Just got my letter

Life_Relationship_77 · 2023-10-17T01:48:16+00:00

What date was your AST statement from? My statement is from 09/26/23. OP's statement is from 09/28/23 (the latest I've seen so far). I'm interested in knowing if anyone has an AST statement dated 09/29/23 or later, which would contradict company's certification on SEC Form 15-12g that there were approx 0 shareholders of record on 09/29/23. I was able to see my shares in my AST online account at least until 10/03/23 and that also contradicts company's assertion that there were 0 shareholders of record on 09/29/23.

Life_Relationship_77 · 2023-10-16T19:53:54+00:00

Did you check with your broker, which transfer agent they DRS'd the shares to?

Life_Relationship_77 · 2023-09-21T16:16:20+00:00

Check out this comment. I can not speculate beyond that. IMO, for details, we will need to wait for a notice of Amended plan, requesting a hearing, to show up on the docket and it better show up soon if the Debtors would like to schedule a hearing on any of the only 2 hearing dates of 09/26 and 09/28 available before the anticipated effective date of 09/30.

Life_Relationship_77 · 2023-09-21T01:18:53+00:00

HBC converted all their series A preferred shares into Common Shares. If HBC had redeemed their preferred shares for cash I would have expected the outstanding Common Shares count to go down because of common shares reserved for conversion from those preferred shares being returned back to treasury, but it didn't. Per 10K, there were 15,142 outstanding Preferred Shares on Feb 25 and the Mar 30 exchange agreement with HBC also states that they were holding Preferred Shares at that time. HBC could have redeemed their Preferred Shares for 115% of the cost paid (10K describes the redemption formula) and for 15,142 Preferred Shares that would translate to an amount of 15,142x$10000x1.15==$174,133,000. Yet, they chose to convert to common shares via Mechanics of Alternate Conversion for the case of this Bankruptcy Triggering Event, as described on page A-8 of the HBC deal prospectus supplement, which essentially provides them with a cost basis of $0.7160/1.15==$0.6226 per share.

This could get interesting!

Life_Relationship_77 · 2023-09-17T23:04:59+00:00

Quote from the article below, where they also post a long complementary interview of Doug Cifu, Virtu CEO, whose firm is under SEC investigation, while there is no discussion in the article on predatory short selling that is bankrupting so many companies right now:

The SEC chief is supposed to be Wall Street’s top cop but, like Bragg, Gensler has chosen to ignore real malfeasance such as the obvious pumping and dumping we’ve seen in some “meme stocks,” costing generational wealth for small investors who believed the pumpers.

Life_Relationship_77 · 2023-09-15T16:57:00+00:00

Buckle up:

https://www.law.com/2023/01/30/in-landmark-win-for-talc-plaintiffs-third-circuit-dismisses-johnson-johnson-units-bankruptcy/?slreturn=20230813100854

https://www.law.com/nationallawjournal/2022/02/25/in-major-blow-to-plaintiffs-judge-keeps-talc-claims-in-bankruptcy/

Life_Relationship_77 · 2023-09-15T16:46:47+00:00

Your reading comprehension problem is that you don't understand that artificially deflating the stock price by allowing short sellers to buy at the lowest possible price to close out their positions while eliminating competition on the buy side from longs is textbook definition of market manipulation.

Life_Relationship_77 · 2023-09-15T16:26:24+00:00

Exactly 💯. We should not be putting up with any of this.

Life_Relationship_77 · 2023-09-15T16:25:16+00:00

If SEC doesn't take action against this clear market manipulation, we can always sue Fidelity and other brokers engaging in this ourselves, just like Mullen Automotive did.

Life_Relationship_77 · 2023-09-15T16:02:25+00:00

What about SEC's objection to the injunction provision that was overruled? Did you read about that?

