Britannia Bulk Holdings Inc () (BBLKF)

Shippers going bigglies. BBLKF next2run?

I wish I knew. Im guessing it's dead. Im a bagholder like you but have no hopes of actually getting my investment back.

I have had this stock for some time. Does anyone know if it's dead or what is happening with it.

someone bought shares? No way!

umm, why did someone buy 20k shares today ?

::cue twilight zone::

I didnt think this one traded at all anymore!

whole 150 dollars traded wow lol

it looks like its got both feet in the grave... someone grab a shovel and throw some dirt on this thing.

I assume is it dead just not buried yet

Is this stock alive or is it totally dead? I have had stock in it for years. Is it over?

I never followed it just remember that this may have been the one IPO to CH 11 in 10 months because some doorknob was playingthe futures with the cash in treasury

HUM .13x.15 edit .13X.19 THE .15 ASK WAS ALL OF 10K OR $1500

never know if the Brits or Scandinavians will bring some bulk shipping assets back into this.. the structure is unchanged, the lawsuits were dismissed...

HUMmm I not even thatfar in the red here now at .11x.12. it was .03 last monday so is this the chicken running around with its head cut off just before it dies or a real move.

Even corpses twitch a bit. I will say one thing. There is zero mention of the stock here on IHUB

EDIT 3 MMs were at .12 ask now .12x.13 if I didnt own 50k I might buy more

someone's been accumulating

Shipper Wins Dismissal of Securities Fraud Claim
Monday, October 26, 2009

By JONATHAN PERLOW

(CN) - A federal judge in Manhattan largely dismissed a shareholder class action accusing Britannia Bulk Holdings of deceiving investors in statements about its initial public offering.
U.S. District Judge Denise Cote tossed the fraud claims against all defendants, which included Britannia, its CEO and CFO, and four underwriters. The only surviving claim is a "negligent conduct" charge against the two executives.
The company's June 2008 IPO was a financial success for the company and its underwriters. They raised $125 million by selling more than 8.3 million shares of common stock to investors for $15 per share.
By late October, the stock had dropped more than 98 percent to $0.27 per share after the company became insolvent.
Britannia Bulk is an international provider of dry-bulk shipping and logistics services, mainly in and out of the Baltic region.
Its profits soared to "historic levels" in early 2008 as demand for Russian coal and other raw materials increased the demand for dry-bulk transportation in the Baltic and Northern Europe.
It earned $300 million in the first three months of 2008, compared with $60 million over the same time period a year earlier.
The class claimed that the registration statement and prospectus contained misstatements and omissions, mostly surrounding its use of forward freight agreements (FFA). FFAs are contracts traded on the Baltic exchange in which shippers and ship owners hedge against the volatility of the ocean market. Parties use them to bet on the price of a particular freight-route on a particular day.
The lawsuit accused Britannia of failing to disclose that it used FFAs to guard against increases and not merely decreases, effectively putting a ceiling on potential gains.
Britannia was also accused of failing to enter into proper fixed-price contracts at a time when crude oil and bunker fuels were experiencing extreme fluctuation, and that it "engaged in speculative trading in FFAs ... to 'play the market.'"
The class maintained that the alleged "false and misleading" information was of considerable relevance to investors evaluating Britannia's business.
But Judge Cote ruled that the documents provided to shareholders "contain an abundance of cautionary language about Britannia's use of FFAs that Plaintiff simply ignores."
Also, the company's shareholder update was written in "straightforward" and "plain language" and was "entirely consistent with the Company's intervening SEC filings after the IPO," Cote wrote.
She ruled that the plaintiff's claim "does not withstand meaningful scrutiny."

http://www.courthousenews.com/2009/10/26/Shipper_Wins_Dismissal_of_Securities_Fraud_Claim.htm

Is anyone following BBLKF? Is this company filled for bankruptcy?

lol no thx i'm done with this one.. i made my profit and theres alot of other fish out there.. gl though

better load up again, we're climbing back up.
bought last year at 0.06 sold at .39, should have waited, rebought the the other day at .10 it's going to hit .40 next week. then i'll sell again. get on board

at 0.28 now.. wtf..

yea it will definitely go down tomorrow if it closes green today.. i don't know if i should get back in unless its at .02 again..

we will get another chance here.. i think.
probably just some shipping sector chasers.
i can't be worth much unless a lot changes and that will take time.

i sold all my shares at .10 since i averaged down big time and was waiting for 6 months for anything to happen lol.. now i'm regretting it.. shit

no, it's just been creeping up for a couple weeks from 02/03 range.

maybe the banks will attempt to bring it back now that they own it.

this has been trading in the .05-.1 range? wtf is going on lol

can't pick this up on TD

wow those subber buys are looking pretty darn smart !!

a hunger for paying .02 today !

It's back what da fuc is up with this thing...

Delisted off all exchanges...done.. finished!!

Not on pinks again

yea some buying today, lmao

Here we go

It didn't come up on the pinks yesterday but was on DWT weird now it's back on pinks.With some volume it may pop soon bid is up

what r u talking about ? it will never be DWT again..

it's back to DWT

it's getting time

your chance at subs.. depending on the spread...

heh, it went up today. what happens here is at 930 open you see a string of trades usually early.. that's because it's almost all Brits interested in this, and they are 5 hours ahead of us.

