New Board:
http://investorshub.advfn.com/boards/board.asp?board_id=11840

I will be updating it this weekend. Goldencalf will assist (as usual) and is welcome to build an ibox :)

Well, that kills it. Onto the DAN board we go.

Friday , February 01, 2008 06:45ET

The following companies are expected to be removed from trading on February 1, 2008.

Boardwalk Community and Internet Bank (NJ) (Nasdaq NM: BORD) has been deleted from the Nasdaq NM market. Reason: Acquired by Cape Bancorp, Inc ($19.5245 & 0.347775 shs CBNJ /sh)

Cognos Incorporated (Nasdaq NM: COGN) has been deleted from the Nasdaq NM market. Reason: Acquired by I.B.M. ($58.00/sh)

Good Harbor Partners Acquisition Corp (OTCBB: GHBBB) has been deleted from the OTCBB market. Reason: Automatically cancelled and converted into the right to obtain a pro rata share of funds ($5.35/sh plus any accrued interest

Good Harbor Partners Acquisition Corp (OTCBB: GHBBU) has been deleted from the OTCBB market. Reason: Mandatory Unit Separation

Dana Corporation (Pink Sheets: DCNAQ) has been deleted from the Pink Sheets market. Reason: Chapter 11 Bankruptcy effective 01/31/2008

Also, dump the stock -- DCNAQ is now over unless you want to flip it subpenny before delisting.

This board is now obsolete. I will research DAN and try to start a new board.

NEW SYMBOL: DAN
iBOX Updates w/ news on top.

February 1, 2008 - 8:05 AM EST

DAN 12.75 0.05

Dana Exits Chapter 11 Reorganization a Stronger Global Competitor
- Mike Burns Elects to Leave Company Following Successful Emergence
- John Devine Elected Executive Chairman and Acting CEO
- Common Stock of New Company Begins Trading on NYSE
TOLEDO, Ohio, Feb. 1 /PRNewswire-FirstCall/ -- Dana Holding Corporation (NYSE: DAN) is today emerging from Chapter 11 reorganization as a new company positioned to compete vigorously in the global automotive, commercial vehicle, and off-highway markets.

(Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )

Dana's U.S. operations entered Chapter 11 on March 3, 2006. During a comprehensive, 23-month reorganization, the company and its stakeholders achieved $440 million to $475 million in annual cost savings and revenue improvements. These annual savings were achieved primarily from improvements in its manufacturing footprint, reducing labor costs and benefit changes, working with labor and retiree groups to create VEBA trusts to assume ongoing obligations for retiree health and welfare costs, and further reductions in administrative expenses.

'Fundamental change has been our objective from the outset of this process,' said Mike Burns. 'We have achieved this goal through the persistence and dedication of our employees around the world, the partnerships with our labor unions, and the ongoing confidence and support of our customers and suppliers.

Burns, who served as Dana's Chairman and CEO since 2004 and will remain with the company for a transition period, added, 'I am proud of our emergence today and what the people of Dana have accomplished during the restructuring process. Our actions were necessary for the future of the company. And we achieved our goal while maintaining a strong focus on taking care of our customers. This is the right time for a change, and I am convinced that the company and its new leadership are poised for success.'

New Board of Directors Elects John Devine Executive Chairman and Acting CEO

In conjunction with emergence, Dana's new Board of Directors has elected John Devine executive chairman and acting CEO. Devine is the former vice chairman and chief financial officer of General Motors Corporation, where he served from 2001 to mid-2006. Prior to joining GM, Devine served as chairman and chief executive officer of Fluid Ventures, LLC. Previously, he spent 32 years at Ford Motor Company, where he last served as executive vice president and chief financial officer. Devine is also a board member of Amerigon Incorporated.

'I'm pleased to join the Dana team, particularly on this important day for our company and all of its stakeholders,' said Devine. 'The reorganization achieved by Dana and its people has positioned us to emerge as a more competitive company. We will be focused on the goal of returning Dana to a leadership position in our industry.'

