Attention, those of you who own Excel Maritime Carriers, Ltd. (EXM): EXM is filing for Chapter 11 bankruptcy and has been delisted and changed its ticker to EXMCF. This will likely leave the stock price with little or no value in the future. In the event of a re-organization, new shares will be issued. The old shares are essentially worthless. At this time we recommend selling the shares and recognizing the loss in the Snider Investment Method.
We recommend these steps to close the EXM position:
• Sell all your EXM shares. Use a Limit Order. Set the Limit price as the last price or slightly below it.
• Record the information about the sale on your Individual Stock Purchase Record.
• Complete the “Profit from Closed Position” portion of the Individual Stock Purchase Record. In this case ‘Profit’ will be negative.
• Record the loss on the Monthly Stake Worksheet.
• Remove EXM from your Allocated Cash Worksheet.
LattcoPro clients: the calculations and adjustments will automatically be done the moment you sell your shares of EXM and update activity.
Bankruptcy is a risk of the Snider Method. Although, we attempt to avoid financially unstable companies through our screening process, the screens are not foolproof. We understand your concern and frustration about this situation.
If you have any questions, please don’t hesitate to contact us at 1-888-6-SNIDER or support@snideradvisors.com. We’ll be happy to walk you through the process.
