Spectacular Solar Inc (CE) (SPSO) News

FWIW...final BK decree filed today

https://storage.courtlistener.com/recap/gov.uscourts.njb.1093184/gov.uscourts.njb.1093184.88.0.pdf

https://www.courtlistener.com/docket/65639885/spectacular-solar-corp/

Really do not care.

Nonsense to even look at SPSO.

My mistake for posting in the first place.

Here's today's level 2 from Schwab Think or Swim--same as it's been since they went Expert---not that it means anything

Yes i know that.Well aware of that.

However bid and asked have always been displayed. Today they are not.

Bid was always .0002 and the asked was always .02.

Even though you had to call for a quote.

Expert market---no public quotes

https://www.otcmarkets.com/stock/SPSO/overview

Well, it looks as though SPSO is now dissolved (or not a public company anymore).

There is no BID OR ASKED shown, none none supplied by brokers or MM's.

Previous bid was .0004 .

Pretty funny:

Remember D. Heck former CEO of SPSO. He was sued last year for fraud--- Adversary case 23-01096 Complaint by FARMPLAST LLC, Douglas Heck against Douglas Heck. . (62 (Dischargeability - 523(a)(2), false pretenses, false representation, actual fraud)) (Ruggierio, William)

https://www.pacermonitor.com/public/case/48490977/FARMPLAST_LLC_v_Heck

I am sure there were others.

Kinda says it all:


Last traded price
$0.0000 -$0.0001(-99.00%)

Today's volume 10:32:46 AM
4.5K
Below Avg.
Today's range
$0.0000$0.0000


Previous close
$0.0001
Today's open
$0.0000

How many years is this plan for?

NOTICE PURSUANT TO 11 U.S.C. §1183 OF SUBSTANTIAL CONSUMMAATION OF DEBTOR’S PLAN OF REORGANIZATION

The Debtor having filed its Subchapter V Plan of Reorganization on February 14, 2023, and the Court having confirmed the Plan pursuant to 11 U.S.C. §1191(a) by Order of the Court being entered on April 25, 2023; the Debtor hereby provides notice that the Plan has been Substantially Consummated in that:

1. There has been a transfer of all or substantially all of the property proposed by the plan to be transferred;
2. The Debtor has assumed the management of all or substantially all of the property to be dealt with under the Plan; and
3. Distribution of Plan payments has commenced.

Dated: November 7, 2023 /s/ Marc C. Capone____
Marc C. Capone, Esq.
Counsel for the Debtor,
Spectacular Solar, Inc.

Chapter 7?

TO: Holly Smith Miller________________________________
FROM: Clerk’s Office
CASE NO./NAME: 22-18522 Spectacular Solar Corp________________________________
DATE: November1,2023________________________________

In reviewing this case to determine if it is ready for closing, it has been noted that the following
document(s) have not been filed:

X Other: Subchapter V Trustee's Report of No Distribution

IF ASSETS ARE CONTEMPLATED IN A CHAPTER
7 CASE, SUBMIT NOTICE OF DISCOVERED ASSETS
Please forward the above document(s) to the Court within ten (10) days; if they cannot be
forwarded, please notify the Court. If the document(s) are not forwarded and no response is
received, the case may be closed, or listed for Status Conference. Your cooperation is greatly
appreciated.
PLEASE ENCLOSE A COPY OF THIS MEMO WITH ANY SUBMISSION
JEANNE A. NAUGHTON, Clerk
rev.1/4/17
Case 22-18522-CMG Doc 84 Filed 11/01/23 Entered 11/01/23 10:59:08 Desc Main
Document Page 1 of 1

This has taken such a long time to resolve
Hopefully it gets re listed on the OTC and the present management stays current with filings

Intent to close Chapter 11 case on Nov 7 barring objections filed today:

https://storage.courtlistener.com/recap/gov.uscourts.njb.1093184/gov.uscourts.njb.1093184.81.0.pdf

https://www.courtlistener.com/docket/65639885/spectacular-solar-corp/?filed_after=&filed_before=&entry_gte=&entry_lte=&order_by=desc

Current market cap of SPSO IS:

Market Cap
$129,850
09/06/2023

Market Cap
$86,567
08/07/2023

432,833,167 (SHS. O/S) * .0002 (last traded price) = $86,567

Amazing.

