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VSTNQ has stopped trading

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October 04, 2010 – Comments (14) | RELATED TICKERS: VSTOV.DL

They came out with the new shares, VSTOV.PK and now the old ones are worthless.  They don't trade anymore.  And the new shares don't give any equity to existing shareholders.

So I just lost a bunch of money.  This is ridiculous.

14 Comments – Post Your Own

#1) On October 04, 2010 at 1:04 PM, ContraryDude (33.47) wrote:

Mr Market just taught you a valuable lesson.

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#2) On October 04, 2010 at 1:14 PM, anchak (99.86) wrote:

So instead of a reverse stock split - this is like a relist post Bankruptcy -

 

Wow - would be interesting how MF handles this - the stock's up like 9000%+ today - while looks like the actual shareholders are down -100%!!!!

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#3) On October 04, 2010 at 1:31 PM, MegaEurope (< 20) wrote:

Did you read all the bankruptcy filings?

It seems like Deej would have caught this when he pitched Visteon, maybe your broker just hasn't got around to converting your shares.

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#4) On October 04, 2010 at 1:42 PM, MegaEurope (< 20) wrote:

What's your source?  As far as I can tell from the latest news, VSTNQ is just renamed VSTOV (until they list on a major exchange), there is no change in equity.

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#5) On October 04, 2010 at 1:49 PM, TMFBabo (100.00) wrote:

I would wait a couple days and see if your online brokerage sorts it out.  I've had several ticker changes at different online brokerages and some places suck at handling them.

My money's on the reverse 1-for-100 split.  I can't imagine a big detail like equity being wiped out would've been missed by Deej and AAOI.

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#6) On October 04, 2010 at 1:56 PM, TSIF (99.96) wrote:

No they aren't worthless.  You just traded them in and have some options, you can chose to add to.  At .007834 per share, any holder needed 1000 shares to net 7.8 shares into their account.  Any less than about 128 shares and they were probably cashed out.  The additional billion raised may help for awhile and they have Ford off their back, but I wouldn't put much faith in the shares rising since they issued a boatload internally and to bondholders who most likely will cash out as they mature.

This 8K filed 9/28/2010 seems clearest.

http://www.visteon.com/investors/sec.htmlNot that I want to short BBMaven on his 2nd place slot!!!http://caps.fool.com/Blogs/what-fun/454981

 

 

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#7) On October 04, 2010 at 2:02 PM, TSIF (99.96) wrote:

No, fractional shares died!

A pretty rare approach!  Anyone with 120 or less after conversion did lose about $60!!!

 

Deliver to holders of our previously outstanding common stock approximately .007834 shares of our new common stock for each share of our old common stock. Under the terms of the Plan, no fractional shares of our new common stock will be issued (and no payment in-lieu thereof will be made) to holders of our old common stock.   Deliver to holders of our previously outstanding common stock approximately .012115 five-year warrants to purchase New Visteon Common Stock at an exercise price of $58.80 per share for each share of our old common stock. Under the terms of the Plan, no fractional warrants will be issued (and no payment in-lieu thereof will be made) to holders of our old common stock.

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#8) On October 04, 2010 at 2:10 PM, Valyooo (99.43) wrote:

I have 1184 shares.  So this means that I will get 9 shares of the new one, but the .27546 shares will be erased?

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#9) On October 04, 2010 at 2:24 PM, TSIF (99.96) wrote:

Correct Valyoo, or a loss of about $16.50.  Looks like the market is also giving some back before you get them in your brokerage account, but that's not a loss unless you sell them.

Volume is light today, about 10,000 shares, so hard to say how many people have access to them.

This is an intesting Bull take on them after the merger.

http://www.sumzero.com/postings/3190/guest_view

Personally, while post bankruptcy events sometimes have huge upside because it gets debt off the books and institutions are allowed to trade it again, in the limited look I did at this one, I don't like the long term potential as the new issues are granted and mature. Hard to say in the short run.

Good luck.

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#10) On October 04, 2010 at 2:27 PM, Valyooo (99.43) wrote:

Thank you so much TSIF, I really appreicate all that work.  I dont know what to do though...how do I tell my broker that he is wrong?

Also I am not in it for the long run, I just noticed that most companies run when they come out of bankruptcy

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#11) On October 04, 2010 at 2:34 PM, TSIF (99.96) wrote:

It looks like today is conversion day. I'd give it a few days, as painful as it might seem. Many brokers follow a +3 day rule. Even though almost everything is computer driven, they have to account for paper shares getting into the right accounts.  If no action then point them to the SEC filing above. 

" On the Effective Date the Company issued (or as soon as practicable thereafter will issue):
• up to 1,020,408 shares of the Company's New Common Stock to holders of the Company's Old Common Stock;"

I expect your shares will revive, under the new ticker.  You should see some activity on them in your account history.

Good luck!!!

 

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#12) On October 04, 2010 at 3:57 PM, TMFBabo (100.00) wrote:

Nice, thanks TSIF.  1-for-127...drat. 

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#13) On October 04, 2010 at 6:04 PM, RLAprof (< 20) wrote:

As soon as you think you have all this stuff figured out, get ready! You are about to learn something altogether new. :)

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#14) On October 04, 2010 at 7:43 PM, TSIF (99.96) wrote:

Bullishbabo...yes for a short time you were only about 2,000 points away from BravoBevo!  Just a few PALG.OB picks difference!! :) 

RLAprof....if you think you have anything in the market figured out, it would be a good idea to get out of the market!!!!  :)

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