Heisser Geheimtipp: Calpine (CPN) - 500 Beiträge pro Seite

[Marktinsider]

Aktie ist gestern und heute sehr stark und zu Unrecht gefallen. Gestern lag der Kurs noch bei 1.77 USD, jetzt noch bei 1.20 USD. Ich bin überzeugt, dass ein gigantischer Rebound folgen wird. Wer reich werden will, muss Calpine kaufen . Ihr wollt doch lieben Menschen Weihnachtsgeschenke kaufen? Bevor ihr das könnt, solltet ihr noch tolle Gewinne machen an der Börse. Calpine ist zur Zeit massiv unterbewertet. Aber nicht mehr lange...

Gruss
Marktinsider

[Roulett.Profi]

Warum der Absturz

1,16 minus 16,5%

[Marktinsider]

Eben, das Frage ich mich auch. Der Markt hat total überreagiert. Anscheinend hat CPN den einmaligen Fehler gemacht und Gas zu billig verkauft (oder so ähnlich). Jedenfalls gibt es keine Rechtfertigung für den tiefen Fall. Calpine ist ein bekannter Energiekonzern in den USA und betriebt mehrere Kraftwerke. Energie braucht der Mensch immer, vor allem im Winter. Schau dir mal den Chart an der letzten zwei Tage. Ich denke, da gibt es grosse Chancen. Habe 1800 Calpine-Aktien gekauft...

[Marktinsider]

Es ist durchaus denkbar, dass Calpine heute noch bei +/-0% schliesst, weil der Markt merkt, dass einige Verkäufer überreagiert und panisch verkauft haben. Die Unterbewertung wird sicher bald entdeckt.

[Marktinsider]

Jawohl, guckt euch den real-time Kurs an: Jetzt gehts los mit dem angekündigten Rebound. Calpine steht bei 1.21 USD! Wahrscheinlich wird Calpine den intraday-Verlust bis zum Börsenschluss wettmachen und/oder sogar im Plus schliessen. Würde mich nicht überraschen .

[grobi007]

Alter Falter! Durch das 52-Wochen Tief gerutscht. Das sieht aber nicht gut aus. Wenn Du Weihnachten noch was verschenken möchtest, weiß Du ja bestimmt, was Du jetzt tun solltest, oder?

[Marktinsider]

Aktien soll man kaufen, wenn sie am Boden liegen und verkaufen, wenn sie neue Höhen erreichen. Calpine ist jetzt ganz tief unten (all time low). Diese Chance muss man einfach nutzen! Nach dem Thanksgiving-Day von heute werden die Amis überall in Kauflaune sein: An den Christkind-Märkten und an der Börse!

Greift zu, solange Calpine günstig (unter 1.50 USD) zu haben ist. CPN ist massiv unterbewertet und ein Mega-Rebound steht bevor. Das entstandene gap seit 1.77 USD wird wieder geschlossen.

[Waldkautz]

...aber was ,wenn der Kollege nicht mehr will,abwarten ist die Mutter der Porzelankiste !!!!!!!!!!!!!

[paloma]

wenn den nicht der alte Börsenspruch wäre...

never catch a falling knife!

[Marktinsider]

Calpine hat im Sommer Gas billig verkauft und im Herbst teuer gekauft. Ein dummer Fehler, stimmt. Calpine hat den dümmsten Fehler der Woche (an der Wallstreet) begangen:
http://biz.yahoo.com/weekend/dumbest1126_1.html

Trotzdem hat sich fundamental nichts geändert. Calpine (http://www.calpine.com/) ist ein Energiekonzern, der auf erneuerbare Energie setzt. CPN ist mit lediglich 671.87 Millionen Dollar bewertet. Der "Enterprise Value" (fairer Wert) wird mit 16.57 Milliarden Dollar angegeben. Die Barmittel betragen pro Aktie 1.48 Dollar (und das bei einem Kurs von 1.18 USD)!

Schauen wir mal. Die Bestrafung der Börse war viel zu hart und total übertrieben. Das nutze ich. Das gap wird wahrscheinlich geschlossen und der Rebound kann beginnen.

[macsoja]

Jetzt mußt Du noch was zu den Schulden schreiben und auf welcher Basis Du das Cash bewertest, denn das ist ja irgendwie alles nur geliehen...

[ooy]

0.90 -0.35 (-28.00%)

Sieht nicht gut aus.

[Megapol]

Das mit dem reichtum dauert anscheinend noch etwas

[Eurohamster1]

Mußte einfach zu 0,62 zuschlagen

[Newman8]

Ich trau mich nicht zu kaufen,will aber welche haben und nicht den Einstieg verpassen.
Werde aber wohl die Amis noch abwarten.
So zwischen 0,37 und 0,43 werde ich wohl kaufen.Wenn es dazu kommt

[baaalu]

@markt insider
...aua, das hat bestimmt weh getan.
willst du jetzt bei 0,4 $ nicht mehr kaufen?????????

Energie/Strom braucht die Menschheit, klar. Aber deswegen wird nicht Automatisch jede Firma damit Geld verdienen.

Hmmm, ich glaube es gab da mal einen Megaskandal um den weltweit grössten Energieversorger, absolut sicheres Geschäft, wie hiess die Firma ??????
E N R O N , schon mal gehört?????

Ich glaube jetzt kann langsam etwas aus einem Investment werden.
Hier droht aber die Insolvenz wegen horrender Schulden!!!!!
Der hohe Buchwert bedeutet gar nichts.
Aber einige Cent sollten es schon sein.

Viel Glück den Mutigen.
Bei Capstone hat es auch funktioniert.

[Pennybroker]

So -morgen gehts rauf- sonst bin ich ruiniert!!!

[Marktinsider]

Also ich hatte grosses Glück bei dieser Spekulation:
Bin am 23.11.2005 bei 1.11$ eingestiegen und am 28.11.2005 bei 1.28$ ausgesteigen. Konnte einen netten Gewinn mitnehmen.

[baaalu]

Gratulation!!!!!!!!!!!!!!!!!

Noch besser geht es fast nicht.

[vsch]

[kgv1]

@Marktinsider, "Heisser Geheimtipp: Calpine "
wie Geheim, wie Heiss genau?
Kgv1

[kgv1]

Verlängerung bis 22 Januar-die Uhr tickt:
http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yh…
Dann sind 312 Mio$ von 17,2 billionen fällig, so kommen solche Charts zu stande:

Kgv1

[kgv1]

Ja, der heisse Tipp von damals hier im Bord.

US-Stromerzeuger Calpine gibt auf

Der größte US-Betreiber von Gaskraftwerken, Calpine, ist pleite. Am späten Dienstag beantragte das Unternehmen Gläubigerschutz nach Kapital elf des US-Konkursgesetzes.



HB NEW YORK. Damit wurde Calpine zum jüngsten Opfer der Branchenkrise unter US-Stromversorgern. Seit der spektakuläre Implosion des einst weltgrößten Energiehändlers Enron im Jahr 2001 stellten bereits die Versorger Mirant (einst Southern Energy), NRG und National Energy & Transmission Insolvenzanträge.

"Wir wollen diesen Restrukturierungsprozess so schnell wie möglich durchlaufen und wieder ein finanziell gesundes Unternehmen werden", teilte der neue Calpine-Chef Robert May mit. Auslöser des Konkursverfahrens war die Tatsache, dass der Stromversorger fällige Rückzahlungen nicht aus dem laufenden Geschäft aufbringen konnte.



Das war mir Sonnenklar,
Kgv1

[360]

habt ihr das Gefühl das man die Aktien wirklich alle verlieren wird oder besteht eine Chance, dass es doch noch weitergeht (auch mit den alten Aktien)?

[steve666]

nun ja also es muesste man einer chapter 11 lesen!!!!

mein business lehrer hat gesagt die aktien wuerden muell sein, wenn calpine unter bancruptcy protection geht.

aber warum ist die aktie dann nach was wert?
denn es sieht so aus die schulden werden nun umgeschuldet und wenn calpine aufgeloest wurde wurde zuerst secured creditors then preferred creditors( employees etc.) unsecured creditors dann erst shareholder ihr geld bekommen, d.h. da meistens nichts uebrig sind die aktien muell.

ich bin aber immernoch investiert,
wenn nun allso ne meldung kommt dass die assets viel wert sind, dann profitiert die aktie

da sind die geothermal kraftwerke 3 milliarden dollar
und zig gaskraftwerrke,
wenn der energy price steigt und der gaspreis sinkt dann wird die aktie profitieren, umschuldung kann jahre dauern bei der groesse der firma, die karaftwrrke laufen weiter und auf das geld kommts jetzt auch noict an, die chance das die aktie profitiert ist hoeher als die weiter verliert:
also bloss investiert bleiben und hoffen, am besten noch kaufen, denn viele insolvente unternehmen die aktien koennen troztdem steigen.
was denkt ihr?

[360]

das is es ja gerade. Die Banker und "Lehrer" sagen dass man die Aktien verlieren wird, wenige User sind aber der festen Meinung, dass es weitergeht und sich das Risiko mehr als lohnen wird. Wenn ich doch nur wüsste wem ich glauben könnte. Ich selbst glaube noch daran, da alle denken is sowieso gestorben. Tote leben länger! 360

[360]

sagt mal bin ich der einzige hier? Keiner mehr investiert?

