Judge Says Blockbuster Can Borrow $45M On Bankruptcy Loan
Monday 09/27/2010 11:26 AM ET - Dow Jones News
Related Companies
Symbol Last %Chg
BLOAQ 0.052 -7.14%
BLOBQ 0.0299 -9.39%
As of 1:31 PM ET 10/1/10
By Joseph Checkler
Of DOW JONES DAILY BANKRUPTCY REVIEW
NEW YORK (Dow Jones)--A judge on Monday said Blockbuster Inc. (BLOKA, BLOKB) could tap up to $45 million of the $125 million bankruptcy financing the video-rental company has in place to fund its Chapter 11 restructuring.
Judge Burton R. Lifland of the U.S. Bankruptcy Court in Manhattan signed off on the financing Monday after on Thursday allowing Blockbuster to tap up to $20 million of the debtor-in-possession loan from its senior noteholders to get through the weekend. He wanted Blockbuster to satisfy minor objections to the financing and to give creditors time to review the request before approving the $45 million interim amount.
"I think you've met your burden," Lifland said. He'll decide at an Oct. 19 hearing whether Blockbuster can tap the rest of the loan.
The proceeding was a continuation of Blockbuster's first-day hearing held last Thursday, the same day Blockbuster filed for Chapter 11 bankruptcy protection after reaching a deal on a restructuring plan with its senior noteholders. Under the proposed restructuring, the senior noteholders owed $630 million would swap their debt for stock in the reorganized Blockbuster. Shareholders and junior noteholders owed about $300 million would be wiped out.
Lifland on Monday also authorized Blockbuster to keep paying the movie studios and vendors that allow the company to sell and rent out movies and video games to its customers.
A Blockbuster lawyer read testimony from Blockbuster Chairman and Chief Executive Jim Keyes, who said not paying the studios would result in a "complete derailing of Blockbuster's reorganization efforts."
Blockbuster says the bankruptcy restructuring will allow it to slash its debt to around $100 million from nearly $1 billion. The company hopes to exit Chapter 11 protection by the first quarter of 2011, Keyes said in an interview last Thursday.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)
-By Joseph Checkler, Dow Jones Daily Bankruptcy Review; 212-416-2152; joseph.checkler@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/nae/al?rnd=QNuS73vTbwGle8%2BC70zpfA%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
09-27-10 1126ET
Copyright (c) 2010 Dow Jones & Company, Inc.
Chem Rx Corporation signs "Stalking Horse' Agreement
SEE DD and Articles here!
Friday, October 1, 2010
Thursday, September 30, 2010
Harbor Brewing Company{HBWO} CEO states share reduction!!!!
Press Release Source: Harbor Brewing Company On Monday August 16, 2010, 8:35 am EDT
SACKETS HARBOR, NY--(Marketwire - 08/16/10) - Harbor Brewing Company, Inc. (Pinksheets:HBWO - News), a holding of Seaway Valley Capital Corporation (Pinksheets:SEVA - News), announced July sales at its holding, Sackets Harbor Brew Pub, LLC, increased 33% over the same period last year.
Separately, Mr. Scozzafava added, "Further, management has decided to reduce the authorized shares of the company to 250,000,000.
Thomas Scozzafava, Chairman and President of Harbor Brewing Company stated, "We were very pleased with the increase in traffic and business this summer, and we hope this strength continues."
Separately, Mr. Scozzafava added, "Further, management has decided to reduce the authorized shares of the company to 250,000,000. At current share prices it would be unlikely that the current number of authorized shares would be necessary."
About Harbor Brewing Company, Inc.
Harbor Brewing Company, Inc. develops and acquires craft brewing companies and select craft beer labels. The company acquired Sackets Harbor Brewing Company ("SHBC") (www.1812ale.com) in August 2009. SHBC develops, produces, and markets micro brewed beers such as the award winning "War of 1812 Amber Ale" and "Thousand Island Pale Ale" as well as "Railroad Red Ale", "1812 Amber Ale Light" and "Harbor Wheat" specialty beers. Its "1812 Amber Ale" is the company's flagship brand and was the winner of a Silver Award at the World Beer Championship. The company has also developed complementary products such as Sackets Harbor Coffee and Sackets Harbor Brewing Co. Root Beer.
About Seaway Valley Capital Corporation (www.seawayvalleycapitalcorp.com) makes equity, equity-related, and debt investments in companies that require expansion capital. Seaway also seeks investments in leveraged buyouts and restructurings. Seaway will consider investment opportunities in a number of different industries, including retail, restaurants, consumer products, media, business services, manufacturing, and select technologies. Seaway Valley's current portfolio includes Hackett's Stores, Inc. (Pinksheets:HCKI - News) and Harbor Brewing Company, Inc.
Contact:
For more information, please contact:Harbor Brewing Company, Inc.Email: 1812ale@nnymedia.com
SACKETS HARBOR, NY--(Marketwire - 08/16/10) - Harbor Brewing Company, Inc. (Pinksheets:HBWO - News), a holding of Seaway Valley Capital Corporation (Pinksheets:SEVA - News), announced July sales at its holding, Sackets Harbor Brew Pub, LLC, increased 33% over the same period last year.
