UAWGQ Stock Question

Bond

Newbie
Feb 6, 2003
4
0
Just Curious, does anyone know what happens to UAWGQ stock if the company emerges from from Chp 11? Price is at $.19 -- Is there a catch? (Besides the obvious risk) Thanks in advance for any insight..
 
OP
B

Bond

Newbie
Feb 6, 2003
4
0
abraham..I totally understand what you're saying. My question is now...If I pumped 200 bucks and got 1000 shares, what happens after (if) they emerge? Thanks for your caution.
 

fatherabraham

Veteran
Sep 27, 2002
814
354
Bond,

I could retire on the $ I lost gambling U would not go BK. Around 12/23/02 Usair stated their plan of reorganization included wiping out all common stock.
Hope you did not buy
 

ONTHESTREET

Advanced
Aug 20, 2002
198
0
[blockquote]
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On 2/6/2003 11:52:26 PM Bond wrote:

abraham..I totally understand what you're saying. My question is now...If I pumped 200 bucks and got 1000 shares, what happens after (if) they emerge? Thanks for your caution.
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[/blockquote]

I believe that the old stock is nullified and new is issued in its place, if the company comes out of BK. Any stock that you currently hold will be worthless.

Check with your broker to be sure.
 

atc

Member
Aug 28, 2002
23
0
Dad, we should start a support group....

[blockquote]
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On 2/6/2003 11:48:53 PM fatherabraham wrote:
I could retire on the $ I lost gambling U would not go BK.
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[/blockquote]
 

lindy

Advanced
Sep 11, 2002
104
1
The bigger question is who continues to buy and why? Are the buyers high stake gamblers who are trying to outwit other people on a day to day basis? Most people should know this stock is worthless in a few months.

If anybody has any insight into this phenomenon, it would be appreciated.
 

fatherabraham

Veteran
Sep 27, 2002
814
354
Being the expert stock trader ( see my first post ), I am assuming the majority of remaining buyers are either unaware of previous or short sellers.
 

nvrsaynvr

Member
Aug 20, 2002
21
0
Lindy, I will give you information I received from a Broker, through an aquaintance of mine, concerning the traffic on stock of a bankrupt company. I was told that sometimes at "the end of the day", there are bonds issued for the outstanding shares, at a very reduced value. This information should be taken for what it truly is, second hand to me and third to you. And that it was stated in its origin as only a 'maybe' event. I had asked about this because of traffic not only on U stock, but also on another I owned that actually went up a penny, from 6 to 7, on the last day of it's existence. So far I have received nothing concerning my ownership of this particular stock, and it last traded on Jan 16th when the compoany emerged from BK.

FWIW