[steve666]

bin auch investiert

[360]

hi steve666 wie siehst du den weiteren Verlauf der Aktie?Gruss 360

[steve666]

das ganze ist schwer zu sagen, also wenn nachrichten kommen, dass die assets sehr wertvoll sind, dann springt die aktie sehr schnell an,
wenn man aber z.b. enron`s alte aktien anschaut, die sind noch n paar cent wert...
wenn naemlich solche nachtichtren ausbleben dann geht es bergab.
wie siehst du es?
wie lange wuerden die aktien in frankfurt ueberhaupt noch gehandelt?

[360]

dass die assets sehr wertvoll sind weiss man heute schon und für mich ist dies kein enron-Fall, davon haben aber die meisten Angst und sind raus - dies möchte ich eigentlich ausnutzen, denn Panik und Angst verträgt sich nicht an der Börse - alle verkaufen. Ich bleib mal drin und muss eben abwarten bis man was hört, dann is es sowieso zu spät zu reagieren. Wie siehst du es?

[merlone]

Eine sachliche Einschätzung zum Wert von Calpine ist nahezu unmöglich. Ich bin nur nicht selten verblüfft, dass sogar Aktien mit negativen Buchwerten an der Börse reißenden Absatz finden (z.B. Bombardier, Primacom oder Haitec). Und die Bewertungsrelation der KUV und KBV ist mit Sicherheit auch erheblich besser als die von Google. Ich vergleiche den Stand von Calpine mit dem eines chancenreichen Pferdes vor dem Galopprennen, nur mit der Aussicht auf die Quote für den längsten Außenseiter. Also: kein Investment, aber eine Wette mit kleinem Einsatz.

Den Kurs macht nicht der heutige Wert des Unternehmens aus, sondern der Schnittpunkt zwischen der Angst und der Gier des Anlegers.

[360]

Euphorie oder Panik werden uns bei diesem Titel stets begleiten. Fact ist, dass wir nichts unternehmen können und auf News abwarten müssen. Für mich ist es ein typischer Fall von einem Totgesagten (unter Berücksichtigung von chapter 11 auch irgendwie verständlich). Genau wie merlone geschrieben hat sehe ich es auch, es ist eine Wette kein Investment. Wie lange werden die Titel denn gehandelt in USA und D (Frage wurde auch von steve666 bereits gestellt)? 360

[steve666]

also in den usa gehts immer weiter eben otc
aber welche gebuehren fallen dann fuer uns an?
meine calpine sind grade mal noch um die 400 euro wert
wenn da hohe gebuehren anfallen macht es eher sinn in frankfurt zu verkaufen so lange es noch geht

[Newman8]

Tja bei calpine passiert ja echt nichts mehr!
Habe auch ein paar Tausen zu 0,36€ im Depot
Schaun wir mal odb es nochmal ne positive nachricht kommt.
Newman8

[Newman8]

Gibt es was neues?
Umsätze sind ja heute etwas höher als die letzten Wochen
und das bei 4 % Plus
Newman8

[Newman8]

Sind ja am Ende noch 8 % Plus geworden.
Newman8
Ich spiele hier mal den Alleinunterhalter

[360]

wann darf man da mit News rechnen, seid ihr überhaupt noch investiert?

[360]

haliiiiiiiiiiihaloooooooooooo keiner mehr da? Keine News, keine Infos, keine Optimisten mehr da

[360]

ich kann mich ja auch selbst unterhalten

[360]

das gibts ja nicht, bin ich denn immer noch alleine mit mir?? Da geht die doch ab und niemand ist dabei, schämt euch

[blepat]

Quasi insider news. Shareholder Committee sitzt mit am Tisch!
News noch nicht über die Wires gelaufen.
Kaufen und auf 1$ warten.

[360]

die News sind bekannt

[Homm13]

Scheint als hätte sich der Kurs gefangen und die Umstrukturierung scheit auch gut anzulaufen...naja mal sehn, nichts für schwache Nerven, aber wehe der CEO erreicht das Ziel bis 2007

[360]

schön, dass hier noch wer investiert ist, obwohl die Gretchenfrage lautet, werden die (Klein-)Aktionäre leer ausgehen? Was denkt ihr? Gruss 360

[Homm13]

Für nen kleinen Zock im hundert Euro Bereich ist Calpine sicher interessant auf diesem Niveau jetzt Mehr Geld würde ich persönlich allerdings nicht riskieren...


Calpine investors win seat at table
SHAREHOLDERS HOPE TO INFLUENCE BANKRUPTCY PLAN
By Matthai Chakko Kuruvila
Mercury News

Calpine shareholders have won their long-shot bid to have a say in the energy giant's bankruptcy proceedings, increasing their chances of salvaging some of their investments.

The decision by the U.S. Trustee means that a shareholder committee will have a say in the future operations of the San Jose company. The terms of Calpine's ultimate exit from bankruptcy will determine how much of a stake shareholders might get.

The approval of the committee also means that legal expenses and fees for the shareholders will be paid by Calpine.

``Now we have a chance to be heard,'' said Alan Ku, 35, a former Calpine employee who led shareholder efforts to gain recognition for the committee. Ku lost $60,000, a fraction of what some others interviewed by the Mercury News lost. Ku said his ad hoc group holds roughly 21 million shares -- the largest single bloc.

The decision indicates that the U.S. Trustee believes the company will have enough money and value to pay off all creditors at the end of bankruptcy, said Jesse Fried, a professor at Boalt Hall, the University of California-Berkeley law school. But the question is far from decided.

``If Calpine were hopelessly underwater and there was little chance the shareholders would ever get anything, I don't think the U.S. Trustee would create a shareholders' committee,'' Fried said.

``Does it mean they're definitely going to get something? No.''

Calpine spokeswoman Katherine Potter said the company was ``sympathetic'' to shareholder concerns, but believed that there was ``low likelihood'' that they would see much of a return on their investments.

Even Calpine's lenders who can't stake a claim to any company assets will be paid off before shareholders are, she said.

Many have questioned whether Calpine's assets, estimated at $27 billion, are indeed worth more than its debt. But Fried said the company's value upon exiting bankruptcy is the critical point of reference.

Calpine's unique role in the nation's electricity markets could bode well for its long-term recovery. As the nation's largest independent energy producer, Calpine owns and operates power plants throughout the country and sells electricity to utilities as well as other companies.

Wholesale electricity prices continue to rise, and Calpine's fleet of natural gas-fueled power plants are considered to be the nation's most efficient. That's a combination that could increase the company's worth.

In addition, Calpine owns several geothermal power plants that have special value in an environment where politicians are seeking to reduce dependence on fossil fuels.
Those factors have Ku, the shareholder committee advocate, hopeful about his chances.
Ku also looks back to the case of Mirant, another independent energy producer, which went bankrupt in 2003.

Mirant shareholders received 3.5 percent of the new company's stock when it emerged from bankruptcy.

Potter, the Calpine spokeswoman, said Mirant might not be an appropriate reference point.

``It's my perception that that's more of an exception, I would say, than common practice,'' she said.

By Monday, Calpine is due to provide the U.S. Trustee with the names and addresses of the 50 largest shareholders. The trustee will form the committee to represent the group by selecting those shareholders most qualified and interested, said Jane Limprecht, a spokeswoman for the U.S. Trustee Program.

Ku knows there are many more battles ahead.

``It's not over at all,'' Ku said. ``We could still be wiped out. But now we're in the game -- and it's harder to ignore us.''

[XIO]

tach..habe auch mal was fallen lassen....wer weiss.....

[XIO]

http://library.corporate-ir.net/library/10/103/103361/items/…

...einfach nur Wahnsinn

[Homm13]

No 275 in the Fortune500 2006 list

http://money.cnn.com/magazines/fortune/fortune500/snapshots/…

[Charly_2]

LAST 10 TRADES

Time Price Volume Exchange Info

16:14:07 0.230 8500000 OTC BBS at Bid
16:13:01 0.230 9000000 OTC BBS at Bid
16:00:18 0.230 24700 OTC BBS at Bid
15:59:42 0.230 2000 OTC BBS at Bid
15:59:39 0.230 400 OTC BBS at Bid
15:59:39 0.230 5000 OTC BBS at Bid
15:59:39 0.230 5000 OTC BBS at Bid
15:59:32 0.230 500 OTC BBS at Bid
15:59:22 0.230 1000 OTC BBS at Bid
15:58:15 0.230 4500 OTC BBS at Bid

[XIO]

Antwort auf Beitrag Nr.: 21.482.201 von Charly_2 am 08.05.06 22:57:01

Charly_2, was meinst Du, sollte man sich noch auf der Aktionärsliste anmelden, welche Du in Deinem Calpine Thread erwähnt hast.
Ich habe erst vor kurzem einen Spassbetrag reingehauen,
Am Ende lachen wir uns hier kaputt, wenn die wieder auf 1 € oder noch höher gehen.
Ist zwar eher eine Wette.....aber man weiss ja nie.
Bis Ende 2007 ist noch viel Luft.

[360]

was passiert eigentlich, wenn man sich dort nicht eintragen lässt? Danke für die Antwort. 360

[XIO]

0,34USD

[XIO]

Alliant wants to buy Calpine plants in Wisconsin: CEO Harvey

Portland, Maine (Platts)--3May2006

Alliant Energy is interested in buying two Calpine power plants in its
home state earlier than it currently has an option do so, Bill Harvey, the
Madison, Wisconsin-based company's chairman and CEO, said Wednesday in a
conference call with analysts.

