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Microcap & Penny Stocks : IMES
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To: snowman49 who wrote (1450)3/11/1998 12:19:00 PM
From: Gary Stern  Read Replies (3) of 1901
 
Listen folks, and I don't mean in any way to be condescending, but something is obviously rotten in Denmark. Aside from rent and salaries this company cannot have significant general unsecured debt to trade creditors. Chapter 11 was filed for a purpose that is not obvious to ordinary common shareholders. According to the company releases Hoevel and Neches resigned from the Board of Directors a few weeks before the filing. I am willing to give odds in a significant wager that they will surface as principals in a "new" business that will gain control over IMS. The Bankruptcy Court will be asked to give its blessing to the transaction, so as to avoid subsequent shareholder suits claiming that its valuable assets were improperly taken. Shareholders will be given some minimal equity in the "new" enterprise and will be dealt with in the Plan as an "impaired" class. If the common shareholders vote to reject the Plan an attempt will be made to "cramdown" the proposal. In other words, if the Bankruptcy Court were to find that the common shareholders get the same or less under the Plan as they would get in a liquidation the shareholders will be forced to take it.

It strikes me that absent concerted organized shareholder resistence, the Hoevel and Neches deal will happen right before your eyes and you won't even notice the sleight of hand. GET COUNSEL NOW, COMPLAIN TO YOUR CONGRESSMAN, DO SOMETHING - BUT DON'T BE HEARDED ONTO THE CATTLE CAR BOUND FOR THE STOCKHOLDER'S AUSCHWITZ - in silence.
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