$2 Billion Exit Financing Equips Company to Make Significant Investments in Programs

Dana obtained $2.0 billion in exit financing through an effort led by Citigroup Global Markets Inc., Lehman Brothers Inc., and Barclays Capital. Despite difficult credit market conditions, the company was able to secure exit financing. The financing consists of a $650 million asset-based revolving credit facility and a $1,350 million term loan facility. Proceeds from the facility will be used by Dana to repay its debtor-in-possession credit facility, make other payments required upon exit from bankruptcy, and provide liquidity to fund new product programs and other investments.

Common Stock of New Company Begins Trading on NYSE

Effective today, common stock in the new company will begin trading on the New York Stock Exchange under the symbol DAN. Shares of Dana Corporation common stock that had most recently traded over the counter under the symbol DCNAQ have been cancelled and will no longer trade.

About Dana Holding Corporation

Dana is a world leader in the supply of axles; driveshafts; and structural, sealing, and thermal-management products; as well as genuine service parts. The company's customer base includes virtually every major vehicle and engine manufacturer in the global automotive, commercial vehicle, and off-highway markets, which collectively produce more than 70 million vehicles annually. Based in Toledo, Ohio, the company's continuing operations employ approximately 35,000 people in 26 countries and reported 2006 sales of $8.5 billion, with more than half of this revenue derived from outside the United States. For more information, please visit: http://www.dana.com/.

Notice Regarding Forward-Looking Statements

Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'predicts,' 'believes,' 'seeks,' 'estimates,' 'may,' 'will,' 'should,' 'would,' 'could,' 'potential,' 'continue,' 'ongoing,' similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Dana's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss important risk factors that could affect our business, results of operations and financial condition. The forward-looking statements in this news release speak only as of this date. Dana does not undertake any obligation to revise or update publicly any forward-looking statement for any reason.

SOURCE Dana Holding Corporation



Source: PR Newswire (February 1, 2008 - 8:05 AM EST)

News by QuoteMedia
www.quotemedia.com

Shares will be worthless. IMO

so any idea how many shares are out now?

Look a few posts back -- there's a SEC filing on this.

Accually, Dana did exit bankruptcy on time. They are trading under DAN somewhere around $12 a share.

Dana Corp. fails to exit bankruptcy by self-set deadline

Dana Corp. yesterday missed a self-imposed deadline for exiting Chapter 11 bankruptcy.

The reason for the delay was unclear, although a report by a financial news service pointed to problems in the credit markets.

Officials of the Toledo auto-parts supplier previously said they expected to emerge from nearly two years of bankruptcy protection by Jan. 31. There was no known harm to the company by missing the deadline.

"We're still progressing, and we'll put out an announcement as soon as we can," Dana spokesman Chuck Hartlage said last night.

The firm has commitments for $2 billion in financing, including a $1.35 billion term loan promised by a lending syndicate led by Citigroup, Lehman Brothers, and Barclays.

But Reuters Loan Pricing Corp., citing unnamed sources, said that the parties had sweetened terms in an attempt to entice reluctant lenders to join the deal.

The company headquartered on Dorr Street was unable to pay its bills when it filed for protection from creditors in March, 2006. It later cut employee benefits, closed and sold some factories, established a separate account for retiree health care, and made other changes.

The company, however, will be leaving bankruptcy at a troubled time in the auto industry, and its soon-to-be issued stock could struggle in the volatile markets.

http://toledoblade.com/apps/pbcs.dll/article?AID=/20080201/BUSINESS03/802010389

http://www.sec.gov/Archives/edgar/data/26780/000095015208000696/l29684ae8va12b.htm

New share structure.

Dunno. At this point, I expect it to be taken private eventually. There'a good company in there is someone can mop up the mess.

If Dana becomes the beggar again, they may be forced to re-visit some of those earlier offers. Namely, Appaloosa. IMHO GL

The court is like the ref in a hockey game...they're only there to make sure everything is done by the book, but they don't decide the outcome of the game. If money dries up, nothing the courts can do. If that happens, Dana becomes the begger again. IMHO GL

Agreed. I bet they have a few.

But the court seems to be approving the emergence from BK and the financing. My guess it that means the deals are currently legit and hold some promise; else why would the court waste its time?

IMO, you don't. Just flip it until the stock is re-issued (if need be) and wait.