An Alliant subsidiary, Wisconsin Power & Light, buys power from the
bankrupt merchant generation owner's 460-MW RockGen peaking plant in
Christiana, Wisconsin, and has a 453-MW tolling agreement with its 603-MW
Riverside plant in Beloit, Wisconsin.

Alliant "would be interested in purchasing the plants, assuming a willing
seller, regulatory support and the right sale price," Harvey said.

The RockGen plant is part of Calpine's bankruptcy and the Riverside plant
is not, Harvey said. Alliant is evaluating its options if the RockGen PPA is
rejected as part of the bankruptcy, he said.

Under the contracts with Calpine, Alliant can buy at a set price the
RockGen plant in 2009 and the Riverside plant in 2014. Calpine was not
available for comment immediately.

Meanwhile, Alliant expects to complete the sale of all its stakes in ten
power plants in China by the end of the second quarter, Harvey said. Alliant
has sold its share in seven plants and has sales agreements in place for two
others, he said.

Alliant expects to fund all its capital expenditure over the next three
years with debt and internally generated funds, said Eliot Protsch, Alliant
chief financial officer. Alliant has no plans for issuing equity during that
period, he said.

http://www.platts.com/Electric%20Power/News/7432986.xml?sub=…

[Charly_2]

Antwort auf Beitrag Nr.: 21.483.413 von XIO am 09.05.06 08:02:25

...eintragen muss man sich dort nicht unbedingt, aber jeder Eintrag hilft, denn dadurch sind mehr Aktien vertreten, und das macht Druck auf den Bankrott Court ein SHC zuzulassen, denn momentan sind erst gegen 20 Mio Aktien dort eingetragen...

..also los, anmelden und Shares melden

http://finance.groups.yahoo.com/group/Calpine/messages/


Charly

[360]

hi charly, es gibt also die zwei Möglichkeiten, dass die Aktionäre etwas erhalten oder nicht, wie genau läuft denn dies ab bitte? Könntest du mir dies mal kurz erläutern? Ich danke dir bestens

[XIO]

[XIO]

hey Homm13, ich konnte nicht mehr warten

9-May-2006

Entry into a Material Definitive Agreement, Financial Statements and Exhibits



ITEM 1.01 - ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On May 3, 2006, Calpine Corporation, a Debtor-in-Possession (the "Company"), and certain of its subsidiaries named therein (together with the Company, the "Loan Parties"), entered into the First Consent, Waiver and Amendment (the "Amendment") to the Amended and Restated Revolving Credit, Term Loan and Guarantee Agreement (the "DIP Credit Agreement"), dated as of February 23, 2006, among the Company, as borrower, the other Loan Parties, as guarantors, the Lenders from time to time party thereto, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc., as joint syndication agents, Deutsche Bank Trust Company Americas, as administrative agent for the First Priority Lenders, General Electric Capital Corporation ("GE Capital"), as Sub-Agent for the Revolving Lenders, Credit Suisse, as administrative agent for the Second Priority Term Lenders, Landesbank Hessen Thuringen Girozentrale, New York Branch, GE Capital and HSH Nordbank AG, New York Branch, as joint documentation agents for the First Priority Lenders and Bayerische Landesbank, GE Capital and Union Bank of California, N.A., as joint documentation agents for the Second Priority Lenders.

The Amendment, among other things, authorizes the Company to use borrowings under the DIP Credit Agreement to repay a portion of the approximately $646.1 million remaining outstanding principal amount of the Company's 9.625% First Priority Senior Secured Notes due 2014 (the "First Priority Notes"), provided that the Bankruptcy Court approves the Company's April 19, 2006, motion seeking an order approving such repayment. In accordance with the motion, the Company proposes to use approximately $412 million of cash on deposit in a controlled account relating to the July 2005 sale of the Company's oil and gas reserves, with the balance of the funds for the repayment of the First Priority Notes to be borrowed under the DIP Credit Agreement.

In addition, the Amendment provides the Company with an extension from April 15, 2006, until May 15, 2006, to provide to lenders certain audited financial statements, and provides that the administrative agents may grant the Company further extensions to deliver such audited financial statements until May 31, 2006. Pursuant to the Amendment, the lenders also waived any default or event of default that may occur or have occurred under the DIP Credit Agreement, as well as any related default interest that may have been due, as a result of the failure to deliver such financial statements, provided they are delivered on or before May 15, 2006 (or, as applicable, May 31, 2006). The Amendment also amends the DIP Credit Agreement to provide the Company with an additional 15 days to deliver certain unaudited quarterly financial information for the first and second quarters of 2006 and certain unaudited monthly financial information for the months of April, May and June 2006.

The Amendment further adds requirements that the Company provide certain annual, quarterly and monthly combined financial information for Geysers Power Company, LLC and Silverado Geothermal Resources, Inc., and provides additional waivers relating to the failure of the Company to cause Calpine Geysers Company, L.P. to file a petition for reorganization under Chapter 11 of the Bankruptcy Code, to become a guarantor under the DIP Credit Agreement and to pledge its assets as collateral for the DIP Credit Agreement, provided in each case that such actions are taken on or before May 15, 2006. The Amendment also extends the date by which the Company is to satisfy certain post-closing covenants.

As partial consideration for the Amendment, the Company agreed to pay a fee to each Lender who executed and returned the Amendment equal to ½ of 1% of the outstanding amount of such Lender's commitment.

The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the Amendment, a copy of which is filed herewith as Exhibit 10.1.





ITEM 9.01 - FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.

10.1 First Consent, Waiver and Amendment (the "Amendment"), dated as of May 3, 2006, to and under the Amended and Restated Revolving Credit, Term Loan and Guarantee Agreement (the "DIP Credit Agreement"), dated as of February 23, 2006, among the Calpine Corporation, as borrower, its subsidiaries named therein, as guarantors, the lenders from time to time party thereto, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc., as joint syndication agents, Deutsche Bank Trust Company Americas, as administrative agent for the First Priority Lenders, General Electric Capital Corporation ("GE Capital"), as Sub-Agent for the Revolving Lenders, Credit Suisse, as administrative agent for the Second Priority Term Lenders, Landesbank Hessen Thuringen Girozentrale, New York Branch, GE Capital and HSH Nordbank AG, New York Branch, as joint documentation agents for the First Priority Lenders and Bayerische Landesbank, GE Capital and Union Bank of California, N.A., as joint documentation agents for the Second Priority Lenders.

[Charly_2]

Antwort auf Beitrag Nr.: 21.499.852 von 360 am 10.05.06 08:52:16

...läuft es so wie bei Mirant wo auch ein SHC zugelassen wurde (die sind seit einigen Monaten aus Chapter-11 heraus, welches ca. 2 Jahre dauerte), dann bekommt man als Aktionär zB. für 1000 Alt-Aktien ca. 3-5 neue Aktien wenn Calpine aus Chapter-11 herauskommt, natürlich nur wenn alles glatt läuft, kann auch weniger oder eben gar nix sein....

...aber das wird mindestens 2008 !

Charly

[XIO]

Antwort auf Beitrag Nr.: 21.512.460 von Charly_2 am 10.05.06 20:40:03

„Wir wollen diesen Restrukturierungsprozess so schnell wie möglich durchlaufen und wieder ein finanziell gesundes Unternehmen werden“, teilte der neue Calpine-Chef Robert May mit. Auslöser des Konkursverfahrens war die Tatsache, dass der Stromversorger fällige Rückzahlungen nicht aus dem laufenden Geschäft aufbringen konnte.

http://www.handelsblatt.com/pshb/fn/relhbi/sfn/buildhbi/cn/G…

[Charly_2]

Antwort auf Beitrag Nr.: 21.512.534 von XIO am 10.05.06 20:43:28

....da wird nix draus mit schnell - denn der zu erstellende Reorg-Plan wird erst Ende 2006 ausgearbeitet sein....denn Calpine ist eine Mammutfirma, das wird dauern.....

...und der CEO May bedient sich mit knapp 15 Mio US$

Charly

[XIO]

Antwort auf Beitrag Nr.: 21.512.938 von Charly_2 am 10.05.06 21:10:07

>>>und der CEO May bedient sich mit knapp 15 Mio US$<<<

war es nicht so, daß er die nur im Erfolgsfall bekommt? Quasi als Zielprämie?

[Charly_2]

Antwort auf Beitrag Nr.: 21.513.048 von XIO am 10.05.06 21:16:18

...stimmt, wird wohl kaum darum herum kommen die Kohle zu garnieren...

PS: ..bis dann bin ich mit meinen 40K auch vom Acker, hoffe zu $1 pro Stück

Charly

[Charly_2]

Antwort auf Beitrag Nr.: 21.513.099 von Charly_2 am 10.05.06 21:20:03

SHC ist Tatsache

http://finance.messages.yahoo.com/bbs?.mm=FN&action=m&board=…

Charly

[360]

danke Charly, also wenn ich von anfänglich 1000 Aktien dann nur noch 3-5 Aktien erhalte (nach Chapter 11) oder wie du sagst u.U. gar keine mehr, dann darf ich keinesfalls solange warten oder hab ich da was missverstanden? Sorry bin nicht so versiert wie ihr!
Wie ist denn eure Strategie? Vielen Dank im Voraus. 360

[XIO]

FINAL ......2:28am New York, May 11, 2006.

Judge Lifland of the US Bancruptcy Court in New York's Southern District heard motions regarding the perfection of certain monies owed creditors as put forward by attorneys for debtor, bankrupt power producer, Calpine of San Jose CA.

