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Non-Tech : BGLS (Manhattan Bagel Company)
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To: Tom Klempay who wrote (172)11/21/1997 1:06:00 PM
From: Walter High  Read Replies (2) of 194
 
Gentlemen:

If I am correct, a Chapter 11 filing is merely for reorganization of the company so it can continue to do business. Chapter 7 is for a company that is going to fold. If the Chapter 11 filing is successful, BGLS will gain some protection from its creditors and get out from under some of its debt.

As shareholders, you still own the same percentage of the company as you did before (providing they do not issue any more stock as part of the reorganization). The rise in price is probably from bottom fishers who are speculating that the reorganization will be successful and they might double, triple, or quadruple their money in a short period. If the company emerges from Chapter 11 with a valid looking plan for continuing to do business, the stock might rise a point or two on that news.

Walter High
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