why is this stock still here? case is completed in court....???

should this stock not just go away? no one bought the name or stock for the tax break so what is up?

I was looking at my graphs on PTFCQ that etrade provides me. And Something just confused the hell out of me on April 11, 2011. 160,000 shares traded.

I took a picture for your pleasure :p

Anything come out of the hearing on May 4?

I thought so too, why do they still have all the court dates

Omnibus Hearing Dates:

April 28, 2011 at 9:30 a.m. (Eastern Time); Adjourned to May 4, 2011 at 3:00 p.m.

June 1, 2011 at 3:00 p.m. (Eastern Time)

July 7, 2011 at 10:00 a.m. (Eastern Time)

August 11, 2011 at 9:30 a.m. (Eastern Time)

I thought this thing was cancel Nov. of last year.

Announcements


Omnibus Hearing Dates:

April 28, 2011 at 9:30 a.m. (Eastern Time); Adjourned to May 4, 2011 at 3:00 p.m.

June 1, 2011 at 3:00 p.m. (Eastern Time)

July 7, 2011 at 10:00 a.m. (Eastern Time)

August 11, 2011 at 9:30 a.m. (Eastern Time)

This could turn out to be the best or one of the best stocks if there comes a big suprise in our favor or the worst, because since i bought it there hasn't been any trading, so you're stuck with what you got for better or worse. GLTU

This could turn out be the best or one of the best stocks if there comes a big suprise in our favor or the worst, because since i bought it there hasn't been any trading, so you're stuck with what you got for better or worse. GLTU

My thoughts exactly! I've always been a gambler so why change now? As Jim C. said in Dumb and Dumber, "you mean there's a chance", million to one,,my kind of odds,lol. gltU

That's a good question, but they say it's not over until the fat lady sings (close shop).

Why is there a mm or whatever letting some poor sap buy? If she's bk, this isn't right,imo.

sense

No sence selling at this point.

Ok, who bought 35,000 shares today??? I still own mine hero to ZERO,lol.

So looks like shareholders will just have their shares cancelled. No monetary value?

Summary of Plan

The following is a summary of the material terms of the Plan, as confirmed by the Bankruptcy Court. The summary is qualified in its entirety by reference to the Plan, a copy of which is attached hereto as Exhibit 2.1. Capitalized terms used but not defined herein have the meanings given to them in the Plan.

The Effective Date of the Plan will be the day that each of the following conditions have been satisfied or waived: (a) all actions, documents, and agreements necessary to implement the Plan and all transactions described in the Plan shall have been effected or executed, as applicable and (b) the Confirmation Order shall not have been stayed.

The Plan is a liquidating plan that provides, among other things, for the liquidation of the Debtors' remaining assets by a Plan Administrator and for the satisfaction of all Allowed Claims. All existing Equity Interests in the Company will be canceled and extinguished and holders thereof will receive no distributions under the Plan.
The Plan Administrator will reduce the assets of the Debtors to cash and distribute the cash first in full payment of any and all Allowed Administrative Claims, Allowed Professional Compensation Claims and Priority Tax Claims. The remaining balance of Estate Property will be distributed in accordance with the terms of the Plan. Each of the Debtors will be dissolved after liquidation is complete

yeah, this company was a fully reporting when we all got in more than a year ago.................

It was a lottery play, if someone had bought the NOL we would be rolling......still can not understand someone not wanting all those millions in write off...................................

always check tier change on pinksheets

it wasn't Grey when we bought it.

The company will keep 1 common share for the pending dissolution of the company. It also says that the company will not keep any shares for future issuance, other than the administrator of the plan will keep 1 share for the purpose of keeping the company's corporate existence pending dissolution. Could that mean that there is still a chance for them to sell the shell?

Never buy stocks for any GREY MARKET company. this is one of'em
gltu

OS

Sure would like too know why the value of the NOL & shell weren't recognized as an asset. Had to be enough value there to make the effort of liquidating them worthwhile.

That's the part that pisses me off, for I thought the shell & NOL package was our safety net against what has now passed. The judge eliminated millions of dollars that should have went towards the company's debts & did so w/o any explanation why. (that I am aware of anyhow) If anyone ever comes across a given explanation for this please, PLEASE, post a copy of it here.

