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1. [verwijderd] 29 februari 2008 10:54

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   had gister wel de helft verkocht op 0,78...kijken of ik vandaag weer in kan stappen rond de 0,70
2. [verwijderd] 29 februari 2008 11:54

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   Will Syntax-Brillian Survive?
   posted on: February 29, 2008 | about stocks: BRLC Font Size: PrintEmail It is probably an understatement to say that Syntax-Brillian (BRLC), makers of the Olevia televisions, is now in deep financial trouble. The stock has fallen about 78% from $3.12 at the beginning of the year to a low of 70 cents. The most recent sell off was prompted by the company or rather the company’s creditors forcing the company to disclose they were in default over 19 covenants of their loan in an 8-K. I have been highly critical of the $250 million financing obtained by Syntax-Brillian back in November in a previous article. The main reason was the terms of the loan had interest rates between 11% to 13% at the time and required the company to issue 5 million warrants, exercisable at 1 penny per share, for Syntax-Brillian common stock.
   
   
   
   Now, the terms of the loan have become even worse under an amended agreement that took place on February 14, 2007. The new agreement sets the minimum interest rate at 15.5% for prime rate based loans and 13.5% for Libor rate based loans. The company’s line of credit has been reduced from $250 million to $120 million. Since the company borrowed $137 million, they would have to pay down $17 million. In addition, the company is also required to pay immediately the amount of around $8 million in interest and fees to their lenders. The revised agreement also imposed many mandates onto Syntax-Brillian. Many of them had a deadline of February 19, 2008, which the company failed to meet.
   
   In the Schedule A of the 8-K, it lists the 19 defaults of the company. The most concerning one is that the company failure to prepay the loan down to $120 million and other payments as required by the amendment. The company also failed to notify their lenders they would be in default, failed to provide projections, cash budgets, and reports to their lenders, and failed in meeting many other obligations of the loan. There are also some minor issues like insuring James Li, president and CEO, for a $100 million minimum policy that the company wasn’t able to perform.
   
   The lenders agreed to give the company until February 29, 2008 before taking further action in the forbearance agreement made on February 21, 2008. Although each day the company is in default, they are required to pay a default rate which translates to even higher interest. However, the actions by the lenders in the amended agreement do not signal they have a lot of hope in the company. Rather, it appears they are doing what they can in order to protect their money. They have cut off the company’s credit, required the company to have their approval before utilizing cash, forced the company to submit budgets to them every week, and assigned an “Operation Advisor” to oversee the operations for the company. The “Operation Advisor” though would definitely be looking out for the interest of the creditors rather then the shareholders. On top of it all, the creditors are also taking title to inventory purchased outside of the US and required Syntax-Brillian to dissolve Vivitar Japan, pledge 65% of Vivitar France, Vivitar Asia, and either dissolve or pledge 65% of Vivitar UK as collateral.
   
   It also appears that some Wall Street analyst has given up on Syntax-Brillian. CIBC World Markets and Brean Murray had both discontinued their coverage on the company. Not too long ago they both had some of the most bullish analysts on Syntax-Brillian. They once both had price targets of $15 at one time, which of course never came close. Although when they had those price targets, they helped co-manage Syntax-Brillian’s secondary offering for around $140 million back in May of 2007. I have also been critical of that issue back in an article in May.
   
   Now, it remains to be seen if the company can further renegotiate with their lenders, obtain other financing, find some other way to repay the loan, or be forced into Chapter 11. If the company manages to stay afloat with the current crisis, things are not looking too bright in the future. With the unreasonably high interest rates at a minimum of 13.3% to 15.5% on the current loan, it would greatly hurt the profitability of the company if they can even stay profitable. If the company were able to obtain another loan to pay down the current one, it would be hard to get a much lower interest rate given the financial distress the company is in. In addition, recent reports suggest that growth for flat-screen television appears to have peaked out in the United States. Companies may have to further discount their televisions in order to attract buyers.
   
   The company is also still unable to report their earnings for the quarter ended December 31, 2007 after issuing a delay on February 11, 2008. As a result, the company received a Notice of Delisting from Nasdaq on February 22 that they were not in compliance with Rule 4310 which the company disclosed on February 28. Syntax-Brillian is currently delinquent under Rule 4350 too, which requires a majority of independent directors. After failing to meet the requirement since October 22, 2007, the company still has not publicly announced the appointment of a new independent director.
   
   Disclosure: Author has a short position
   
3. svenhedin 29 februari 2008 12:06

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   quote:

   rac69 schreef:

   had gister wel de helft verkocht op 0,78...kijken of ik vandaag weer in kan stappen rond de 0,70
   

   Of 0,35 ?? (na lezing laatste berichtgeving)
4. svenhedin 29 februari 2008 12:13

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   Dan gooien ze de handschoen nog niet in de ring lijkt mij.)(?)
   
   Syntax-Brillian to appeal possible Nasdaq delisting 20 minutes ago www.bizjournals.com/phoenix/stori...
   
   High-definition TV maker Syntax-Brillian Corp. said Thursday it will request a hearing with Nasdaq officials to appeal a possible delisting from the stock market.
   
   Syntax (Nasdaq:BRLC) received a letter from Nasdaq stating that the Tempe company is not in compliance with listing requirements as a result of its failure to file a report for the quarter ended Dec. 31. Shares will continue to be listed on The Nasdaq Global Market during the appeal process.
   