Gotcha

I'm not 100% convinced Dana can secure the financing it needs to emerge from BK considering where the worlwide financial crisis is headed. When the news came out last week that BoA was buying Countrywide, their stock shot up over $8.00. Everyone expected it was a done deal. Now they find out BoA has a termination clause saying Countrywide must pay BoA 160 million if BoA walks. In other words, there is always an escape hatch, when it comes to these deals. I would imagine Dana's deal also has them. IMHO GL

gC

Knowing the commons are not going to survive here. How does even a speculative takeover help a PPS that is so depressed?

LOL Yup. Maybe... who knows?

Remember the story of David and Goliath?

Now... if they can sell it in many countries (passing safety standards), it may be a good thing. Talk about undercutting GM...

F.Y.I.

http://dailycamera.com/news/2008/jan/20/it-costs-just-2500-its-cute-as-a-bug-and-it-mean/

Tata, in its infinite wisdom, just introduced a $2500 car to replace India's antiquated scooter market. If they were to consolidate DANA, DELPHI AND DURA and then begin manufacturing a $5000 car or maybe even cheaper. WHOA!!!!!!

But if the takeovers happen, this will be a killer stock :)

Don't know honestly. When I read the news, court filings, and the overall condition of manufacturing, I get the sense DANA is being restructured (and salvaged) w/ a purpose in mind. The recovery is well planned, throughly documented, and legally sound. Whoever has done all of it has seriously done their homework.

THEN the new mgt gets announced -- pros from the industry. The new guy in the latest new is a finance expert and has some dealing w/ mergers. Thus I just thought: "Hmm. If I were to sell myself after restructuring and BK, who would I hire?". Well, this guy is one I'd look at for sure.

But if Tata bought any of the three, they'd have a good entry into the US. But if they got all three, wow. Talk about MAJOR competition in the US...

funny you should say that because there's been a rumor circling the Detroit Auto Show this weekend claiming Tata Motors is in secret negotiations to buy DANA, DELPHI AND DURA in order to get a foothold into the U.S. market. Any thoughts?

Curious. Sounds like a buyout may be considered...

Dana to name former auto exec Devine as chairman

http://www.reuters.com/article/marketsNews/idINN0963923020080110?rpc=44

NEW YORK, Jan 9 (Reuters) - Bankrupt car and truck parts maker Dana Corp (DCNAQ.PK: Quote, Profile, Research) will name John Devine as its chairman when the company emerges from bankruptcy, the Wall Street Journal said on Wednesday, citing multiple people familiar with the situation.

Devine is a former chief financial officer at both General Motors Corp. (GM.N: Quote, Profile, Research) and Ford Motor Co (F.N: Quote, Profile, Research).

The company could not be reached for comment. A spokesman told the Journal that it had not yet reached a decision on a chairman.

Last month, Dana said Devine and seven others would serve on its board with Chief Executive Mike Burns when the company's plan of reorganization becomes effective. It said then that Burns would continue to serve as CEO, but another person would hold the chairmanship.

The Toledo, Ohio-based company, which filed for Chapter 11 protection in New York in March 2006, plans to emerge later this month with the support of a $790 million equity investment led by private equity firm Centerbridge Capital Partners.

Dana's customers include major automakers, such as General Motors, Toyota Motor Corp (7203.T: Quote, Profile, Research), Ford, Chrysler LLC and Nissan Motor Co. (7201.T: Quote, Profile, Research)

Dana supplies a range of auto components including vehicle frames, axles and driveshafts. (Reporting by Michael Erman; Editing by Ben Tan)

Fell out of the sky. Coupled by EOY tax sales.
Low you coulda bought was .115 .12.
closed today .19. HOD .21.
And you know it's short.
Good luck.

Thanks :) Always looking for a good run :)

Guys, check out wellman. WMAN.
Not a BK play. But a bottom buster with some tech, and patents.
Best of luck

SEC Filing:
http://www.sec.gov/Archives/edgar/data/26780/000091957407005951/d842228_13d-a.txt

Well, so far, the news tends to disagree -- someone is willing to support DANA. Seems goofy, but that's the news in the iBOX. There must be people will to help out; thus could there be potential to be realized?