Separately, Mr. Scozzafava added, "Further, management has decided to reduce the authorized shares of the company to 250,000,000.
Thomas Scozzafava, Chairman and President of Harbor Brewing Company stated, "We were very pleased with the increase in traffic and business this summer, and we hope this strength continues."
Separately, Mr. Scozzafava added, "Further, management has decided to reduce the authorized shares of the company to 250,000,000. At current share prices it would be unlikely that the current number of authorized shares would be necessary."
About Harbor Brewing Company, Inc.
Harbor Brewing Company, Inc. develops and acquires craft brewing companies and select craft beer labels. The company acquired Sackets Harbor Brewing Company ("SHBC") (www.1812ale.com) in August 2009. SHBC develops, produces, and markets micro brewed beers such as the award winning "War of 1812 Amber Ale" and "Thousand Island Pale Ale" as well as "Railroad Red Ale", "1812 Amber Ale Light" and "Harbor Wheat" specialty beers. Its "1812 Amber Ale" is the company's flagship brand and was the winner of a Silver Award at the World Beer Championship. The company has also developed complementary products such as Sackets Harbor Coffee and Sackets Harbor Brewing Co. Root Beer.
About Seaway Valley Capital Corporation (www.seawayvalleycapitalcorp.com) makes equity, equity-related, and debt investments in companies that require expansion capital. Seaway also seeks investments in leveraged buyouts and restructurings. Seaway will consider investment opportunities in a number of different industries, including retail, restaurants, consumer products, media, business services, manufacturing, and select technologies. Seaway Valley's current portfolio includes Hackett's Stores, Inc. (Pinksheets:HCKI - News) and Harbor Brewing Company, Inc.
Contact:
For more information, please contact:Harbor Brewing Company, Inc.Email: 1812ale@nnymedia.com
Left Behind Games Goes National with Walmart
Left Behind Games Goes National with Walmart
0 minutes ago - Businesswire
Related Companies
Symbol Last %Chg
LFBG 0.0021 75.00%
As of 9:33 AM ET 9/30/10
Left Behind Games Inc. (OTCBB:LFBG), a leading publisher of Christian video games, announced that two of its latest PC games will be available in Walmart Stores nationally before the end of October. Left Behind 3: Rise of the Antichrist ($29.96) is the third game based upon the #1 New York Times best-selling novel series by Tim LaHaye and Jerry Jenkins, which has sold more than 65 million books worldwide. Charlie Church Mouse: Superpack ($19.96), featuring the famous TV show character, is a bundle of the popular pre-school, kindergarten and early elementary games.
Left Behind Games CEO, Troy Lyndon says, "We are delighted to offer healthy alternatives into the PC game marketplace and pleased to see these games get the exposure they deserve by becoming available in Walmart nationally."
The Christian entertainment market has already grown to represent a significant part of American culture in various forms of media including Books, Radio, Television, Films and Music. Left Behind Games is a leading pioneer in the new genre of Christian video games.
About Left Behind Games Inc.
Left Behind Games Inc., dba Inspired Media Entertainment, is the only publicly-traded exclusive publisher of Christian video game software. They produce quality interactive entertainment products that perpetuate positive values and appeal to faith-based and mainstream audiences. For more information, go to www.leftbehindgames.com.
LB GAMES, LEFT BEHIND 3: RISE OF THE ANTICHRIST, CHARLIE CHURCH MOUSE, PRAISE CHAMPION AND KING SOLOMON'S TRIVIA CHALLENGE are trademarks of Left Behind Games Inc. in the U.S. and other countries. All rights reserved.
LEFT BEHIND is a registered trademark of Tyndale House Publishers, Inc. in the U.S. and other countries. All rights reserved.
Caution Concerning Forward-Looking Statements
This release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or expectations of Left Behind Games. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that results may differ materially from such statements.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6449392&lang=en.
SOURCE: Left Behind Games Inc.
for Left Behind Games
MEDIA CONTACT:
Angela Dalmas, 916-990-3447 direct
angela@inspiredmedia.com
or
INVESTOR RELATIONS CONTACT:
Norma Mortensen, 951-894-6597 ext 334
norma@inspiredmedia.com
0 minutes ago - Businesswire
Related Companies
Symbol Last %Chg
LFBG 0.0021 75.00%
As of 9:33 AM ET 9/30/10
Left Behind Games Inc. (OTCBB:LFBG), a leading publisher of Christian video games, announced that two of its latest PC games will be available in Walmart Stores nationally before the end of October. Left Behind 3: Rise of the Antichrist ($29.96) is the third game based upon the #1 New York Times best-selling novel series by Tim LaHaye and Jerry Jenkins, which has sold more than 65 million books worldwide. Charlie Church Mouse: Superpack ($19.96), featuring the famous TV show character, is a bundle of the popular pre-school, kindergarten and early elementary games.
Left Behind Games CEO, Troy Lyndon says, "We are delighted to offer healthy alternatives into the PC game marketplace and pleased to see these games get the exposure they deserve by becoming available in Walmart nationally."
The Christian entertainment market has already grown to represent a significant part of American culture in various forms of media including Books, Radio, Television, Films and Music. Left Behind Games is a leading pioneer in the new genre of Christian video games.