The debtors attorney, Mr Matthew Cantor argued that the creditors refused return of their principle without the "Make Whole" premium of $97 million. In addition, Mr Cantor advised the court that disparity between the rates paid creditors and the rates the company was paying creditors amounted to a significant amount of money.

He further stated that issues around the "Make Whole" provision could be heard at a latter date as the creditors had already filed suit in this court to have the matter heard by Judge Lifland...that date being June 21, 2006. Mr Cantor also reiterated the need to end ceasesless hemmoraging of the estate's capital.

The creditors' Attorney argued that the make whole premium was a less expensive option to the overall estate, meaning other creditor classes' would be burdened by the outflow to capital to the first lien holders. And the $2 million per month saving of would take 4 years to recoup.

The Judge thought that was generous of the creditors to have such a concern for other creditors.

The judge then admonished the creditors counsel saying that if there was anything that was depreciating the estate, it was the creditor's never ending litigation, first on and then off motions and requests for hearing to the tune of abut $350,000 per week!

Then Judge Lifland threw a fast ball....he said to the creditors that he hasn't yet seen before him a presentation of fees he would accept or even had a chance to review and advised counsel that it would be a "wise idea" for them to consider that. If anyone was hemmoraging the estate it was the creditors consulting fees.

The Debtors presented testimony of the benefits from consultants (firm-?inaudible) who stated that the estate would save a huge amount of cash by paying off the first lien holders. He also added that he thought the language in the "make whole" premium was so poorly crafted that enforcing it would be difficult for the creditors. And added was "one of the weakest make whole provisions he had ever seen.

The Creditors presented testimony from a Mr Schauw of Miller and Buckfire (?inaudible) who claimed he knew very little about anything other than it would be cheaper for Calpine to pay the notes off except that the make whole premium would add another level of expense which might offset the savings.....clever guy....

With that, the creditors requested a 5 minute recess to consider their strategy in calling additional witness'. The judge then granted a 5 minute recess.

Upon return the creditors attornies said they had no more witness' and would like to see their opposition upheld by the court.

The Judge fired back that they should have a seat.

Judge Lifland went on to say that the Motion for the Debtor to pay the first lien off with capital in reserve (some 440 million) plus 200+milliion from the DIP was approved. Moreover, he could not rule and in fact, was prevented from ruling on the "make whole" issue" as the creditors had already seen fit to file a pleading on the issue so his ruling on that matter would be on the merits then...then being June 21, 2006....not now.


In other words, here's your money...stop bleeding the company....take a hike and see you in a month.....my kind of judge.

Creditors maintained that Calpine was contractually obligated to pay the "Make WHole" premium.

When creditors counsel floated the notion that escaping contractual obligation is something that the company couldn't do out of bankruptcy, and would only do in bankruptcy, well, it would be unreasonable to have the debtor squirrel out of a deal because they were in bankruptcy.

The Judge responded saying "why do you think company's file for bankruptcy".

Except the attorney's for debtors argued a point of law stating, and the judge seemed to agree, that the make whole premium was only effective if it was binding when it was "optional" not mandated by ruling...meaning mandated by the court and that "optional" redemption would imply a solvent company.

All that to say, it might go out the window...the optional phrase was bantied about quite a bit...If left to stand, the "make whole" premium in any case in bankruptcy court might be in jeapordy making this a landmark case. In which case, when redemption is mandatory and not optional, it is conceivable that the court could wave it off thereby "make whole" premiums might be out the window in bankruptcy....big news in the making here.

Judge Lifland seemed adamant about preserving the estate and ending the hemmoraging process to such an extent as to vacate any agreement of terms he hasn't seen or yet ruled on.....that is very big news from this writers view.

He had a problem with the constant threat of litigation the creditors seemed so adamant in pursuing against the debtor.

HE VIEWED THERE IN COURT OUT OF COURT BELIGERANCY AS A 'morning after letter"and doesn't help their cause for filing for fees which he has yet to see come before him and which he hasn't approved.

The Debtors encapsulated their view of their business and present circu,stance they no find themselves in. Mr Cantor

[Charly_2]

Antwort auf Beitrag Nr.: 21.518.226 von 360 am 11.05.06 11:01:28

...der Kurs der Mirant Altaktien war am Schluss bei ca. $1.40...

...das würde ja reichen um vorzeitig auszusteigen

Charly

[360]

demzufolge schliesse ich daraus, dass du auch versuchst auf jedenfall vorher (vor Aufhebung Chapter 11, so es denn geschieht) zu verkaufen? Gruss 360

[XIO]

Antwort auf Beitrag Nr.: 21.529.027 von 360 am 11.05.06 21:06:00

ich schliesse daraus. dass man eher nochmal nachlegen sollte und bei 35 ct. seinen einsatz rausnimmt...alles andere ist dann wurscht

[360]

Antwort auf Beitrag Nr.: 21.535.911 von XIO am 12.05.06 12:36:53

na ein 1$ wär mir dann schon lieber

[XIO]

Antwort auf Beitrag Nr.: 21.538.086 von 360 am 12.05.06 14:49:55

klar..aber was müsste denn so passieren, daß es schnell nach oben geht?
Wird jetzt noch schmutzige Wäsche gewaschen oder geht es tatsächlich schon so schnell mit der Rekonstruierung los.

[360]

wie bereits geschrieben wird der Reorganisaionsplan erst Ende 06 ausgearbeitet. Bis dahin hoffen wir, dass wie die Dollarmarke sehen

[Charly_2]

Antwort auf Beitrag Nr.: 21.538.960 von XIO am 12.05.06 15:40:34

..ich setze darauf, dass die über 200 Mio Shortaktien immer weniger werden, wodurch der Druck nordwärts anwachsen dürfte...

...feststellbar sind jedenfalls hohe Stückzahlen, meisstens nachbörslich, letztmals am 5. Mai, über 14 Mio Stück...

...bin nicht Hellseher, aber abwarten lohnt sich wohl schon noch...

Charly

[XIO]

Calpine heute ganz gut gegen den Trend nach oben :-)

[XIO]

Calpine sieht Konkursansprüche bei mehr als 17,4 Mrd. Dollar
Die Calpine Corp. (ISIN US1313471062/ WKN 902918), die Ende Dezember einen Antrag auf Gläubigerschutz nach
Leser des Artikels: 249

Die Calpine Corp. (ISIN US1313471062/ WKN 902918), die Ende Dezember einen Antrag auf Gläubigerschutz nach Chapter 11 gestellt hat, sieht derzeit die Konkursansprüche bei mehr als 17,4 Mrd. Dollar. Dies gab

der Stromerzeuger am Freitag bekannt.

In einer Mitteilung an die US-Börsenaufsicht SEC erklärte der Konzern, dass er derzeit einen neuen Business Plan ausarbeitet. Die Bilanzsumme hatte unmittelbar vor dem Gläubigerschutz bei 20,5 Mrd. Dollar gelegen, wobei die Bilanz ein negatives Eigenkapital in Höhe von 5,5 Mrd. Dollar beinhaltete. Wie es weiter heißt will Calpine das Kraftwerk Otay Mesa an Sempra Energy verkaufen, wobei die exklusive Verkaufsofferte ausgelaufen ist.

Die Calpine-Aktie notiert derzeit an der OTC bei 0,27 Dollar (+10,42 Prozent).

[Black0r]

Antwort auf Beitrag Nr.: 21.718.214 von XIO am 21.05.06 12:47:27

Wer verschenkt hier in Frankfurt eigentlich seine Anteile?

10:23:13 0,16 5750

Normal ist das ja nicht, immerhin über 15% unter Nasdaq-Kurs.

[XIO]

Provision for duplicate claims charges $3.792B
Canadian Deconsolidation charges $.879B

" We determined it was necessary to deconsolidate most of our
Canadian and other foreign entities due to our loss of control over
these entities upon the filing by the Canadian Debtors for
protection under the CCAA in Canada. The Canadian Debtor entities
are not under the jurisdiction of the U.S. Bankruptcy Court and are
separately administered under the CCAA by the Canadian Court. In
conjunction with the deconsolidation, we reviewed all intercompany
guarantees. We identified guarantees by U.S. parent entities of debt
(and accrued interest payable) of approximately $5.1 billion issued
by entities in the Canadian debtor chains as constituting probable
allowable claims against the U.S. parent entities. Some of the
guarantee exposures are redundant, such as the Calpine Corporation
guarantee to ULC I security holders and the Calpine Corporation
guarantee of QCH's subscription agreement obligations associated
with the hybrid notes structure in support of the ULC I Unsecured
Notes. Under the guidance of SOP 90-7 "Financial Reporting by
Entities in Reorganization Under the Bankruptcy Code," we determined
the duplicative guarantees were probable of being allowed into the
claim pool by the U.S. Bankruptcy Court. We accrued an additional
amount of approximately $3.8 billion as reorganization items related
to these duplicative guarantees"

"As a result of the deconsolidation, we adopted the cost method of
accounting for our investment in our Canadian and other foreign
entities. Upon adoption of the cost method, we evaluated our
investment balances and intercompany notes receivable from these
entities for impairment. We determined that our entire investment in
these entities had experienced other-than-temporary decline in value
and was impaired. We also concluded that all intercompany notes
receivable balances from these entities were uncollectible, as the
notes were unsecured and protected by the automatic stay under the
CCAA. Consequently, we fully impaired these investment and
receivable assets at December 31, 2005, resulting in an $879.1
million charge to reorganization items."

