What's with the icons? Use words

What is most frustrating is all the hype that there is going to be a buyout (like ti is going to happen any minute) when it obviously may not even be a buyout on the horizon.

They don't have to provide earnings reports since they are in chapter 11. They did give rough unaudited numbers last time.

FYI:

Form 8-K for SPANSION INC.

--------------------------------------------------------------------------------

16-Apr-2009

Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Resignation of Chief Financial Officer

On April 10, 2009, Dario Sacomani entered into a Personal Leave Agreement and Release the "Agreement" with Spansion Inc. the "Company". Under the terms of the Agreement, Mr. Sacomani resigned as Executive Vice President and Chief Financial Officer of the Company, effective immediately, but remains a part-time employee of the Company for a transition period of up to nine months. Mr. Sacomani also has agreed to provide transition services during his leave. Mr. Sacomani will continue to receive his current base salary and health insurance benefits through the transition period, as well as up to $7,500 in relocation expenses.

Appointment of Interim Chief Financial Officer

On April 10, 2009, the Company's Board of Directors has appointed Thora Thoroddsen, 46, as the Company's Interim Chief Financial Officer, effective immediately. Ms. Thoroddsen is a Senior Vice President of Brincko Associates, Inc., a management consulting firm "Brincko Associates". Pursuant to a Services Agreement dated February 26, 2009 "Services Agreement" between the Company, Brincko Associates, John P. Brincko and Ms. Thoroddsen, the Company pays Brincko Associates a monthly retainer of $155,000, which includes $60,000 a month for Ms. Thoroddsen's services, as well as reimbursement for expenses reasonably incurred by Ms. Thoroddsen. In addition, the Services Agreement provides that the Company indemnify Ms. Thoroddsen for her acts during the term of the Services Agreement. Mr. Brincko currently serves as the Company's Chief Restructuring Officer.

Ms. Thoroddsen joined Brincko Associates in 2000. Prior to joining Brincko Associates, Ms. Thoroddsen held several positions at Mossimo, Inc. from 1997 to 2000, including Senior Vice President of Operations, Senior Vice President of Finance, Controller, Secretary and Treasurer.



[This message has been edited by hud1225 (edited 4/16/2009 4:41p).]

FWIW

I email Ken Tinsley asking about the 1Q numbers. Surprisingly, he replied.

"We haven't set a date yet but look for us to give some direction on it over the next week or so.

Thx
Ken"

So I went ahead and picked up a few more.

I'm gonna be so pissed if I don't wake up next week a thousandaire.

How bad of news is this for spsn? Would it be time to bail and cut losses or is this just a hiccup before it takes off? Thoughts?

http://finance.yahoo.com/news/Spansion-Inc-Receives-prnews-14962380.html?.v=1

sorry have to copy and paste html

doesn't sound to positive. May be time to cut bait.

Anyone have any idea how often companies succesfully appeal delisting determinations?

This is old news. The will appeal it and kick the ball down the road until they get bought. Even if they are delisted, they will trade on pinks. It might be a buying opportunity.

The main reason I think they want to do everything possible to save the common shareholders is becasue they are fighting delisting. If they planned to cut the common stock out of any BK dealings, they would not put any effort in this appeal and just let it happen.

I'm one who bought a few shares of spsn a couple of weeks ago, and the lack of news is disappointing. If its not going to do anything, I wish it would just go away.

Another FYI:

http://newsblaze.com/story/20090418081222zzzz.nb/topstory.html

Big news out today. Let's see were this takes us.

http://finance.yahoo.com/news/SpansionR-EcoRAMTM-Solution-prnews-14969564.html?.v=1

apparently nowhere

Everytime I see AKAggie posting on this thread, I just know it's gonna be funny.

wth is happening?

this thread is worse than the boards on google

I'm looking in to buying some of this. Bad Idea?

it's gambling if that's your sort of thing

I would consider it more of bargin hunting or bottom feeding than gambling.

I guess you could stick with the old reliable safe bets like Goldman Sachs, Enron, AIG, or GM, etc. Those are still solid right? [/cramer]

I guess my point is the whole stock market is just one big gamble.

I'm 19. It is my sort of thing.

well, back down to .13. Time to shop tomorrow.

I wouldn't let go of these if I were you!


I'm going to laugh at those of you who let these go right now.

In their filing last week, they reported $3.8 billion in assets and $2.4 billion in debt.

They had two news releases this week regarding the release of new product that will be huge for the industry.


The Samsung lawsuit dividend of .50 was canceled because of the entry into Chapter 11 reconstruction. However, don't be surprised to hear a whiff of buyout news soon, and when it does we'll see another pop to the .30-.40 range.

Oh man this is getting good!