About Left Behind Games Inc.
Left Behind Games Inc., dba Inspired Media Entertainment, is the only publicly-traded exclusive publisher of Christian video game software. They produce quality interactive entertainment products that perpetuate positive values and appeal to faith-based and mainstream audiences. For more information, go to www.leftbehindgames.com.
LB GAMES, LEFT BEHIND 3: RISE OF THE ANTICHRIST, CHARLIE CHURCH MOUSE, PRAISE CHAMPION AND KING SOLOMON'S TRIVIA CHALLENGE are trademarks of Left Behind Games Inc. in the U.S. and other countries. All rights reserved.
LEFT BEHIND is a registered trademark of Tyndale House Publishers, Inc. in the U.S. and other countries. All rights reserved.
Caution Concerning Forward-Looking Statements
This release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or expectations of Left Behind Games. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that results may differ materially from such statements.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6449392&lang=en.
SOURCE: Left Behind Games Inc.
for Left Behind Games
MEDIA CONTACT:
Angela Dalmas, 916-990-3447 direct
angela@inspiredmedia.com
or
INVESTOR RELATIONS CONTACT:
Norma Mortensen, 951-894-6597 ext 334
norma@inspiredmedia.com
52 Week Bounce play {CGAQ}Caribbean Casino and Gaming Corp. CEO Steven Swank Announces Stock Buyback Initiative
Caribbean Casino and Gaming Corp. (PINKSHEETS: CGAQ) announced today CEO Steven Swank is initiating a stock buyback program where he and/or the company will start to re-purchase free trading shares of the company on the open market. In light of the current market cap, the book value of the company is continually increasing. The book value, or company assets alone, are estimated to be double the market capitalization without including the intrinsic value of its Live Video Online Gaming infrastructure or revenue derived from daily operations.
CEO Steven Swank stated, "Considering the current market the stock is at, I know it is a great investment for myself and the company. Starting today, we will purchase as many available free trading shares possible at the stock's current level."
Caribbean Casino and Gaming Corp. has been recognized as the best casino in the Dominican Republic, the leader in Live Broadcast International Boxing Events and is currently expanding its physical and Internet operations throughout the Dominican and the world.
About Caribbean Casino and Gaming Corp: Caribbean Casino and Gaming Corp (PINKSHEETS: CGAQ) is the owner and operator of the Sosua Bay Grand Casino. The corporation is focused on becoming a leader in the Caribbean for gaming and entertainment to include live betting in its partnership with Kenilworth Systems Corporation from cameras located above tables within the Sosua Bay Grand Casino. Not only will Caribbean Casino and Gaming Corp. offer world class gaming and accommodations within its facilities for those visiting our properties, but also allow patrons to wager (where allowed) from the comfort of their own home or hotel room. The casino is now the centerpiece in the Sosua Bay Resort at Puerto Plata, Dominican Republic, the largest and most populated Caribbean Island.
FORWARD-LOOKING STATEMENT: This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this report are made as of the date hereof and Caribbean Casino and Gaming Corporation undertakes no obligation to update such statements.
Contact:
Tyler Cornell
Investor Relations
CGAQ
info@sosuabaygrandcasino.com
SOURCE: Caribbean Casino and Gaming Corp.
mailto:info@sosuabaygrandcasino.com
CEO Steven Swank stated, "Considering the current market the stock is at, I know it is a great investment for myself and the company. Starting today, we will purchase as many available free trading shares possible at the stock's current level."
Caribbean Casino and Gaming Corp. has been recognized as the best casino in the Dominican Republic, the leader in Live Broadcast International Boxing Events and is currently expanding its physical and Internet operations throughout the Dominican and the world.
About Caribbean Casino and Gaming Corp: Caribbean Casino and Gaming Corp (PINKSHEETS: CGAQ) is the owner and operator of the Sosua Bay Grand Casino. The corporation is focused on becoming a leader in the Caribbean for gaming and entertainment to include live betting in its partnership with Kenilworth Systems Corporation from cameras located above tables within the Sosua Bay Grand Casino. Not only will Caribbean Casino and Gaming Corp. offer world class gaming and accommodations within its facilities for those visiting our properties, but also allow patrons to wager (where allowed) from the comfort of their own home or hotel room. The casino is now the centerpiece in the Sosua Bay Resort at Puerto Plata, Dominican Republic, the largest and most populated Caribbean Island.
FORWARD-LOOKING STATEMENT: This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this report are made as of the date hereof and Caribbean Casino and Gaming Corporation undertakes no obligation to update such statements.
Contact:
Tyler Cornell
Investor Relations
CGAQ
info@sosuabaygrandcasino.com
SOURCE: Caribbean Casino and Gaming Corp.
mailto:info@sosuabaygrandcasino.com
Stocks to own Before the Holidays Harbor Brewing Company, Inc. (PINKSHEETS: HBWO)
Harbor Brewing Company, Inc. (PINKSHEETS: HBWO), a holding of Seaway Valley Capital Corporation (PINKSHEETS: SEVA), announced it has begun the process and is taking the necessary steps to apply for listing as an over-the-counter bulletin board ("OTCBB") listing. The company expects to file an S1 Registration Statement with the Securities and Exchange Commission that will include audited financials for the years 2008, 2009 and the first quarter of 2010 ended March 31st. Harbor Brewing Company is the parent company of Sackets Harbor Brewing Company, Alteri's Bakery, Inc. and Seaway Realty Holdings.