Provision for duplicate claims charge $3.792B
Canadian Deconsolidation charge .879B
W/O financing costs .148B
Loss on terminated contracts, net .139B
Professional fees .036B
Other reorganization items .032B

Total reorganization items $5.026B

[Homm13]

Aus nem Amiforum...

Posted by: Joe Stocks
In reply to: None Date:5/31/2006 10:48:49 AM
Post #of 264

CPNLQ- If CPNLQ was offered the same as MIR has offered for NRG on a multiple of trailing 12 months sales it would put a price tag on CPNLQ of a bit over $24 bil.

CEO of NRG said this " On the question of timing, we believe our cyclical industry has just begun to emerge out of a multi-year trough and, over the next couple of years, we will experience continued robust commodity prices, supply shortfalls in our core regions, spark spread recovery and a rationalization of the utility industry in such a way that the intrinsic value of NRG (and the value of NRG as a potential acquisition candidate) will rise rapidly. And we are confident that we will be able to convert the rise in intrinsic value of NRG into increased market value. Over the past 24 months, NRG's stock has appreciated 120% as the market has recognized the value of our asset mix, the soundness of our strategy and our track record in its implementation, including"

Of cousre there are other considerations with CPNLQ but it sure makes them look better. CPNLQ already trading almost 7 mil shares this am.



Joe

[XIO]

Echt Wahnsinn heute, und keiner bekommt es mit. 40% am Stück, und Amiland 15 im Plus au 0.31USD

[XIO]

0.31 US Dollar = 0.24174 Euro

[Homm13]

Naja, pushen braucht man das Ding nicht, weil wenn die Restrukturierung klappt, oder eine Übernahme kommt, dann schießt der Kurs ganz alleine in den Norden und wahrscheinlich in diesem Fall sogar drüber hinaus

[XIO]

Wie war das mit Walmart????

[XIO]

Antwort auf Beitrag Nr.: 21.776.700 von Black0r am 24.05.06 12:40:02

diese Aktion war sozusagen etwas trottelig

[XIO]

Amiland SK 0.32 USD
0.32 US Dollar = 0.24954 Euro

1

[XIO]

Stuttgart taxt auf 0.26
nana, wir wollen doch auf dem Teppich bleiben..oder

[Yassikara]

Antwort auf Beitrag Nr.: 21.899.759 von XIO am 01.06.06 09:29:44

guten morgen...
...kenne calpine länger, habe auch schon damit gewinne gemacht


mir war das warten aber zu lang!!!


gab es jetzt neue news???

[mfierke]

Antwort auf Beitrag Nr.: 21.899.759 von XIO am 01.06.06 09:29:44

genau so ist nicht immer über pari kaufen

[XIO]

Antwort auf Beitrag Nr.: 21.900.901 von mfierke am 01.06.06 11:04:39

Und nun sind wir sogar schon wieder drüber, so kann man sich irren
28 getestet heute.

[XIO]

Calpine's Morgan Energy Center Awarded Highest OSHA Recognition for Worksite Safety

DECATUR, Ala., June 1, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Calpine Corporation (OTC Pink Sheets: CPNLQ) today announced that its Morgan Energy Center power plant in Decatur, Alabama was designated as a Star Worksite under the Voluntary Protection Program (VPP) of the U.S. Department of Labor's Occupational Safety and Health Administration (OSHA). The VPP Star certification is OSHA's highest level of recognition for outstanding efforts by an employer and its employees to achieve a level of excellence in occupational safety and health at their worksites. The Morgan Energy Center is a natural gas-fired, combined-cycle power plant. Using environmentally preferred and fuel-efficient technologies, the plant can generate more than 850 megawatts of electricity -- enough power to supply nearly 850,000 U.S. households.

"We are very proud to have OSHA recognize the exemplary safety and health systems that Calpine has implemented at Morgan. This recognition is awarded to the 'best of the best' for outstanding safety performance and programs and is a tribute to the dedicated employees at Morgan and their unwavering commitment to safety," said Mike Gough, Plant Manager for Calpine's Morgan Energy Center. "Star certification helps reinforce Calpine's commitment to safety as a core value and to ensuring that each of our employees and sites continuously strives for excellence in producing safe, clean and reliable electricity."

Each OSHA VPP program is designed to promote effective worksite-based safety and health. Under VPP, management, labor and OSHA establish cooperative relationships at workplaces that have implemented a comprehensive safety and health management system. OSHA's verification includes an application review and a rigorous onsite evaluation by a team of OSHA safety and health experts.

Calpine Corporation is helping meet the needs of an economy that demands more and cleaner sources of electricity. Founded in 1984, Calpine is a major North American power company, capable of delivering nearly 27,000 megawatts of clean, reliable and fuel-efficient electricity to customers and communities in 21 U.S. states and three Canadian provinces. The company owns, leases and operates integrated systems of fuel-efficient natural gas-fired and renewable geothermal power plants. Please visit www.calpine.com for more information.

SOURCE Calpine Corporation

Katherine Potter, Media Relations, [phone], or [e-mail], or Karen
Bunton, Investor Relations, [phone], or [e-mail], both of Calpine
Corporation

http://www.prnewswire.com

[XIO]

Calpine Repays $645 Million of its 9 5/8% First Priority Senior Secured Notes due 2014

SAN JOSE, Calif., June 1 /PRNewswire-FirstCall/ -- Calpine Corporation (OTC Pink Sheets: CPNLQ) announced today that it has repaid approximately $645 million of its 9 5/8% First Priority Senior Secured Notes due 2014, plus accrued interest. The total principal amount outstanding as of December 31, 2005 was $646,105,000.

"Today's announcement is another significant step in strengthening Calpine's financial position," stated Calpine Chief Executive Officer Bob May. "By repaying these notes, we are reducing the company's annual interest expense by over $25 million. This cost savings will add value for both Calpine's estate and our stakeholders."

Calpine utilized approximately $412 million from restricted cash to fund the majority of the repayment of the notes. These funds were being held in escrow following the sale of Calpine's oil and gas properties in July of 2005. The balance of the repayment was funded through borrowings under the company's $2 billion debtor-in-possession credit facility.

Calpine Corporation is helping meet the needs of an economy that demands more and cleaner sources of electricity. Founded in 1984, Calpine is a major North American power company, capable of delivering nearly 27,000 megawatts of clean, reliable and fuel-efficient electricity to customers and communities in 21 U.S. states and three Canadian provinces. The company owns, leases and operates integrated systems of fuel-efficient natural gas-fired and renewable geothermal power plants. Please visit www.calpine.com for more information.

SOURCE Calpine Corporation
-0- 06/01/2006
/CONTACT: Media Relations: Katherine Potter, [phone] or
[e-mail], or, Investor Relations: Karen Bunton, [phone] or
[e-mail], both of Calpine Corporation/
/Web site: http://www.calpine.com/
(CPNLQ)

CO: Calpine Corporation
ST: California
IN: OIL OTC
SU:

JO
-- SFTH077 --
8343 06/01/2006 13:10 EDT http://www.prnewswire.com

[XIO]

Calpine Calif. Delta natgas unit back
Tue May 30, 2006 9:03 AM ET

NEW YORK, May 30 (Reuters) - Calpine Corp.'s (CPNLQ.PK: Quote, Profile, Research) 811-megawatt Delta Energy Center natural gas-fired power station in California returned to service by Monday afternoon, the California Independent System Operator said in a report.

The company shut the unit by the afternoon of May 26 for unplanned reasons. Before that, the unit had been operating at reduced power since about May 7 for unplanned reasons.
FACT BOX
CPNLQ.PK (Calpine Corp)
Last: $0.33
Change: +0.01
Up/Down: +1.56%

JunSepDecMar
Quote
Full Chart
Company Profile
Analyst Research
News for CPNLQ.PK
UPDATE 3-Shipping shut to 3 Texas refineries
Calpine repays $645 million in notes
Calpine Calif. Delta natgas unit back


The Delta station, which entered service in 2002, is located in Pittsburg in Contra Costa County, about 40 miles east of San Francisco. It is a natural gas-fired combined-cycle plant with three combustion turbines (two 212 MW units and one 213 MW unit) and one steam turbine (306 MW).

One MW powers about 800 homes.

Calpine owns and operates more than 32,000 MW of generating capacity in operation and under construction and markets energy commodities in North America

[Charly_2]

Antwort auf Beitrag Nr.: 21.914.831 von XIO am 01.06.06 23:51:05

..wie kann Calpine über 640 Mio US$ zurückzahlen wo sie doch Pleite sind

Charly

[XIO]

Antwort auf Beitrag Nr.: 21.914.870 von Charly_2 am 01.06.06 23:58:16

frag mich nicht...keine Ahnung.

hier ein paar newsgroup Statements

Does todays announcement of the debt reduction give any hints as to how
well we will do The statement made was "This cost savings will add
value for both Calpine's estate and our stakeholders."
Does this mean the shareholders may be left with some value? It does
sound boiler plate with no real meaning. Any ideas?


............................................................


I do not think this to be a knee jerk, rather an indication that Mirant
tryed to lie cheat and steal from its shareholders while in BK
screaming that there was no equity all the time telling the judge that
the sector was in for terrible times for years to come, lol man have
they changed their tune, less than 6 months out of BK and attempting to
spend 8 billion on NRG. Consolidation is and will continue, Calpine has
wonderful assets, we know it, May knows it lets just hope that the
judge knows it. Mirant does nothing more than spoil Mays plans on a
daily basis by showing just how much equity was really hidden away. We
will come out of this with a piece of the newco, I hope to see alot
more than what the MIR shareholders ended up with. May has to be just
sick over the way MIR's managment keeps making him look bad, I love
it.....

