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Work & Management
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Washington Prime Group Inc. (WPG)
NYSE - NYSE Delayed price. Currency in USD
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Book value per restructuring agreement is $2.4 per preferred and $0.80 per common.
The land that MAC malls are sitting on is what is fundamentally separating $MAC from $WPG $PEI and $CBLAQ. The rest is just a matter of being patient and letting it do it’s thing.
They had some interesting insights about WPG on (
). Definitely made me think twice about the company.
Important fact. If the common stock has no value left then nobody should buy this stock. But watch stocks will be bought when trading resumes at discounted price . Why? When the company has no value then who is buying these stocks and for what ?
Folks... I wanted somehow to believe that this chapter 11 was going the way of PEI. That's why I hung on when I could have sold at 12 dollars. There is nothing prepackaged about this deal the common and the preferred are almost worthless now and further dilution is found the drive the share price down further. I sold today at 3 dollars and took a 30,000 loss. This company has taken us to a dumpster fire. I'll never own another share in this company. Lesson learned!!
The RSA provides for a deleveraging of the Company’s balance sheet by nearly $950 million through the
equitization of unsecured notes and a $190 million paydown of the Company’s revolving credit and term
loan facilities. The RSA contemplates a $325 million equity rights offering, fully backstopped by SVPGlobal,
as Plan Sponsor, the proceeds of which will be applied to, among other things, the pay down of secured
This is confusing, their equitizing the $720M unsecured notes and paying down $190 million on the revolver. Where does the $325 equity rights offering come from? $325M does not equal equitizing $720M?
Or is the equitizing of $720M one thing and then on top of that they are issuing shares worth $325M?
" I think if you do the math. It’s clear the deal is to give the shareholders 33% of the new company. Wpg filed showing 500m of current net value, and their plan is to equitize 1b. You do the math. And that means 33% for common and preferred shareholders or around 25% for commons shareholders. That isn’t bad. your talking a close to 100M reduction in interest payments as a result. lets Hope for that result."
New Ticker, New exchange (OTC) expected for WPG.
CBLAQ is a good comp for WPG ; Bothe REITs ; CBLAQ now below 20 cents ; Not suggesting that WPG will be below 20 cents..
What happens to the options trading. I know alot people who bought fridays calls and puts
I’m holding on common shares at $4.75.
Now after they filed Ch11 what’s the best course of action you advise me to do?
the fact that this isn't below $1 basically shows why the market is a joke these days
it so sad. people were investing that short squeeze was going to coming, but the company filled 11 chapter. it allows the company to cover its massive debts with new equities to protect the company. from other side shorts are starting to cover their position , so that pulled back the price from 1.88 to 4.20 that being said, I stay away from this stock until it comes back to 1.88 or some an other news come out.
WPG halted, until it goes to OTC? CBLAQ (now below 20 cents) is a very similar REIT in BK.
JENGQ (Just Energy ) was halted after the Texas Freeze Electricity problems, but now it started trading in Canada also. JENGQ icity is getting ready for the big move up soon, with the ERCOT news update, imho.
Look at the buyout discussion in the proposal.. 60 days of bidding. the buyout could happen any time! : )
I am following the CBL bankruptcy because I hold preferred shares. In the market you need to learn from your mistakes to thrive and prosper. As near as I can tell WPG has a very similar capital structure, namely top heavy with preferred shares that were used for expansion. The management seems to have a similar lack of regard for shareholders. What I have learned is the the preferred shares are viewed as a convenient source of fodder. They can declare bankruptcy and they have no representation in court unless you have a million dollars to pony up for lawyers and accountants. In CBLs case they are writing off 600 million of obligation and unpaid dividends and they have no representation other than the board of directors who have other priority's. Lesson learned is there is no value in preferred shares to a company other than a convenient source of capital and an obligation to drop from the books in times of stress. Better to buy bonds for income. At least if the company is pushed to consider bankruptcy you have a seat at the table when reorganization is negotiated and you can always throw the preferred share holders to the wolves.
What will be the best move for share holders now?
Worth $5 or $6 bucks with the deal that was indicated in the Ch11 news article.
looks like this chapter 11 plan should be relatively quick. I'm a little #$%$ that the unsecured bondholders are not getting any debt, but hopefully, company will start generating cash and dividends with a deleveraged balance sheet.
Hi guys did they file bk what happen with share holder money
Remember that the assets are around 4 Billion and the debt about 3.5 Billion, and the baseline (meaning at least and possibly more) agreement provides for equity participation of $.80. There is now a sector rotation into Real Estate as an inflation hedge and although mall have been troubled there are signs that they are coming back. WPG's 2nd quarter earnings will be key. Yes, there is risk and don't invest if you can't afford to lose, but there is also massive upside potential for those will to expose themselves to risk.
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