Thomas Scozzafava, Chairman and President of Harbor Brewing Company stated, "We expect the company to become audited and fully reporting in the coming months, and we hope this level of disclosure and transparency improves the efficiency of the market for our publicly traded securities."
Mr. Scozzafava added, "Further, we hope that these efficiencies translate into more opportunities to attract growth capital for both our prospective brewery and our bakery expansion."
Harbor Brewing Company, Inc. (PINKSHEETS: HBWO), a holding of Seaway Valley Capital Corporation (PINKSHEETS: SEVA), announced July sales at its holding, Sackets Harbor Brew Pub, LLC, increased 33% over the same period last year.
Thomas Scozzafava, Chairman and President of Harbor Brewing Company stated, "We were very pleased with the increase in traffic and business this summer, and we hope this strength continues."
Separately, Mr. Scozzafava added, "Further, management has decided to reduce the authorized shares of the company to 250,000,000. At current share prices it would be unlikely that the current number of authorized shares would be necessary."
About Harbor Brewing Company, Inc.
Harbor Brewing Company, Inc. develops and acquires craft brewing companies and select craft beer labels. The company acquired Sackets Harbor Brewing Company ("SHBC") (www.1812ale.com) in August 2009. SHBC develops, produces, and markets micro brewed beers such as the award winning "War of 1812 Amber Ale" and "Thousand Island Pale Ale" as well as "Railroad Red Ale," "1812 Amber Ale Light" and "Harbor Wheat" specialty beers. Its "1812 Amber Ale" is the company's flagship brand and was the winner of a Silver Award at the World Beer Championship. The company has also developed complementary products such as Sackets Harbor Coffee and Sackets Harbor Brewing Co. Root Beer.
About Seaway Valley Capital Corporation (www.seawayvalleycapitalcorp.com) makes equity, equity-related, and debt investments in companies that require expansion capital. Seaway also seeks investments in leveraged buyouts and restructurings. Seaway will consider investment opportunities in a number of different industries, including retail, restaurants, consumer products, media, business services, manufacturing, and select technologies. Seaway Valley's current portfolio includes Hackett's Stores, Inc. (PINKSHEETS: HCKI) and Harbor Brewing Company, Inc.
For more information, please contact:
Harbor Brewing Company, Inc.
Email: 1812ale@nnymedia.com
Thomas Scozzafava, Chairman and President of Harbor Brewing Company stated, "We expect the company to become audited and fully reporting in the coming months, and we hope this level of disclosure and transparency improves the efficiency of the market for our publicly traded securities."
Mr. Scozzafava added, "Further, we hope that these efficiencies translate into more opportunities to attract growth capital for both our prospective brewery and our bakery expansion."
Harbor Brewing Company, Inc. (PINKSHEETS: HBWO), a holding of Seaway Valley Capital Corporation (PINKSHEETS: SEVA), announced July sales at its holding, Sackets Harbor Brew Pub, LLC, increased 33% over the same period last year.
Thomas Scozzafava, Chairman and President of Harbor Brewing Company stated, "We were very pleased with the increase in traffic and business this summer, and we hope this strength continues."
Separately, Mr. Scozzafava added, "Further, management has decided to reduce the authorized shares of the company to 250,000,000. At current share prices it would be unlikely that the current number of authorized shares would be necessary."
About Harbor Brewing Company, Inc.
Harbor Brewing Company, Inc. develops and acquires craft brewing companies and select craft beer labels. The company acquired Sackets Harbor Brewing Company ("SHBC") (www.1812ale.com) in August 2009. SHBC develops, produces, and markets micro brewed beers such as the award winning "War of 1812 Amber Ale" and "Thousand Island Pale Ale" as well as "Railroad Red Ale," "1812 Amber Ale Light" and "Harbor Wheat" specialty beers. Its "1812 Amber Ale" is the company's flagship brand and was the winner of a Silver Award at the World Beer Championship. The company has also developed complementary products such as Sackets Harbor Coffee and Sackets Harbor Brewing Co. Root Beer.
About Seaway Valley Capital Corporation (www.seawayvalleycapitalcorp.com) makes equity, equity-related, and debt investments in companies that require expansion capital. Seaway also seeks investments in leveraged buyouts and restructurings. Seaway will consider investment opportunities in a number of different industries, including retail, restaurants, consumer products, media, business services, manufacturing, and select technologies. Seaway Valley's current portfolio includes Hackett's Stores, Inc. (PINKSHEETS: HCKI) and Harbor Brewing Company, Inc.
For more information, please contact:
Harbor Brewing Company, Inc.
