posted
May is a real pro. He did a great job straightening out the mess at Healthsouth and charting a fiscally responsible plan for the future. I don't think he would get involved here unless he thought he could do the same...He is not a guy who spews a lot of bs..you won't see a bunch of fluff prs...but when he does speak you can trust his words... At least that was my experience with him at HS and I sold out there at $5.35 taking a nice profit from his labors.
Posts: 908 | Registered: Dec 2004
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posted
the bet you make here is that tomorrow's ruling goes our way..if so BOOM...if not we will remain in a trading range of say .25-.4 and you should watch carefully for talk of chapter 11 or 13...imo
Posts: 908 | Registered: Dec 2004
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posted
there is no equity value in this company. should be good for trading because of people that don't know any better. i can't imagine how they could avoid bankruptcy.
Posts: 1045 | From: novato,ca,usa | Registered: Aug 2003
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posted
it might be tough metal1, I agree...however it is one of the largest power generators in the country and as such will not be a company folks are willing to just throw away...or see go bankrupt easily...if there is a way to keep it afloat look for everyone..including possibly government intervention..to try and keep this a float...
Posts: 908 | Registered: Dec 2004
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quote:Originally posted by metal1: there is no equity value in this company. should be good for trading because of people that don't know any better. i can't imagine how they could avoid bankruptcy.
If anything I think the judge gives them and extension.
I'm hanging. Don't need to miss the boat.
It's not.......not knowing any better. It's the penny's Risk=reward here.
and the reward could be GREAT!
-------------------- Lil,
Dont LOSE more than you can afford to invest....LOL
I'm buying low and selling into the run... Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004
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posted
there is no way the government would get involved in this. if they went bankrupt, they would just get new financing and issue new stock. the current equity holders would get nothing(like K-mart). the company may even have to liquidate because they mentioned that most of their debt is secured by most of the companies assets so there is really nothing left for equity holders. should be interesting trading in the meantime though.
Posts: 1045 | From: novato,ca,usa | Registered: Aug 2003
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posted
Any predictions on tommorrows court decision? Let me tell you my thoughts..... I wish scottrade had stop limit orders on pinks. But I am going to ride it out anyway what the hell.
"(Calpine) is in the process of attempting to enter into financing transactions," said Robert Haney, an attorney for Calpine, at an appeals hearing before the court. "Obviously it's easier to do that in the longer term."
The court statement by the Calpine attorney "suggests that the new management is not as inclined to file for bankruptcy," said Jon Cartwright, an analyst at BOSC Inc.
(c) Reuters 2005. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world. 15Dec05 20:22 GMT
Posts: 230 | Registered: Jun 2005
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UPDATE 2-Calpine says could repay money sooner than Jan. 22 Thu Dec 15, 2005 03:22 PM ET (Adds comments, byline)
By Sarah Coffey
WILMINGTON, Del., Dec 15 (Reuters) - Embattled power producer Calpine Corp. (CPNL.PK: Quote, Profile, Research) told the Delaware Supreme Court on Thursday that, if ordered to do so, it can repay $312 million that it misspent on fuel earlier than the Jan. 22 deadline imposed by a lower court.
Calpine had previously said that it was not sure it could repay the money by the deadline and was at risk of bankruptcy. But the company's lawyers said on Thursday that Calpine could make good on the repayment and was also seeking to raise new funds.
"(Calpine) is in the process of attempting to enter into financing transactions," said Robert Haney, an attorney for Calpine, at an appeals hearing before the court. "Obviously it's easier to do that in the longer term."
The court statement by the Calpine attorney "suggests that the new management is not as inclined to file for bankruptcy," said Jon Cartwright, an analyst at BOSC Inc.
The court heard arguments from Calpine, one of the biggest U.S. power generators, and Wilmington Trust (WL.N: Quote, Profile, Research) , as trustees for Calpine's first and second lien note holders.
Calpine is appealing a Delaware Court of Chancery ruling that it violated terms of its debt by using $312 million in asset sale proceeds to buy gas for fuel, saying it should be reversed because the court misinterpreted the terms.
The Chancery Court ordered Calpine to repay the money to the bank account from which it came in the first place, an account intended to be used only for the repayment of debt and the purchase of certain kinds of designated assets.
Wilmington is asking the Supreme Court to uphold the Chancery Court's ruling and to accelerate Calpine's repayment to January 3.
Wilmington agreed last week to hold off forcing Calpine to repay $3 billion in second-lien notes until the appeal is decided and a repayment deadline is confirmed.
Wilmington said it wants the money sooner rather than later because then, "they won't be able to use the monies in that account for any other reason," attorney Laurence Greenwald said in court.
The Supreme Court, after an hour-long hearing, adjourned and said it expected to rule on the appeals promptly.
