Friday, September 24, 2010
Thursday, September 23, 2010
Saturday, September 18, 2010
Address to Send Joinders or Letters:
U.S. BANKRUPTCY COURT
Clerk's Office - Hon. K.J. Carey
824 North Market Street
3rd Floor
Wilmington, Delaware 19801
Simply send to here. Reference the case number as well.
Clerk's Office - Hon. K.J. Carey
824 North Market Street
3rd Floor
Wilmington, Delaware 19801
Simply send to here. Reference the case number as well.
Monday, August 2, 2010
Sunday, July 25, 2010
EC Legal Fees Support Status
I wanted to get out a weekend update of our fund raising efforts. Thank you all who have contributed, and if you have not please consider a contribution. We have had 21 Alliance members contribute to the Legal fund for a total of $71,693.00. Thank you all and I would like to remind you that we will petition the court to get these donations reimbursed when the EC is approved.
Please continue to check the docket this week; we are expecting to see some objections to our motion. We are looking forward to Aug 4th. Thank you again for your support and come back and click the ads while you are here.
Please continue to check the docket this week; we are expecting to see some objections to our motion. We are looking forward to Aug 4th. Thank you again for your support and come back and click the ads while you are here.
Thursday, July 22, 2010
Helping to Cover the EC Legal Fees
I have had to change the button used for sending us money to help cover the legal fees associated with bring our motion to court. Because the Litigation Trsut is not a 501(C)3 non-profit organization, we cannot use the "Donate" button from PayPal. We must use the "Buy Now" button. We really appreciate your interest in helping us with the legal fees. The process is not much different than it was before, but there is an additional step involved.
1. Click on the "Buy Now" button.
2. You will have the option to update the quantity of "items" you wish to "purchase". The items are in dollar amounts so will be entering how many dollars you are choosing to send us for the purposes of covering the EC Legal Fees.
3. You must click on "Update Totals" once you have entered the quantity you wish to "purchase".
4. Use paypal or a credit card to complete the transaction.
5. Accept our sincerest appreciation for your "purcahse".
1. Click on the "Buy Now" button.
2. You will have the option to update the quantity of "items" you wish to "purchase". The items are in dollar amounts so will be entering how many dollars you are choosing to send us for the purposes of covering the EC Legal Fees.
3. You must click on "Update Totals" once you have entered the quantity you wish to "purchase".
4. Use paypal or a credit card to complete the transaction.
5. Accept our sincerest appreciation for your "purcahse".
Wednesday, July 21, 2010
Donating to Cover the EC Legal Fees
Thank you for wanting to help cover our legal fees. Please realize that all of us will benefit from the motion being heard in court and hopefully succeeding in getting an Official Equity Committee, whether you are part of the Litigation Trust or not. We need these donations and we need them now to make this work.
So far, our efforts to get donations to cover our legal fees and the fees from the valuation firm have met with some success. We are over halfway there. This is a remarkable amount given we have been raising funds for only a short period.
The bad news is that we still have a long way to go. The valuation firm was paid and Jason has received his first $10,000. We have been in contact with Jason and the costs have gone up since our last communication with him. We have a commitment now for an amount that the legal costs will not exceed. It is anticipated that this will be several thousand more than we currently have in the escrow account.
We need you to do at least one of the following things as soon as possible but no later than 5:00PM Eastern Time, July 26, 2010:
- Send a check or money order to Matt Resnick made out to Fox Rothschild and then send him an email telling him the amount you just sent and when; or
- Wire the money directly to the Fox Rothschild escrow account and then email Matt Resnick the amount you just sent; or
- Use the donation button located here (in the sidebar to the left). You will be able to use your credit card or PayPal account for this; or
- Send Matt Resnick an email telling him when to expect a check or money order and for what amount. This must be a firm commitment.
Matt Resnick's mailing address for donations is:
Certain Shareholders of the ABWTQ Litigation Trust
c/o Matthew J. Resnick
PO Box 1421
East Hampton, NY 11937
His email is: mattresnick@rocketmail.com
Checks or money orders must be made payable to Fox Rothschild or they will be returned.
If you are interested in wiring funds directly into the escrow account, please email Matt Resnick directly and he will be able to provide you with details.
Thanks again. Any and all donations for this effort are appreciated and will be used strictly to cover the fees to bring our motion before the Court.