Email: 1812ale@nnymedia.com
Stratton Mobile {STHG} Development of Android Portal
Latest News Headlines for Stratton Holdings Inc
Stratton Mobile Begins Research and Development on Android Directory Portal
Tuesday 09/28/2010 10:00 AM ET - Marketwire
Stratton Holdings, Inc. (PINKSHEETS: STHG), a holding company specializing in creating value through their subsidiaries and accretive acquisitions in upwards scale markets, announces through its subsidiary, Stratton Mobile, the beginning of a large project for the creation of an Android application directory for the 70,000 plus apps currently on the Android market.
Stratton Mobile Begins Research and Development on Android Directory Portal
Tuesday 09/28/2010 10:00 AM ET - Marketwire
Stratton Holdings, Inc. (PINKSHEETS: STHG), a holding company specializing in creating value through their subsidiaries and accretive acquisitions in upwards scale markets, announces through its subsidiary, Stratton Mobile, the beginning of a large project for the creation of an Android application directory for the 70,000 plus apps currently on the Android market.
Tuesday, September 28, 2010
PharMerica buying Chem Rx for $70.6 million CHRXQ Strong BUY
On Monday September 27, 2010, 9:04 am EDT
LOUISVILLE, Ky. (AP) -- PharMerica Corp. will buy Chem Rx for $70.6 million, the pharmacy management services company said Monday.
The company said the acquisition is subject to the approval of a bankruptcy court. PharMerica plans to fund the buyout with a mix of cash and borrowings.
Chem Rx Corp., a long-term care pharmacy, filed for Chapter 11 bankruptcy protection in the Delaware District of United States Bankruptcy Court on May 11.
Latest Shares Outstanding 13.8 mil that we could find as of printing.
$70,600,000 buy out on 13,800,000 shares comes to $5.11 per share.
http://www.advfn.com/p.php?pid=financials&symbol=NO%5ECHRXQ
LOUISVILLE, Ky. (AP) -- PharMerica Corp. will buy Chem Rx for $70.6 million, the pharmacy management services company said Monday.
The company said the acquisition is subject to the approval of a bankruptcy court. PharMerica plans to fund the buyout with a mix of cash and borrowings.
Chem Rx Corp., a long-term care pharmacy, filed for Chapter 11 bankruptcy protection in the Delaware District of United States Bankruptcy Court on May 11.
Latest Shares Outstanding 13.8 mil that we could find as of printing.
$70,600,000 buy out on 13,800,000 shares comes to $5.11 per share.
http://www.advfn.com/p.php?pid=financials&symbol=NO%5ECHRXQ
Monday, September 27, 2010
Judge Says Blockbuster Can Borrow $45M On Bankruptcy Loan
Judge Says Blockbuster Can Borrow $45M On Bankruptcy Loan
23 minutes ago - Dow Jones News
Related Companies
Symbol Last %Chg
BLOKA 0.0679 35.26%
BLOKB 0.037 48.00%
As of 11:48 AM ET 9/27/10
By Joseph Checkler
Of DOW JONES DAILY BANKRUPTCY REVIEW
NEW YORK (Dow Jones)--A judge on Monday said Blockbuster Inc. (BLOKA, BLOKB) could tap up to $45 million of the $125 million bankruptcy financing the video-rental company has in place to fund its Chapter 11 restructuring.
Judge Burton R. Lifland of the U.S. Bankruptcy Court in Manhattan signed off on the financing Monday after on Thursday allowing Blockbuster to tap up to $20 million of the debtor-in-possession loan from its senior noteholders to get through the weekend. He wanted Blockbuster to satisfy minor objections to the financing and to give creditors time to review the request before approving the $45 million interim amount.
"I think you've met your burden," Lifland said. He'll decide at an Oct. 19 hearing whether Blockbuster can tap the rest of the loan.
The proceeding was a continuation of Blockbuster's first-day hearing held last Thursday, the same day Blockbuster filed for Chapter 11 bankruptcy protection after reaching a deal on a restructuring plan with its senior noteholders. Under the proposed restructuring, the senior noteholders owed $630 million would swap their debt for stock in the reorganized Blockbuster. Shareholders and junior noteholders owed about $300 million would be wiped out.
Lifland on Monday also authorized Blockbuster to keep paying the movie studios and vendors that allow the company to sell and rent out movies and video games to its customers.
A Blockbuster lawyer read testimony from Blockbuster Chairman and Chief Executive Jim Keyes, who said not paying the studios would result in a "complete derailing of Blockbuster's reorganization efforts."
Blockbuster says the bankruptcy restructuring will allow it to slash its debt to around $100 million from nearly $1 billion. The company hopes to exit Chapter 11 protection by the first quarter of 2011, Keyes said in an interview last Thursday.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)
-By Joseph Checkler, Dow Jones Daily Bankruptcy Review; 212-416-2152; joseph.checkler@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/nae/al?rnd=QNuS73vTbwGle8%2BC70zpfA%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
09-27-10 1126ET
Copyright (c) 2010 Dow Jones & Company, Inc.
23 minutes ago - Dow Jones News
Related Companies
Symbol Last %Chg
BLOKA 0.0679 35.26%
BLOKB 0.037 48.00%
As of 11:48 AM ET 9/27/10
By Joseph Checkler
Of DOW JONES DAILY BANKRUPTCY REVIEW
NEW YORK (Dow Jones)--A judge on Monday said Blockbuster Inc. (BLOKA, BLOKB) could tap up to $45 million of the $125 million bankruptcy financing the video-rental company has in place to fund its Chapter 11 restructuring.
