Destination Maternity Corp (CE) (DESTQ) Quote

Hello again, chemist and others. As for DESTQ, I'm still trying to get my broker, Fidelity, to recognize the loss this year. I called them, since the ticker is showing $0 value, and asked them if I can get a 1099 to offset my gains in other tickers. They said not until more time goes by. I seriously don't understand what they're waiting for. But definitely am going to report a loss, one way or another. I only had 18,000 shares left over (~$500 in equity) from share flipping when the music finally stopped about two years ago. That'll be worth $100 or so in taxes so it's a small matter between me, my broker and the IRS. Shame that as we talk about tax losses, that the owners of DEST weren't able to salvage any of the value they had in this company. They just quit and walked away from a $50 million dollar business? Shame on them (and us, for trusting them with our money).

Anyhow, I'm currently invested in $ME and that's a double entendre :) I am doing lots of self care and I also bought that solid stock that rallied 10%+ today with some FDA-related news.

DESTQ: SEC registration revoked.

https://www.sec.gov/litigation/opinions/2023/34-96825.pdf

Also, SEC registration revocation was a foregone conclusion.

Just took the SEC about 1 year to get around to actually prosecuting this case!

Believe company was dissolved:

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=167350061

Revocation proceedings are underway by the SEC, so there is zero chance of that happening.

Ok, I understand that we can only record the handicaps or wait for someone to take custody of DESTQ? Anyone dare to request it?

The “reorganization” is complete. They sold the assets to the stalking horse bidder. There wasn’t enough to pay the debt so shareholders get nothing. Stock registration will eventually be revoked.

Only the company or BK Court can provide that information.

Best o' luck.

And when is this reorganization planned ? Are we talking about months or years?

Thank you for your always valuable information.

The company has not filed any Financials for 3 years plus the company is in bankruptcy. The SEC Admin. Law Judges will absolutely revoke the company's SEC registration so there will no ticker/symbol when that occurs, but shareholders will still own shares with an identifying number. Perhaps the bankruptcy Judge will address the NOL's when the company is either reorganized under Chapter 11 or dissolved under Chapter 7.

What does this mean ? do we have any hope? what about the NOLs? could it be a shell?


thanks Renee

DESTQ: SEC ADMIN. Proceeding for severely delinquent Financials:

https://www.sec.gov/litigation/admin/2022/34-95514.pdf

The only hope is a new shell. a new company that wants to enter the OTC market and take advantage of the DESTQ shell ...

Corvatsch thanks man I really hope your words come true and also wish a nice lambo for yourself also. I really had high hopes for this stock but still you never know what it can do one day.

anyway it's okay ... it's nice to see that there are still some who buy ...
one day (not too far) with your purchase on DESTQ, the Lamborghini will be yours ...

It was me my bid for 500k shares that I had in forever got hit. My average was 0.015 at 150k shares. Sorry I wish something was going on. Just lowering my average at this time. Take a stab at it

attention is there something boiling in the pot? shell ...

345,000 pieces traded +9.900% ...
$ 0.0001

I suppose that's a possibility.

But I decided to sell and use the loss as an offset to some of my profits in 2021. That was my "fallback" position from the beginning.

If this ticker does somehow survive and become a potential shell, I can always buy back some shares down the road.

In the meantime, its "sayonara".

Thanks for your time and work! Maybe the last hope will be that someone takes custody and uses $DESTQ as a shell looking for a Meger!

My final wrap up (almost).

Judge signed an order that will result in the final dissolution of the entity Destination Maternity (see docket 1229). Here is the "killer" statement from that docket: For the avoidance of doubt, upon the dissolution of the Debtors, any remaining directors and officers of the Debtors shall be dismissed from their positions and shall have no further obligations to the Debtors or their stakeholders .... From the final monthly report, there was about $3M cash available to the debtors. Those funds are already spoken for and approved by the court in an order regarding distributions on ALLOWED ADMINISTRATIVE CLAIMS AND SECURED CLAIMS (see docket 1220).

I will post a "final" wrap up, if I find an announcement on the final dissolution of DESTQ. This may not be published by the court but may end up in some newspaper/magazine article.

Or DESTQ may die silently in peace. RIP

Someone just made 50 to 1? Wow.

