I'm a little more sparing in my praise. The original idea was well presented and ultimately shown to have merit. The early follow-up was detailed, but sometimes off target. Message #43, for example, claimed the... login to read the rest
I'd like to add my thanks as well. This was an intriguing, challenging, and ultimately profitable investment opportunity. I appreciate your initial work, as well as the ongoing updates.
Charlie,
This one had some great twists and turns. I wish I were a better trader but did manage to do pretty well. It was a good learning experience --plus I got paid.... login to read the rest
BB reptg that Judge Gonzalez has given MCI and their dissident creditors, which I presume to mean QUIPS/Trade, until midnight tonight to settle their differences.
This story certainly has taken some "interesting" turns. I have a small position in the QUIP's so I hope there's a decent resolution sooner rather than later, but the new fraud allegations are concerning
QUIP attorneys at Kramer, Levin filed a docket early this week that, if you hold it sideways and squint through one eye, seems like it might imply settlement talks are about to begin.
The WCOM senior... login to read the rest
Those are the only two hopes. And the only hope for settlement is the threat of appeal. It's extremly rare for an objecting creditor to get skunked in a large BK, so I expect a... login to read the rest
Is the confirmation hearing the last gasp? I'm surprised the QUIPS are trading as high as they are, given that they could be worth zero soon. Though I suppose it's possible that backroom... login to read the rest
I feel your pain doggy!
I bought into this thinking that the courts would be rational and honor the fact that MCI is a seperate entity. If this goes down as is .... it really... login to read the rest
This idea won the $5K prize and is still on the highest rated and most active lists. So far we're down 68% (do I hear 100?). Either this has become the best investment opportunity of... login to read the rest
Central to the dispute is WorldCom's proposal to consolidate the estates of WorldCom's holding company and its MCI unit.
The debtor's disclosure statement and reorganization plan assert that substantive consolidation is necessary because of the... login to read the rest
Judge rejects request for MCI trustee
by Chris Nolter 16, May 2003
One the eve of WorldCom Inc.’s disclosure statement hearing, U.S. Bankruptcy Judge Arthur Gonzalez denied the request of two creditor groups to appoint a... login to read the rest
Judge Gonzalez denied both motions for a trustee / or alternatively an examainer -- to late he says ; not a mistake by the quips and trade claims; just a calculated risk to not raise... login to read the rest
WorldCom's creditor face-off begins
by Chris Nolter
Updated 06:47 PM EST, May-15-2003
Round one of the biggest creditor fight in the biggest Chapter 11 case in history got underway Thursday, May 15, as U.S. Bankruptcy Judge Arthur... login to read the rest
I talked to Tom Mayer. He is representing holders of MCI
QUIPs ($200 million + face) and MCI Senior Debt ($180 million + face). To my slight suprise he returned my call in about... login to read the rest
MCI creditors seek protection
by Chris Nolter
Updated 09:24 PM EST, Apr-18-2003
Disgruntled creditors of WorldCom Inc.'s MCI subsidiary ratcheted up the pressure on the bankrupt parent company Friday, asking the U.S. Bankruptcy Court for the Southern District... login to read the rest
Well, I may have answered my own question. I found the supplemental indentures filed with the September 1998 Worldcom 10-Q. Of course, these may not be the only relevant documents. If my... login to read the rest
where'd you find that info?? I went to the elaw site, but didn't find that; then again, I'm technoignorant. I'm at home, but I think I have the MCI prospectus at work wherein the subordination... login to read the rest
The May 1996 indenture for the QUIPs indicates that MCI may "consolidate with or merge into" another company, but only if the new company executes a supplemental indenture under which it assumes all of the... login to read the rest
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