Judge Burton R. Lifland of the U.S. Bankruptcy Court in Manhattan signed off on the financing Monday after on Thursday allowing Blockbuster to tap up to $20 million of the debtor-in-possession loan from its senior noteholders to get through the weekend. He wanted Blockbuster to satisfy minor objections to the financing and to give creditors time to review the request before approving the $45 million interim amount.
"I think you've met your burden," Lifland said. He'll decide at an Oct. 19 hearing whether Blockbuster can tap the rest of the loan.
The proceeding was a continuation of Blockbuster's first-day hearing held last Thursday, the same day Blockbuster filed for Chapter 11 bankruptcy protection after reaching a deal on a restructuring plan with its senior noteholders. Under the proposed restructuring, the senior noteholders owed $630 million would swap their debt for stock in the reorganized Blockbuster. Shareholders and junior noteholders owed about $300 million would be wiped out.
Lifland on Monday also authorized Blockbuster to keep paying the movie studios and vendors that allow the company to sell and rent out movies and video games to its customers.
A Blockbuster lawyer read testimony from Blockbuster Chairman and Chief Executive Jim Keyes, who said not paying the studios would result in a "complete derailing of Blockbuster's reorganization efforts."
Blockbuster says the bankruptcy restructuring will allow it to slash its debt to around $100 million from nearly $1 billion. The company hopes to exit Chapter 11 protection by the first quarter of 2011, Keyes said in an interview last Thursday.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)
-By Joseph Checkler, Dow Jones Daily Bankruptcy Review; 212-416-2152; joseph.checkler@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/nae/al?rnd=QNuS73vTbwGle8%2BC70zpfA%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
09-27-10 1126ET
Copyright (c) 2010 Dow Jones & Company, Inc.
Chem Rx Signs Agreement With PharMerica CHRXQ
LONG BEACH, N.Y., Sept. 27 /PRNewswire-FirstCall/ -- Chem Rx Corporation (Pink Sheets:CHRXQ.pk - News) ("Chem Rx"), the third largest long-term care pharmacy in the United States, today announced that it has reached a "stalking horse" asset purchase agreement to sell substantially all of the assets of the company to PharMerica Corporation (NYSE:PMC - News), an industry-leading pharmaceutical services company serving residents in long-term facilities and settings. Partnering with Chem Rx will allow PharMerica to expand into New York and New Jersey, where it currently does not have a presence. Chem Rx will continue to maintain normal business operations throughout this process and thereafter.
Per the terms of the agreement, Chem Rx's founder Jerry Silva and management team, including Steve Silva, Gary Jacobs, Evan Selzer, Paula Agoglia, Jody Silva-Falk, Shelly Evans, Michael Segal and Leora Tilocca will continue to be responsible for the day-to-day operations of Chem Rx. The company will also continue to operate under the Chem Rx name. The sale, conducted pursuant to Section 363 of the U.S. Bankruptcy Code, will significantly eliminate the company's debt.
"We are excited about joining forces with PharMerica, which shares our commitment to providing clients with the drugs and supplies they need accurately and on time," said Jerry Silva, Chem Rx Chief Executive Officer. "This agreement will not only allow Chem Rx to continue serving our loyal customers in the same way we have for so many years, but also enable us to leverage the best technology available to ensure that we are at the forefront of long-term pharmacy care in the future. We believe that PharMerica is the best partner to take the company forward and we look forward to working with PharMerica throughout this process."
Like Chem Rx, PharMerica is dedicated to providing quality customer service and innovative pharmacy solutions to institutional customers and patients in long-term care settings. A leader in U.S. industrial pharmaceutical services, PharMerica operates 90 institutional pharmacies in 41 states that serve more than 300,000 licensed beds for patients of long-term care facilities. PharMerica has approximately 6,000 employees nationwide.
There will be no disruption of service or deliveries to Chem Rx's clients as a result of today's filing and subsequent auction proceedings. Clients will continue to receive drugs, medical equipment and surgical supplies according to the same ordering processes and delivery schedules.
As standard procedure in the process, Chem Rx will file the stalking horse asset purchase agreement with the United States Bankruptcy Court for the District of Delaware along with a motion seeking the establishment of bidding procedures for an auction that allows other qualified bidders to submit higher or otherwise better offers. The sale to PharMerica will include substantially all of Chem Rx's current assets, operations and employees.
About Chem Rx
Founded more than 40 years ago, Chem Rx is a major institutional pharmacy serving the New York City metropolitan area, as well as parts of New Jersey, upstate New York, Pennsylvania and Florida. Chem Rx's client base includes skilled nursing facilities and a wide range of other long-term care facilities. Chem Rx annually provides over six million prescriptions to over 60,000 residents of more than 400 institutional facilities. Chem Rx's website address is www.chemrx.net.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Chem Rx Corporation. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of Chem Rx's management and are subject to risks and uncertainties that could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: compliance with government regulations; changes in legislation or regulatory environments; requirements or changes adversely affecting the health care industry, including changes in Medicare reimbursement policies; fluctuations in customer demand; management of rapid growth; intensity of competition; timing, approval and market acceptance of new product introductions and institutional pharmacy locations; general economic conditions; geopolitical events and regulatory changes, as well as other relevant risks detailed in Chem Rx Corporation's filings with the SEC. The information set forth herein should be read in light of such risks. Chem Rx Corporation does not assume any obligation to update the information contained in this press release.
