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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: AFed who wrote (50915)	2/15/2013 10:19:32 AM
From: AFed	1 Recommendation Respond to of 78953

(OSH) Some more news out of OSH today -- they weren't able to get a deal done with the Term Loan holders and instead got another waiver to continue negotiations. Chapter 11, an out-of-court restructuring, or a rights offering will likely be announced before May 1. The 8-k today says that Q4 earnings will be announced in late April -- my strong hunch is that they will be announcing the recapitalization / restructuring on the same date. Stock is only down (1.9)% today. To put it mildly, that's nuts. Investors aren't reading the SEC filings again. Quoting the 8-k: "The Waiver... require[s] the Company’s continued compliance... including achievement of a mutually acceptable agreement with the Term Loan lenders by May 1, 2013 relating to refinancing or modifications to the Company’s capital structure in a way that serves the best interests of all of the Company’s stakeholders... [A]ny such agreement is likely to be significantly dilutive to the Company’s stockholders." [emphasis added] I'm now officially short the Common.