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1608 clicks; posted to Business » on 13 Jul 2020 at 6:20 PM (3 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



32 Comments     (+0 »)
 
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2020-07-13 4:27:58 PM  
My holdings in Border's are still good though, right?
 
2020-07-13 5:10:59 PM  
If you play a bankruptcy as anything but a lottery ticket, you're nuts. A very, very, small number of stocks come out of bankruptcy with ANYTHING for the common shareholders. Your last in line to get anything out of the process. Even the preferreds are a huge risk.
 
2020-07-13 6:21:51 PM  
Fark user imageView Full Size
 
2020-07-13 6:45:06 PM  
I, too, would like my gambling losses eliminated by the courts.
 
2020-07-13 6:49:42 PM  
I lost $18,000 in 2006 gambling on American Apparel.  I just buy boring companies now.
 
2020-07-13 7:01:12 PM  
Hey dumbass day traders:

media1.tenor.comView Full Size
 
2020-07-13 7:07:22 PM  
Your honor, I had no idea when I gambled that I might lose. I respectfully request a mulligan.
 
2020-07-13 7:14:07 PM  
The company was already in bankruptcy: you bought the stock.  You're a covidiot.
 
2020-07-13 7:18:02 PM  
Fark user imageView Full Size
 
2020-07-13 7:18:49 PM  
Fark user imageView Full Size
 
2020-07-13 7:19:22 PM  
Amateur J.C. Penney Traders Beg Judge to Save Them From Wipeout
Surfaris - Wipe Out
Youtube p13yZAjhU0M
 
2020-07-13 7:34:05 PM  
"I saw no bankruptcy coming only the promise of turnaround and great news," wrote shareholder David Dean of Baltimore, who submitted a letter to the court on June 3. "Now this bankruptcy filing. Who could have known."

Dafuq?  Who could have known?  Literally every article, video, stock gossip forum thread on JCP in the past couple months mentioned the very strong chance of the shareholders being wiped out in an almost inevitable bankruptcy restructuring plan.  Even JCP management made a public statement saying to the effect - if you're a shareholder, the value of this stock will probably go to zero at some point.  This is something that probably never happens but there were too many idiots who were seriously playing this stock.
 
2020-07-13 7:38:46 PM  
Well,  an you blame them for thinking it will be alright? I mean you had the White House aiming a $4t money shot for Wall Street. They're just too dumb to realize it didn't cover their losses.
 
2020-07-13 7:39:13 PM  
A long time ago a co-worker of mine bought  Enron stock after its collapse. Of course it didn't pay off. He also had a side job managing phone booths that also went about as well as you can imagine. He thought cell phones were a fad.
 
2020-07-13 7:50:42 PM  

inglixthemad: Well,  an you blame them for thinking it will be alright? I mean you had the White House aiming a $4t money shot for Wall Street. They're just too dumb to realize it didn't cover their losses.


Yes, I can blame anyone who is dumb enough to believe that is a real thing that happened for being a gullible moran.
 
2020-07-13 7:54:15 PM  
Ha ha, dont forget to have your mom speak to the judge on your behalf.
 
2020-07-13 8:36:55 PM  

Exluddite: If you play a bankruptcy as anything but a lottery ticket, you're nuts. A very, very, small number of stocks come out of bankruptcy with ANYTHING for the common shareholders. Your last in line to get anything out of the process. Even the preferreds are a huge risk.


======================================​======

Yep.

The pecking order for a bankruptcy is:
Creditors
Bond Holders
Preferred Stock Holders
Common Stock Holders

Being that the entire idea behind a bankruptcy is you can't afford to pay your creditors, it's extremely unlikely to ever make it to common stock holders.

Makes it even more unlikely since most bankruptcy's get special permission to pay their execs big bucks with what little remains.

And even if it DID make it to common stock holders, by the time the bankruptcy finalizes the stock is completely worthless.  So unless you bought it really late and bought a lot of shares, you're getting pennies anyway.
 
2020-07-13 8:44:10 PM  
These day traders should propose that their situation be reviewed, and it determined that they are not gamblers.
Lost in America (6/10) Movie CLIP - The Boldest Experiment in Advertising History (1985) HD
Youtube pf2q0HemaFs
 
2020-07-13 8:54:05 PM  
This reminds me of when I bought WorldCom in early 2002 for $2.50. Sure, they were having some troubles, but how low could it go?