Press Contacts
Susan Stillings or Katie Crallé
Brunswick Group
(212) 333-3810
Per the terms of the agreement, Chem Rx's founder Jerry Silva and management team, including Steve Silva, Gary Jacobs, Evan Selzer, Paula Agoglia, Jody Silva-Falk, Shelly Evans, Michael Segal and Leora Tilocca will continue to be responsible for the day-to-day operations of Chem Rx. The company will also continue to operate under the Chem Rx name. The sale, conducted pursuant to Section 363 of the U.S. Bankruptcy Code, will significantly eliminate the company's debt.
"We are excited about joining forces with PharMerica, which shares our commitment to providing clients with the drugs and supplies they need accurately and on time," said Jerry Silva, Chem Rx Chief Executive Officer. "This agreement will not only allow Chem Rx to continue serving our loyal customers in the same way we have for so many years, but also enable us to leverage the best technology available to ensure that we are at the forefront of long-term pharmacy care in the future. We believe that PharMerica is the best partner to take the company forward and we look forward to working with PharMerica throughout this process."
Like Chem Rx, PharMerica is dedicated to providing quality customer service and innovative pharmacy solutions to institutional customers and patients in long-term care settings. A leader in U.S. industrial pharmaceutical services, PharMerica operates 90 institutional pharmacies in 41 states that serve more than 300,000 licensed beds for patients of long-term care facilities. PharMerica has approximately 6,000 employees nationwide.
There will be no disruption of service or deliveries to Chem Rx's clients as a result of today's filing and subsequent auction proceedings. Clients will continue to receive drugs, medical equipment and surgical supplies according to the same ordering processes and delivery schedules.
As standard procedure in the process, Chem Rx will file the stalking horse asset purchase agreement with the United States Bankruptcy Court for the District of Delaware along with a motion seeking the establishment of bidding procedures for an auction that allows other qualified bidders to submit higher or otherwise better offers. The sale to PharMerica will include substantially all of Chem Rx's current assets, operations and employees.
About Chem Rx
Founded more than 40 years ago, Chem Rx is a major institutional pharmacy serving the New York City metropolitan area, as well as parts of New Jersey, upstate New York, Pennsylvania and Florida. Chem Rx's client base includes skilled nursing facilities and a wide range of other long-term care facilities. Chem Rx annually provides over six million prescriptions to over 60,000 residents of more than 400 institutional facilities. Chem Rx's website address is www.chemrx.net.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Chem Rx Corporation. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of Chem Rx's management and are subject to risks and uncertainties that could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: compliance with government regulations; changes in legislation or regulatory environments; requirements or changes adversely affecting the health care industry, including changes in Medicare reimbursement policies; fluctuations in customer demand; management of rapid growth; intensity of competition; timing, approval and market acceptance of new product introductions and institutional pharmacy locations; general economic conditions; geopolitical events and regulatory changes, as well as other relevant risks detailed in Chem Rx Corporation's filings with the SEC. The information set forth herein should be read in light of such risks. Chem Rx Corporation does not assume any obligation to update the information contained in this press release.
Press Contacts
Susan Stillings or Katie Crallé
Brunswick Group
(212) 333-3810
News Letter Monday September 27th, 2010
Spartans,
Hope everyone had a blessed weekend and was able to rest, relax and enjoy life. First let me say my e-mail was hacked, so if you’re getting this e-mail by mistake, I’m sorry, just send me an e-mail with “Remove” in the subject line, and I will remove you from the mailing list.
Last week was a great week for us in Sparta. We had five picks with over 100% gains for our VIPS.
Last Week’s Picks
• CNEX called at .0006 went to .0015 gains of 150%
• EVXA called at .0003 went to .0008 gains over 150%
• QASP called at .0012 went to .0040 gains of over 200%
• UNCLQ called at .0015 went to .0048 gains of over 200%
• FGOCQ called at .0017 went to .0045 gains of over 150%
• BLOKB Dead cat bounce called at .0206 went to .0027 and more to come.
EVXA watching for reload
CNEX watching for reload
QASP watching for reload
UNCLQ buying the dips
FGOCQ buying the dips with more to come soon
Featured Pick
BLOKB has a court date October 19th, should see a nice big run- up till then.
New featured Pick
Spartans, our scanners have been busy and we think we found the next hot pick. We just need Monday to confirm. Please stay tuned and look for it Tuesday Morning.
Ask me how to get our picks quicker than by e-mail.
Our new web site is under construction and will be up and running soon.
Please follow us on Face Book
http://www.facebook.com/pages/Spartan-Stocks/162324963781467?ref=ts
And Twitter
http://twitter.com/SpartanStock300
Read our blogs.
http://spartanstocks-300.blogspot.com/
Send us your Skype name and we will hit you up.
Come to Sparta and have a huge green week.
