Ad hoc Equity Committee

[powerinvestor]

We are at a very critical phase in Dana BK. POR is coming out in a couple of weeks.We dont have an official Equity Committee anymore.We need to  get organised and try to act as one voice. United we need to stand ,Divided we fall. I do want to form an ad hoc committee of equity holders so we can represent small mom and pop shareholders in this very critical phase. Without EC they will try to wipe us out.I know Tepper and Brandes are very large equity holders but Judge will be more sympathetic to our cause than large institutions. If anybody here interested please use this board to express their desires we will try to get our act together.

[Sal]

Indeed there is a quite a bit that stockholders can do if we work together.

Issues of insider trading before the bankruptcy needs to be looked into and complaints need to be filed with the SEC.

The disbandment of the equity committee after the US trustee Stated that the “Equity Committee was appropriate” needs to be looked into and complaints need to be filed with the US Trustee.

And, let us not forget letters or objections sent to Judge Liftland.  

How can any investor have any confidence investing in any company when all it takes is a few pirates to gain control of a company and steal everyone’s stock?

These are the issues and there are a lot more that we as a group need to work on if there is any way to make headway in the fraud that is going on in public companies.

[powerinvestor]

I agree it may be last minute effort.Better late than never.We are on the threshold of being thrown a small bone. Do you have any constructive ideas you have for us from letting Burns and Company shutting us out.

[subassemblythorold]

The vast majority of share holders like you and me and the workers who bought shares are out to lunch S O L. It would cost the company too much moula.thats usually the way it goes. class A common shares like we all own get nothing

[powerinvestor]

I see total resignation from many in this site. We can accept the fate and be wiped out. Why not put up a fight and see what comes out of it ,we have nothing to lose. Last year several shareholders in BK company's have fought and won like in Mirant,Delphi,Calpine etc.
If there is interest and I like to know collectively how many shares we own,we can start writing letters to the Judge and Trustee and start to make some noise.

[Sal]

Hi, power

I think the problem on this website may be partly my fault.  I tried to accommodate most groups of people that have an interest in Dana.

The one group that I forgot was those that went off the deep end.  They seem to pounce on anyone that tries to have a constructive discussion.  I can ban them or make a section called the Mental Ward and confine them to it.

Their posts were deleted and I will monitor the situation and take whatever steps are necessary to make sure this website is not disrupted.

I have no free time.  All I can do is maintain this website so that it is available to everyone.  I hope those of you that have an interest in the stock will get involved.

[papapat]

I, like most others are still holding on to some Dana stock that was purchased through the Dana stock purchase program.  Guess I'm just waiting until they file to come out of BK to sell them for what ever the price is.  

I am not really familiar with all the legal things that have to take place to try and save our stock so I'm not really sure how much help I would be.  I question why the original commitee was disbanded; seems odd to me.  

It is a shame to lose what we have worked so hard for over the years; 33+ for me.  Hopefully some of the complaints that have already been filed will have to be addressed by the judge.

[powerinvestor]

Those who want to get involved please send the amount of shares you own, along with your contact number and address to Sal and he can forward it to me. I am willing to do the work if we have enough members.
By sitting and waiting and hoping for Burns and Co to do anything for shareholders is a losing proposition.

[Sal]

Hold On There…

No one send personal information to me.  I do not want it.

Powerinvestor, I think you need to explain to people what you intend to do and how you intend to do it.  

After discussions if people want to get involved they can.

It is possible to set up a committee but normally attorneys do it.

[bewildered]

I have to say I am  somewhat ignorant as to what I need to do as a stockholder.  But, I'm not willing to roll over and play dead either.  I filed a complaint with the SEC involving inside trading that occurred prior to the filing.  It was remarkably easy!  If enough get involved WE WILL make a difference.  Believe me when I say there was definately inside trading.  Make them show us the records!

[Sal]

Hi bewildered,

I think that it is great that you followed through with your complaint.  

If you have the time, start a topic under Stock Discussion with a title something like SEC Complaint.  

I think it would be helpful if you share information as to what happen before the filing and what to put in the complaint.

We did the same thing with the letters to the Judge and a lot of people got involved.

[powerinvestor]

The Judge repeatedly mentioned  how Appaloosa try to come in at 11th hour and 39 minutes etc.. This is in the transcripts.

Dan Lowental,Brandes's attorney wrote to Andrew- Velez on March 14,2007 , to reestablish the Equity Committee.The EC was dissolved "due to among other things,resignation of two of the three members of the official committee of equity security holders".

Me and few shareholders try to reopen EC and had several converation with the Trustee but  still got  turned down.

Here is Andrew's own word in Docket # 5148 page 2

''Dana has incurred substantial and continuous operating losses since the

beginning of these bankruptcy cases. As part of the Debtor’s business plan, which Dana

has set forth as the basis for any reorganization plan, Dana is in the midst of divesting

several of its product lines, closing plants, negotiating with suppliers, and seeking to

improve its customer recoveries. On a different front, extended litigation concerning

proposed modifications to various of Dana’s collective bargaining agreements under

Bankruptcy Code section 1113 and modifications to the insurance benefits of Dana’s

retirees under section 1114 (including the proposed termination of retiree health benefits)

is underway and has not concluded. Measured improvements in Dana’s financial

performance resulting from these and other restructuring initiatives have not had time to

take hold, and remain speculative. Moreover, in all likelihood, these improvements will

not be measurable with confidence until at least the end of this year, which is when Dana

estimates confirmation may occur.""

Andrew himself admits that Dana's financial peformance resulting from the restructuring intiatives will not take place till end of the year.I think dissolution of the EC by the Trustee was a major mistake on their part while not giving any specfic reasons.

My point is the Judge can say what he wants but a member of the EC and Dana shareholders tried to take part in the process and were denied their rights,so his last minute effort to engage is disgenious in my book.

Debtors responded to Brandes letter and one of their points for not reappointment of EC

" EC is not justifiable in view of Dana's insolvency and negative shareholder equity value of more than 800 Million and interest of shareholders are adequately represented by an eminently qualified and independent board of directors."

Debtors keep harping about Board representing Shareholders while constantly saying it is highly unlikely that equity holders will receive any distribution. This proves they are approaching this with  a preconceived notion that Equity is not in the money than going with an open mind.

If Judge and Trustee thinks Debtors  are truly representing the Common shareholders then we might as well sell them a bridge in Brooklyn.

It is very very late in the process and without Equity Participation we are bound not to get any real value. My goal  is to form an Ad Hoc Committee to object to certain Debtors POR if it is not fair for us. We cant do that without real people.

Most of you are new to Bankruptcy procedures and this can get very complicated.

I dont have time or energy to fool around or play games.

[Sal]

Powerinvestor,

There is plenty of time to do something as long as it is done properly.  You cannot come on this website and tell people to send information to me and I am going to send it to you.

You did not ask me and I do not know who you are or what your intentions are.

This website does not collect personal information about members.  There are privacy issues and you cannot expect me to get involved in something like that.

This website can be very helpful with organizing people and getting information out.  However, things must be done properly.  So let us take this one step at a time.

What is the name and phone number of the lawyer that will handle this matter?

[powerinvestor]

Sal, I dont think we have a lot of time. Thank God we have big shareholders like Appaloosa and Brandes holding majority of the equity.
We need to get organised and get ready if we are going to be unfairly treated in the POR.I dont have any Lawyer on my mind, but I can get one very soon if need be.

[rivervalley]

If there is a sharehodler group reperesenting shareholders please
post the contact information.  I have some Dana shares too.