Funny, last traded price in the expert market was .01, which is higher than the last traded price when it was listed.

Of course it is irrelevant since the next trade in the expert market could be IE: .0009 or lower.

Like what?

They cannot do anything unless it is approved by the bankruptcy court.

This will be under court control until at least October 2023--minimum.

No I didn't call this company. Just curious to see if they do anything.

Good question. Have you ever tried to call the company? The Grey market has control of trading. Ughhhh

Is this ever going to file? VP 02/2023

website is back online

SPSO is not filing their monthly Small Business Monthly Operating Report anymore.

Last time was on 4/17/2023.

They cannot even file with the courts!

Trustee got paid:

https://storage.courtlistener.com/recap/gov.uscourts.njb.1093184/gov.uscourts.njb.1093184.79.1.pdf

180.95K shares were traded today--- last trade was @ .0005.

This is really sad.

At the last traded price (expert market today) 1000 @ .0002 the Market Cap of SPSO is $86.6k

There was also a court hearing today.

Doesn't look to me that anyone has any faith SPSO will continue as a company.

Not we.

I sold this way before it went to the expert market

All shareholders had plenty of warning.

I do not believe SPSO will remain a public company.

The only way shareholders will get some money (not gains) out of this depends on the price they get for the shares a private company will pay for it (or private individual owners).

SEE MY PREVIOUS POST #18187

Means that we are trapped in the matrix
Not sure about management intentions but anyone wanting out will take a complete loss. My mistake was that I trusted that them ??

I would like the see what other shareholders think. I hope they ate not in denial

Don't know what this means, but tdamertrade just posted a 1000 sh. trade @ .0002.

Price
$0.0002



Day's Change
-0.0058 (-96.67%) @3:55pm June 1, 2023


Volume
1,000 @ 3:55pm

Day's High
0.0002

Day's Low
0.0002

THE OTC WEBSITE CONFIRMS IT:

https://www.otcmarkets.com/stock/SPSO/quote

Looks like they are refusing to provide adequate information to shareholders The bankruptcy seems to have kept the share structure in tact. In fact, heck gave up preferred shares. Can anyone explain what obligations they have to shareholders?

Redirects to a suspended page most likley due to non payment of web hosting fees.

Their web page seems to be "under construction ". Check it out. Not sure what that really means

Shareholders were in the dark when SPSO was trading but at least there was the OTC website to get any little info available.

Now shareholders are completely in the dark.

Last court update was on 5/20/2023 and when the next update is anyone's guess along with the bid/asked price being non existent.

This will go on until until AT LEAST 11/23.

Now that SPSO has been moved to the EXPERT market.

When will a lawsuit be filed?

I guess we are now subject to the "Expert Market." Bid/Ask quotes are not posted
Who knows what their intent is? Will they eventually file and become compliant again or will they go Gray and just operate privately or even sell the business.

What rights do shareholders have?

Yes, i knew what you meant.

But it doesn't matter SPSO will not thrive even when they come out of bankruptcy.
The management never cared about stockholders.

As i said, the CFO just wants to keep the company open, so he can collect his 10k a month,use of the cars,and T/E expenses.

He is not concerned with the stock price and doesn't care about the expert market since he owns no shares.

As per TDameritrade, you can sell your shares but you have to call them, not online.

Equity interest meaning common shareholders will not be canceled nor will there be new shares issued that will pro rata reduce current holdings---that was my only point

the pending expert market is another animal---there will be no public quotes---no retail trading with the big online brokers....people that hold thru the expert market fiasco will be betting the company files their disclosures and has a new 211 approved to get off the expert market at some point and regain quotes i.e. trading

GL--they've certainly made a mess of this

That is from old contracts that was before CH11 filings.. They recognize revenues at time of payment after completion from projects that were recorded as deferred revenue.

Talking about new contracts going forward.

Hold SPSO at extreme risk--- Real world.


Everyone can do what they want--most have fled SPSO shares and currently no buyers.

From their November 2022 bankruptcy report:

Net Income 483,683.83
I believe they did around $5 million in revenue last year?? I recall a prior post saying that they were working on filing the financials. That was why they filed an extension.at the end of March. Something just doesn't add up with all of this.

IMO, the bankruptcy did not dissuade customers from using their services. I recall that they did business under different company names.? Correct me if I am wrong.