~Spartan Stocks 300~
Disclaimer:
The assembled information disseminated by Spartanstocks300.com is for informational purposes only, and is neither a solicitation to buy nor an offer to sell securities. Spartanstocks300.com does expect that investors will buy and sell securities based on information assembled and presented on Spartanstocks300.com and newsletters that are sent out from spartanstocks300.com. PLEASE always do your own due diligence, and consult your financial advisor whenever making a decision regarding a security purchase. Never invest in any stock mentioned in emails or on the Spartanstocks300.com website unless you can afford to lose your entire investment. All assembled information within Spartanstocks300.com is subject to change without notice. The assembled information within Spartanstocks300.com. is based on information supplied by the company, press releases, SEC filings, or from other sources believed to be reliable as of the date of the report on the featured companies, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. Spartanstocks300.com and its affiliates are not, brokers, broker-dealers, market makers, investment bankers, analysts or underwriters.
Forward Looking Statements
Information in our emails and on Spartanstocks300.com will contain "forward looking statements" as defined under Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. An example of forward-looking information are statements relating to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth and potential contracts. These and similar forward statements are subject to a number of known and unknown risks and uncertainties outside our control that could cause actual operations or results to differ materially from those anticipated. The cautionary statements made in this document should be read as being applicable to all related forward-looking statements wherever they appear on Spartanstocks300.com or in other communications. We encourage you to visit the Securities Exchanges Commission Web site http://www.sec.gov and read about how to avoid Internet Scams and other valuable information.
Risks Involved
Spartanstocks300.com will not be responsible for or accept any liability for any losses arising from an investor's reliance on or use of this assembled information. This assembled information is for informational purposes only, and is neither a solicitation to buy nor an offer to sell securities. All assembled information provided is for informational purposes only and is not intended to be used as the sole source of information on a company.
Hope everyone had a blessed weekend and was able to rest, relax and enjoy life. First let me say my e-mail was hacked, so if you’re getting this e-mail by mistake, I’m sorry, just send me an e-mail with “Remove” in the subject line, and I will remove you from the mailing list.
Last week was a great week for us in Sparta. We had five picks with over 100% gains for our VIPS.
Last Week’s Picks
• CNEX called at .0006 went to .0015 gains of 150%
• EVXA called at .0003 went to .0008 gains over 150%
• QASP called at .0012 went to .0040 gains of over 200%
• UNCLQ called at .0015 went to .0048 gains of over 200%
• FGOCQ called at .0017 went to .0045 gains of over 150%
• BLOKB Dead cat bounce called at .0206 went to .0027 and more to come.
EVXA watching for reload
CNEX watching for reload
QASP watching for reload
UNCLQ buying the dips
FGOCQ buying the dips with more to come soon
Featured Pick
BLOKB has a court date October 19th, should see a nice big run- up till then.
New featured Pick
Spartans, our scanners have been busy and we think we found the next hot pick. We just need Monday to confirm. Please stay tuned and look for it Tuesday Morning.
Ask me how to get our picks quicker than by e-mail.
Our new web site is under construction and will be up and running soon.
Please follow us on Face Book
http://www.facebook.com/pages/Spartan-Stocks/162324963781467?ref=ts
And Twitter
http://twitter.com/SpartanStock300
Read our blogs.
http://spartanstocks-300.blogspot.com/
Send us your Skype name and we will hit you up.
Come to Sparta and have a huge green week.
~Spartan Stocks 300~
Disclaimer:
The assembled information disseminated by Spartanstocks300.com is for informational purposes only, and is neither a solicitation to buy nor an offer to sell securities. Spartanstocks300.com does expect that investors will buy and sell securities based on information assembled and presented on Spartanstocks300.com and newsletters that are sent out from spartanstocks300.com. PLEASE always do your own due diligence, and consult your financial advisor whenever making a decision regarding a security purchase. Never invest in any stock mentioned in emails or on the Spartanstocks300.com website unless you can afford to lose your entire investment. All assembled information within Spartanstocks300.com is subject to change without notice. The assembled information within Spartanstocks300.com. is based on information supplied by the company, press releases, SEC filings, or from other sources believed to be reliable as of the date of the report on the featured companies, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. Spartanstocks300.com and its affiliates are not, brokers, broker-dealers, market makers, investment bankers, analysts or underwriters.
Forward Looking Statements
Information in our emails and on Spartanstocks300.com will contain "forward looking statements" as defined under Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. An example of forward-looking information are statements relating to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth and potential contracts. These and similar forward statements are subject to a number of known and unknown risks and uncertainties outside our control that could cause actual operations or results to differ materially from those anticipated. The cautionary statements made in this document should be read as being applicable to all related forward-looking statements wherever they appear on Spartanstocks300.com or in other communications. We encourage you to visit the Securities Exchanges Commission Web site http://www.sec.gov and read about how to avoid Internet Scams and other valuable information.
Risks Involved
Spartanstocks300.com will not be responsible for or accept any liability for any losses arising from an investor's reliance on or use of this assembled information. This assembled information is for informational purposes only, and is neither a solicitation to buy nor an offer to sell securities. All assembled information provided is for informational purposes only and is not intended to be used as the sole source of information on a company.
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