.................................................................

Doug, there appears to be some miscommunication.

I did not state that the $.9B Canadian impairment charges and $3.8B
provision for duplicated Canadian claims are meaningless liabilities
or that what the equity owners receive will be based on assets minus
liabilities when the BK gets wrapped up.

The $3.8B in Canadian duplicate claims and $.9B Canadian impairment
charges aren't meaningless, but these $4.7B in charges reflect the
full $3.8B in duplicate claims being charged against Capline US and
the writeoff of it's entire equity in it's Canadian subsidiary. This
is done in accordance with the conservatism provisision under GAAP
accounting. In reality I would imagine that the Canadian subsidiary
will pay the vast majority if not all of the $3.8B Canadian
duplicate claims and there is also a possibility that Calpine might
see partial recovery of their intercompany receivables.

As I stated in my previous post The BK valuation will be based on
projected future discounted cash flow that will be calculated based
on industry projections and as you state what present stockholders
receive will be based on a combination of any residual value of
after debt is renegotiated or paid off, and negotiations between all
parties in order to exit BK in a timely manner.


................................................................

Mirant discloses $8 billion NRG buyout offer
Says it will continue pursuit despite NRG's rejection
E-mail | Print | | Disable live quotes By Ruth Mantell, MarketWatch
Last Update: 1:38 AM ET May 31, 2006


SAN FRANCISCO (MarketWatch) -- Mirant Corp. said Tuesday that NRG
Energy Inc. has rejected an $8 billion buyout offer, but that it is
renewing its bid for the fellow merchant electrical power generator.
Atlanta-based Mirant (MIR : mirant corp new com
News , chart, profile, more
Last: 0.000.000.00%

12:06am 05/31/2006

Delayed quote dataAdd to portfolio
Analyst
Create alertInsider
Discuss
Financials
Sponsored by:
MIR0.00, 0.00, 0.0%) said its May 10 initial offer was $57.50 cash
for each share of Princeton, N.J.-based NRG (NRG : nrg energy inc com
new
News , chart, profile, more
Last: 0.000.000.00%

5:14am 05/31/2006

Delayed quote dataAdd to portfolio
Analyst
Create alertInsider
Discuss
Financials
Sponsored by:
NRG0.00, 0.00, 0.0%) or 2.25 shares, subject to a proration to
preserve a 50-50 cash-stock mix, for a "blended" value of $57.16 per
NRG share.
Mirant, which also offered to assume NRG's debt, said the offer
represented a 33% premium based on Tuesday's stock prices, when NRG
closed at $43.01 and Mirant at $25.25. NRG has a market
capitalization of about $6 billion. Mirant's market capitalization is
$7.6 billion.
In a letter to NRG made public with the press release, Mirant urged
NRG's board to reconsider the offer and present it to shareholders.
A combined Mirant and NRG could result in annual cost savings of $150
million, according to Mirant. The company added that the combination
would diversify risks, and create the largest independent power
producer in the United States, with adjusted earnings before
interest, taxes, depreciation and amortization for 2007 of more than
$3 billion.
In press release later Tuesday. NRG's board released the contents of
a May 23 rejection letter to Mirant in which it characterized the
offer as "the wrong deal at the wrong time" and added: "We have
concluded that Mirant is a company and stock with flat earnings,
little to no growth opportunity beyond 2007, substantial and imminent
environmental capital expenditures, and significant EBITDA exposure
to developing country risk.
A Mirant spokesman declined to comment. NRG officials did not
immediately respond to a request for comment.
Mirant said it has already received an $11.5 billion financing
commitment from JPMorgan for the deal, which it estimated would
immediately add to Mirant's per-share pro forma free cash flow.
Mirant emerged four months ago from Chapter 11 bankruptcy protection
it sought in July 2003 in the wake of the deregulated merchant energy
sector's troubles after the collapse of Enron Corp. In early 2005,
Mirant settled with California companies and regulators that claimed
it had overcharged for power during the state's 2000-2001 energy
crisis.
NRG also went into Chapter 11 following the Enron collapse, emerging
in 2003 after shedding $6 billion in debt, The Wall Street Journal
reported in its online edition. See Wall Street Journal story
(subscription required).
In February, NRG said it had completed acquiring Texas Genco LLC for
$6.1 billion, and $2.7 billion in assumed debt. NRG said it expected
the deal to generate substantial earnings growth.
In March, NRG reported net income for 2005 of $84 million, or 75
cents a share, down from $186 million or $1.85 per share, in 2004.
The company said higher prices and lower costs were offset by $119
million of losses related to asset-backed hedges, and non-core asset
divestitures, among other items.
Also in March, Mirant reported a 2005 net loss of $1.31 billion,
including $1.4 billion of interest expense on liabilities for the
period during the company's bankruptcy. Adjusted EBITDA was $779
million.
Ruth Mantell is a MarketWatch reporter based in San Francisco.

................................................................


Thanks for the positive assessment. There's no doubt that your math is all correct. However, if the $.9B Canadian impairment charges and $3.8B provision for duplicated Canadian claims are essentially meaningless liabilities, then why are they able to be taken?

Another question--it's correct that the Total Enterprise Value will be determined by DFCF, including the value of the tax loss carry-forward. But isn't the TEV calculation used simply to determine the size (PPS and # shares) of CPN's new stock offering when it emerges from BK? Won't the question of what, if anything, present stockholders receive be based on a combination of a) any residual value of assets minus liabilities after debt is renegotiated or paid off, and (to a lesser extent) 2) the practical reality of tossing a bone to the SHC to keep it from delaying the company's emergence from bankruptcy?

If what we receive is in fact based on assets minus liabilities when the BK gets wrapped up, and if your figure of #1.3B turns out to be correct, then we'd get about $2.37/share. I'm not going to hold my breath, but that would certainly be nice.

----------------

on 5/29/06 8:28 AM, garybean77 at [e-mail] wrote:


I agrree with upu Jeffrey. I to believe that when the valuation
process is completed that Total Enterpsrise Value will be
determined sufficient to take care of the debt with residual value
for the equity owners.

The 2005 10K Balance Sheet states a shareholder deficit of $5.5B. We
need to take into account that this was the result of taking $4.5B
US impairment charges, $.9B Canadian subsidiary impairment charges
and a $3.8B provision for duplicated Canadian claims ("we determined
the duplicative guarantees were probable of being allowed into the
claim pool by the U.S. Bankruptcy Court. We accrued an additional
amount of approximately $3.8 billion as reorganization items related
to these duplicative guarantees".

The ultimate BK Valuation to determine Total Enterprise Value will
be based on Disounted Future Cash Flow and will include the value of
Calpines massive Tax Loss Carryforward, but in accordance with GAAP
it's value is not currenty reflected in the financial statements.

All assets eligible have now been impaired to their lowest book
value possible, but the assets with narket value in excess of book
value (ie. Geysers $2.0 - $2.5B above book value) remain on the
balance sheet at their lower depreciated value.

If the exess market value over book value for Calpine's remaining
assets is $3.0B and you add back the $3.8B of the Canadian
duplicative guarantee allowable claims for a total of $6.8B then the
true market value of shareholder equity before including any of the
value for the massive tax loss carryforward would increase $6.8B
from the stated <$5.5B> to $1.3B.

The BK valuation will ultimatly be based on projected future cash
flow that will be calculated based on industry projections and all
industry projections are for increasing energy demand and higher
spark spreads and prices.

[XIO]

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
http://groups.yahoo.com/group/Calpine
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

[Yassikara]

Antwort auf Beitrag Nr.: 21.914.870 von Charly_2 am 01.06.06 23:58:16

wer sagt dass die pleite sind

die konnten nur ihre schulden nicht zurückzahlen...
...bei einer firma die läuft
...Calpine versorgt Kunden in 21 US-Bundesstaaten mit Strom und verfügt über Gas- und Dampfkraftwerke in den USA...
...calpine beantragt gläubigerschutz und trotz wird seine Geschäftstätigkeit bei seinen Kraftwerken und Einrichtungen in den USA, Mexiko und Kanada jedoch vorerst unverändert weiterführen.


das ist ne perle

[Charly_2]

Antwort auf Beitrag Nr.: 21.919.847 von Yassikara am 02.06.06 10:52:09

...die haben wirklich exzellente Anlagen...

http://biz.yahoo.com/prnews/060601/sfth084.html?.v=42

...nur der ex-CEO "Cartwrong" war eine Flasche, der liess Anlagen bauen auf Teufel komm raus und meisstens auf Pump, und hat so über 17 MRD US$ Schulden angehäuft...der gehörte eingesperrt

Charly

[XIO]

Moin, das sieht ja besser aus, als in den kühnsten Annahmen für heute.
Amiland +47,69%

[XIO]

0.48 US Dollar = 0.37368 Euro
na dann, bis Dienstag

[Charly_2]

Antwort auf Beitrag Nr.: 21.932.073 von XIO am 03.06.06 02:47:50

...nix Dienstag, gehandelt wird schon am Montag - in USA

Charly

[XIO]

Antwort auf Beitrag Nr.: 21.933.285 von Charly_2 am 03.06.06 11:15:20

ja, aber nicht bei mir
Hoffentlich gehts gleich weiter up, das wäre sehr beruhigend.