Take care everyone. Hope the write off is helpful come mid April & better luck w/ future plays.

8k out 11/2/2010 17:01PM, Common Cancelled

As of the Effective Date, (i) the Plan Administrator shall be authorized to take all actions reasonably necessary to distribute Estate Property and dissolve the Debtors under applicable law and (ii) all of the Company’s Equity Interests, including its common stock, will be cancelled and extinguished without consideration. No shares of the Company are being reserved for future issuance in respect of claims and interests filed or allowed under the Plan; provided, however, the Plan Administrator will receive and hold one share of Company common stock for the purpose of maintaining the Company’s corporate existence pending dissolution.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7530461

So what happens next? Will the shares be removed from my E-trade account automatically? I have never been down this road before, so I was just wondering.

My 3 grand is now down to less then ten bucks as of .0001, but not sniveling. I knew going in it was hero or zero w/ this, & zero won.

Basically, he linked to a file that states the previous proposal that was submitted for vote. Equity shareholders did not get a vote as we were getting no value on the backside and without an Equity Committee noone to fight for us.

This file said the the previous proposal was approved by several classes such as unsequered creditors and class 5 (title?) - Equity was class 4 - that were both above and below us and they took haircuts as well. because of that he approved the plan as is and equity gets nothing.

That said its been dead money for a while. Strange thing is why they walked (TOPS) from a $150M NOL. I have no idea how to value it but there is some value there for them to just leave behind.

All in all, not surprising at this time.

Im lost with all the legal things. If you found where it says shareholders get nothing can you post it?

I'd appreciate it.

Thanks

Dead in the Water !!!! All over and that sucks !!!!

http://www.donlinrecano.com/dockets/multidockets/penn3/09-14078/1506

FYI and I do believe the “Good Guys” (us) got no-hit in this, unless I’m missing something !!! This is the result of the hearing today and the Agenda Items and the result. There are a ton of “Related Pleadings” associated with many of Agenda Items which can be found in the Dockets. Plus, anyone know if an “Order Signed” means the end of arguing the Agenda Item or am I thinking wishfully, that there is more to it??? Thoughts????

1. Notice Of Debtors’ Intent to Assume And Assign Certain Leases And Executory
Contracts And Fixing Of Cure Amounts (D.I. 337, Filed 1/11/10).

#1 - Adjourned to 11/18/10 @ 9:30 a.m.

2. Motion For Payment Of Administrative Expenses Relating To Employee Benefit
Contributions (D.I. 1204, Filed 7/9/10).

#2 - Adjourned to 11/18/10 @ 9:30 a.m.

3. Debtors’ Motion For An Order Approving The Compromise Of A Controversy By And
Among The Debtors And D & B Marketing, Inc. (D.I. 1401, Filed 10/1/10).

#3 - Revised order signed

4. Second Amended Consolidated Chapter 11 Plan Of The Debtors (D.I. 1364, Filed

9/14/10).

#4 - Order signed Confirming the Third Amended Consolidated Plan

5. Debtors’ First Omnibus Objection (Non-Substantive) To Certain Claims Pursuant To
Section 502 Of The Bankruptcy Code And Rule 3007 Of The Federal Rules Of
Bankruptcy Procedure (Amended; Duplicate; Late File Claims) (D.I. 1382, Filed
9/17/10).

#5 - Revised Order signed

6. Debtors’ Second Omnibus Objection (Substantive) To Certain Claims Pursuant To 11
U.S.C. § 502, Fed. R. Bankr. P. 3007 And Del. L.R. 3007-1 (Redundant Claims) (D.I.
1395, Filed 9/27/10).

#6 - Revised Order signed

7. Debtors’ Motion For An Order Approving A Compromise Of A Controversy Regarding
Claims Filed By The Pension Benefit Guaranty Corporation (D.I. 1397, Filed 9/30/10).

