CUSIP No. 339756108 13G Page 2 of 8 Pages FLOORING AMERICA INC (Name of Issuer)
Common Stock (Title of Class of Securities)
339756108 -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON(S) S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON(S) Morgan Stanley IRS # 36-314-5972 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,658,200 -------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
-------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 8.6%
Federal bankruptcy laws govern how companies go out of business or recover from crippling debt. A bankrupt company, the "debtor," might use Chapter 11 of the Bankruptcy Code to "reorganize" its business and try to become profitable again. Management continues to run the day-to-day business operations but all significant business decisions must be approved by a bankruptcy court.
Can't issue more shares.
Posted by: Flatsixer In reply to: The Rainmaker who wrote msg# 192 Date:3/14/2008 9:00:28 PM Post #of 222
Yeah I got it...From US BK PACER...
"U.S. Bankruptcy Court Northern District of Georgia (Atlanta) Bankruptcy Petition #: 00-68370-jb
Assigned to: Judge Joyce Bihary Chapter 11 Voluntary Asset Date Filed: 06/15/2000
Debtor Flooring America, Inc. 2593 Kennesaw Due West Rd. Ste. 200 Kennesaw, GA 30144 Tax id: 58-2060334 aka The Maxim Group, Inc. aka Maxcare aka CarpetMax
Trustee Morton Levine Levine & Block Suite 2270 945 E. Paces Ferry Road Atlanta, GA 30326 404-231-4567
Trustee Smith, Gambrell & Russell, LLP Suite 3100 1230 Peachtree Street, N.E. Atlanta, GA 30309 404-815-3500 Tax id: 58-0967450
U.S. Trustee Office of the US Trustee Suite 362 75 Spring Street, SW Atlanta, GA 30303 404-331-4437"
Posted by: Flatsixer In reply to: None Date:3/14/2008 10:02:22 PM Post #of 222
Flooring America had it's Reorganization Plan filed on 18APR2003 and it was confirmed by the Court in its entirety on 12May2003. (Doc2152)
The original Ch11 bankruptcy case was filed 15June2000.
Posted by: Flatsixer In reply to: The Rainmaker who wrote msg# 194 Date:3/14/2008 9:15:23 PM Post #of 222 Well, there are 3394 documents/filings/exhibits on this case, lol...so I'm going to have to look into it over the weekend.
Here is something interesting...
In the Court required Monthly Financial Report on 28FEB2008 (Doc3394) there was the following statement by the Liquidating Agent under oath...
"I project that the Debtor will file a motion for a Final Decree under Federal Rule of Bankruptcy Procedure 3022 on or before June 30, 2008."
Rule 3022 is the final decree that closes a BK case.
Posted by: zardiw In reply to: MrBigz who wrote msg# 41 Date:7/25/2007 11:56:14 AM Post #of 222
CCA only bought some ASSETS of FA. The company is still in bankruptcy proceedings, and no final disposition has been reached. Should be this year when it is all said and done.
The stock has NOT been cancelled.
I talked with the trustee, and he said they have 2 lawsuits pending that were filed against Merril Lynch, and also Suntrust/Robinson. Those suits are in process, but it will be awhile before they are done. Trial starts in 2008.
If they win those suits, this would be huge.
There is still some outstanding debt, and they still have creditors.
He is amenable to a Reverse Merger. This could satisfy the creditors by issuing some stock for them in the new company.
Posted by: zardiw In reply to: ucallyomama who wrote msg# 46 Date:8/31/2007 4:41:44 PM Post #of 222
They're also suing Merrill Lynch and Suntrust Robinson. Trial begins early next year..........z
Posted by: zardiw In reply to: monda2frida who wrote msg# 1809 Date:3/14/2008 11:15:16 AM Post #of 1873
FRAE is suing Merril Lynch and SunTrust/Robinson. Case will be in court in April..........z
Auth 75/OS 21, Used to be $26/share,
New Case #00-68372 Judge Joyce Bih
Trustee: Morton Levine, 404 231-4567, mlevine*lbslaw.net, he's the CEO/President/Treasurer/BottleWasher. Owns it all. Amenable to R/M
Got a few mil in the bank.
2 lawsuits. Suing Merril Lynch, and Suntrust/Robinson
-------------------- Men lie......Women lie........numbers don't.........
IP: Logged |
Posted by: The Rainmaker In reply to: OTC BB King who wrote msg# 579 Date:3/18/2008 12:04:49 PM Post #of 602
I have an update on FRAE lawsuit.
Spoke with Crystal at the court house. The FRAE lawsuit is proceeding. It has been assigned to an auditor named Thomas Croft. The case has gone to arbitration no judge is involved. Crystal told me they just started scanning in the documents on the case. I asked why they were just scanning the docs now after all this time. She told me it's because the case is now actively proceeding and moving along to arbitration.
It appears FRAE lawsuit is real and still very much alive. Things could happen fairly quickly now.
-------------------- Men lie......Women lie........numbers don't.........
IP: Logged |
posted
Another update! lawsuit in excess 100 million!
Posted by: zardiw In reply to: None Date:3/18/2008 12:09:09 PM Post #of 611
Got ahold of the Trustee. He said the lawsuit Did have Merrill Lynch as one of the defendants, and that it was for in excess of $100 Million. When he gets back to the office next week, he can tell me exactly what the amount is. The 'auditor' that the case has been assigned to is an assistant judge that hears the pretrial motions, discovery, etc. The case is ongoing at this time......z
-------------------- Men lie......Women lie........numbers don't.........
IP: Logged |
Posted by: The Rainmaker In reply to: zardiw who wrote msg# 654 Date:3/18/2008 3:42:22 PM Post #of 656
Mort Levine just called me back. Lawsuit filed against Merrill and Suntrust is for well over 100 million dollars.
The court appointed auditor is another name for an ad-hoc judge. He hears all motions, discovery etc., everything short of the actual trial. Mr. Levine still expects this to go to trial when the auditor is done. He was on the road when he called me and that's all he had time to give me.
-------------------- Men lie......Women lie........numbers don't.........
IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
