Large Cap / Banks
B of A Solicitation Announced
On December 1, 2011, Bank of America Corporation (NYSE: BAC) that it is soliciting consents to proposed amendments from holders of the following outstanding Preferred Hybrid Income Term Securities (collectively, the “HITS”): (1) $700 million outstanding in Floating Rate Preferred Hybrid Income Term Securities and (2) $850 million outstanding 5.63% Fixed to Floating Preferred Hybrid Income Term Securities. Bank of America is soliciting consents from security holders of record as of November 30, 2011, to amend the declaration of trust governing each series of HITS. The Company is offering to pay each holder who validly delivers, and does not revoke, its consent before the consent solicitation expires, a payment of $2.50 for each $1,000 in liquidation amount of HITS, subject to satisfaction or waiver of certain conditions.
Read More Purchase Recommendation Updates
Identify & Profit from Distressed Investing
Turnaround Investing Blog
In nearly every case, the shares of a company in bankruptcy become worthless. In very rare cases, however, they can become great investments. W.R. Grace (NYSE:GRA) shares produced a 75-fold return, as an example. With California utility PG&E (NYSE:PCG) now in bankruptcy, the range of possible outcomes for its equity is wide.
EV/EBITDA: What Is It & Why Are We Using It More?
In reading recent editions of The Turnaround Letter, you have probably noticed that we are increasingly using EV/EBITDA as a valuation measure, rather than the better-known price/earnings multiple. We thought it might be useful to describe this measure and why we like it.
Turnaround Letter Stock Pick Named Top Performer of 2017
What Last Year's Top Stock Pickers Are Buying in 2018
This Forbes write-up follows up on the recent Top Stock Tips report--naming The Turnaround Letter's Crocs recommendation the top performer of 2017: With 90% gains, CROX beat out 100 other investment ideas included in the report; and the stock continues to have value investing appeal, according to Putnam.
George notes, "We see additional upside for the stock in 2018 as management's efforts continue to bear fruit, though the gains will likely be more muted than we saw in 2017."
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