She's gonna bounce no question about it the bottom will come Love to grab it under a penny.

i do. but this has a British court of law proceeding over it. Also the string of lawsuits is only covering those who bought the IPO. Now those like me who bought some at .25.
It's a shell play at this point. 26 million shares. Only because the insolvency was 2 weeks ago, it will take time to materialize, depending.. because if the creditors like Lloyd's decide to reorg and stay in the freight business, you can wager they will toss us warrants at the very least.
And it's very possible this same equity can once again be in the dollars. What it will be then is unknown now.

The creditors also own this shell. They will use it.

You know your stuff

this equity will never see that.

oh she's going lower see ya at 1 cent

it won't go any lower, this is it. You shouldn't wait for lower. Who knows how long it will take to materialize

When this bottoms out she will bounce nicely

New Shareholders Class Action Lawsuit - Deadline expires on January 5, 2009
Class Action Lawsuit Against Britannia Bulk Holdings Inc. (NYSE:BBLKF ) Over Alleged Violations Of Securities Laws Filed

Shareholders Foundation, Inc., Mail@ShareholdersFoundation, www.ShareholdersFoundation.com
2008-11-06 22:27:03 - A shareholder of Britannia Bulk Holdings Inc (NYSE:BBLKF) filed a lawsuit on behalf of all persons or entities who acquired Britannia Bulk Holdings Inc. (NYSE:BBLKF) common stock pursuant or traceable to the Company's Registration Statement and Prospectus (collectively, the 'Registration Statement') issued in connection with its June 17, 2008 initial public offering ('IPO') over allegedly violating Federal Securities Laws.
http://www.pr-inside.com/class-action-lawsuit-against-britannia-bulk-r899906.htm

On Thursday, November 06, 2008, a shareholder of Britannia Bulk Holdings Inc (NYSE:BBLKF) filed a proposed class action lawsuit in the United States District Court for the Southern District of New York on behalf of all persons or entities who acquired Britannia Bulk Holdings Inc. (NYSE:BBLKF) common stock pursuant or traceable to the Company's Registration Statement and Prospectus (collectively, the
'Registration Statement') issued in connection with its June 17, 2008 initial public offering ('IPO') over allegedly violating Federal Securities Laws.
If you acquired Britannia Bulk Holdings Inc. ('Britannia Bulk') (NYSE:BBLKF) common stock pursuant or traceable to the Company's Registration Statement and Prospectus (collectively, the 'Registration Statement') issued in connection with its June 17, 2008 initial public offering ('IPO'), you have certain options and there are strict and short deadlines running. (January 5, 2009). You should contact the Shareholders Foundation, Inc. immediately! Email: Mail(at)ShareholdersFoundation.com or call us today: +1-(858)-779-1554. According to the complaint the plaintiff alleges that Britannia Bulk Holdings Inc. ('Britannia Bulk '; NYSE:BBLKF), certain of its officers and directors and its underwriters violated the Securities Act of 1933. Specifically the complaint alleges that on June 17, 2008, Britannia Bulk accomplished its IPO of 8.3 million shares at $15.00 per share for net proceeds of $116.2 million, pursuant to the Registration Statement and in its first day of trading, Britannia Bulk stock closed at $13.85 per share. But then, on October 28, 2008, Britannia Bulk issued a press release announcing that the Company expected a significant net loss for the third quarter of 2008 compared to the net income achieved during the second quarter of 2008 and the loss was due to problems with hedges Britannia Bulk had entered into earlier in the year, so the lawsuit. The stockholder alleges that in addition Britannia Bulk announced it would not pay a dividend on its common shares for the quarter ended September 30, 2008, or for the foreseeable future and as a result of these news Britannia Bulk's stock collapsed to $0.16 per share. In addition so the lawsuit, the following day Britannia Bulk disclosed that it had been notified by its lenders that they were accelerating all of its subsidiary's obligations under a $170 million lending facility and that this would ultimately result in the subsidiary being placed into administration under U.K. insolvency laws.

Looking for a penny or less on this one with volume and a bounce to 8 to 10 cents and then it will be done for good too bad for the people that got sucked into this one.

pretty much, it's a British stock so it's going to go according to their Insolvency law and not Chapter 11.

So if this wasn't a foreign company it would have a Q on the end ?

Administrators called in to Britannia Bulk
Jamie Dale - Monday 3 November 2008

ADMINISTRATORS were called in on Friday to deal with Britannia Bulk Plc, which went into administration under the Insolvency Act 1986 of England and Wales.

Lloyd’s List understands that BDO Stoy Hayward has been appointed administrator for Britannia Bulk.

In a letter seen by Lloyd’s List, BDO Stoy Hayward advised those who had existing contract or charter obligations with Britannia to take “all necessary steps to mitigate any claims arising under your contract or charter with the company”.

On Friday the New York Stock Exchange said it had agreed that the company be de-listed. The NYSE had already suspended trading of Britannia Bulk Holdings.

Britannia Bulk reported last week that it faced financial difficulties due to losses made on forward freight agreement contracts, bunker hedging and chartered in tonnage.

Nordea Bank Denmark and Lloyd’s TSB Group then asked dry bulk operator Britannia Bulk for immediate repayment of $158.7m outstanding on a loan due to a default on the terms.

Britannia Bulk had previously warned of the high risk of it breaching the terms, as the asset values of the five ships used to secure the loan had plummeted.

The secondhand cost of capesize vessels has dropped to $68.8m, from an all-time high of $153.8m in July, according to the Baltic Exchange.

http://www.lloydslist.com/ll/news/administrators-called-in-to-britannia-bulk/20017586502.htm

please post more news, when you recieve. thx