#7 - Order signed
8. Debtors’ Motion For Entry Of An Order (i) Approving The Stipulation By And Between
The Penn Traffic Company And The Penn Traffic Company 401(k) Savings Plan
Resolving And Settling Claims Related To The Penn Traffic Company 401(k) Savings
Plan, (ii) Deeming All Claims Relating To Penn Traffic 401(k) Plan Fully Satisfied And
(iii) Granting Related Relief. (D.I. 1419, Filed 10/6/10).

#8 - Adjourned to 11/18/10 @ 9:30 a.m.
9. Debtors’ Motion For An Order (I) Approving A Settlement Agreement By And Between
The Debtors, The New York State Teamsters Conference Pension And Retirement Fund
And The New York State Teamsters Council Health And Hospital Fund And (II)
Granting Related Relief (D.I. 1483, Filed 10/21/10).

#9 - Order signed

In a previous life I dealt with the PBGC on the periphery. Very periphery but a good friend dealt with them. The PBGC will get the full 100% of the monies they felt they were owed plus interest. They are like the IRS.

Unfortunately, I think my investment in this is a $0.

Wish I did, no I don't !!!! LOL If I'm reading this correctly it looks to me as though some kind of settlement has been reached between PT and Pension Benefit Guaranty Corporation. If so, I don't think that is "a good thing" for the shareholders.But I don't really know....just my best guess after trying to understand the dockets posted today.

It sounds like you know a little law. What's your gut feeling on this. What I don't understand is how can they let 60 to 80 mil NOL. loss go down the drain. That's why I still have hope.

What we need is a Fourth Amended Consolidated Chapter 11 Plan !!!! That says Equity is in Da Money !!!!! Reading this Docket S#@T makes one destroy brain cells !!!!! LOL !!!!

We need a lawyer on this board.

Have we already heard something with the voting per Docket #1499? Acceptance has blown away rejection of The Plan based on this Docket #

http://www.donlinrecano.com/Dockets/penn3/09-14078

Or are there objections that still need to be heard today before any kind of final decision?

anyone know when we will hear something?

anyone know when we will hear something?

Looks like they need to chew through some more objections, not that they have had any difficulty in doing so thus far but.....few more to go.

Will be watching this as the hearing comes up here. Pension Benefit Guaranty Corporation is the key player on the shareholder side IMO based on their ownership and the filings I see there. It appears they have continued to object to the plan, the Original Chapter 11 Plan, the First Amended Consolidated Chapter 11 & now the Second Amended Consolidated Chapter 11 Plan. Of course, we'll see what happens, may be nothing as current plan seems to mean equity holders will get nothing, but just depends on the arguments come the 27th.

Interesting !!!! In my opinion, anyone have thoughts on all of this? According to the court docket today (below) There may not be a conclusion to The Plan on Wednesday. Anyone else interpret it that way? Then again it may not mean a thing.

Docket # 1496 http://www.donlinrecano.com/Dockets/penn3/09-14078


Old history worth noting:

As noted above, Penn Traffic has two previous chapter 11 cases in the past decade. In the most recent bankruptcy, common stock was issued to holders of senior note claims and unsecured claims. As a result, the largest shareholders in Penn Traffic are Bay Harbour Management, L.L.C. (23.7%); Pension Benefit Guaranty Corporation , held by JP Morgan Investment Management, Inc. as agent (21.7%); and King Street Capital Management, L.P. (15.6%).

Good luck guys, I hope a year of waiting is worth more than zero...

If it does indeed go our way, at this point (at least for me) it will be like found money.

Also, while I understand our needs are at the bottom of a very long list, if they do cancel the shares & fail to get the value out of the shell & nols, I hope we get an explanation of why.

I've seen other Q plays that have less going for them than this one getting paid off, so I think if the hammer does indeed fall, for the sake of accountability, they should disclose the reasoning for doing so. GLTA (for I think we are going to need it)

guess we'll find out,,,there's no value if they are just canceled. That statement could be standard legalese and they simply have not yet gotten to the part of the bankruptcy process via hearings to take a close enough look at what best suites all.

I have no doubt that we are the last people on their list of concerns. that said, I still can't imagine them just letting go of those NOL's.

My greatest hope now is that come this Wednesday the court sheds some light on the situation so we can either move forward or move on.

