tag:blogger.com,1999:blog-1527840491496268397.post4582540548042249086..comments2024-03-08T11:20:30.095-07:00Comments on Credit Bubble Stocks: Suntech Short Interest Keeps FallingUnknownnoreply@blogger.comBlogger35125tag:blogger.com,1999:blog-1527840491496268397.post-21421052832496536552014-02-01T09:38:54.833-07:002014-02-01T09:38:54.833-07:00I don't think the company is engaging in marke...I don't think the company is engaging in market manipulation. It does not have the cash to do so. Few people are selling Suntech but when they do the price will drop substantially.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-80286504242622323412014-01-30T13:53:09.943-07:002014-01-30T13:53:09.943-07:00On page 29 of the Joint Provisional Liquidators...<br /><br /> On page 29 of the Joint Provisional Liquidators' January 2014 report to creditors, they talk about the NYSE appeal presentation which will address the restatements of the financial statements and where they also intend to argue that:<br /><br /> "The trading history of the Company's ADSs since suspension which supported the Company's belief that investors continued to believe in the value and prospects of the Company."<br /><br /> They are presumably propping up their own stock (painting the tape) for the purpose of the appeal which will be heard on February 6. If the appeal is unsuccessful... bombs away??<br /><br /> They've also asked the SEC "whether they would allow filing of the accounts for 3 years from 2010 to 2012 under the one 'Super 20-F Form' to be filed by 30 April 2014."Opium Warnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-203442414160760742014-01-30T13:52:10.889-07:002014-01-30T13:52:10.889-07:00"Bonds are at an all time low ($8) and equity..."Bonds are at an all time low ($8) and equity will likely rush to exit at well sometime within the next 3 weeks."<br /><br />I'll take the over on the equity.. The thing will just never go down.. <br /><br />Only 5k lot in the bonds at 8, would be nice to see some real volume there. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-77023693780034511062014-01-30T11:47:40.337-07:002014-01-30T11:47:40.337-07:00Since the petitioners have judgement rulings, they...Since the petitioners have judgement rulings, they could also have been priority status and the JPLs may re-pay their claims in full before or at the hearing in the Cayman Islands on 2/12.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-68878781757050286092014-01-30T11:45:17.311-07:002014-01-30T11:45:17.311-07:00Suntech had only $1m of cash so they must have eit...Suntech had only $1m of cash so they must have either sold some of the few remaining assets already or gotten a few more million secured loans.<br /><br />The only remaining hope for the bondholders is if STPFQ can quickly pull off a swap and reverse split to allow them to sell shares.<br /><br />The Wuxi government might also pump about $100-150M into the company for 51% equity + to settle the Wuxi STP claim and acquire any IP, non-China contracts, and other similarly small assets held by Suntech's international subsidiaries.<br /><br />Bonds are at an all time low ($8) and equity will likely rush to exit at well sometime within the next 3 weeks.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-2481737685113795832014-01-30T11:30:54.445-07:002014-01-30T11:30:54.445-07:00There may have been a private workout arrangement ...There may have been a private workout arrangement whereby the majority bondholders paid cash to the petitioners in order to buy time to file under chapter 15.<br /><br />The PwC liquidators likely retained PwC to audit Suntech -- it's been mentioned in numerous press releases (and the provision liquidation report) that updated 2009-2013 financials would be reported "as soon as reasonably practical" to meet SEC requirements in early (February) 2014. <br /><br />I imagine the JPLs will be announcing the financials and a broader restructuring framework and specifics on the equity dilution at the hearing on 2/12.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-36046472350321434012014-01-30T11:03:48.860-07:002014-01-30T11:03:48.860-07:00Why would the creditors agree to give Suntech anym...Why would the creditors agree to give Suntech anymore time? <br /><br />Why enter into this framework if it just further delays the inevitable? <br /><br />There is no way Suntech can complete previous years financial statements in this time period. There is no one left!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-46106423123091308952014-01-30T10:25:32.603-07:002014-01-30T10:25:32.603-07:00FYI: as part of the Chapter 15 filing, Suntech wil...FYI: as part of the Chapter 15 filing, Suntech will need to release audited financial statements.<br /><br />It also will burn a great deal of Suntech's remaining cash balance.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-23667454966452477612014-01-30T10:21:55.772-07:002014-01-30T10:21:55.772-07:001/30 Case Conference Update
