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.
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.
FYI. You fellas need to help at least get this story out. Thought you might want to see this one, for sure.
A story you will want to read. Let everyone know. It's time.
One you will want to read. The heat is on.
Pass this one to everyone you know. Please.
You've pinged me many times. This one's for you.
This sounds like a good move!
Here it is. Read this.
There's too much going on behind the scenes for outsiders to really form an opinion.
Not to be picky or unsympathetic to your situation, but Mirant is not an electric utility. They are a merchant generator with no service territory who leveraged debt to buy up assets scattered across the country that Electric Utilities no longer wanted. The vast majority of their generating capacity is gas fired and with high natural gas prices, their costs have risen dramatically while demand has remained relatively flat.
This Mirant story brings to light the underpinning reality that will ultimately destroy the American way of life. We as a nation will not survive when the linchpin of capital markets is destroyed. What am I talking about: The right of the people to decide their own fate.
When corporate managers and lawmakers allow financial institutions to dictate the upflow of investor dollars to the coffers of the elite few, they circumvent the orginal cornerstone of American financial truth: the people have control of their own investments.
That control has been handed to one man; a judge. He must rule and pass judgment on hundreds of thousands of people and their families who have lost everything in retirement plans and investments. He will be told by those who have a duty to those people that what they have invested has no value. He will be told by the financial institutions that those families have nothing. He will be told by everyone who stands to gain substantially that it is just business, nothing personal. The judge will hold his chin up, make comments to the effect that I must be impartial and simply look at the facts as presented by those who have no incentive to represent a fair assessment.
PEOPLE OF THE UNITED STATES: you are being fleeced without mercy. You are ignorant of what is transpiring in the underworld of high finance, large corporate bankruptcy, and investment banking. When you find out what has been done to you behind the scenes you will be disgusted. Will you do anything about it?
You live under the illusion that you are secure and that your nestegg is yours. I say no...you are grossly mistaken. The level of debt you as Americans have is unsustainable...and in your mind your retirement investments will be there to bail you out if you work long enough. The truth that is underreported and hidden by those who have power is that the greatest threat to you as a citizen is your reliance on financial institutions. They give you credit cards to hang yourself, and then take your dollars without recourse in bankruptcies such as Kmart and Mirant. Investigate who the players are, and what they stand to gain at the expense of the average citizen.
The intergration of the world economy makes the US particulary vulnerable to problems in other nations, such as war and energy supply. Your dollars, funneled to world financial institutions such as CitiCorp are weakening the American people's ability to secure themselves in the face of disasters like September 11. It is just a matter of time before you will be tested beyond what your means allow. To give your value over to banks in a Chapter 11 or any other government sanctioned theft because you do not act is tantamount to capitulation. You are marching to slaughter.
Every shareholder of a public company should be pounding the doors of our government in mass, to force them to change the laws that allow the simily-faced banks to rob you legally. If this change does not occur in the very near future, there will be absolutely no incentive to keep the company you own, otherwise healthy, from filing bankruptcy. On the contrary, every incentive exists for company management to file: they get huge "golden parachutes", the banks get the company, the cronies of the judge gets paid, the investment bankers get paid huge fees, all off the backs of individual investors who were quashed without mercy.
Best of luck to y'all.
/jasper