As for Delphi and Dura, well, why bother funding them? They are pretty much a waste and I wish them well. (Especially Delphi.) At least Dana has a chance to restructure and get out of BK -- who knows? It could easily be taken private after a buyout, or reissue new stock, or do a number of actions that banks and venture captial find interesting. Thus there is no reason at this stage to declare it dead.

We'll see how it plays out in court.

RIDDLE ME THIS...

Delphi can't find money. Dura can't find money. So how does Dana find money? I'm not buying it! Tepper's waiting for them to fall on their faces, just like Delphi did. Now Delphi has to come back, cap in hand and beg for money from the shareholders. I't will happen here and we'll be ready and waiting. GL to all those who hung in there.

gC

What the hell was I thinking.LMAO
I'm out.LOL

Good luck -- it's a good flip when it fires up. I hope you have limits set!

Good luck to you

Veins man

briboy

Nice...

Just picked up a few at .034. Looks like a pop is in order here.
G/L

Dunno. I enjoy watching this chart and it's educational to learn about how BK hits the PPS. Honestly I am surpised it held up so well.

Nonetheless I have to admit I learned alot about reading on this one and can consider BK companies in the future.

Most asbestos claims I've ever seen have taken years to settle. Kept a lot of companies, who were in BK, tied up way longer than normal. I'm willing to bet she'll start heading north, before to long. Harbinger just dumped 8 million shares @ .025. Bet they're kicking themselves now. JMHO

Hmm... Technicals seem a little better -- maybe time for an enter and flip :o)

Adding to iBox. One moment.

Dana creditors appeal to block reorganization plan

Friday, January 4, 2008

Detroit News Wire Services
Dana Corp. asbestos claimants who sought to block the bankrupt auto parts maker's turnaround plan appealed a federal judge's approval last month of the company's reorganization, Bloomberg News reported today.

U.S. Bankruptcy Judge Burton Lifland in New York confirmed the Chapter 11 plan Dec. 12, overruling objections from the claimants who said the reorganization wrongly protects Dana's assets from personal-injury claims.

"Dana's plans for emergence are unchanged," company spokesman Fred Spar told Bloomberg. Toledo, Ohio-based Dana said it will pay off creditors with new stock under the plan, according to court filings. Dana has said it plans to exit bankruptcy by the end of the month.


http://www.detnews.com/apps/pbcs.dll/article?AID=/20080104/UPDATE/801040431/1148/AUTO01

Added into a new news section of the iBOX. It'll be interesting if this affects Dana.

Credit Crunch Hits Firms in Chapter 11

http://money.cnn.com/news/newsfeeds/articles/apwire/9b7a13385716ca729a484fc5baa7b1cf.htm

Credit Crunch Hurts Companies Trying to Exit Chapter 11 Bankruptcy
December 28, 2007: 03:31 PM EST


NEW YORK (Associated Press) - Any company trying to tap credit markets recently knows the feeling: Lenders suddenly more demanding and exerting greater leverage in negotiating loan terms. That means borrowers may have to sweeten, postpone or cancel deals to avoid a prohibitive debt servicing burden.

Since the credit crunch began in earnest in June this scenario has mostly played out among highly leveraged junk-rated entities or private equity sponsors looking to pile debt atop companies to acquire them.

As 2007 draws to a close, however, the pinch has been felt by a new set of companies: those trying to exit Chapter 11 bankruptcy.

Three of the most significant bankruptcies in recent years have been Dura Automotive Systems Inc., Delphi Corp. and Calpine Corp. All three have been trying to reorganize to emerge from bankruptcy protection at a time of lower sales. All three now also face a hostile credit environment at a time when they need help to stand on their corporate feet.

Dura was the first to postpone its emergence from Chapter 11 because it couldn't obtain affordable financing for a $425 million senior secured bankruptcy exit loan.

Delphi recently cut its planned bankruptcy exit financing by $1.9 billion because it could not get credit. Calpine said it would cut its bankruptcy-exit financing package and take more time to emerge from Chapter 11...

Some truth to that. We need to watch to see if the re-issue new stock. If so, this is just a flipper until that time.