VeraSun Energy Corporation (OTC: VSUNQ), which filed for Chapter 11 protection on July 31st 2009, announced that the 158 million shares of common stock in the company have been cancelled. The shares currently trade at $0.0055. No new shares will be issued.
On October 30th Otter Tail Ag Enterprises LLC, an enthanol producer, filed for relief under Chapter 11 with the United States Bankruptcy Court, District of Minnesota.
Garrett W. McIntyre
Today South Texas Oil Company (NASDAQ: STXX), an oil and gas company, filed for relief under Chapter 11 in the United States Bankruptcy court for the Western District of Texas. The company will file a motion with the Bankruptcy Court to allow them to seek interim financing for $1.5 million.
Yesterday Rancher Energy Corp (OTC: RNCH), a company engaged in the development, production and marketing of oil and gas, filed for relief under Chapter 11 in the United States Bankruptcy Court for the District of Colorado.
On October 27th, CanArgo Energy Corporation (OTC: CANR), an oil and gas exploration company, filed for relief under Chapter 11 with the United States Bankruptcy Court for the Southern District of New York. The company has filed a motion with the Court that it approve an additional $1.2 million in loans for operational funding. The company’s Chapter 11 filing has caused roughly $18.1 million in debt to become due for the company.
Garrett W. McIntyre
Wind energy is supposed to be one of the key puzzle pieces in the quest to get off the dependence of foreign energy sources. Yet a fairly disturbing story from the Daily Camera in Boulder. Colorado last night highlighted how all the federal grant money and all the alternative energy money in the world will still not be enough to keep every player alive. Entegrity Wind Systems Inc. is a Canada-based wind turbine manufacturer that has based some operations in Boulder, CO. And now the company has gone bankrupt. In now way will this kill the efforts and ambition of the two giants in the U.S.: General Electric Co. (NYSE: GE) and Siemens AG (NYSE: SI). It might even be good news for the giants as one less future competitor may be gone. However, it does highlight at least some of the potential risks and ongoing risks for three smaller companies:
It is no secret that things could be much better at Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE). But the last week or so has re-highlighted just how dire the situation is for these government sponsored entities and perhaps more importantly for the common shareholders. Both Freddie Mac and Fannie Mae were forced into federal conservatorship last year by Uncle Sam.
We have taken an in-depth look here at the situation and the past to get a feel for the future of these companies (GSE’s). If you parse through the data and watch what has been happening in Washington D.C. of late, there is the clear reminder that these emperors have no clothes on. In the world of Star Trek, these companies stockholders may be facing a Kobayashi Maru scenario.
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Investors who have dumped CIT (NYSE:CIT) stock since September 29 are looking smart. The shares have dropped from $1.67 on the 29th to $1.04.
It appears that debtholders of paper from the lender to medium-sized businesses may let it go into bankruptcy. CIT management will try to make this a pre-packaged bankruptcy so that the firm can keep operating and get financing to continue, but, according to Reuters, debtholders may fight that. Read More
Today Accuride Corporation, an auto parts manufacturer, filed for protection under Chapter 11. In the proposed restructuring agreement will cancel all senior subordinated notes. Holders of those notes will receive 98% of the common stock in the reorganized company. The current common stock will be cancelled and holders will received 2% of the restructured company.
Shares in the company (OTC: AURD) dropped closed to 60% on the news, settling around $0.14.
Garrett W. McIntyre
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