PLHYQ - BE CAREFUL!
Read following DD post from RB:
ragingbull.com
dsalt1999: The reorg plan was filed on 12/13/99. The hearing with the bankruptcy court was 1/20/00, and the Plan was confirmed by the Bankruptcy Judge on 1/21/00.
The final judgment was supposed to be approx one month after that but was contingent upon the debtors securing the necessary financing as outlined in the Plan. Every time a report that PH has secured new financing and investors is released, people start buying PLHYQ again.
THEY'RE BUYING THE STOCK ON EXACTLY THE NEWS THAT WILL ALLOW THE PLAN TO BE FINALIZED AND PUT THE FINAL NAILS IN PLHYQ'S COFFIN!
The NYPost article you posted included the quote: ""He also said the restaurant chain could emerge from bankruptcy as early as this week."
As you noted, PH cannot emerge from bankruptcy until its reorg plan is finalized. Since no other plan has been submitted or approved by the court (otherwise there would be a new SEC filing), the only plan that could possibly be implemented as early as next week is the existing one -- that was confirmed by the bankruptcy court on 1/21/00.
Following are relevant excerpts from the 2/5/00 SEC 8-K filing:
"On December 13, 1999, the Debtors filed their First Amended Joint Plan of Reorganization (the "Plan") and First Amended Disclosure Statement (the "Disclosure Statement") with the Bankruptcy Court. A hearing on the confirmation of the Plan was held on January 20, 2000 and the Plan, as modified by the Confirmation Order, was confirmed by the Bankruptcy Court pursuant to an Order entered January 21, 2000 (the "Confirmation Order"). A copy of the Plan is attached as Exhibit 2.1 hereto and is incorporated herein by reference. A copy of the Disclosure Statement is attached as Exhibit 99.1 hereto and is incorporated herein by reference. A copy of the Confirmation Order is attached as Exhibit 99.2 hereto and is incorporated herein by reference. Capitalized terms used, but not defined, herein shall have the same meanings as in the Plan.
The Confirmation Order, if not appealed or stayed, is expected to become a Final Order in late February, 2000. The Effective Date of the Plan will be the first Business Day after the Confirmation Order becomes a Final Order on which the Debtors have obtained the necessary financing and all other conditions to the occurrence of the Effective Date have been satisfied or duly waived, or such other date as agreed by the Debtors and the Creditors Committee. The Debtors currently anticipate that the Effective Date will occur on or before February 29, 2000, although there can be no assurances that the conditions to the occurrence of the Effective Date will be satisfied or waived, or as to the timing thereof."
"On the Effective Date, except as otherwise provided in the Plan or by Bankruptcy Court order, all securities, instruments and agreements governing any Claims and Interests impaired by the Plan shall be deemed canceled and terminated, and the obligations of the Debtors relating thereto shall be discharged." |
