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AGCCQ: Disclosure Statement and Plan of Reorganization Approved by the Bankruptcy Court for Solicitation of Votes
Anchor Glass Container Corporation announced that it has received approval from the United States Bankruptcy Court Middle District of Florida Tampa Division to submit for voting its proposed Plan of Reorganization and Disclosure Statement. Anchor's Plan of Reorganization will reduce the company's long term debt by approximately $370 million. A confirmation hearing has been set for April 17, 2006. Assuming court approval of the plan, Anchor expects to emerge from Chapter 11 in late April 2006.
"This plan of reorganization is an important milestone for us. With the support of our customers, vendors and employees we have the framework in place to enable Anchor Glass to remain a strong and innovative competitor in the marketplace," said Mark Burgess, Anchor's Chief Executive Officer. The Ad Hoc Committee of Noteholders and the Official Committee of Unsecured Creditors have advised Anchor Glass that they will recommend the acceptance of this plan. The terms of Anchor's Plan of Reorganization call for a debt-for-equity swap that will give Anchor's Senior Secured Noteholders 100 percent of the company's equity. Anchor will exit chapter 11 as a privately held company with long-term debt of $135 million. To ensure strong liquidity, Anchor intends to put in place a revolving credit facility of approximately $65 million. Unsecured creditors will receive a cash distribution of approximately $8.6 million. Based upon current estimates, unsecured claims approximate $120 million. Current equity holders will receive no distribution and their shares will be cancelled.
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Shoot guys, There is better crap out there than this stuff. You're being lazy! Go out there and drag up the crap on the bottom of the barrel. The stuff that never getts on any forum cause it never move past nothing.
CMKX was one of the worst plays I've seen. They banked on peoples greed and they screwed everyone. Thing is...There was a point in time where if people had played smart instead of greedy they could have come out in a great position.
Another stock I really don't like is currently talked about on this board. The stock formerly known as MLON. I won't ever bite that apple again, even with new management...but I know pleanty who think it has more potential now than it did before the fall.
If you are going to post about worthless stocks, really post about WORTHLESS stocks. Not just the ones you currently don't like.
QBID will come off .0001 sometime. Doubt it will ever fly but smart people can still make money.
BKMP, now that's just silly. They have been revolving between .0003 and .0006 for a month and if you played it smart you would be up over 300 - 400% by now. And they still have the American carrier possibility.
Just examples...
Now if you want to impress me go out and find the most worthless POS on the boards and post it here so newbies don't get caught in a trader trap.
The Bigfoot
-------------------- No longer eligible for government service due to lack of tax issues.
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They are all crap....but you can make $$$ on most of them...I have made bank on quite a few of the dogs posted here so far including CMKX, QBID, and MLON...Stocks I wouldn't touch right now...PCCE, QBID, USCI...GLTA
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Why do you guys think these are worthless? They are worthless for right now, but if you can buy them at a low and sell them at a higher price why would they be worthless? They are actually GREAT.
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Why bkmp... this stock is gonna be huge in next couple weeks. Patience is the key....Dont try to day trade. SWING !!! thats the key.....wait and see
-------------------- This is not a recommendation to buy or sell securities.
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quote:Originally posted by redgurl19: why am i the only one posting USXP here?
Why cause I made over 500% off USXP and since then have daytraded it over 10 times for great profits.That stock rules.Definitely not a pos.
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Just a heads up for you savy investment junkies.
If you had purchased $1000.00 of Nortel stock one year go, it would now be worth $49.00.
With Enron, you would have had $16.50 left of the original $1,000.00.
With WorldCom, you would have had less than $5.00 left.
But, if you had purchased $1,000.00 worth of beer one year ago, drank all the beer, then turned in the cans for the aluminum recycling REFUND, you would have had $214.00. Based on the above, the best current investment advice is to drink heavily and recycle.
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While some are busy playing "higher than thou" games, some (such as I) are busy making the best money in about a year in these turd subpennies. Almost every one of these subpennies have risen from the dead since about 2 weeks ago and will last just bit longer. PCCE-- what a beauty. Played 0.0002 buy to 0.0003 sells with $5k three times in the past three to four days. That's $25k times three. Then there's adot, gwgo, cnes, advc, etc... Damnned cash tsunami. Never know but PCCE has been accumulated like mad the last three or so days and it feels like it wants to rocket from here. I almost wish I didn't sell today at 0.0003. It can definitely move to 0.001 imo. Good luck all players.
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