[XIO]

Adversary Case 06-01295: Extension of Automatic Stay re Lawsuits Against Calpine's Top Executives - The hearing to consider the Motion to Extend the Automatic Stay, or in the Alternative, for Injunctive Relief has been adjourned to June 5, 2006 at 10:00 a.m. The objection deadline has been rescheduled to May 24, 2006. Click here for pleadings filed in the adversary case.

http://www.kccllc.net/calpine

[Charly_2]

...na ja, zurück zu unserem Thread...lassen wir den Dummy Nachbar Thread links liegen, eh alles Dummbasher ohne Calpinekenntnisse...

...der Kurs zeigt den Weg, 1 US$ kann kommen

Charly

[kingvestment]

für mich ist die Sache klar - sehe keine andere Gelegenheit 15Mrd. Dollar besser zu investieren:

Es ist alljährlich dasgleiche Ritual: Wenn die Investment-Legende Warren Buffett zur Hauptversammlung von Berkshire Hathaway nach Omaha einlädt, erhoffen sich viele Börsianer neue Aktien-Tipps und einige spekulieren gar über die künftigen Übernahmeziele des Altmeisters. Zunächst hatte Buffett am Wochenende allerdings die Quartalszahlen im Gepäck. Danach verdiente die Investment-Holding im ersten Quartal 2,3 Mrd. Dollar. 70% mehr als im Vorjahreszeitraum. Als zweites gab Buffett die mehrheitliche Übernahme des israelischen Metallwerkzeugherstellers Iscar Metalworking Companies (IMC) für 4 Mrd. Dollar bekannt. Das Unternehmen sei, so Buffett, groß rentabel und "extrem gut geführt". Buffett bezeichnete IMC als "wahrhaft internationales Unternehmen", das in den europäischen, asiatischen und lateinamerikanischen Märkten vertreten sei und in Nordamerika erhebliche Wachstumschancen habe.

Fazit: Buffett geht wieder auf Einkaufstour. Neben der jetzt bekannt gegebenen IMC-Übernahme hatte eine Berkshire-Tochter im März bereits den US-Versorger PacifiCorp für rund 5 Mrd. Dollar gekauft. Gerade in diesem Bereich sieht Buffett noch große Chancen und verwies auf eine evtl. in Kürze anstehende Übernahme im Volumen von ca. 15 Mrd. Dollar. Aber auch in anderen Bereichen sieht er gute Chancen: So soll der angehäufte Barmittelbestand von rund 43 Mrd. Dollar nach den Worten Buffetts um mindestens 75% reduziert werden.

[kingvestment]

bereits den US-Versorger PacifiCorp für rund 5 Mrd. Dollar gekauft. Gerade in diesem Bereich sieht Buffett noch große Chancen und verwies auf eine evtl. in Kürze anstehende Übernahme im Volumen von ca. 15 Mrd. Dollar.

[Charly_2]

Antwort auf Beitrag Nr.: 22.083.755 von kingvestment am 13.06.06 00:44:11

..na dann hoffe ich dass du ne Einladung hast, kannst uns danach ja informieren ....

...und wann ist das Meeting ?

Charly

[Charly_2]

Antwort auf Beitrag Nr.: 22.083.767 von kingvestment am 13.06.06 00:45:38

..ich tippe eher auf PCG

http://finance.messages.yahoo.com/bbs?.mm=FN&action=l&board=…

Charly

[Charly_2]

Antwort auf Beitrag Nr.: 22.083.795 von Charly_2 am 13.06.06 00:48:56

...die MarketCap stimmt - ca. 14 Mrd

http://finance.yahoo.com/q/ks?s=PCG

Charly

[kingvestment]

Antwort auf Beitrag Nr.: 22.083.783 von Charly_2 am 13.06.06 00:47:24

leider war die Versammlunng bereits am 07. oder 08. Mai !
Auf dieser Versammlung hat er aber eben genannte Neuigkeiten geäußert !

[XIO]

Updated:2006-06-02 16:21:25
http://money.aol.com/news/articles/_a/looking-aheadsolutia-s…
LOOKING AHEAD:Solutia Seeks OK To Send Creditors Ch 11 Plan
By Patrick Fitzgerald, A Daily Bankruptcy Review Column
Dow Jones
This week, Solutia Inc. (SOLUQ) takes a big step in its proposed turnaround when it seeks court approval to send its reorganization plan, backed by Monsanto Co. (MON), to creditors for voting. Elsewhere, Brazilian flagship airline Viacao Aerea Rio-Grandense (VAGV4.BR), or Varig, will auction off its international and domestic assets for at least $860 million. Also, Calpine Corp. (CPNLQ) will ask the court to sign off on a deal that will hasten its bid to terminate its leases at two New England power plants.

In New York City Wednesday, Solutia will ask Bankruptcy Judge Prudence Carter Beatty in Manhattan to sign off on its disclosure statement describing its Chapter 11 plan. The judge's approval would allow the chemical company, which has been in bankruptcy since 2003, to send its turnaround plan to creditors for voting. Solutia is seeking the green light to send its plan to creditors despite ongoing fights with bondholders and a court-appointed equity committee that could derail its reorganization. The bondholders, led by JP Morgan Chase & Co. ( JPM), claim Solutia improperly refinanced $450 million debt in October 2003, thereby changing the bondholders' claim from secured status to unsecured. The shareholders' basic claim is that when Monsanto spun off its old chemical business in 1997, it set up the new company to fail.

Under Solutia's proposed reorganization plan, Monsanto agreed to pay certain environmental cleanup costs and retiree benefits that Solutia was saddled with as part of its spinoff. The plan calls for general unsecured creditors, including debt holders, to recover between 48% and 56% on account of their claims, estimated to total between $800 million and $1 billion.

Monday, in Sao Paulo, Brazil, embattled airline Varig will hold an auction to find a buyer for its domestic and international operations. The Brazilian carrier is seeking at least $860 million for the businesses. Last week, U.S Bankruptcy Judge Robert D. Drain extended an injunction barring leasing companies from seizing some of the airline's jets, allowing the auction to proceed. The auction was brought forward to from early July as the airline risked ceasing operations before the asset was sold.

Among the interested parties expected to bid on Varig are Brazilian rivals TAM SA (TAM), Gol Linhas Aereas Inteligentes (GOL), OceanAir and WebJet Ltd. ( WEB.AU), as well as Aero-Lb, a consortium involving Portuguese airline TAP ( TPA.YY). Under the terms of the auction, Varig's commercial business won't be sold and will be left with the company's debts. Varig has been in trouble for several years amid mounting debts totaling $3.6 billion. The company sought protection from creditors in the U.S. in June 2005, then filed for bankruptcy in Brazil the following month.

Monday, in New York, California energy giant Calpine will seek bankruptcy court approval of a settlement that will allow it to shed its leases at two idled New England power plants. Under the deal, Calpine would transfer control of the plants to a receiver who would take over the plants' operations, allowing them to come back online. The receiver would also be able to ultimately sell the plants.

Calpine leased the plants from Altria Group's (MO) Philip Morris Capital Corp. until February, when the company sought approval to reject the leases as part of its reorganization. However, Phillip Morris balked at taking over the plants, leaving them idled. The two plants, located in Tiverton, R.I., and Rumford, Maine, have been offline since Calpine's bankruptcy filing last December.

Also on Monday, in Manhattan, Delta Air Lines Inc. (DALRQ) and its unsecured creditors will face off with a U.S. Trustee over the government monitor's bid for a special fee examiner in the airline's Chapter 11 case. Delta and its creditors have argued an examiner is "wholly unnecessary" given progress Delta has made so far in its restructuring. But the trustee, who acts as the federal government's watchdog in bankruptcy cases, said a fee examiner would help relieve Delta's burden of reviewing compensation applications and permit the company's management to focus on its reorganization. Through January, professionals working on Delta's bankruptcy had sought about $43 million in total fees.

(END) Dow Jones Newswires 06-02-061530ET Copyright (c) 2006 Dow Jones & Company, Inc.

[XIO]

http://www.energycentral.com/centers/energybiz/ebi_detail.cf…

Private Investors Seek Utility Assets
June 9, 2006
Ken Silverstein, EnergyBiz Insider
Editor-in-Chief

[kingvestment]

Antwort auf Beitrag Nr.: 22.083.795 von Charly_2 am 13.06.06 00:48:56

Vielleicht ist auch PG & E Corp. ein attraktives Investment !

Nach meiner Rechnung, wäre allerdings Calpine profitabler.
(kurz vorrechnen):

Buffet sichere sich den Großteil der Aktien (Kosten:ca.150Mio Euro)

Buffet tilge alle Schulden (ca 15 Mrd Dollar)

Gesamte Ausgaben für einen Schuldenfreien US Versorger von enormer Größe mit 90 Kraftwerken für 15,1 Mrd Dollar)

---> Das Unternehmen wird poliert und erreicht vllt in 2-5 Jahren den alten Kurs von 50-70 Euro. Wäre bei 50 Euro ein Market Cap von ca. 28,5 Mrd Euro bzw. 22,8 Mrd Dollar !

Ich hoffe alles ist richtig gerechnet. Natürlich höchst spekulativ und nur imo !

