OK, so I have been watching this one for a while. OCZ filed for chapter 11 bankruptcy, so they added a Q to the symbol, and it tanked. I noticed on the way down, that some "entity/specialist/mm/toshiba" etc accumulated millions and millions of shares... and then the stock continued to tank.
Toshiba buys company for 35 mil, then lets the continue to operate "separately" using Toshiba money. OCZ products continue to be produced, but stock was de-listed and dropped to OTC level d/t price. So they don't need to tell us anything at this point.
Last I heard letter had been sent to those who OCZ owed money too, about a resolution in order to get out of chapter 11.
Last piece of news on 6/13/2014
"Lawyers for OCZ Technology Group Inc.(OCZTQ) got approval from a judge to send copies of the former digital data storage company's debt-payment proposal to creditors that have the power to reject the proposal by vote.
The approval from Judge Peter Walsh on Thursday allows OCZ Technology's(OCZTQ) lawyers to take the next step toward paying the former digital data storage company's final bills--roughly $70 million in claims--after Toshiba Corp.(TOSBF) (TOSYY, 6502.TO) bought the company earlier this year. A vote tally is expected to be presented to Judge Walsh at a July 22 confirmation hearing.
Under the plan, unsecured creditors, including trade creditors that were owed about $31 million, aren't scheduled to recovery any money unless a team of lawyers can successfully win lawsuits for reasons that have yet to be determined.
A group of the company's bondholders were already paid about $7.5 million from a $23.5 million bankruptcy loan, which is expected to be repaid using money from Toshiba's(TOSBF)$35 million purchase offer. And the company's senior-most lender, Hercules Growth Technology Capital Inc., which took $3.6 million from the company's bank accounts before the bankruptcy, has reached a deal that would enable it to push for another $6.5 million.
OCZ filed for bankruptcy protection on Dec. 2 with an "urgent need for cash" shortly after Hercules Growth Technology snatched the cash from its accounts, citing a loan default. Company officials blamed its financial troubles on years of accounting fumbles, an onslaught of shareholder lawsuits that followed and difficulty in keeping up with evolving technology.
The company's sale to Toshiba(TOSBF) closed on Jan. 21 after no other buyers put in offers for OCZ during the case."
So.... If Toshiba pays off debt - and it looks like they are trying to do just that, that means there will be no "re-organization," no bankruptcy??
Anyone familiar with the law? I bought a small amt of this stock this week as gamble/slot machine move, but I am starting to to think it might pay big lol. Am I able to look up this July 22'nd hearing somehow?? Could this stock go back to where it was?
Submitted July 29, 2014 at 08:39PM by liggitystock http://ift.tt/1rDGh5k
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