Suntech Power Holding...<b>1/30 Case Conference Update</b><br /><br />Suntech Power Holdings Co., Ltd. has entered into a new Restructuring Framework Agreement (RFA) with Creditors, including the Petitioners, Clearwater, and Spinnaker.<br /><br />The RFA obliges Suntech to file for bankruptcy under Chapter 15 in New York court before February 21st, 2014.<br /><br />All of the RFA parties support the conversion of the Chapter 7 case to a Chapter 15 case that would recognize the the Cayman Islands Provisional Liquidation as the foreign main proceeding.<br /><br />In the event that Suntech fails to submit a Chapter 15 filing (or if the conversion from Chapter 7 to Chapter 15 is not completed) before Friday, February 21st, then the Chapter 7 proceedings will continue.<br /><br />A case conference has been scheduled for February 25th and a hearing on the Chapter 7 case has been tentatively scheduled for March 4th.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-78864733879611068082014-01-30T10:03:57.887-07:002014-01-30T10:03:57.887-07:00Anyb update on the case conference? Anyb update on the case conference? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-64346795407485646722014-01-29T09:19:44.754-07:002014-01-29T09:19:44.754-07:00From seeking alpha article:
The January 30 hearin...From seeking alpha article:<br /><br />The January 30 hearing has been adjourned, but case conference scheduled for tomorrow will go forward.<br /><br />http://bit.ly/1nk9Kkl<br /><br />http://seekingalpha.com/article/1932621-court-documents-show-suntech-power-shares-almost-worthless#comments_headerAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-58154231558750905452014-01-28T14:37:26.694-07:002014-01-28T14:37:26.694-07:00Do you know where to find the Joint Provisional Li...Do you know where to find the Joint Provisional Liquidators' January 2014 report to creditors?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-4532058633159256082014-01-28T13:04:28.537-07:002014-01-28T13:04:28.537-07:00On page 29 of the Joint Provisional Liquidators...On page 29 of the Joint Provisional Liquidators' January 2014 report to creditors, they talk about the NYSE appeal presentation which will address the restatements of the financial statements and where they also intend to argue that:<br /><br /><i>"The trading history of the Company's ADSs since suspension which supported the Company's belief that investors continued to believe in the value and prospects of the Company."</i><br /><br />They are presumably propping up their own stock (painting the tape) for the purpose of the appeal which will be heard on February 6. If the appeal is unsuccessful... bombs away??<br /><br />They've also asked the SEC "whether they would allow filing of the accounts for 3 years from 2010 to 2012 under the one 'Super 20-F Form' to be filed by 30 April 2014."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-26294761505377242812014-01-28T13:01:43.617-07:002014-01-28T13:01:43.617-07:00I am sure the US attorneys of Suntech are advocati...I am sure the US attorneys of Suntech are advocating the company to put it into bankruptcy voluntarily following the hearing.<br /><br />The majority bondholders are down to their last straw -- which is that the judge finds the abstention oral argument that Suntech will make more persuasive than continuing with the chapter 7 proceedings.<br /><br />Standing in Suntech's shoes, there are only 3 options for it to carry out a scheme of arrangements in Grand Cayman:<br />1. try to dismiss the chapter 7 case via a 305 abstention ruling, 2. chapter 15, or <br />3. chapter 11.<br /><br />Suntech will claim that Caymen a is creditor friendly and preferable jurisdiction in their 305(a)(1) argument.<br /><br />However, an insurmountable defense to Suntech's claim would be that the petitioning creditors include federal judgement rulings and it is unreasonable for NY to compel these orders to be brought to Cayman in order simply to be enforced.