MIRANT STOCKHOLDERS RILED

The Atlanta Journal-Constitution ^ | 01 December 2004 | Margaret Newkirk

[MeneMeneTekelUpharsin]

I've been posting on Mirant since this whole situation started. This case is almost unbelievable and will go down in the finance history books, I promise. A LOT of small investors, believing (as they were told by Mirant) that refinancing was going to be secured, invested what they had worked for all of their lives in this company. With the unexpected Chapter 11 filing, many of these small investors have worked through the shareholders' committee and have watched this grueling, stressful, hellatious case unfold for well over a year.

Some of us so believed in Mirant's ability to refinance debt maturities (the main problem as the company is PROFITABLE even at this time) persuaded relatives to also invest. Those relatives are also awaiting the outcome of this case. The common shareholders should NOT be wiped out in the case and we will have our day in court. This is not a case of wild speculators "hoping" value was there. This is a major electric utility with valuable assets tanked by the Enron mess. K-Mart investors were ripped off by slick operators, told the assets were "worthless" and suddenly saw the value of the company skyrocket AFTER their shares were cancelled. Don't believe the bankruptcy judge is going to let that happen in this case. I really don't. Some of you tire of my postings, I know it. But, everything I've ever worked for is tied up in this case and if nothing else, I'm going to see to it that the world knows what happened. This is truly a just cause and a lot of mom and pops should not be wiped out because some bondholder or bank wants to make an absolute killing on distressed assets...NOT this time.

[MeneMeneTekelUpharsin]

You're already on record with comments about this one. I am trying to document this case so that whomever wants to research it can go back and look at everything: the case, the comments, the clowns.

[MeneMeneTekelUpharsin]

FYI. You fellas need to help at least get this story out. Thought you might want to see this one, for sure.

[MeneMeneTekelUpharsin]

A story you will want to read. Let everyone know. It's time.

[MeneMeneTekelUpharsin]

One you will want to read. The heat is on.

[MeneMeneTekelUpharsin]

Pass this one to everyone you know. Please.

[MeneMeneTekelUpharsin]

You've pinged me many times. This one's for you.

[MeneMeneTekelUpharsin]

If you could somehow get Rush Limbaugh to pick up on this truly "David (small shareholders) vs. Goliath (Banks and Bondholders who want it all)" story, please do. I rarely EVER ask for this kind of help, but we need it NOW.

[hinckley buzzard]

I wish you well, but I think if you're a Mirant shareholder, you should get your stock certificates from your broker now. They won't be worth a cent as securities, but after this is all over you can sell them for a couple bucks apiece as collectors items on eBay.

[MeneMeneTekelUpharsin]

Well, that IS an idea. Do people actually BUY things like that? Nevertheless, I do NOT believe that will be an action I will need to take. And, why would I need to get the certificates now?

[Ernest_at_the_Beach]

He said a group of shareholders independent of the official committee intends to force a full investigation of the value of Mirant's assets, by independently soliciting bids for them. The effort, he said, will show the court that Mirant has alternatives that would allow it to satisfy creditors and leave shareholder equity intact.

This sounds like a good move!

[hinckley buzzard]

"Do people actually BUY things like that? "

Yes! Go to eBay and click on "scripophilia!"
Might as well get them now, no reason to delay.

Seriously, it is pretty common practise for the "old" stockholders to be zeroed out in this kind of "reorganization." Hope you guys will be the exception.

[KingNo155]

Ahh your supposed to buy from Kmart not buy them...If you have extra money why would you want a partner? You had more chance of a return playing the lottery , If someone offers you an investment, one things sure ; the one who offers investment opportunity has the most to gain.

[MeneMeneTekelUpharsin]

Mirant stock is not analgous to owning a lottery ticket. Sorry...wrong thread.

[MeneMeneTekelUpharsin]

Mirant stock is not analagous to owning a lottery ticket. Sorry...wrong thread.

[snopercod]

"Mongo only a pawn in the game of life..."

[MeneMeneTekelUpharsin]

Perhaps. Perhaps not. Light at the end of the tunnel.

[MeneMeneTekelUpharsin]

The fact that they have a committee, capable of gumming up the works with motions and claims, is likely to deliver them something, said Georgia State University law professor Jack Williams. "A valuable commodity is time," he said. "An aggressive shareholders committee can make the company jump through all kinds of hoops. It takes time — lots of time — and it takes expense." And that gives companies an incentive to "gin up some kind of settlement, in exchange for shareholders dropping potential claims," he said. Another expert, University of California law professor Lynn LoPucki, put it succinctly: "If you get a committee, and the committee gets a lawyer, you're going to get something."

Stock certificates on eBay? LOL...don't think so.

[MeneMeneTekelUpharsin]

Here it is. Read this.

[MeneMeneTekelUpharsin]

Hoping it will survive so I can pay my helicopter bills inflated by illegal immigration. No joke.