Theft of these shares, I don't even know how to buy shares of this at 0.0002 if I'd wanted to!

Quite the volume jump and all shares traded above .0001…any ideas as to why?Seems too large for tax write off and who’s buying above the dead price of trip ones??

Sorry, but I'm not following this stock anymore.

https://cases.primeclerk.com/DestinationMaternity/Home-DocketInfo

there is only this news.

file:///C:/Users/marco/Downloads/14122021023628DN1209AmendedAgendaReschedulingHearing10_8207_20211412142812644.pdf

what happens today in $DESTQ? News ?

Nice summary. And my condolences to all.

Sometimes when a company says it intends to cancel all shares, they mean it, NOLs not withstanding.

I still find it curious that when DEST transferred all their material assets to Marquee, they did not include their NOLs. That's originally what piqued my interest in this ticker and still does to this date.

I can only surmise that Marquee Brands never intended to become a public company. For that is the only reason why they might have been able to use the NOLs from DEST.

RIP DESTQ

Well, I guess that settles, once and for all, what was truly meant by the disclaimer about imminent share cancellation, in DEST's original chapter 11 filing, right? It was written in plain english. Therefore, those that read and understood the dockets continue to have the apparent edge over some folk that prefer to draw fictitious conclusions from "charts" like a crystal ball.

True, this was always a lotto play for us. I was always appreciative of chemist72 and the dialog that we were able to start here around real prospects, rather than fictitious book values and wishful thinking. I only wish that there'd been a resource for shareholders to have a say in what went down before the share cancellation. Had there been, perhaps all our early misgivings about the auction's "preferred bid" giveaway, duplicate claims and canceled hearings might have gotten some response on the part of the company. Instead, we were left with some false hopes and no outlet for keeping pressure on the company to drive any residual value to the shareholders.

"Dissolution" means DESTQ will no longer exist as a legal entity.

There are no NOLs; there is no shell; basically there is nothing left.

I will be surprised if anyone is able to do anything with any DESTQ shares that they might still hold.

I sold the last of my shares on 10/25 after DESTQ filed a motion to have their BK case dismissed. Was able to sell my shares for $.0001 - got back $1.05 after commissions. -LOL

Does this mean that it is the end of $DESTQ? No one will take advantage of the NOL'S? Or is there hope that it is a shell and some custodian takes control?

Its all over. Judge signed dissolution order 11/22/21*.

*See docket 1185. Each of the Debtors is hereby immediately dissolved and shall cease to exist for all purposes as of the date of this Order and shall be deemed to have been fully and finally dissolved for all purposes under Delaware or other applicable law without the necessity of any further filing or actions to be taken by or on behalf of the dissolved Debtors;

It's good ?

https://cases.primeclerk.com/DestinationMaternity/Home-DocketInfo...

News?

Notice of Agenda of Matters Scheduled for Hearing Filed by Destination Maternity Corporation. Hearing scheduled for 11/22/2021 at 11:00 AM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #1, Wilmington, Delaware.


https://cases.primeclerk.com/DestinationMaternity/Home-DocketInfo

Thank you, I said it for a company that I have followed for a long time and that has not just stabilized ... specifically BYOC, I think it only has a debt of 5.5 million but 65 million in deficits I suppose that it is tax deductible, my knowledge of 10Q is limited

Depends on current corporate tax rates.

Before the recent corporate tax rate decrease NOLs were valued at about 30%. With current corporate rates about 20%, NOLs shouldn't be valued at more than 20% of their face value.

This is just an approximate rule of thumb. Would take a professional accountant to figure out a more accurate valuation.

chemist72 a question about tax benefits (it's another company), if it has a cumulative deficit of $ 65 million, how much would it be valued approx? Thank you

There were more than 4 claims, I just posted the links to the first group.

Nah, the aggregate amount of these four claims was $4,216.

Saw it, thank you.

I'm still concerned about the lack of cash to pay the claims in full by now. Could mean commons will be canceled. The withdrawal of a few claims does not make me feel more secure about my 20,000 shares, unfortunately.

I had signed up for the filing emails not sure if anyone saw this. Maybe I did give this up for dead too soon, but for those still holding...

