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Trading Halt In UAL Shares  
User currently offlinePROSA From United States of America, joined Oct 2001, 5644 posts, RR: 4
Posted (11 years 7 months 3 weeks 6 days 14 hours ago) and read 2248 times:

Cbsmarketwatch.com has just reported that trading in UAL shares has just been halted, pending a news announcement.


"Let me think about it" = the coward's way of saying "no"
10 replies: All unread, jump to last
 
User currently offlineLMP737 From , joined Dec 1969, posts, RR:
Reply 1, posted (11 years 7 months 3 weeks 6 days 14 hours ago) and read 2240 times:

Hopefully everything is okay over at UAL.

User currently offlineBrons2 From United States of America, joined Sep 2001, 3015 posts, RR: 4
Reply 2, posted (11 years 7 months 3 weeks 6 days 14 hours ago) and read 2219 times:

Could this be Chapter 7????????

Hope not.



Firings, if well done, are good for employee morale.
User currently offlinePROSA From United States of America, joined Oct 2001, 5644 posts, RR: 4
Reply 3, posted (11 years 7 months 3 weeks 6 days 13 hours ago) and read 2192 times:

Whew! All the news turned out to be was an announcement that the employee pension fund can make a major stock sale. I had really thought that UA was going to liquidate, when I saw the news about the trading halt, because usually halts take place only for very big announcements. Sounds like there's still some life in UA ...


"Let me think about it" = the coward's way of saying "no"
User currently offlineSearpqx From Netherlands, joined Jun 2000, 4344 posts, RR: 10
Reply 4, posted (11 years 7 months 3 weeks 6 days 13 hours ago) and read 2190 times:

The trading halt appears to be as a result of UA posting an audited $382M loss for January, and nothing as drastic as Ch 7. But thats just an assumption based on available news, I haven't seen anything saying specifically why trading was halted.


"The two most common elements in the universe are Hydrogen and stupidity"
User currently offlineLJ From Netherlands, joined Nov 1999, 4461 posts, RR: 0
Reply 5, posted (11 years 7 months 3 weeks 6 days 13 hours ago) and read 2137 times:

when I saw the news about the trading halt, because usually halts take place only for very big announcements.

And what do you think an announcement that State Street may sell yet another 3.9 million UAL shares is? Trading halts always take place if an announcement is pending which may influence the stock price. The fact that a particular company is allowed to sell 3.9 million shares is such an announcement (share price headed south immediately).


User currently offlineAdmiral Ackbar From Canada, joined May 2002, 159 posts, RR: 0
Reply 6, posted (11 years 7 months 3 weeks 6 days 13 hours ago) and read 2118 times:

And you got the admit that the sale of 3.9 million shares is not exactly a vote of confidence in UAL`s future.

Then again, with the way the market will be going in the near future, maybe they are liquidating several of their equity positions.


User currently offlineN79969 From , joined Dec 1969, posts, RR:
Reply 7, posted (11 years 7 months 3 weeks 6 days 13 hours ago) and read 2118 times:

How do UAL shares have any value at all? I thought ch 11 wiped out all shareholder equity. Further, all short positions on the stock should be closed out by now.

User currently offlineLJ From Netherlands, joined Nov 1999, 4461 posts, RR: 0
Reply 8, posted (11 years 7 months 3 weeks 6 days 13 hours ago) and read 2068 times:

How do UAL shares have any value at all? I thought ch 11 wiped out all shareholder equity. Further, all short positions on the stock should be closed out by now.

No, shares have value untill the company is liquadated. Before that period it's how much anyone is willing to pay (currently about USD 0.97).

And you got the admit that the sale of 3.9 million shares is not exactly a vote of confidence in UAL`s future.

Yes, but it's more that State Street is probably forced to sell as they're acting as the trustee (thus are required to get as much out of the stock as possible) of the ESOP and they would like to sell more but aren't allowed (after the sale State Street still manages about 16mio UAL shares for the ESOP just above the required 20% ownership level)




User currently offlineScottb From United States of America, joined Jul 2000, 6793 posts, RR: 32
Reply 9, posted (11 years 7 months 3 weeks 6 days 12 hours ago) and read 1984 times:

Liquidation isn't required for the company's shares to lose all their value; the reorganization plan can also wipe out the shareholdings of all pre-bankruptcy shareowners. That's part of why I'm still amazed that UAL's shares are valued nearer to $1.00 rather than $0.10; it's pretty clear that UAL's reorganization will leave nothing for existing shareholders.

State Street has been trying to unload those essentially worthless shares for a while now; it's their fiduciary duty to try to recoup as much value as possible for the ESOP participants.


User currently offlineBrons2 From United States of America, joined Sep 2001, 3015 posts, RR: 4
Reply 10, posted (11 years 7 months 3 weeks 6 days 6 hours ago) and read 1813 times:

3.9 million is not much money at all, for a company with as many employees as UAL.


Firings, if well done, are good for employee morale.
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