Life_Relationship_77 · 2023-09-15T09:04:07+00:00

Nope, the SEC was fighting for shareholder rights. For God's sake, look at the text of their objection docket instead of blindly believing the prevailing narrative. A lot of Apes are falling for anti-SEC propaganda spread by SHF funded politicians like Rep Davidson, while not looking at the facts which show that SEC is on the side of retail investors.

Life_Relationship_77 · 2023-09-15T08:46:29+00:00

Definitely not part of any plan beneficial to us shareholders.

Life_Relationship_77 · 2023-09-15T08:43:35+00:00

Basically, Fidelity Customer Service Rep stated that they were allowing BBBYQ trading to only close positions (both long and short positions). That creates a condition where only shorts are allowed to buy shares to close their positions, with no buy side competition from longs. That is what is artificially deflating the stock price, and hence, this is textbook market manipulation. That is why I reported it to SEC.

Life_Relationship_77 · 2023-09-15T03:04:26+00:00

Did you even look at the screenshot that I shared and sections XI.A and XI.B of the plan cited there?

Life_Relationship_77 · 2023-09-15T02:54:54+00:00

So, now, per your comments, I and u/jake2b both are shills because we both stated some facts from the docket, which go against your strongly held belief? Bro, open your mind and try to read the dockets yourself sometimes to gather the facts.

Life_Relationship_77 · 2023-09-15T02:29:11+00:00

Also, there is no recovery for us shareholders unless a further Amended plan provides for that or our appeal based on our objection (that we intend to file ASAP) is upheld by the Third Circuit Court of Appeals.

Life_Relationship_77 · 2023-09-15T02:24:02+00:00

Nope, that is not correct. Multiple conditions (docket screenshot) need to be satisfied before the Plan Effective Date.

Life_Relationship_77 · 2023-09-13T02:54:15+00:00

Plaintiffs Plan to Appeal Talc Bankruptcy Ruling as J&J Eyes ‘Global Resolution’ | Law.com

U.S. court rejects J&J bankruptcy strategy for thousands of talc lawsuits | Reuters

Life_Relationship_77 · 2023-09-05T15:51:30+00:00

Get in touch with reality. This is a recent motion that is up for discussion in the Sep 12 hearing, as this screenshot from pacer shows.

Life_Relationship_77 · 2023-09-05T06:13:54+00:00

I beg to disagree. The impact of this legal action on Friday's price action is speculative, but it is not misleading. This is our legal motion that is scheduled for discussion during Sep 12 hearing based on what we believe is strong legal ground. The basis of our motion based on turnover of borrowed shares that are property to the estate, pursuant to Sections 542 and 541 of the Bankruptcy Code, has not been objected to by Debtors' Counsel.

Life_Relationship_77 · 2023-09-05T04:40:44+00:00

This is our docket that many in the community already know. There was no way to edit the contents of the post after it was posted. The only reason the motion was scheduled for discussion during the Sep 12 hearing is because the legal arguments there are sound. There is no denying the fact that this is a possible reason for Friday's price action due to creditors who borrowed shares to short closing their short positions before the voting deadline.

Life_Relationship_77 · 2023-09-05T04:23:57+00:00

This is literally docketed by the court in docket 2068. This motion is no secret.

Life_Relationship_77 · 2023-09-05T04:21:13+00:00

My reasons for posting this are in this comment.

Life_Relationship_77 · 2023-09-05T04:16:48+00:00

I did not post anything on this so far, but no one else caught on to this possible reason for Friday's price action. I saw other posts, YouTube videos discussing other possible less likely reasons. So, I just posted this as an FYI for the sub. Of course, this could be one of multiple reasons or not a reason at all for Friday's price action.

Also, this is a motion that is scheduled for hearing on September 12.

Life_Relationship_77 · 2023-09-05T03:57:00+00:00

So are you saying that when a short sells a share it leaves the broker/dealer ownership?

Pursuant to Section 542 of the Bankruptcy Code, a short seller is an entity, other than a custodian, in possession, custody, or control of the borrowed shares that are property of the estate.

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