Zero. It can go to zero.
 
2020-07-13 9:06:10 PM  
This is the risk you run when you buy Penney penny stocks.
 
2020-07-13 9:09:38 PM  
All this Robinhood-fueled nonsense would vanish if the SEC would just enact a rule that brokers have a fiduciary obligation to find the best price for customers. It would mean the end to "free" trading that's paid for by dicey order flow.

As with everything on the Internet: if you're not paying for it, you're not the customer. You're the product.
 
2020-07-13 9:11:15 PM  

BMFPitt: inglixthemad: Well,  an you blame them for thinking it will be alright? I mean you had the White House aiming a $4t money shot for Wall Street. They're just too dumb to realize it didn't cover their losses.

Yes, I can blame anyone who is dumb enough to believe that is a real thing that happened for being a gullible moran.


Joke-you.gif
 
2020-07-13 9:17:00 PM  
"Turn those machines back on!" :-)
Youtube j4SRsGn14PI
 
2020-07-13 9:20:35 PM  

Super Chronic: All this Robinhood-fueled nonsense would vanish if the SEC would just enact a rule that brokers have a fiduciary obligation to find the best price for customers. It would mean the end to "free" trading that's paid for by dicey order flow.

As with everything on the Internet: if you're not paying for it, you're not the customer. You're the product.


Adding a portable defined benefit pension run by professionals and with a supercomputer attached with priority to the exchanges would take away a lot of motivation by workers to seek out high risk investments in their low quality 401ks.  In other words, they have social security, pension, and a 401k for pre-tax investments.  Let them play with the 401k, and enjoy the security of SS and the pension.
/I know, I'm a hard line communist no different than Stalin.
 
2020-07-13 9:48:19 PM  
i.redd.itView Full Size
 
2020-07-13 10:19:18 PM  

Tannhauser: A long time ago a co-worker of mine bought  Enron stock after its collapse. Of course it didn't pay off. He also had a side job managing phone booths that also went about as well as you can imagine. He thought cell phones were a fad.


I remember hearing about a broker who kept having customers that were hell-bent on buying Enron after it collapsed. He hated that he couldn't keep them from doing it.
 
2020-07-14 2:40:11 AM  

OccamsWhiskers: These day traders should propose that their situation be reviewed, and it determined that they are not gamblers.
[YouTube video: Lost in America (6/10) Movie CLIP - The Boldest Experiment in Advertising History (1985) HD]


You nailed it
 
2020-07-14 6:46:37 AM  
"I hope and pray for you to consider the shareholders," wrote 50-year-old individual investor John Hardt in a letter dated May 25, one of dozens sent to the Corpus Christi, Texas-based court overseeing the case in recent months.

John is going to be in for a Hardt time.
 
2020-07-14 8:29:38 AM  
I've lost a bit of money on bets in the market where Ch 11 or hostile takeovers were involved. Remember WaMu? Yeah, Jamie Dimon got a retail bank, I got nada. C'est la vie.

Looked at JCP a few years ago when it was trading around $5, and thought, nah, JCP is never going to be a retail powerhouse, it will more than likely go the way to Wooworths etc. So I passed, and the bankruptcy isn't surprising.

Anyone who willingly buys stock in a Ch11 enterprise has to be prepared to lose EVERYTHING. Just like putting a quarter in a slot machine at the airport in Vegas.

I feel apprehensive about the market in general, though. E.g. Tesla makes a nice car, and I'm glad they are forcing the other bigs to go electric, but $1,500 a share for that company is insane.
 
2020-07-14 8:42:33 AM  
Never invest in a libertarian.
 
2020-07-14 11:10:26 AM  

Priapetic: Hey dumbass day traders:

[media1.tenor.com image 498x280]


This. I'd like to give them a little slack just from the example RadioShack left. The stock died ages before it finally got delisted and it might have been more heavily traded after it went bankrupt.
 
2020-07-14 5:43:00 PM  

Exluddite: If you play a bankruptcy as anything but a lottery ticket, you're nuts. A very, very, small number of stocks come out of bankruptcy with ANYTHING for the common shareholders. Your last in line to get anything out of the process. Even the preferreds are a huge risk.


And they now have lawyers fees to pay.  That's a Florida man level of stupid. Great Basin Gold cost me 15 grand.   As Mark Twain said    A gold mine is a bunch of liars looking at a hole in the ground. However I didn't sue.
 
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