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It doesn't look good. Nothing I have read about Chapter 11 and shareholders fills me with hope. From the statement filed by Chuck to the bankruptcy court, he and Rick seem hell bent on selling off the assets. Thank you to all those who have pledged their shares. We currently have just over 34,000,000 million pledged. I don't think we will get our hearing whilst the company is in Chapter 11 though. They don't have to respond to their main creditors never mind disgruntled shareholders. I don't mind accumulating though and keeping a list just in case circumstances change.
What’s the concensus? Dead as a dodo?
The trustee agreed with our math and assigned a equity committee. The judge told management they were lucky his was not a criminal court. Management lied through their teeth about asset value. Our committee was given money to sue for damages. They made a fatal mistake and signed an agreement not to sue the auditor. That is where our recovery would have been. I was too sick to be on the committee. I would never have signed that. Law firms would not pursue once they found out about the auditor agreement.
Sore head even
Morning Hick, Tend to ignore these days. So head this morning, watched Scar v Cheers. Who did Ulster play off!!! Well, god knows what the next 5 weeks will bring for us. A recent communication to JC indicates he is also problems with the board! A substantial amount of $$$ have been offered but the board are not replying or negotiating with him. What game are the board playing, certainly mucked things up and try their best to look after themselves and not their shareholders
Why doesnt jc call a egm? Why doesnt he try and oust the board so he can sort capital reorganisation himself?
All he does is selling assets. This guy definitely loves Ricks idea closing the plc company urgently.
Can Delaware court help us negotiating with CEO?
have been in contact with JC, directly, he has explained the problems he has/still is encountering with the board, a very negative attitude towards him. He has quoted a substantial figure $$$ in his correspondence to that has been offered via a rights issue. The board have not been forthcoming in accepting his help. Why!!!! I have asked him if I can share his reply, herid not answer me on that issue.
Please all join group organised by B1gJake. Your contacts and ideas are more than welcomed. Every little helps!
Did you win your case rhertig?
Whats not good?
Maybe Nighthawk royalties will survive. They will sot back and retire on royalties cming in after asser sold. All i know is chuck sold all his shares basically 2014 and has led shareholder destruction ever since! He needs the boot if anyone!
I have sent you an email...not good!!
Thank you for the advice rhertig. What I don't get is the why. Why are Rick and Chuck trying to scupper the company and doing themselves out of a job. What do they stand to gain from destroying Nighthawk?
- In January 2015 he was appointed Assignee of SR 2020, an energy seismic service company, in a State of Delaware assignment for the benefit of creditors case. The sale of assets and liquidation was completed by December 2015. - In January 2014, he was selected as Interim President of Joe Corbi Wholesale Pizza, Inc. a financially troubled food manufacturer in Baltimore, MD. The company failed and was closed in March 2015. - In May 2014 he was appointed Assignee, of the Défense Venture Group, Ltd. and its subsidiaries and affiliates (Indigen Armor, Armorline Corp., Dynamic Runflats, Inc. and DVG Real Estate Holdings) in 5 separate State of Delaware assignment for the benefit of creditors cases. The sale of assets and liquidation was completed by July 2015. - In March 2009, he served as Chief Restructuring Officer of Jane & Co., Inc and Jane & Co., LLC, cosmetics providers, to lead a US chapter 11 case resulting in a successful sale of the company under Section 363 of the US bankruptcy code. - In February 2009 he was appointed Assignee of Eladyrrech, LLC, f/k/a/ Cherrydale Fundraising in a State of Delaware assignment for the benefit of creditors case. The sale of assets, recoupment of revenues, liquidation and distribution to creditors was completed by March 2014. - In 2002 he was bought in as a director of Archibald Candy Corporation, to assist with the company's operations post-Chapter 11 reorganization. Subsequently, the company under-performed and the reorganization failed. The company was subsequently sold and liquidated in a separate US bankruptcy proceeding. - In April 2001 he was appointed Assignee of MMH Media Holdings Inc and its subsidiaries in a State of Delaware assignment for the benefit of creditors case. The sale of assets and liquidation was completed by July 2015. Seems like all he does is complete sales of companies! Very unlikely to restructure now. Read the last line of every point. Every company.... liquidated!!!
Also management has a duty to the stockholders at all times until they can't pay creditors. Then their duties switch to the creditors. Management will be hostile to everything stock holders try and fight for the creditors.
Unless you can show a law firm the chance at big bucks you usually have to pay their fees for the work up to the appointment. If it fails you lose your money. If it succeeds you get reimbursed. I went through this and it is a mountain of work. We all put in several hundred dollars until we had fifteen thousand to hire a lawyer.
Jake a few things about fighting the bankruptcy as an equity holder. All bankrupt companies have ****ed stock holders who feels management robbed them. Although the court can feel bad for us it is not considered. We do not get to write letters to the judge. That said there's one option in us bankruptcy. It's called a equity committee. First you have to look at what the company owes. Then you have to show that you could sell the assets for more than that. You have to show with credible math that the company math is flawed. Once you can convince a law firm of this they can petition the us trustee to appoint a equity committee. If they refuse you can then plead this straight to the judge. If a committee is appointed them the company has to pay the legal fees.
its dead jim
haven't checked back on the HAWK SP for a while now... what can i say, utter garbage as usual. Happy i dont have these steaming piles of poop in my share collection anymore
RNS out!!!
This is all the files relating to the Chapter 11 stuff: http://www.jndla.com/cases/nighthawk This is a link to the Judge looking after our case: www.deb.uscourts.gov/content/judge-brendan-l-shannon There is no direct email link to the judge that I can see but that makes sense! I wouldn't go trying to email a judge directly. That will just p*ss him off! At the moment I am trying to find a way that we can get our concerns voice legitimately through the court process. JC has been named as "disgruntled" shareholder in the proceedings and I would like to join him as a fellow disgruntled shareholder!
B1JAKE...do u have an email contact add for judge office??
having read the bombshell... I think you can add JC to your list!!!