ONEI big vol double bottom

[bohemian]

am I missing something??

All of Oneida's existing common and preferred stock will be cancelled and receive no recovery. Accordingly, the company believes that Oneida's currently outstanding preferred and common stock has no value.

Isn't this frenzied selling an attempt to unload stock now deemed worthless; like the UALAQ scenario at the end of '05?

I realize it says, "NOOB" next to my login - for a reason, so if anyone wants to offer education I am a sponge :-) 
Thanks, Bo

[gmarc66]

This stock has been mvoing lately. THis am news came out, caused a pop again...and then a pullback. Typical sell the news, lets see where this goes, once the news sinks in.

ONEIDA, N.Y., July 14 /PRNewswire-FirstCall/ -- Oneida Ltd.
(Pink Sheets: ONEI) today announced that it has signed a Letter of Intent to
be acquired by an entity to be formed by D. E. Shaw Laminar Portfolios, L.L.C.
("Laminar") and Xerion Capital Partners LLC ("Xerion" and with Laminar the
"Buyers"), both current Oneida shareholders.
   Under the terms of the proposed transaction, Laminar and Xerion will pay
at least $222.5 million, or an amount sufficient to pay in full the company's
secured bank claims plus, among other things, the payment or assumption of all
other general unsecured claims.  In addition, the Buyers will include an
element of consideration for the company's common equity holders in connection
with securing their approval of the proposed transaction.
   "The proposed agreement with Laminar and Xerion represents a very
favorable outcome for Oneida and its stakeholders, including creditors,
shareholders, employees, vendors and our valued customers," said Christopher
H. Smith, Chairman of Oneida Ltd.  "The possible investment by these two
widely respected firms acknowledges the substantial progress Oneida has made
in transforming its business, which began more than 18 months ago.  These
firms have had an opportunity to see our operations first-hand as
shareholders, and we are pleased that they support Oneida's plan of
reorganization.  Importantly, their investment would bring stability and a
long-term perspective to Oneida's shareholder base."
   "This transaction would set the table for Oneida's growth," said James E.
Joseph, President of Oneida.  "As an 18-year veteran of Oneida, I am proud of
what our people have achieved over the past 18 months, and I am truly excited
about our future.  We are prepared, as I believe few in our industry are, to
meet our challenges, strengthen our business and provide exceptional service
to customers."
   It is currently anticipated that the proposed transaction would be in the
form of an offer to purchase 100% of the equity interest of Oneida through a
plan funding agreement.  Execution of a definitive agreement is subject to,
among other things, confirming due diligence by the Buyers, standard
regulatory approvals and other conditions, including confirmation of Oneida's
plan of reorganization by the Bankruptcy Court.  Should Oneida and the Buyers
fail to reach a definitive agreement, Oneida would move forward to complete
its original recapitalization plan, which is supported by its lenders, in a
timely manner.

[gmarc66]

So...this stock tanked after the latest pr which states plans of emerging from chapter 11 Plans to emerge from Chapter 11 is Sept 12th.

I picked up a few shares today with anticipation of seeing a nice bounce next week or sometime in the short term. I hope i'm right


Thursday, August 31 2006 8:01 AM, EST

Oneida Reorganization Plan is Confirmed

ONEIDA, N.Y., Aug. 31, 2006 (PRIMEZONE) -- Oneida Ltd. (Pink Sheets:ONEI) today announced that its prenegotiated plan of reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of New York, setting the stage for Oneida's emergence from Chapter 11 as a privately-held company. The Plan will significantly reduce the company's debt and open the way for renewed investment and growth. The company is expected to emerge from Chapter 11 on or about September 12, 2006.

"We are extremely pleased that the Court has approved our recapitalization," said James E. Joseph, President of Oneida. "We are grateful to our customers, suppliers, partners and employees for their commitment during this process. The successful recapitalization is the culmination of a revitalization process we began more than 18 months ago and marks a new beginning for Oneida. We are looking forward to building on our strong brand and outstanding customer relationships to continue Oneida's growth into its second century."

Oneida's plan of reorganization provides for the conversion of 100% of its Tranche B loan, representing approximately $100 million, into 100% of the equity of the newly reorganized company. The plan also includes $170 million in senior secured long-term credit facilities, consisting of an $80 million asset based revolving credit facility and a $90 million term loan that will refinance Oneida's Tranche A debt and provide the company with additional liquidity to continue to grow its business. Oneida's general unsecured creditors will not be impaired under the plan; however, existing common and preferred stockholders will not receive any distributions under the plan and their equity will be cancelled on the effective date of the plan.

Oneida Ltd. and certain of its U.S. subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code on March 19, 2006. In connection with these proceedings, Oneida was represented by Shearman & Sterling LLP as legal advisor and by Credit Suisse as financial advisor.

About Oneida

Incorporated in 1880, Oneida Ltd. is one of the world's largest design, sourcing and distribution companies for stainless steel and silverplated flatware for both the consumer and foodservice industries. It is also the largest supplier of dinnerware to the foodservice industry in North America. Additional information about Oneida can be found at http://www.oneida.com/news/08-31-2006.

[hawk]

whats whith this one..

[gmarc66]

I guess it finally found its bottom and did a nice little move today...will the saga continue in a positive direction? Perhaps, as the pr above states:

"The Plan will significantly reduce the company's debt and open the way for renewed investment and growth. The company is expected to emerge from Chapter 11 on or about September 12, 2006."

[Amarens]

But isn't the news also that they will delute. I'm sick of this one to. Happy I only do small amonts in OTCB, but still. Notice too late it went down. Not very smart moves on this one from my part 

OTCB stocks are hard for me b/c my broker does not allow me stops. But I must say I've also been happy in the past not having a stop b/c I would have been stopped out and miss the big move right after.

We'll see where ONEI goes now 

Amarens