[XIO]

Calpine Power Income Fund "buy" (Aufpassen)
http://www.newratings.com/analyst_news/article_1290048.html
Monday, June 05, 2006 8:26:22 AM ET
Canaccord Adams

NEW YORK, June 5 (newratings.com) - Analysts at Canaccord Adams maintain their "buy" rating on Calpine Power Income Fund (CF.UN.TOR). The target price is set to C$13.

In a research note published this morning, the analysts mention that the company’s outlook and tone at its Annual General Meeting held last Friday was more positive than it has been in the past. Calpine Power Income Fund seems to be making healthy progress on the resolution of issues that arose due to the company’s bankruptcy, the analysts say. The company expects to receive the $20 million, used for the GE loan, by the end of January 2007, Canaccord Adams adds.

Kann man da direkte Verbindungen zu CPNLQ ziehen?

[XIO]

Antwort auf Beitrag Nr.: 22.083.903 von kingvestment am 13.06.06 01:03:28

ich suche schon wie wild im Inet nach Gerüchten, aber noch nix gefunden.
Hast Du etwas anzubieten?

[Charly_2]

Antwort auf Beitrag Nr.: 22.099.488 von XIO am 13.06.06 19:58:50

...also Calpine Fund ist keine Aktie, vergiss den Vergleich

...und Gerücht musst du nicht suchen, sondern mehr Aktien bunkert, hau rein

Charly

[Charly_2]

Antwort auf Beitrag Nr.: 22.083.903 von kingvestment am 13.06.06 01:03:28

...du sein Spassvogel, und was ist mit dem CEO R. May, der will doch 15 Mio USD Prämie wenn die Bude aus dem Bankrott hervorgeht wie Phönix aus der Asche

Charly

[kingvestment]

anbieten kann ich z.Zt. nichts...
es erscheint mir aber durchaus möglich.
Natürlich sind das nur Vermutungen ohne Beweise.

Auch wenn Buffet nicht zuschlägt ist Calpine eine gute Sache.
US Stromversorger haben Zukunft, ich denke es wird keine großen Probleme für ein Unternehmen dieser Größe sein, sich durchzusetzen.

[elHorno]

w:o zeigt auch Kurse an, wie es will.

0,172 ... geht's noch.

[XIO]

Antwort auf Beitrag Nr.: 22.104.008 von elHorno am 14.06.06 09:28:13

der spread heute ist auch wieder der hammer

[elHorno]

Heute gehen wir sicher wieder auf die 0,5$ ... Calpine könnte ja mal 'ne gute News veröffentlichen.

[XIO]

06/15/06 Glen H. Hiner Joins Calpine's Board of Directors

SAN JOSE, Calif., June 15 /PRNewswire-FirstCall/ -- Calpine Corporation (OTC Pink Sheets: CPNLQ) today announced the appointment of Glen H. Hiner to the company's Board of Directors. Mr. Hiner will serve as a member of Calpine's Compensation Committee and its Nominating and Governance Committee.

"Glen Hiner is a proven business leader and is an outstanding addition to Calpine's Board of Directors," said Calpine Chief Executive Officer Robert P. May. "Glen shares Calpine's commitment to excellence and customer service and brings to our company a wealth of industrial business experience. The addition of Glen's perspective and talent, both for restructuring and growing major corporations, will strengthen our Board. He will help guide Calpine as we work to emerge from Chapter 11 as a profitable, competitive power company."

Mr. Hiner, age 71, is the former Chairman and Chief Executive Officer of Owens Corning. Prior to his 11-year tenure at Owens Corning, he enjoyed a 35-year career at General Electric, having served in a variety of senior management positions, including Senior Vice President and Group Executive for the GE Plastics Group. Mr. Hiner currently serves on the Board of Directors of the Kohler Company and recently served as a member of the Board of Directors for The Dana Corporation, Prudential Financial and The Prudential Insurance Company of America.

A graduate of West Virginia University (WVU), Mr. Hiner holds a Bachelor of Science degree in electrical engineering and received an Honorary Doctorate in Science from WVU. In 2002, he joined the Business School of WVU, where he instructed a graduate course in business ethics. Mr. Hiner also received an Honorary Doctorate in Human Letters from Trinity College, and was bestowed the Society of Plastics Industry's highest honor: the Dan Fox Lifetime Achievement Award.

Calpine Corporation is helping meet the needs of an economy that demands more and cleaner sources of electricity. Founded in 1984, Calpine is a major North American power company, capable of delivering nearly 27,000 megawatts of clean, reliable and fuel-efficient electricity to customers and communities in 21 U.S. states and three Canadian provinces. The company owns, leases and operates integrated systems of fuel-efficient natural gas-fired and renewable geothermal power plants. Please visit www.calpine.com for more information.

SOURCE Calpine Corporation

[XIO]

Oho, welche Ehre:

GLEN H. HINER CHAIRMAN AND CHIEF EXECUTIVE OFFICER OWENS CORNING
http://www.emg.nl/en/prfitem.asp?id=926

[XIO]

The majority of the unsecured bonds have tripled in price since BK
was announced on December 20th. It still looks like the stock price
is attempting to catching up.

8.5% 2011 Unsecured:

Date Price
12/20/2006 22.00
03/20/2006 35.00
05/26/2006 41.00
06/02/2006 57.50
06/15/2006 46.63

6% 2014 Subordinate Unsecured:

Date Price
12/20/2006 13.75
03/22/2006 28.75
05/25/2006 30.00
06/02/2006 37.00
06/15/2006 41.50

7.75% 2015 Most Subordinate Unsecured:

Date Price
12/20/2006 10.00
03/20/2006 21.50
05/26/2006 27.75
06/02/2006 34.00
06/15/2006 35.75

--- In [e-mail], "garybean77" <garybean77@...> wrote:
>
> The majority of the unsecured bonds have tripled in price since BK
> was announced on December 20th. It now looks like the stock price
is
> beginning an attempt at catching up.
>
>
> 8.5% 2011 Unsecured:
>
> Date Price
> 12/20/2006 22.00
> 03/20/2006 35.00
> 05/26/2006 41.00
> 06/02/2006 57.50
>
> 6% 2014 Subordinate Unsecured:
>
> Date Price
> 12/20/2006 13.75
> 03/22/2006 28.75
> 05/25/2006 30.00
> 06/02/2006 37.00
>
>
> 7.75% 2015 Most Subordinate Unsecured:
>
> Date Price
> 12/20/2006 10.00
> 03/20/2006 21.50
> 05/26/2006 27.75
> 06/02/2006 34.00

[elHorno]

Antwort auf Beitrag Nr.: 22.141.037 von XIO am 16.06.06 08:05:33

Ich bin kein Freund unkommentierter Postings.
Kannst du bitte kurz was dazu sagen? Danke.

[XIO]

Antwort auf Beitrag Nr.: 22.149.849 von elHorno am 16.06.06 15:22:36

nö, ich bin kein Fachmann.
wenn einer was daraus interpretieren will...bitte

[Charly_2]

Antwort auf Beitrag Nr.: 22.149.849 von elHorno am 16.06.06 15:22:36

..kann ich gerne machen

i.d. Regel wird für Bonds mindestens 100% bezahlt wenn diese ablaufen, dh. zurüchlebzahlt werden. Ich gehe davon aus dass du selber rechnen kannst was das heisst, das wäre

Charly

[XIO]

ist der Hiner nun ein profi im Abwickeln oder im Sanieren..da ist die entschidente Frage

[elHorno]

Antwort auf Beitrag Nr.: 22.161.397 von Charly_2 am 17.06.06 15:00:37

Naja eine verdreifachung des Preises der Anleihen sollte nicht unbedingt ein schlechtes Zeichen sein, gell?

[elHorno]

Antwort auf Beitrag Nr.: 22.188.051 von XIO am 20.06.06 15:40:44

Naja, das sollte der folgende Satz eindeutig beantworten:

"Glen's perspective and talent, both for restructuring and growing major corporations, will strengthen our Board. He will help guide Calpine as we work to emerge from Chapter 11 as a profitable, competitive power company"

Verwundert mich nur, daß der Markt kaum darauf reagiert hat ...

[MikeSpezial]

Der Kurs nimmt es eher negativ auf, dass der neue Mann so ein alter Knacker ist.

[Charly_2]

message from Karen A. Bunton

Manager of investors relations... concerning the meaning of stakeholders in a corporate sense as relates to calpine......"When Calpine uses the term Stakeholder, we are referring to a group of constituancies, vendors, government and regulatory parties, debt holders, and shareholders... BINGO" ^

Q-10 gemeldet:
http://phx.corporate-ir.net/phoenix.zhtml?c=103361&p=irol-se…


Seite 41:

Cash Flow Activities -- The following table summarizes our cash flow
activities for the periods indicated:

Three Months Ended March 31,
---------------------------------
2006 2005
-------------- -------------
In thousands)

Beginning cash and cash equivalents
$ 785,637 $ 718,023
-------------- ------------
Net cash provided by (used in):
Operating activities
$ 3,365 $ (114,592)

Investing activities
(350,698) (220,848)

Financing activities
923,219 368,710

Effect of exchange rates changes on cash and cash equivalents, including discontinued operations
-- (4,086)
-------------- ------------
Net increase (decrease) in cash and cash equivalents including discontinued operations cash
$ 575,886 $ 29,184

Change in discontinued operations cash classified as current assets held for sale
-- 26,862
-------------- ------------
Net increase (decrease) in cash and cash equivalents
$ 575,886 $ 56,046
-------------- ------------
Ending cash and cash equivalents
$ 1,361,523 $ 774,069
============== ============