My gut is not real positive at the moment because of this for one thing:

The Debtors are continuing to manage their properties as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and no trustee or examiner has been appointed in the Company's case. The Company currently believes that after the Company's repayment of its creditors to the extent it has available funds, none of its assets will remain available for distribution to its stockholders. The Bankruptcy Court has scheduled the hearing on the Company's plan of liquidation for October 27, 2010. If the plan is confirmed, the plan is anticipated to become effective within a few weeks.

Since they are "continuing to manage" does that give them the freedom to simply cancel commons? Or, if in fact, other creditor's from prior bankruptcies own common shares today, will the judge take that into consideration come Wednesday? Actually, I'm wondering if any of those past companies still own those shares and how that can be found out today. Would love to know why the shell hasn't been sold or why the court hasn't required that to happen, if they have that power. Too many questions and too few answers.....guess we will know something perhaps come Wednesday.

thanks nerachal...lets hope we get some good news...what's your gut say? this long wait has sort of removed me from the process.

Hoping they see the value...fingers crossed.

FYI 8-K for Oct. And what will this upcoming Wednesday provide us with???? Tears of.....sadness or joy ???

http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7202056

Yeah, I will be interested to see that since some of those shares were awarded from past bankruptcies....

see post number 1633 and 1629 by speckulater;

We could get screwed, I will wait another 2-3 weeks and find out.....

There is still a chance, on item 2 it states that the plan can be modified if necessary, prior to, during, without further notice to interested parties. I still can't believe they will let the NOL just disapear with the shares, but who knows.

Well, lets hope that what you posted a few months ago holds some weight with the court.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=48833744


Not sure if there is a trustee appointed, but that seems like it could or would help with selling the shell? Anyone have thoughts on this? Although it may be way too late at this point.

Equity Interests In Debtors Deemed Canceled


Does not look good for the home team.


4. Class 4 – Equity Interests

Classification: Class 4 consists of holders of Equity Interests in the Debtors.

Treatment: Class 4 is impaired and the holders of Equity Interests in Class 4 will not receive any distributions on account of Equity Interests. The Debtors will request that the Court make a finding that the Equity Interests have no value for purposes of the “best interest” test under Bankruptcy Code section 1129(a)(7). On the Effective Date, all Equity Interests in the Debtors shall be deemed canceled. Holders of Equity Interests in Class 4 shall be deemed to have rejected the Plan.

Page 37
http://www.donlinrecano.com/dr201/penn3/Second%20Amended%20Disclosure%20Statement.pdf


.

Wanted to add one more thing.

From the disclosure statement @
http://www.donlinrecano.com/dr201/penn3/Second%20Amended%20Disclosure%20Statement.pdf

Page 10:

E. Classes Impaired Under the Plan
C
laims in Class 3 and Class 5 are impaired under the Plan. Therefore, holders of those Claims are
eligible, subject to the voting requirements described above, to vote to accept or reject the Plan.

Claims in Class 1 and 2 are not impaired under the Plan, and therefore holders of those Claims are
conclusively presumed to have accepted the Plan pursuant to Bankruptcy Code section 1126(f). Accordingly,
the Debtors will not be soliciting votes from Claimholders in these Classes.

Equity Interests in Class 4 are impaired and will receive no distribution under the Plan and therefore
holders of those Equity Interests are conclusively presumed to have rejected the Plan pursuant to Bankruptcy
Code section 1126(f). Accordingly, the Debtors will not be soliciting votes from any Interestholder in this
Class.

I cannot open the pictures but I think its the same letter I got. Here is a link from the bankruptcy proceedings.

http://www.donlinrecano.com/dr201/penn3/Penn%20Traffic%20-%20Notice%20of%20Approval%20of%20Disclosure%20Statement%20.pdf

I cannot find the second page on this website but I know it stated that EQUITY HOLDERS under the current reorginization plan are to get nothing.

My first foray into this stock started before BK and I still thought there was value. Why the NOLs are not included have me stumped.

Here is the BK website...
http://www.donlinrecano.com/cases/caseinfo/penntraffic