<br /><br />In other words, the "majority of creditors before the court" (which comprises both note holders and holders of judgement rulings) are petitioning that chapter 7 is entirely necessary for all creditors to reach a just and equitable solution.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-67284875514802161702014-01-28T12:52:43.952-07:002014-01-28T12:52:43.952-07:00The Shunfeng deal happened. Wuxi Suntech is now ow...The Shunfeng deal happened. Wuxi Suntech is now owned by them. STPFQ is SOL.<br /><br />It's funny how STPFQ doesn't comply with reporting requirements even as it is begging the NYSE for relisting and the SEC for special treatment.Opium Warnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-31400719937331657212014-01-28T12:52:39.499-07:002014-01-28T12:52:39.499-07:00I am sure the US attorneys of Suntech are advocati...I am sure the US attorneys of Suntech are advocating the company to put it into bankruptcy voluntarily following the hearing.<br /><br />The majority bondholders are down to their last straw -- which is that the judge finds the abstention oral argument that Suntech will make more persuasive than continuing with the chapter 7 proceedings.<br /><br />Standing in Suntech's shoes, there are only 3 options for it to carry out a scheme of arrangements in Grand Cayman: 1. get a 305 abstention ruling in the chapter 7 proceedings, 2. chapter 15, or 3. chapter 11.<br /><br />Suntech will claim that Caymen a is creditor friendly and preferable jurisdiction in their 305(a)(1) argument.<br /><br />However, an insurmountable defense to Suntech's claim would be that the petitioning creditors include federal judgement rulings and that it is unreasonable for NY to compel these orders to be brought to Cayman in order to be enforced -- in other words, the chapter 7 proceedings are necessary for all creditors to reach a just and equitable solution.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-83246798228166617322014-01-28T12:36:44.032-07:002014-01-28T12:36:44.032-07:00They did file a 6K yesterday (1/27) about the cred...They did file a 6K yesterday (1/27) about the creditors meeting. <br /><br />Seems odd it's taking this long to wrap up the Shunfeng deal. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-56330928610111593832014-01-28T12:21:09.153-07:002014-01-28T12:21:09.153-07:00How can it be that the SEC allows companies to not...How can it be that the SEC allows companies to not file a 6k when announcing a meeting of a creditors? Shareholders are creditors. Does Suntech Holdings think that agenda item #4 ("the election of a liquidation committee") is not a material event?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-5770678615912806662014-01-28T11:52:51.819-07:002014-01-28T11:52:51.819-07:00Any update on the Shunfeng deal?Any update on the Shunfeng deal?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-28354225849923846902014-01-28T09:30:46.553-07:002014-01-28T09:30:46.553-07:00Any update on the Shunfeng deal?
Any update on the Shunfeng deal? <br /><br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-80566929559222254092014-01-25T17:15:51.973-07:002014-01-25T17:15:51.973-07:00not good for stock...not good for stock...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-57684006062429461142014-01-24T19:54:17.538-07:002014-01-24T19:54:17.538-07:00http://ir.suntech-power.com/phoenix.zhtml?c=192654...http://ir.suntech-power.com/phoenix.zhtml?c=192654&p=irol-IRHome<br /><br />Suntech will hold a creditors' meeting for liquidation in CaymanAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-1676127831137412342014-01-23T13:57:28.630-07:002014-01-23T13:57:28.630-07:00A million bonds on the tape today with a slight up...A million bonds on the tape today with a slight uptick in price. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-45349098374134770482014-01-17T10:00:32.261-07:002014-01-17T10:00:32.261-07:00"The Company has notified the NYSE of its int..."The Company has notified the NYSE of its intention to cure this deficiency within the prescribed timeframe."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527840491496268397.post-6126088205372209992014-01-16T17:50:29.867-07:002014-01-16T17:50:29.867-07:00Yes, you can verify on the Shunfeng IR site. Inves...Yes, you can verify on the Shunfeng IR site. Invesors overwhelming approved the financing plan and gave directors the authority to acquire Wuxi STP. The deposit and funds have been given to the administrator, so the deal should formally be brought to a close once the paperwork gets signed in the next week or two.Anonymousnoreply@blogger.com