Date Filed
Court Docket #
Document Name
10/26/2021
1149 Withdrawal of Claim(s): 845 Filed by The County of Brazos, Texas. Filed by Texas Taxing Authorities.
Link to .pdf filing

10/26/2021
1148 Withdrawal of Claim(s): 846 Filed by The County of Denton, Texas. Filed by Texas Taxing Authorities.
Link to .pdf filing

10/26/2021
1147 Withdrawal of Claim(s): 849 Filed by The County of Hays, Texas. Filed by Texas Taxing Authorities.
Link to .pdf filing

10/26/2021
1146 Withdrawal of Claim(s): 844 Filed by Central Appraisal District of Taylor County. Filed by Texas Taxing Authorities.
Link to .pdf filing

There are more filings if you want to look at the docket

The lack of transparency from this company throughout the bankruptcy process has been ludicrous. I should have known when they canceled the auction that this could be toast, since the only upside at that time, there being no assets left as of the sale, would have been if a stalking horse bidder had sunk millions of equity into acquiring "the brand name."

I appreciate the chemist for creating a positive dialog here and for allowing us to see both sides of the coin all along.

Kudos to the former mod who apparently took the money and ran. His only "diligence" being that he'd apparently had a horrible misread of the Chapter 11 terminology, and that he somehow believed DEST would outlast its claimants but instead they blinked first.

@corvatsch - I sold today too at 100% loss. I am however very curious to learn how this plays out for anyone that continues to hold. I hope you will update this board on how it turns out for you. I will keep watching and hope this turns out as a win for you.

in my opinion it's not over yet ...
You give her for dead, but DESTQ she's not dead ...

C B L A Q

Send me a post from one of the iHub bankruptcy boards linked below. We can discuss further there!

https://investorshub.advfn.com/Bankruptcy-Plays-Chapter-11979

https://investorshub.advfn.com/Bankruptcy-Q-Players-Bqp-15425

Thanks chemist72 no gains this year haven’t played much in years. I have done a little well in the past with bk plays but I always left too quick and literally left a few million on the table on a couple of them :( I thought this one would maybe get to 0.20-0.25 with the low float. Anyhow keep me in your thoughts if you come across any other bk’s I love playing them.

If you want to claim a "capital loss" on your 2021 tax return, the simplest and easiest way to do so is to sell your shares before the end of the year and, more importantly, to sell them BEFORE they become untradeable.

Today I was able to sell 2 lots of shares with 2 different brokerages. At Schwab, I was able to place a sell order "at the market". Those shares traded at $.0001; TDA would not accept an at the market order, only a limit order. So I placed a limit order to sell some shares at the same price through TDA. That is at a limit price of $.0001.

I wasn't going to play games and try to sell at a higher price. I was just happy that an MM was able to complete those trades for me.

IF I waited until I wasn't able to sell those shares (which may happen after DESTQ cancels their shares), then I would have to prove to the IRS that the shares were worthless. I don't know how easy or how difficult that might be, so I was happy to sell my shares at any price.

Below are a couple of links that explain somewhat how to claim a worthless stock tax deduction.

https://thelawdictionary.org/article/how-do-you-report-capital-loss-on-stocks-from-companies-that-went-bankrupt-and-went-away-like-enron/

https://www.irs.gov/faqs/capital-gains-losses-and-sale-of-home/losses-homes-stocks-other-property

If someone prepares your taxes for you, you may want to consult them to be sure.

But, in any case, good luck to you this year and next!

So to get the tax loss is now the right time to put in the sell order or just let the shares sit? I made profits other places so at the very least I would like to take advantage of the loss.

If you have some capital gains this year, you can use your losses from DESTQ to offset some of those gains and, thereby, reduce your tax bill.

My tax savings will amount to about $250 from my DESTQ losses. That's a lot more than the <$1 in proceeds I received from my last sale of DESTQ shares.

(To be exact the proceeds from my last sale were $.05 - yep, a lousy nickel. LOL)

Hey chemist72 thanks brother for the reply. It is what it is like you said a gamble and would of Being nice to have something go my way for once but that’s how the cookie crumbles. I would let my shares collect dust no point of even trying to sell now. All the best and thanks for the all the hard work