PTBT...Pope and Talbot Inc

[Aufan 1983]

I will be looking to take a small position this morning if it holds yesterdays gains.

Hit the 52 week low of .06 yesterday and then bounced on news to finish green for the day @ .099. The 52 week high is 8.44.

Watch this one to see if the bounce can continue. Heavy volume yesterday and a nice northward move.

Share structure: Shares 16.448 million........ Float 15.445 million

The company sells its products to wholesalers, distributors, remanufacturers, and builders in the United States, Canada, Italy, northern Europe, China, and Japan.

Pope & Talbot was founded in 1849 and is headquartered in Portland, Oregon.

http://www.poptal.com/


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[AUHardball]

I can't find if they have changed the share structure during this decline. I read the PRs about having to stop operations at some mills, but that is a huge decline in pps! Did they split somewhere that i did not see?

WDEagle

[fz4fun]

Originally Posted by AUHardball

I can't find if they have changed the share structure during this decline. I read the PRs about having to stop operations at some mills, but that is a huge decline in pps! Did they split somewhere that i did not see?

WDEagle

From what i read, they filed for protection in Canadian court (equivalent to Chapter 11 I would assume) so apparently the company is having serious financial issues and that would explain the dramatic drop in pps. Earnings report on 11/05 and it looks bad.

Play it for a bounce and hope the analysts don't trash them next week.

UPDATE 1-Pope & Talbot seeks Canadian court protection
Reuters - October 29, 2007 12:32 PM ET



Related Quotes
Symbol Last Chg
PTBT Trade 0.099 0.00
Real time quote.


(Adds details, background. In U.S. dollars)

VANCOUVER, British Columbia, Oct 29 (Reuters) - North American timber producer Pope & Talbot Inc PTBT.PK said on Monday it has sought court protection from creditors, blaming the strong Canadian dollar and weak lumber prices.

The Oregon-headquartered company, which has struggled with high debt, said the court filing in Canada for both its Canadian and U.S. subsidiaries would allow it to continue operating while it reorganizes its finances.

"This protection is a necessary and responsible step for the company at this time," Chief Executive Harold Stanton said in a statement, adding that Pope & Talbot would attempt to "continue operating as a going concern."

The company, which traces its corporate roots to 1849 and has about 2,500 employees, said its daily operations were generating enough cash to allow it to continue operating while under court protection from creditors.

Although headquartered in Portland, Oregon, Pope & Talbot said it filed for protection in Canada because most of its operating assets are located in British Columbia. It also has mills in Oregon and South Dakota.

Pope & Talbot said it was unable to overcome the financial impact of low lumber prices and the strong Canadian dollar on its sawmill operations, while at the same time its pulp mills were paying high prices for wood chips and sawdust.

The company ended the second quarter with $354.9 million in debt, and was in default on the covenant on its senior secured credit. Its shares were delisted from the New York Stock Exchange in August.

Under a deal with senior lenders in early October, Pope & Talbot was to have reached agreements to sell some or all of its assets by Oct. 26.

"The company will use the protections of the (Canadian courts) to provide additional time for it to continue its restructuring efforts, which include, but are not limited to, the sale of certain or all of the company's assets," Pope & Talbot said on Monday.

[Aufan 1983]

Originally Posted by AUHardball

I can't find if they have changed the share structure during this decline. I read the PRs about having to stop operations at some mills, but that is a huge decline in pps! Did they split somewhere that i did not see?

WDEagle

I haven't seen any split either. I think the housing woes have taken its toll on them but I'm not really sure.

Looks like its going to gap a little this morning.

[Aufan 1983]

Huge mm wall @ 12 so I'll see what happens. Hopefully it will pull back and allow an entry

[AUHardball]

ok, thanks i did not see the Protection filing... Since they have thier HQ in the US how much protection can they really get?

[fz4fun]

Originally Posted by AUHardball

ok, thanks i did not see the Protection filing... Since they have thier HQ in the US how much protection can they really get?

They filed in US and Canada to protect assets. According to release, the majority of timber holdings are in Canada and they want them protected, but also in release stated that they may sell ALL assets if necessary

Although headquartered in Portland, Oregon, Pope & Talbot said it filed for protection in Canada because most of its operating assets are located in British Columbia

[Aufan 1983]

Sneaked in @ 11 this morning. I had a order in @ 115 but for some reason I got lucky and filled @ 11.

Only 3000 shares. I hope to exit @ 15 or higher. Not alot of green but it will beat nothing :D

[Aufan 1983]

Up 51.52% for the day

[fz4fun]

Originally Posted by Aufan 1983

Up 51.52% for the day

Nice play Aufan

Jumped out of ISBL and into ECFL
I will watch this one and maybe if ECFL has strong afternoon, maybe jump into BSGC.

nice pick again
:D