So far, our efforts to get donations to cover our legal fees and the fees from the valuation firm have met with some success. We are over halfway there. This is a remarkable amount given we have been raising funds for only a short period.
The bad news is that we still have a long way to go. The valuation firm was paid and Jason has received his first $10,000. We have been in contact with Jason and the costs have gone up since our last communication with him. We have a commitment now for an amount that the legal costs will not exceed. It is anticipated that this will be several thousand more than we currently have in the escrow account.
We need you to do at least one of the following things as soon as possible but no later than 5:00PM Eastern Time, July 26, 2010:
- Send a check or money order to Matt Resnick made out to Fox Rothschild and then send him an email telling him the amount you just sent and when; or
- Wire the money directly to the Fox Rothschild escrow account and then email Matt Resnick the amount you just sent; or
- Use the donation button located here (in the sidebar to the left). You will be able to use your credit card or PayPal account for this; or
- Send Matt Resnick an email telling him when to expect a check or money order and for what amount. This must be a firm commitment.
Matt Resnick's mailing address for donations is:
Certain Shareholders of the ABWTQ Litigation Trust
c/o Matthew J. Resnick
PO Box 1421
East Hampton, NY 11937
His email is: mattresnick@rocketmail.com
Checks or money orders must be made payable to Fox Rothschild or they will be returned.
If you are interested in wiring funds directly into the escrow account, please email Matt Resnick directly and he will be able to provide you with details.
Thanks again. Any and all donations for this effort are appreciated and will be used strictly to cover the fees to bring our motion before the Court.
DONATING TO THE EC LEGAL FEES
You will note that there are now advertisements located on the sidebar to the left. You will also see a "Donations" button. The donations are received at the PayPal account for Henry & Elizabeth Romero. We will periodically transfer that to Matt Resnick, the EC Treasurer, for deposit into the EC Escrow Account. You may email Matt (mattresnick@rocketmail.com) or Henry (hromero@ergodoc.com) or Liz (eromero@ergodoc.com) at anytime to check on the status of your donation and the costs it has been applied to.
Friday, July 16, 2010
EC Motion Documents
We have our motion now. Below are the links to the main document and all of the exhibits that were attached. It is a very good motion and our thanks go to the lawyer, the valuation team, those of you on IHUB, and of course our benefactor.
Motion - Main Document
Motion - Exhibit A - Trust Members
Motion - Exhibit B - March Letter to Trustee Requesting EC
Motion - Exhibit C - April Letter from Trustee Denying EC
Motion - Exhibit D - Valuation Report
Motion - Exhibit E - Summary of Classification & Treatment of Claims & Equity Interests
Motion - Exhibit F - April MOR pages referenced in Motion
Motion - Main Document
Motion - Exhibit A - Trust Members
Motion - Exhibit B - March Letter to Trustee Requesting EC
Motion - Exhibit C - April Letter from Trustee Denying EC
Motion - Exhibit D - Valuation Report
Motion - Exhibit E - Summary of Classification & Treatment of Claims & Equity Interests
Motion - Exhibit F - April MOR pages referenced in Motion
Monday, July 12, 2010
EC Non-Disclosure Agreement
Please link here to get a copy of the non-disclosure agreement.
We intend to distribute some information as regards our efforts to get an EC that is of a confidential nature. We need some confidence that it will not be distributed to others not part of our efforts.
If you would like to receive this information, please return the NDA. Only those with a signed NDA will receive this confidential information.
Henry & Liz
We intend to distribute some information as regards our efforts to get an EC that is of a confidential nature. We need some confidence that it will not be distributed to others not part of our efforts.
If you would like to receive this information, please return the NDA. Only those with a signed NDA will receive this confidential information.
Henry & Liz
Tuesday, July 6, 2010
Friday, June 18, 2010
EC Motion Update
Update -
I have sent out an email to the EC members that details what we have been doing so far and where we are headed.
First I want everyone to know we are in the process of setting up a litigation trust, to formalize this alliance.
Second as you know we have hired a law firm to file a motion for an EC. What you don't know is we hired someone else.
We have hired a valuation firm to value the company and see if equity is in the money, since that is the reason the Trustee declined out first EC request. We had a conference call with them this week and their efforts show there is a strong likelihood for equity recovery.
Third, with this information our lawyer advised us to incorporate their report into the motion. But that will take a couple of weeks for the valuation firm to put a report out that is defensible in court. This delays our filing, but our lawyer assures us we are still working diligently and timely.