April 22, 2009

...The company also continues its discussions with creditors regarding its restructuring plans, which will ultimately require court approval. The company expects to successfully emerge from its Chapter 11 restructuring process with a sustainable business model aimed at maximizing recovery for creditors; generating positive free cash flow and profitability; and designed to support annual revenues of approximately $1 billion. In addition, the company announced that it believes it has adequate working capital - approximately $195 million in cash as of April 19, 2009 (including approximately $110 million in the U.S.) to support its strategy to emerge as a successful and viable standalone entity.

"Spansion is by far the largest supplier of NOR Flash memory to embedded markets worldwide and is the leader in charge-trapping technology, which we believe has great licensing potential," said John Kispert, president and CEO, Spansion Inc. "Our plan is to leverage our award-winning MirrorBit technology, exceptional customer relationships and innovative industry-leading products to seek sustainable profitability and positive free cash flow."

Spansion plans to continue to support its wireless customers as it pursues strategic alternatives for that business. The company's decision to narrow its focus results from Spansion's proven success in addressing customers producing embedded applications which include consumer, gaming, set-top box, industrial, automotive, PC and PC peripherals, data center servers, telecommunications infrastructure and networking.

The company enjoys a commanding leadership position in this market, with over twice the sales of its closest competitor in 2008 according to market research company iSuppli. The company plans to dedicate its resources to serving the embedded solutions market and plans to grow its market opportunity through its innovations based on its MirrorBit technology.

The company has made substantial progress in bringing its new innovative product architectures to market. Spansion has completed the beta process for its Spansion EcoRAM products and has received initial orders, with first revenue expected in April. The company also has first silicon in-house of its new NAND product offering based on Spansion's charge-trapping technology, 43nm MirrorBit NAND products, with plans for sampling in 2009 and production in 2010. In addition, Spansion is in full production of its industry-leading 65nm high density solutions optimized for the embedded solutions market, and plans to have 45nm MirrorBit NOR solutions sampling in 2009 and in production in 2010.

Spansion, Spansion LLC, Spansion Technology LLC, Spansion International, Inc. and Cerium Laboratories LLC filed their voluntary petitions for relief under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware on March 1, 2009. On February 9, 2009, Spansion's Japanese subsidiary, Spansion Japan Ltd., voluntarily entered into a proceeding under the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan to obtain protection from its creditors as part of the company's restructuring efforts. None of Spansion's subsidiaries in countries other than the United States and Japan are included in the U.S. or Japan filings.

Over .2 in premarket!

Hopefully AKAggie stuck with it!

Bought 1750 more shares this morning! Should be fun...

[This message has been edited by ARCHag08 (edited 4/22/2009 9:06a).]

Here is what I think MIGHT happen:

- Tomorrow is a BK hearing and they will probably just rehash what was said today. But some additional news could come out and the stock could move either way.

- They will emerage from BK in about June or July sometime with the common stock intact. Both AMD and Fujitsu own a bunch of common stock so I do not see them doing away with it. I say June or July because I think that is when their delisting hearing would be, so it would be before then.

- I think after the BK is discharged, the stock will begin to retrace back to pre-October 2008 numbers, which was about $1.50 to $2.00 range.

I think this could also be a big ploy to get Micron or any other possible buyer to up their offer price. Basicly they are saying we are going to come back stronger and be direct competition for you.

It would be nice just to wake up tomorrow and the price be at $2 because of a buyout and end the waiting.

still here!

quote:

---

- I think after the BK is discharged, the stock will begin to retrace back to pre-October 2008 numbers, which was about $1.50 to $2.00 range.

I think this could also be a big ploy to get Micron or any other possible buyer to up their offer price. Basicly they are saying we are going to come back stronger and be direct competition for you.

---

THIS! Couldn't have said it better. There are two options here, and both are positive.

They are going to restructure and come out strong, which will put this in the $1.50-$2.00 range.

OR

They get bought out after some strong politicking and negotiating and we could see potentially $3/share or more.


Either way, people will be happy.

I never underestimate the mind and creativity of corporate attornies to figure out a way to screw the common stockholders, but I believe that there is just a small chance of that happening at this point. BUT it is still an option on the table for them.

It is still a risky play even when it emerges from chapter 11 because it is a low margin, high competition and high overhead business. But you are pretty much buying it at 10 to 20 cents on the dollar right now.

[This message has been edited by AFarmer95 (edited 4/22/2009 7:52p).]

if you own this "stock" and think you're getting anything, then I have a bridge to sell ya..

In that case, why don't you short it PiAg?

quote:

---

if you own this "stock" and think you're getting anything, then I have a bridge to sell ya..

---

It is good to see fellow Ags concerned about our financial well being.

I have already personally cashed out of about 30% of my holdings in spsn, netting a 100% cash return (my initial investment x 2 in my pocket) plus a bunch of "free" stock. So I would say that piag is wrong about not getting anything.

I would be interested in hearing about this bridge becasue real estate is my main business.