Rand Chapter 11 filing

[Denny]

Sad to say but, how true that is though Marc! Hard to believe that was 14 years ago that they filed for bankruptcy. Well they operated for just over two more years then after they filed for bankruptcy. I hate to make this sound ugly and no pun intended but in the case of Oglebay and now with Rand, “The bigger they are then the harder they fall then at some point in time!” Again sorry to sound so ugly with this just trying to make a point is all. I guess you can also say you have the Big 3 Automakers although they changed over the years along with the company names like with Chrysler but they’re still here. Like to think in the business of shipping you also have the Big 3. For the Canadians, I say you got the Algoma, CSL and Lower Lakes and on the US side the Big 3 there are ASC, GLF and Interlake as the main fleets. Yeah I know there are many other fleets but, not as big or existence as long as the other fleets there.

[Marc]

This also means that the stock will be de-listed with NASDAQ.

Ships will operate as usual.

The same statements were made on this board in 2004 after Oglebay Norton filed for Chapter 11 on February 23, 2004.

We all know how that turned out.

[Guest]

Only the American units of Rand Logistics have filed for bankruptcy, the Canadian units will operate as usual.

AIP and their Lightship Capital unit expect to appear before the court in Delaware for approval of their restructuring plan with Rand Logistcs debtors.

They should be able to exit bankruptcy shortly thereafter.

[Denny]

Okay thanks for clearing that up Guest as I don’t follow or track on the Stock Market but if I took it up with my brother he’d understand it and would explain it all to me.

[Guest]

Chapter 11 means re-organization. Rand Logistics had to file Chapter 11 in order for the sale of Rand Logistics to go thru with AIP and Lighthouse Capital. It's a formality they have to go through.

This also means that the stock will be de-listed with NASDAQ.

Ships will operate as usual.

[Denny]

So did they file for bankruptcy then? Wonder now what will happen then to their ships if they did? If they filed for bankruptcy one had better get all the photos they can of their ships while in layup now. So if they end up going out of business and getting rid of their fleet, just wonder then what other companies would be interested in their ships? If they did end up filing for bankruptcy then it’s a shame as some of their ships were really nice looking and kept up really well. Time will tell what happens.

[Guest]

Lightship Capitol is taking over. The stock will now be traded on the Over-The-Counter market.

[BigRiver]

I assume the fleet can continue to run while in Chapter 11.

"A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time."