Spansion - Milliardenfirma und Pennystock

Interessant find ich vor allem die Zahlen am Ende: assumes the restructured company is valued between $1.2 billion and $1.5 billion.

Das hätte die Qualität von NMX (Nymonix) und hieße bei 162Mio (alten) Shares einen inneren Wert von ~8US$/Share.  Heidewitzka....


Spansion Noteholders Oppose Silver Lake Equity Financing Deal
Last update: 2/10/2010 1:26:16 PM


By Jacqueline Palank
Of DOW JONES DAILY BANKRUPTCY REVIEW


Spansion Inc.'s (SPSNQ) noteholders are accusing the company of "insider dealing" in its decision to allow private-equity firm Silver Lake Partners to backstop a $109.4 million stock offering rather than selecting the noteholders' "superior" offer to provide $112.4 million in equity financing.

The noteholders are urging the U.S. Bankruptcy Court in Wilmington, Del., to deny confirmation of Spansion's Chapter 11 plan of reorganization on the grounds that the company's poor business judgment in choosing Silver Lake's backstop proposal over the noteholders' offer renders the plan unconfirmable.

"The debtors' entry into this particular backstop rights purchase agreement with Silver Lake is clearly the result of insider dealing, is not 'entirely fair' and offends traditional notions of the sound exercise of business judgment," the noteholders said Tuesday in court papers.

According to the noteholders, Silver Lake's insider status derives from the "close ties" it has developed with Spansion's managers in recent months. And as the potential equity sponsor, the noteholders accused Silver Lake of "controlling the course" of Spansion's restructuring.

Neither representatives of Silver Lake nor its attorney in the bankruptcy proceeding were immediately available for comment Wednesday.

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