currently operates 527 stores in Florida, Alabama, Louisiana, Georgia, and Mississippi, as well as 12 stores in the Bahamas that are in the process of being sold. For more information, please visit www.winn-dixie.com. Posted by stocktrader22 on :
Don't see anything about shareholders here... I guess be out before court hearing in August?
Posted by permanentjaun on :
I'm only considering this a day or two play. Would be nice to see it pop to .22 tomorrow for a nice 40% gain from here. With all the MA's and previous highs above this one I can't imagine it'd run to August anyways. Matt
Posted by stocktrader22 on :
Thing is, it did go up a lot today, if anything I would expect a drop tomorrow, not a run.
Posted by Squire38 on :
Gapping up.
Very risky.
Posted by stocktrader22 on :
ohhhh i want to jump in, but not lose all my money Posted by stocktrader22 on :
Is this a dip...or we just going down?
Posted by stocktrader22 on :
damnit...could have gotten in at .135
Posted by permanentjaun on :
Whered the bottom go. Possible entry for me here
Posted by Squire38 on :
BOOM!!!! Posted by skip on :
looks like it went up over 100% in the last hour of trading, wow!
Posted by Squire38 on :
Getting hit again on the ask.
Posted by dollar13 on :
Seems like you guys are playing with fire....as soon as they emerge from bankruptcy, which should be "the end of October." Just make sure you are out before. Buuuuuuuuut after they come out. I'm all over WNDX. It's a hometown favorite of mine. The work they've done in the last couple of years has been amazing to the customer, which is good news for the shareholder. Look at Publix, Ahold, Ingles, and other supermarket chains. They are holding their own against the supercenters. WNDX is definitely one to keep an eye on.
It says that all shares will be cancelled and new shares will be issued. Buy when they officially emerge from Bankruptcy which should be some time this month.
"Current holders of Winn-Dixie's equity will not receive any distributions following emergence and their equity interests will be cancelled once the Plan of Reorganization becomes effective. Similarly, subordinated claims, including stock-related claims, will not receive any distributions and will be discharged."
Especially this: "Note: Investors should be cautious when buying common stock of companies in Chapter 11 bankruptcy. It is extremely risky and is likely to lead to financial loss. Although a company may emerge from bankruptcy as a viable entity, generally, the creditors and the bondholders become the new owners of the shares. In most instances, the company's plan of reorganization will cancel the existing equity shares. This happens in bankruptcy cases because secured and unsecured creditors are paid from the company's assets before common stockholders. And in situations where shareholders do participate in the plan, their shares are usually subject to substantial dilution."
I mean we all know pinks are risky. But pink Q's are even more so.
Posted by The Phat Man on :
it is playing with fire for sure, but for a day or two flip, there's money to be made. i made a mint off ackhq recently. got in and out in about 5 days and made a 4 bagger.
Posted by dollar13 on :
bizjournals.com Bankruptcy judge OKs Winn-Dixie reorganization plan Friday November 10, 12:45 pm ET
A bankruptcy judge has approved Winn-Dixie Stores Inc.'s reorganization plan after about 20 months in Chapter 11 bankruptcy. The ruling was issued Thursday by Judge Jerry Funk of the U.S. Bankruptcy Court for the Middle District of Florida after a confirmation hearing held Oct. 13. Winn-Dixie expects to pull out of bankruptcy within 30 days with $725 million in exit financing from a group of lenders led by Wachovia (NYSE: WB - News). The plan was approved as written except for one overruling to an objection filed by the U.S. Trustee for professional fees resulting from bankruptcy.
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About 50 objections were filed before the confirmation hearing by individuals, companies and tax collectors. Most were landlords objecting to "unfair treatment" in the reorganization plan. The plan consolidates the assets of the 24 petitions filed during bankruptcy. The unsecured creditors wanted each claim to be treated separately. In October, all nine unsecured creditors eligible to vote on the plan approved it almost unanimously. The least number of votes was from the landlord class at 77 percent approval. They will receive 46.26 shares of new common stock at 70.6 percent recovery.
Winn-Dixie (Pink Sheets: WNDXQ - News) stock will be canceled, and unsecured creditors will receive their portion of newly issued stock based on their classifications once the company emerges from bankruptcy. Secured creditors will receive the full cash amounts outlined in the plan.
The nine new board members named in early October will take over the company once the grocer emerges, led by chairman and CEO Peter Lynch. Winn-Dixie's debt for 2007 up to the next five years is more than $3 billion, including its store leases. It also has a $40 million term loan and $120 million to $140 million in debt in professional fees, claims and contracts arising from bankruptcy.
Published November 10, 2006 by The Business Journal
i got out of this one about a month ago, as soon as I found out they were goining to cancel the stock if they got the ok from the bankruptcy court. I am sure glad I don't have it now
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