Novamerican Steel Inc. Announces Its Name Change to Barzel Industries Inc.

Slim Pickins wrote:

KPUT please check this out comstockresidents.org and check out our FB page Comstock Residents Association.

Slim: Are you a member of this group? Tell me more.

y5oh wrote:

Gil Playford trivia:
So here is what I want to know. What has happened to Playford? This guy was a director and holding about 6 million out of about 28 million shares of Barzel stock. Was Playford a fool who kept loading up as the ship was going down? How could anyone be that blind as to what was going on. Has he followed C.D. as an investor over at LODE? Ouch!

He's still smiling...

http://www.tcpalm.com/photos/galleries/2011/a...

He has a new book out...SECHEL

SECHEL: Logic, Language and Tools to Manage Any Organization As a Network
by Domenico Lepore

Except BARZEL INDUSTRIES

http://www.businessweek.com/news/2011-09-12/l...

Barzel Confirms Liquidating Plan Without Objection

Barzel Industries Inc., a steel processor and manufacturer that sold its assets, fielded no objections, allowing a U.S. bankruptcy judge in Delaware to sign a confirmation order last week approving the liquidating Chapter 11 plan.

Barzel sold most of the assets in November 2009 for $75 million to Norwood, Massachusetts-based Chriscott USA Inc. Later, secured lenders settled by taking a release of claims in return for giving up $800,000, including $500,000 earmarked solely for unsecured creditors.

The disclosure statement said that unsecured creditors were estimated to have an 11 percent recovery from the carve-out from the lenders’ collateral. Secured creditors won’t participate in the pot for unsecured creditors on account of their deficiency claims.

At one time, Barzel had 15 facilities. The petition listed assets of $366 million against debt totaling $385 million, including $315 million on senior secured notes. There was another $18.4 million owing on an asset-backed loan with a first lien on accounts receivable.

The case is In Barzel Industries Inc., 09-13204, U.S. Bankruptcy Court, District of Delaware (Wilmington).

41,900 shs traded today with last trade at .0008.

DOMENICO LEPORE has seen is claim REJECTED.
Maybe he should write a new book..."THE CONSTRAINTS OF THE BANKRUPTCY COURT!"

"DOMENICO LEPORE has seen is claim REJECTED.
Maybe he should write a new book..."THE CONSTRAINTS OF THE BANKRUPTCY COURT!" "
What's going on now?

Yes, any easy URL reference to post? Thanks!

TPUT still trading today. Last trade at .0005, down .0001 on 2750 shares. Too funny.

Still trading at Dec 28, 2011.

Last trade at .0009; high low of the day .0009;
all on 1500 shs.

It's official, Barzel Industries Canada is no more...dead...kput

December 22, 2011 at 14:50

http://www.deloitte.com/assets/Dcom-Canada/Lo...

Most recent trades are listed on E-trade at Jan 5, 2012. Small shares as from time to time.
Last big day was 300,000+ shs traded on 12/15/2011 with an actual bump up in price towards the current bid/ask of .0009 X .0018. All this should be meaningless at this point. But why any trading is the real question. When this goes to official Chap 7, then all the shares are gone. Still haven't found any answer if the shares are grabbed for a shell play. If so, then by who. A shell play would impy no share retirement, but new ownership and shares used by another entity as a cheap way to go public.
Any comments on this? Any legal references??

Big block traded today. 10,000shs at .0013 and up 44%. Two + years after BK filing.

Still trading. Last trade at .0013 up .0004 on 55,769 shares at 1:21 pm.

Up 100% to .002 on 836,497 shares at 1:34pm

Very interesting

Back at it. 1,193,500 shs exchanged hands at 12:31pm. Up .0009 to .0021. That's about $1074 to move it up to .0021. For every seller there's a buyer. Who the heck is dumb enough to pick this up......unless it is a "shell" play. The question is, is this stock ever going to get retired and if not, who is buying up the shares. Where would the shares eventually be used. A new public "TONS" or
perhaps the old Barzel Decalogue gang using the shares to go public on another screw job. All sounds rather preposturous. If so, then why all the random trading.

Trading today. Up .0001 with last trade at .001 on 76,200 shs by 1:17 pm. Bid/Ask is .001X.002
52 week high is .004.

Does anyone have any BK paperwork reference that deals with the shares outstanding during the BK proceedings and are the proceedings officially wrapped up for the US and Canada? If so, why are the shares still trading? Does the BK court have juristiction over the shares?

Still trading. 2000shs traded today up .0004 to close at .0005

Yup. Still trading abeit only 1200 shs at 1:44 pm.
Hard to believe there are any suckers left. You can't be making any $ at the spread and price.

Still trading.