There is more detail coming out in the future. If you own shares and are not a member of the EC Alliance I encourage you to please join so we can share more than general information.
I have sent out an email to the EC members that details what we have been doing so far and where we are headed.
First I want everyone to know we are in the process of setting up a litigation trust, to formalize this alliance.
Second as you know we have hired a law firm to file a motion for an EC. What you don't know is we hired someone else.
We have hired a valuation firm to value the company and see if equity is in the money, since that is the reason the Trustee declined out first EC request. We had a conference call with them this week and their efforts show there is a strong likelihood for equity recovery.
Third, with this information our lawyer advised us to incorporate their report into the motion. But that will take a couple of weeks for the valuation firm to put a report out that is defensible in court. This delays our filing, but our lawyer assures us we are still working diligently and timely.
There is more detail coming out in the future. If you own shares and are not a member of the EC Alliance I encourage you to please join so we can share more than general information.
Wednesday, June 9, 2010
Sunday, April 18, 2010
Summary of Trustee, SEC, and Lawyer contact
It has been a busy week for Abi and the Alliance. I would first like to thank everyone for all your support and words of encouragement, now for the summary.
We placed a call to the US Trustee, Mr. Klauder and we had to leave a message. A couple hours later he returned our phone call. He stated that they have received our request and that we do not need to file a motion at this time. He stated that he has received a response from Abi and is waiting on a response from the unsecured creditors before he makes his decision. We discussed the importance of the May 5th date and he stated that he will make the decision before that time. When we asked how he would notify us, it can be by mail, phone, email, etc. He stated he would notify us via email if we would give our address, which of course we did. Both Henry and I feel confident that we will receive an answer before the May 5th date, so that is the time table we are working on. He was polite and friendly, but professional. He and the judge are aware of our position and I do not believe it will benefit us to continue to bombard them with mail. I do believe the letter writing campaign has had a positive impact and thank you all for writing your letters. For now we will let him make up his mind, and as soon as we know, we will let the board know. All and all it was a good conversation, we talked for about 20 minutes and he verified our shareholder status and the size and make-up of the alliance.
We also talked to the SEC case manager in this case, Mr. Alan Maza. He also returned our message a couple hours later. He stated that the trading report Henry and I did several months ago has been forwarded to the division of Risk Strategy and Financial Innovation of the SEC. He stated that we will receive an email with more details in the next couple of weeks to set up a teleconference with that division to discuss our allegations. He stated the SEC will not intervene with the formation of an EC in this case and the decision is currently up to the US Trustee and courts. It was a good conversation, but they are concerned with the trading, not the EC.
Finally we chatted with a lawyer on Friday. He confirmed what the US Trustee stated to us on the phone. The first thing to do if we do not agree with the decision is file a motion and put it before the judge. If the EC is denied we do have options. The important thing which came out was that the proper steps have been taken by us and the Alliance to petition for an EC. Now the hard part, we are in a wait and see holding pattern until the US Trustee renders his decision. I hope this summary begins a dialog and if you have any questions let us know.
Henry and I know there are no guarantees in life especially with Qs, but it has been a good couple of days. Now the hard part, waiting and then moving forward from there. Hopefully we have a green week, Liz
We placed a call to the US Trustee, Mr. Klauder and we had to leave a message. A couple hours later he returned our phone call. He stated that they have received our request and that we do not need to file a motion at this time. He stated that he has received a response from Abi and is waiting on a response from the unsecured creditors before he makes his decision. We discussed the importance of the May 5th date and he stated that he will make the decision before that time. When we asked how he would notify us, it can be by mail, phone, email, etc. He stated he would notify us via email if we would give our address, which of course we did. Both Henry and I feel confident that we will receive an answer before the May 5th date, so that is the time table we are working on. He was polite and friendly, but professional. He and the judge are aware of our position and I do not believe it will benefit us to continue to bombard them with mail. I do believe the letter writing campaign has had a positive impact and thank you all for writing your letters. For now we will let him make up his mind, and as soon as we know, we will let the board know. All and all it was a good conversation, we talked for about 20 minutes and he verified our shareholder status and the size and make-up of the alliance.
