Hallo zusammen,
auch mich hat der Fall von Mallinckrodt in der letzten zahlreiche schlaflose Nächte gekostet.... Mein Vater und ich sind bei 90.000 Aktien und seit dem letzten Earnings Call keine ruhigen Nächte mehr.. Wie kann ein Unternehmen das soviel Geld verdient freiwillig Chapter 11 anmelden (obwohl sie die CMS Klage noch deutlich runterhandeln konnten und für die Opioid-Anklage schon seit Februar ein Settlement in der Schublade haben..Spinoff Sonorant etc..). Jetzt soll das MGMT nach erfolgreicher Restrukturierung auch 10% des Unternehmens bekommen (anstatt gefeuert zu werden). Dieser ganze Unmut und das gefühlte Verbrechen was da abläuft hat mehrere größere Shareholder bewogen sich zusammen zu tun. Sie möchten das insbesondere die 10% die für das MGMT vorgesehen sind an die Shareholder gehen.
Ich bin in dem Forum Stocktwits hauptsächlich unterwegs:
h*****://stocktwits.com/symbol/MNK
Sie haben den für CH11 von MNK zuständigem Richter Judge Dorsey einen Brief zukommen lassen um Ihre Interessen zu wahren. Die 5% Hürde (um ein solches Equity Komitee darzustellen und überhaupt vom Richter angehört zu werden sind mittlerweile durch den Zusammenschluss zahlreicher Investoren aus den USA/Spanien/Russland überschritten worden).
Ansprechpartner dort sind "Parker77" und "Eran2" sowie "novato" insbesondere.
Ich werde den Brief unten auf Englisch posten.
Falls Ihr Interesse habt dabei zu sein sendet bitte eine Email an shaacpc@gmail.com mit Eurem Namen, der Anzahl der shares und Eurer email Adresse. Ihr könnt auch gerne den Personen bei Stocktwits einfach nochmal direkt schreiben.
Wäre zumindest einen Genugtuung wenn das MGMT ein bisschen Druck bekommt!
Hier nochmal der Brief:
Re: Case No. 20-12522 18 October 2020 Dear Honorable Judge Dorsey, I am writing this letter in response to Mallinckrodt, PLCs petition for bankruptcy. I am a shareholder in the company, and I write this letter on behalf of all shareholders.
We object to the current restructuring agreement (RSA) regarding how management deals with equity. In the RSA, management proposes to void all existing shares in the bankruptcy process, making our holdings in the company worthless. Upon emergence from bankruptcy, management estimates the market capitalization of the company to be approximately $1,500 million, about 12 months from filing or in October 2021. Further, management proposes to award itself exactly 10% ownership in the restructured company. That transfers $150 million of equity from our hands, the current owners, and puts it into the hands of management. There is no legitimate reason which serves any interest for this transfer of wealth from the current public owners of the company to management. This is sleight-of-hand robbery any way that one looks at it.
Your honor, we object to this base treatment of shareholders by management. Management is appointed to run the company in the best interest of owners. They have not been doing that. Currently, management has a 1.7% ownership stake in the company. At the very height of the companys market capitalization, on March 16, 2015, shares were trading at $132, giving the company a market value of $11 billion. Managements ownership stake in the company would have been $187 million at that time. On emergence from bankruptcy, management is proposing to take 10% ownership of the company, an amount estimated at $150 million. Why should they take a piece of the restructured company that would rival the their ownership stake in the company in 2015 when shares were trading at their peak of $132 and leave current owners with nothing?
The last market day before filing bankruptcy, October 9, 2020, the share price closed officially at $0.75, leaving a market capitalization of $63 million. Managements ownership stake would have been valued at just $1 million, truly a pittance compared to the $187 million equity stake they had in the company just 5 years prior. Why should management receive 150 times value out of the company upon emergence, compared to the day before filing bankruptcy? Why should management increase their stake in the company from 1.7% to 10%, a factor of almost 6 fold? Why should current owners agree to transfer to management the residual value in the company, and be left with nothing? The answer is of course, we dont agree.
Your honor, we plead to the court to be fair in exercising judgment on the $1500 million in ownership equity that remains in the company. Current owners are stakeholders in the company, and we wish to remain stakeholders in the company upon emergence. We propose to award management 1.0% ownership stake in the new company; that is $15 million of the estimated $1,500 million in estimated equity. Please bear in mind that management has already awarded themselves $5.5 million in retention bonuses as they planned for this bankruptcy. Therefore, the reduction from 1.7% to 1.0% is fair, as management will have more than $20 million of equity and cash bonuses in the restructured company. We propose current shareholders should receive 9.0% or $135 million of the estimated $1,500 million equity in the restructured company, distributed evenly according to the number of shares currently held by each individual or institution.
The remaining 90% equity in the company, approximately $1,350 million, could be transferred to bond holders to satisfy current debts. Such an outcome would be fair and reasonable and equitable under the law. Such an outcome would serve interests of all stakeholders and therefore be in the best interests of the company. We pray that the court will decide in our favor. Thank you for the consideration. Sincerely,
Anyone writing the letter, please reference Bankruptcy Petition #: 20-12565JTD in the letter.
Letztes Update von gestern Abend:
$MNK UPDATE ON EQUITY COMMITTEE
The letter asking the Judge for the motion to form an equity committee for shareholders will be going out early next week, latest Tuesday. Parker77 is drafting it, will send to me, I will review, make final edits and send to judge latest Tuesday Oct. 27 as certified mail
If you want to be considered in this motion and HAVE NOT PROVIDED YOUR NAME and NUMBER OF SHARES do so ASAP to me and Parker77
So far, we have been able to gather a group of shareholders supporting this motion whom in total have over 3M shares, which represent about 6% of the shares, above the 5% the judge said was needed before he would listen.
At this time joining forces will strengthen our case.
Also wenn Ihr Interesse daran habt schickt Ihnen Eure Details zu und ich hoffe zumindest darauf, dass das MGMT nochmal ordentlich Feuer bekommt und vielleicht gibt es sogar ein kleines Stück vom Kuchen.
Viel Glück Allen!!!
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