Lone Wolf
8 years ago
LoL. Thanks for that HDOGTX. I haven't been following this, so I had to go back and re-read that filing:
On February 8, 2017, the Bankruptcy Court entered an Order Authorizing the Debtorโs Entry Into and Performance Under a Plan Support Agreement (the โOrderโ) pursuant to Sections 105(a) and 363(b) of Title 11 of the Bankruptcy Code. The Order was issued in response to the Debtorโs motion filed on February 6, 2017 to enter into that certain Plan Sponsor Agreement, among the Company, Soros, and the Official Committee of Unsecured Creditors appointed in the Companyโs Chapter 11 Case (the โPlan Sponsor Agreementโ), which was executed among the parties thereto on February 15, 2017 following the issuance of the Order, substantially in the form submitted to the Bankruptcy Court.
Definitely gotta watch this one at the open! Always glad to have your eye on these things too.
$VMEMQ
eastunder
8 years ago
Business Operations Continue while Violin Memory Pursues Chapter 11 Operational and Financial Reorganization and Sale Process
MarketwiredDecember 14, 2016
SANTA CLARA, CA--(Marketwired - December 14, 2016) - Violin Memory®, Inc. (VMEM) announced today that it has commenced a process to streamline its operations and balance sheet, while simultaneously pursuing a sale of its business to a buyer committed to supporting its core customer base.
To facilitate this restructuring, Violin Memory has filed a voluntary petition for reorganization under chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the District of Delaware, and is seeking to hold an auction in early January for the business.
Violin Memory, founded in 2005, is credited with being the creator of the flash storage market. Over the past eleven years, Violin Memory has built a strong franchise through ongoing innovation by serving the needs of the most exacting enterprises. Violin Memory continues to have core strengths that it believes can lead to value creation, including leveraging the company's:
โขAnnual recurring service revenue
โขBroad patent portfolio ?58 US Patents/24 pending
?64 Foreign Patents/38 pending
โข58 US Patents/24 pending
โข64 Foreign Patents/38 pending
โขSingle O/S for public, private and hybrid cloud environments
โขProven integrated hardware and software solutions
โขCustomer base that includes some of the largest enterprises in the world
Kevin A. DeNuccio, Violin Memory's President and CEO stated: "We are taking this action, which should conclude by the end of January 2017, to bolster Violin's ability to serve the needs of its customers. Violin intends to continue to sell solutions to customers and prospects as well as service and support customers during this restructuring."
Additional Information:
If you have questions about the chapter 11 proceeding, please call (855) 934-8766 (domestic) or +1 (917) 877-5963 (international), email VMEMinfo@primeclerk.com, or visit: https://cases.primeclerk.com/VMEM.
denben90
8 years ago
This man, Kevin A. Denuccio, was in charge of a company named redback Networks he took over as new CEO. The company was traded at 35 by the time he took over. He basically drain the stock price to low zero point just like VMEM destroying stockholders. Once he's done diluting shareholders shares, he file for bankruptcy wiping out them.
Right now, im really worried. He haD showed no compassion for Redback shareholders; hes basically doing the same thing to VMEM shareholders. Hes going to file for bankruptcy wiping out shareholders and create new shares for new stochholders. That's his style. Now, I have no idea what to doo. My portfolio will be gone. I don't trust this CEO. Its his intention to keep diluting shares.
eastunder
8 years ago
NYSE Moves to Delist Violin Memory (VMEM)
By James Garrett Baldwin | October 28, 2016 โ 8:26 AM EDT
On Oct. 27, the New York Stock Exchange announced in post-market hours that it will move to delistshares of flash storage firm Violin Memory (VMEM).
The exchange also said that it would immediately suspend the company's common stock.
The NYSE said the move to delist VMEM stock is in accordance with Section 802.01B of the NYSE's Listed Company Manual. According to exchange guidelines, company shares can be delisted if the firm falls below the NYSE's continued listing standard regarding its market capitalization. (See also: The Dirt On Delisted Stocks.)
This standard requires a company to maintain an average market capitalization of at least $15 million over a 30-day trading period.
The announcement comes a week after the firm received a notice from the NYSE regarding another violation of its continued listing standard. The exchangeโs continued listing standard also requires that a company maintain an average common stock closing price at or above $1.00 per share for at least 30 consecutive days. VMEM stock was last valued at $1.00 per share on Sept. 12, 2016. (See also: What are the rules behind the delisting of a stock?)
The firm said in a statement on Oct. 20 that it planned to meet with the exchange to discuss future efforts to curb its ongoing price decline. (See also: Is Violin Memory on the Verge of Delisting?)
Before shares were suspended on Thursday, shares had dropped by 86.34% over the last three months. In the last 30 days, shares fell 52.74%.
Thursdayโs decline pushed Violin Memoryโs market capitalization down to $9.51 million. (See also: Is Violin Memory Bankruptcy Bound?)
The company will still have the right to a hearing by a Committee of the Board of Directors of the Exchange. The company may also appeal that decision. Should that appeal be denied, the exchange will file an application to the Securities and Exchange Commission to delist VMEM common stock.
The announcement comes at a difficult time for Violin Memory. Its financial condition has deteriorated over the last four quarters. The firm has aggressively marketed new products to generate buzz for its products. However, its decline has been well noted. The stock's 52-week high was $7.28 per share. The stock closed on Thursday at $0.36 per share just before the delisting announcement. (See also: If a stock is delisted, do shareholders still own the stock?)
Read more: NYSE Moves to Delist Violin Memory (VMEM) | Investopedia http://www.investopedia.com/news/nyse-moves-delist-violin-memory-vmem/#ixzz4OONirEPr
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