We also talked to the SEC case manager in this case, Mr. Alan Maza. He also returned our message a couple hours later. He stated that the trading report Henry and I did several months ago has been forwarded to the division of Risk Strategy and Financial Innovation of the SEC. He stated that we will receive an email with more details in the next couple of weeks to set up a teleconference with that division to discuss our allegations. He stated the SEC will not intervene with the formation of an EC in this case and the decision is currently up to the US Trustee and courts. It was a good conversation, but they are concerned with the trading, not the EC.
Finally we chatted with a lawyer on Friday. He confirmed what the US Trustee stated to us on the phone. The first thing to do if we do not agree with the decision is file a motion and put it before the judge. If the EC is denied we do have options. The important thing which came out was that the proper steps have been taken by us and the Alliance to petition for an EC. Now the hard part, we are in a wait and see holding pattern until the US Trustee renders his decision. I hope this summary begins a dialog and if you have any questions let us know.
Henry and I know there are no guarantees in life especially with Qs, but it has been a good couple of days. Now the hard part, waiting and then moving forward from there. Hopefully we have a green week, Liz
Thursday, April 15, 2010
Transcript DIP Extension Hearing
This is the link to the transcript of the hearing regarding the motion to extend the DIP Facility Fund for Boawater. Not much intersting, but would like everyone's comments. GLTA - H
Transcript
Transcript
Friday, April 9, 2010
Important Update
We just received correspondence from the Monitor's counsel today. One of the members of IHUB relayed this information to us. Apparently it is inappropriate to correspond to any Canadian Judge directly so... if you haven't sent in your letters to the Canadian Judge, don't. The monitor is aware of our plea and will note it in the next report, but states we need a motion before the Canadian Court before it will be further considered.
This is not a surprise, since Canada does not have a vehicle for an Equity Committee. Many on the board have been wondering if it is time for us to consider getting some legal counsel, and I think it is time to get some guidance.
The US Trustee and Courts are considering our request and you need to continue to write the US Trustee if you already have not. We want to keep you posted good, bad, and indifferent. This was not unexpected, a little disappointing but, not a death knell.
This is not a surprise, since Canada does not have a vehicle for an Equity Committee. Many on the board have been wondering if it is time for us to consider getting some legal counsel, and I think it is time to get some guidance.
The US Trustee and Courts are considering our request and you need to continue to write the US Trustee if you already have not. We want to keep you posted good, bad, and indifferent. This was not unexpected, a little disappointing but, not a death knell.
Wednesday, April 7, 2010
Letter to AbitibiBowater (via Duane Owens) Re: EC - UPDATED
UPDATED: PLEASE PLEASE PLEASE provide comments by 3:30P CT (4:30P ET)to give us time to fax/email this to him today 4/8/2010. THANKS
Duane EC Letter
Duane EC Letter
Friday, April 2, 2010
Initial Trustee Response Letter
Below is the link to the letter we recently received from the US Trustee in response to the letter and packet we sent. You will notice we forgot a little something...oopsie! We did send a response which is in the second link.
Pay close attention to the first sentence of the last paragraph in which it says "this is the initial information that our office must have to properly evaluate the equity committee request...".
Initial Trustee Response Letter
Response Letter to the Trustee
p.s. no we did not send it with xxxxxx!!!
Have a great Easter Weekend
Pay close attention to the first sentence of the last paragraph in which it says "this is the initial information that our office must have to properly evaluate the equity committee request...".
Initial Trustee Response Letter
Response Letter to the Trustee
p.s. no we did not send it with xxxxxx!!!
Have a great Easter Weekend
Wednesday, March 17, 2010
Monitor EC Letter Template
Monitor EC Letter Template
or cut & paste into your browser:
http://www.scribd.com/full/28541650?access_key=key-19eey4m0xdv3u7onpzvb
or cut & paste into your browser:
http://www.scribd.com/full/28541650?access_key=key-19eey4m0xdv3u7onpzvb
Trustee EC Letter Template
Below is a template to be used in writing to the US Trustee ONLY. This letter is already addressed and contains information specific to the US Trustee. We will upload one for the Monitor and the Judges later.
Trustee EC Letter Template
Trustee EC Letter Template
EC Letter Writing Campaign Information
We have sent out our letters to the Trustee, Monitor and Judges in this case. Now it is your turn. We really need each of you to send a short letter to the Trustee, Monitor and Judges yourself. We hope you see this letter writing as being an important part of your responsibility to the informal Equity Committee all of us have been working towards for several weeks now.