Even before the hearing, though, analysts said it did not matter in the long run if the court cut Calpine's time to repay the money.
"The tightening of the time frame ... (is) clearly important but ... I don't think that time frame of 20 days is really going to be that meaningful," said Caesar Silvestro, an analyst at Samco Capital Markets.
Posts: 230 | Registered: Jun 2005
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posted
WILMINGTON, Del., Dec 15 (Reuters) - Embattled power producer Calpine Corp. (CPNL.PK: Quote, Profile, Research) told the Delaware Supreme Court on Thursday that, if ordered to do so, it can repay $312 million that it misspent on fuel earlier than the Jan. 22 deadline imposed by a lower court.
Calpine had previously said that it was not sure it could repay the money by the deadline and was at risk of bankruptcy. But the company's lawyers said on Thursday that Calpine could make good on the repayment and was also seeking to raise new funds.
"(Calpine) is in the process of attempting to enter into financing transactions," said Robert Haney, an attorney for Calpine, at an appeals hearing before the court. "Obviously it's easier to do that in the longer term."
The court statement by the Calpine attorney "suggests that the new management is not as inclined to file for bankruptcy," said Jon Cartwright, an analyst at BOSC Inc.
The court heard arguments from Calpine, one of the biggest U.S. power generators, and Wilmington Trust (WL.N: Quote, Profile, Research) , as trustees for Calpine's first and second lien note holders.
Calpine is appealing a Delaware Court of Chancery ruling that it violated terms of its debt by using $312 million in asset sale proceeds to buy gas for fuel, saying it should be reversed because the court misinterpreted the terms.
The Chancery Court ordered Calpine to repay the money to the bank account from which it came in the first place, an account intended to be used only for the repayment of debt and the purchase of certain kinds of designated assets.
Wilmington is asking the Supreme Court to uphold the Chancery Court's ruling and to accelerate Calpine's repayment to January 3.
Wilmington agreed last week to hold off forcing Calpine to repay $3 billion in second-lien notes until the appeal is decided and a repayment deadline is confirmed.
Wilmington said it wants the money sooner rather than later because then, "they won't be able to use the monies in that account for any other reason," attorney Laurence Greenwald said in court.
The Supreme Court, after an hour-long hearing, adjourned and said it expected to rule on the appeals promptly.
Even before the hearing, though, analysts said it did not matter in the long run if the court cut Calpine's time to repay the money.
"The tightening of the time frame ... (is) clearly important but ... I don't think that time frame of 20 days is really going to be that meaningful," said Caesar Silvestro, an analyst at Samco Capital Markets.
NEW YORK -(Dow Jones)- Bear Stearns Cos (BSC). (BSC) is forging ahead with its energy-trading joint venture with Calpine Corp. (CPNL) (CPNL), a Bear Stearns executive said.
Houston-based Calpine this month replaced its senior management amid continuing financial difficulties and forecasts from some industry analysts that it could file for bankruptcy protection. "We are continuing to move ahead with launching the joint venture," Bear Chief Financial Officer Samuel Molinaro said in a conference call with investors Thursday. "We have licenses in place.... We are ready to launch activities in the next 30 to 60 days."
Bear Stearns, based in New York, is largely providing credit and capital to help Calpine reduce its collateral requirements when trading natural gas and electricity and reassure power and gas customers that it won't default on trades. Bear is providing a $350 million credit facility through the venture to Calpine.
The firms announced the creation of CalBear Energy LP., to be wholly owned by Calpine, in September.
Bear Stearns officials have said the venture should help it expand business with hedge funds and other trading and banking clients interested in the power and gas markets.
Calpine's new management team "seem committed" to the venture, Molinaro said, though he added the executives "clearly have challenges."
A Delaware judge ordered Calpine in November to replace $312 million in cash from the sale of a gas-producing subsidiary. The cash had been posted as collateral for certain Calpine bonds.
posted
between CPNL and FORD today, I'm all giddy. CPNL word hasn't even begun to spread. tomorrow will be pretty.
Posts: 230 | Registered: Jun 2005
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posted
going for .40 today? .393 already. i figured they would wall it at .37/.38 but apparently they failed hoho
Posts: 230 | Registered: Jun 2005
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posted
The new guys in charge say they're not going the bk route. that is the first big push that this needed with other boosters to stream in and keep her a-rollin'.
Posts: 230 | Registered: Jun 2005
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quote:Originally posted by Jelly: hot damn...This will gap in the am too. I'm gonna watch it and may grab some again.
I can't watch anymore. I feel like an a$$ for selling.
Don't feel too bad, I got in at .19 and sold at .24! Thought I was being smart because sooner or later I believed this stock would go to zero. You can't go broke taking a profit.
Posts: 344 | From: Berkeley, CA | Registered: Sep 2005
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