Washington, DC (PRWEB) December 31, 2007
In what only can be described as a flurry of often conflicting information broadcast by bankrupt power producer, Calpine of San Jose, CA, some shareholders are saying slow down and let's have another look.
In Chapter 11, Case No 05-60200 (BRL) now being heard in United States Bankruptcy Court, Southern District in New York, shareholders fear their investment in the huge power infrastructure giant will be wiped out over simple errors in math.
One shareholder, Elias Fellus of Centerport, NY has motioned the court for a time out.
"It seems the court in its haste to bring Calpine out of bankruptcy so the company can take advantage of an attractive financing package with time limitations, may be doing so at the expense of shareholders," said Mr Felluss.
"All we want them to do is take a closer forensic look at the calculations to make absolutely sure," he continues. "There may have been ministerial errors leaving shareholders empty handed."
"Before many shareholders who invested in this company are cast aside in favor of the hedge funds such as Harbinger who stand ready to take the helm," Felluss has asked the court for a review of the numbers.
Calpine Shareholders Committee is a group of some 115 individual small shareholders who have banned together utilizing the venue of the http://www.investorvillage.com. Share ownership is the only membership requirement. To reach the CSC go to: http://www1.investorvillage.com/groups.asp?mb=14000&pt=m
Various reports on this subject follow in both links and attachments appended here.
Calpine Shareholder Files Motion to Reconsider Confirmation http://calpineshareholders.blogspot.com/search?q=
Little Guys Take On Wall Street Big Cats in Bankrupt Calpine
--- Another story of corporate & Wall Street Big Cats winning again on the backs of the little guy? A group of small shareholders says "NO"! Last Friday a motion was filed with the bankruptcy court in hopes the court reconsiders. Is this just another Enron or Kmart where the little people get wiped out? Only to see the big cats load up their pockets? http://digg.com/business_finance/Little_Guys_Take_On_Wall_Street_Big_Cats_in_Bankrupt_Calpine
Internet is Used as Weapon in this David & Goliath Story
--- Small investors are using the Internet to take on bankrupt Calpine. The Calpine Ad Hoc Committee has been speaking out against what they view as a 'rape of Main Street,' where the average investor is gamed by large investment institutions whose access to markets and large amounts of capital puts the average investor at a distinct disadvantage. http://digg.com/business_finance/Internet_is_Used_as_Weapon_in_this_David_Goliath_Story
Calpine Shareholders Say "Bunk" to San Jose
Shareholders Speaking out...Frank Rose, Rochester, NY
One shareholder's view: "'Whose' the Fireman Saves the Day? ....Only Time Will Tell! On Friday, a fireman nicknamed 'Whose' accomplished the impossible against insurmountable odds. Tears came to my eyes on that day. A special place in my heart was hit. My Dad was a fireman in the Syracuse, NY fire department. Coming from a fireman's family, along with what has happened here, has drawn many parallels for me to those days long ago.
"Since 911, people of the world have been given an inside look into the fireman's world. It is a special place and here too is a special place, much like one of many fire engine houses of the world. The engine house is the place where firemen live together, fight fires and rally to help each other and others when the call comes. 'Whose' is the Captain and Hero of our Internet house, the Calpine InvestorVillage message board.
"The fire that 'Whose' went to put out on Friday was a very different type of fire that has been spreading for too long and has become a 'wild fire'. On Friday he showed up on the steps of the Southern Manhattan Courthouse wearing his fireman's jacket and badge to deliver a message for the little people that have been wronged by Wall Street, the corporate institution and the US court system.
"One can only hope that the message delivered is told to the public through the newspaper press. A bigger hope is that the court listens and a wrong is made right ... Only Time will Tell..."