Not filing apparently is by choice, they have all the numbers (financials filed with the court).


As of the last disclosure 3/31/2022 (filed 7/6/2022) both Al Francesco (CFO) and Michael Grynberg (Comptroller) held no shares in SPSO.

So they could care less if they go to the expert market.

The management just wants the company to continue (the CFO gets 10k a month +T/E and use of the cars), so it is a cash cow for him.

Who knows what the bid will be when they go to the Expert Market.

They didn't have much sales before CH.11 filing. Will be hard to get sales since people may be hesitant to do business with a company going thru a bankruptcy,
or a company that just came out of bankruptcy,

Just the real world.

What rights do shareholders have?
Has management been negligent not filing in a timely manner?
Hard to understand what kind of mess the financials were to be so late, especially for a company with revenues below $10 million yearly. Seems to raise a lot of questions.
I sincerely hope they will get things done and keep a listing on the OTC.

Who knows how long this will be in the expert market.

Point is to make a decision now to sell before the expert market.

In all likelihood the bid price ( if you can get it) in the Expert market will be lower than it is now.


SPSO is going nowhere even after CH.11 is filed.

Just a reality (there are exception,but few):

If a company declares bankruptcy, those shares will usually end up being worthless, so most investors try to sell the stock for whatever price they can get soon after a bankruptcy announcement.


Don't really believe current management has any plans to grow the company after CH.11, but to use it for themselves to receive cash as directors and salaries only, and of course use of the cars.


Stock is selling @.007, that is basically worthless.

Equity interest of what! The current value set by the Market is .007 a share.

Who knows what they will be left with.

My point is to make a decision now whether to sell holders before it goes to the Expert Market.

There proceedings will go on until Oct.2023 (could be extended possibly).

Just my opinion, SPSO has other motives , maybe taking the company private after the proceedings to a buyer. Do not believe they really have any intentions to grow the business after everything is settled.

Doubt the court has anything to do with it----Chapter 11 reorganization allows a company to keep operating----this company has been delinquent in their filings since way before they even filed for bankruptcy protection....

next week this will hit the Expert market absent a Hail Mary----there will be no public quotes and the retail brokers will not allow any opening transactions-----here is Etrade's blurb on the matter:

Issuers of OTC equity securities that fail to make current financial and other information publicly available, are insolvent, are under regulatory investigation or suspension, or are otherwise not in compliance with public company reporting requirements may become restricted to the “Expert Market.” In the event an OTC equity security that you own or may own in the future is classified as an “Expert Market” security, you may be prevented from selling that OTC equity security and the value of your OTC equity security may be significantly negatively affected or eliminated entirely. Specifically, opening transactions in “Expert Market” securities are not permitted and closing transactions in “Expert Market” securities will only be permitted under limited circumstances, subject to certain qualifications and restrictions.

Thanks Eli,
Is there ant reason why the judge would prohibit SPSO from paying OTC fees. Afterall, an OTC listing should add to the value of the company

The Plan of Reorganization (POR) states common shareholders will retain their equity interest

https://storage.courtlistener.com/recap/gov.uscourts.njb.1093184/gov.uscourts.njb.1093184.46.0.pdf document pg 21

The POR has been confirmed:

https://storage.courtlistener.com/recap/gov.uscourts.njb.1093184/gov.uscourts.njb.1093184.68.0.pdf

Just something to think about before SPSO goes to the expert market:

It's possible that the shares may regain value as the company emerges from bankruptcy. Or, as part of the reorganization of debt, the company may cancel old shares and issue new ones, leaving little or nothing to the original shareholders

NOT that is worth much now.

OK Thanks, but that takes us back to the original question: When will they finally file their financials? I recall that a company was working on them. I wonder what the heck was going on?

Yes, there is a way.

They have to re apply, when they finally file their financials.

Companies moved to the Expert Market from another OTC Markets tier can apply to relist on the OTC Pink or other OTC Markets tier by becoming an SEC reporting company, submitting a new Form 211, and meeting OTC Markets requirements for the particular tier.

There has to be a way that they can trade on the OTC. I don't like the Grey or Expert markets. How will potential investors come upon SPSO. I sure hope they straighten out this mess ASAP. They should provide some sort of update to investors.