   The company reported earlier that the filing was delayed to evaluate the accounting treatment of "tooling deposits" to ensure adequate disclosure regarding the discontinuation of its liquid crystal on silicon, or LCoS, business line, and to evaluate the repurchase of a large number of its LCD TVs already sold through its distributors in China Rating :
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5. [verwijderd] 29 februari 2008 12:13

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   quote:

   svenhedin schreef:

   [quote=rac69]
   had gister wel de helft verkocht op 0,78...kijken of ik vandaag weer in kan stappen rond de 0,70
   [/quote]
   Of 0,35 ?? (na lezing laatste berichtgeving)
   

   ja...het word oppassen hier.niet echt een vrolijk bericht ;-((
6. [verwijderd] 29 februari 2008 14:22

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   biz.yahoo.com/bw/080229/2008022900516...
   
   De independent director is on board
   
   Bied is trouwens al 0.78.
   Ik snap niet veel van dit aandeel.
7. welshterrier 5 29 februari 2008 14:59

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   voorbeurs 0,79
8. welshterrier 5 29 februari 2008 15:02

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   BRLC
   Syntax-Brillian Corporation NASDAQ-GM
   
   
   
   
   Back to Headlines | Previous Story
   
   
   
   Syntax-Brillian Appoints Michael Garnreiter To Board - Quick Facts
   
   (RTTNews) - Syntax-Brillian (BRLC) announced that it has appointed Michael Garnreiter to its Board as an independent, non-executive Director effective February 28, 2008 and Garnreiter would also serve as the Audit Committee Chairman.
   
   The company noted that Garnreiter currently works as President of Rising Sun Restaurant Group LLC.
   
   James Li, president and chief executive officer of Syntax-Brillian said, "We are delighted that Michael is joining the Syntax-Brillian Board. Michael's experience will be invaluable to the Board and we look forward to working with him."
   
   For comments and feedback: contact editorial@rttnews.com
   
   
9. [verwijderd] 29 februari 2008 15:07

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   quote:

   welshterrier schreef:

   voorbeurs 0,79
   

   Was net even op 0,82
10. [verwijderd] 29 februari 2008 15:08

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    quote:

    welshterrier schreef:

    BRLC
    Syntax-Brillian Corporation NASDAQ-GM
    
    
    
    
    Back to Headlines | Previous Story
    
    
    
    Syntax-Brillian Appoints Michael Garnreiter To Board - Quick Facts
    
    (RTTNews) - Syntax-Brillian (BRLC) announced that it has appointed Michael Garnreiter to its Board as an independent, non-executive Director effective February 28, 2008 and Garnreiter would also serve as the Audit Committee Chairman.
    
    The company noted that Garnreiter currently works as President of Rising Sun Restaurant Group LLC.
    
    James Li, president and chief executive officer of Syntax-Brillian said, "We are delighted that Michael is joining the Syntax-Brillian Board. Michael's experience will be invaluable to the Board and we look forward to working with him."
    
    For comments and feedback: contact editorial@rttnews.com
    
    
    

    Goed nieuws...Lijkt me niet dat ze op de fles gaan binnenkort...
12. svenhedin 29 februari 2008 15:26

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    quote:

    welshterrier schreef:

    voorbeurs 0,79
    

    Op deze koers ben ik gisteren ingestapt(stom he?).
    Wellicht redding voor het bedrijf in zicht.
13. welshterrier 5 29 februari 2008 15:55

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    toch is er weinig omzet vandaag, ze zouden toch met cijfers komen??
14. svenhedin 29 februari 2008 16:16

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    quote:

    welshterrier schreef:

    toch is er weinig omzet vandaag, ze zouden toch met cijfers komen??
    

    Deze dag is nog langgggg.
    Er wordt nog eens extra aan de boom geschud.
    Ook het algehele sentiment zit tegen.
    
    De codes op Arca vliegen je om de oren, had ik maar doorgestudeerd.
15. [verwijderd] 29 februari 2008 16:30

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    quote:

    welshterrier schreef:

    toch is er weinig omzet vandaag, ze zouden toch met cijfers komen??
    

    daar is verwarring over...las gister op yahoo dat de cijfers nu weer op 6 maart komen.
    ik ben er helemaal uit nu.
16. svenhedin 29 februari 2008 16:50

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    De handel beweegt zich nu in 70 ct met 4 cijfers achter de komma, schiet lekker op deze manier.
    Vooral een prijs 5000 x 0,7001 (scheelt altijd nog een halve dollar).
17. [verwijderd] 29 februari 2008 17:08

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    quote:

    rac69 schreef:

    [quote=welshterrier ]
    toch is er weinig omzet vandaag, ze zouden toch met cijfers komen??
    [/quote]
    
    daar is verwarring over...las gister op yahoo dat de cijfers nu weer op 6 maart komen.
    ik ben er helemaal uit nu.
    

    Klopt ja , vandaag geen cijfers dus...Maar 6 maart is wel een harde datum. BRLC is verplicht om dan met cijfers te komen. Blijft nog even spannend dus...
18. [verwijderd] 29 februari 2008 17:16

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    quote:

    welshterrier schreef:

    toch is er weinig omzet vandaag, ze zouden toch met cijfers komen??
    

    Volume 17:15 uur:1,494,778
    Gemiddelde: 2,307,100
    Koers $0.72
    Toch niet echt weinig omzet.
19. svenhedin 29 februari 2008 17:22

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    Stukje hoger, herhaling van gisteren naar 0,85 ??
20. welshterrier 5 29 februari 2008 17:58

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    mijn bericht was van 16.00 uur
21. [verwijderd] 29 februari 2008 18:06

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    Heb een pluk opgepikt voor $0,73. De toon van het persbericht is er niet één van paniek in de tent..tis een gok