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Randall Reese
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Randall Reese founded Restructuring Concepts LLC after spending nearly six years with the international law firm of Skadden, Arps, Slate, Meagher & Flom LLP in its Corporate Restructuring practice group. During that time, he represented clients in many large and complex chapter 11 cases,... More
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Bankruptcy News & Analysis
  • Equity Committee Appointed in HearUSA Bankruptcy Case 1 comment
    Jun 27, 2011 3:53 AM | about stocks: HEARQ

     The United States Trustee filed a bankruptcy court notice last Wednesday in the HearUSA, Inc. chapter 11 case.  In the notice, the U.S. Trustee disclosed that it has appointed an Official Committee of Equity Security Holders in the bankruptcy cases.  The members include two individual investors and three institutions: Arcadia Opportunity Master Fund, Ltd.; Sherleigh Associates Inc., Profit Sharing Plan; and Meson Capital Partners, LP.   The representative from Arcadia Opportunity Master Fund has been appointed as the temporary chairperson for the Committee. 



    HearUSA's common equity was publicly traded prior to the bankruptcy filing under the ticker symbol 'EAR'; since the bankruptcy filing, it has traded over-the-counter under the ticker symbol 'HEARQ.PK'.  The stock closed on Friday at approximately $0.39/share.  No formal motion was filed with the bankruptcy court seeking the appointment of an equity committee.  However, from court filings, it appears that an ad hoc committee of equity holders made a request to the U.S. Trustee and HearUSA had stated that it was "generally supportive" of the appointment of an equity committee because it "fully expects that equity security holders will receive a distribution on account of their interests" (although the amount of the distribution "remains in question").



    For more information about the HearUSA bankruptcy case, please see our earlier posts on the case:
    For access to all major pleadings filed in this case, please visithttp://www.chapter11cases.com/HearUSA-Inc_c_25578.html

    Stocks: HEARQ
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  • RowerXX
    , contributor
    Comments (10) | Send Message
     
    So the bid right now is $83 m. which leaves roughly $18 m. for common stock. The real question is does Seimens step forward, or someone else and does Hear sell northwards of $100 m. The stock seems agnostic to this idea. There's one week to go?
    18 Jul 2011, 03:53 PM Reply Like
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