It is important that each of you write your own letter expressing your own opinions and reasons for the Equity Committee versus us sending in form letters. It is important the Trustee, Monitor and Judges see the commitment and desire that each of us has to this process. It is vitally important that as you draft your letters, you remember to be respectful, polite and concise. We need the Trustee, Monitor and Judges to see us as a serious group of like minded individuals that are focused and professional. Basically, good people to have on a committee in these proceedings. It is also important that you keep each letter to two pages or less. They have already received a pile of papers from the Alliance; we just need them now to see your thoughts as well.
Once you have sent your letters please go out to Ihub and let us know or send an email to eromero@ergodoc.com. Thank you for your time and effort. GLTA!!
Letter Writing Campaign Info
It is important that each of you write your own letter expressing your own opinions and reasons for the Equity Committee versus us sending in form letters. It is important the Trustee, Monitor and Judges see the commitment and desire that each of us has to this process. It is vitally important that as you draft your letters, you remember to be respectful, polite and concise. We need the Trustee, Monitor and Judges to see us as a serious group of like minded individuals that are focused and professional. Basically, good people to have on a committee in these proceedings. It is also important that you keep each letter to two pages or less. They have already received a pile of papers from the Alliance; we just need them now to see your thoughts as well.
Once you have sent your letters please go out to Ihub and let us know or send an email to eromero@ergodoc.com. Thank you for your time and effort. GLTA!!
Letter Writing Campaign Info
Thursday, March 11, 2010
Mr. Owen's Letter Mentioned in the EC Cover Letter Re: Reports
The EC Request cover letters mention a letter from Mr. Owens regarding the trading analysis report we sent him. It can be viewed at:
Mr. Owen's Letter Mentioned in the EC Cover Letter Re: Reports
or cut & paste the following into your browser:
http://www.scribd.com/full/28193260?access_key=key-2iblr4kwmuh7daor9wq6
Mr. Owen's Letter Mentioned in the EC Cover Letter Re: Reports
or cut & paste the following into your browser:
http://www.scribd.com/full/28193260?access_key=key-2iblr4kwmuh7daor9wq6
Wednesday, March 10, 2010
Tuesday, March 9, 2010
Friday, March 5, 2010
Bond experiment
Update on the bond irregularities. We performed our own informal experiment and watched five different bonds this morning to see if this problem is system wide. It would seem that this problem is not just reserved for AbitibiBowater. All of the five bonds had something happen to one or more of their bonds. The other bonds had some disappeared for a short time then the price came back. We have made several screen shots which we will post and send to the FINRA contact. It is important to note, we do not know what is happening and are waiting for a reply from FINRA. We will post to the blog as soon as we get an answer.
Wednesday, March 3, 2010
Bond Irregularities
We have added screenshots and faxes that show the bond prices as reported through TRACE on FINRA's website. We have contacted FINRA to explain. In short, at approximately 8:45A EST the bond price data becomes unavailable for about 30 seconds to a minute. Then, the price data returns showing the bonds at or nearly at par value. This information stays on the website until about 5 minutes till 9:00A EST. This is during normal system hours for TRACE, so is unlikely to be a system maintenance artifact. This does not happen everyday, but often enough. Again, we are awaiting FINRA & TRACE to offer an explanation.
You may view the article on SCRIBD by clicking here
or you may cut and past the following link into your browser:
http://www.scribd.com/full/27778542?access_key=key-1z96b41u8at0pbfzn0y3
You may view the article on SCRIBD by clicking here
or you may cut and past the following link into your browser:
http://www.scribd.com/full/27778542?access_key=key-1z96b41u8at0pbfzn0y3
Monday, March 1, 2010
SEC Cover Letter
View at scribd here
or cut and paste:
http://www.scribd.com/full/27672689?access_key=key-rvx7ermqf7s50yelu90
or cut and paste:
http://www.scribd.com/full/27672689?access_key=key-rvx7ermqf7s50yelu90
Saturday, February 27, 2010
Monday, February 15, 2010
Welcome to my AbitibiBowater Blog
After much time and effort, my husband and I have put together a report of the trading activity for AbitibiBowater from 2007 to the end of 2009. The report covers additional data, but the main analysis is during this time frame. This report fairly well illustrates the impact of shorting on this company and its share price. If you have any comments please feel free to contact us at etrader46@hotmail.com.
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