Recommendation Updates

Follow the latest news on active Turnaround Letter purchase recommendations.

Large Cap / Banks

Bank of America Purchase Offer Announced

On January 19, 2012, Bank of America Corporation (NYSE: BAC) and its wholly-owned subsidiary Merrill Lynch & Co., Inc. announced the commencement of an offer to purchase certain subordinated notes listed in the table below for aggregate cash consideration of up to $1.5 billion or its equivalent in the currencies in which certain of the notes are denominated. The following table lists the various series of notes that are subject to the offer: 6.50% Subordinated Notes due September 2037; 6.22% Subordinated Notes due September 15, 2026; 6 7/8% Subordinated Debentures due 2028; 8.125% Subordinated Fixed Rate Notes due June 2, 2028; 7¼% Subordinated Notes due 2025; 4.625% Subordinated Notes due February 2017; 6.80% Subordinated Notes due 2028; 5.25% Subordinated Notes due November 2016; 5.15% Subordinated Notes due May 2017; 5.42% Subordinated Notes due March 15, 2017; 6.70% Subordinated Debentures due 2028; 5.50% Fixed Rate Registered Notes due November 22, 2021; Floating Rate Subordinated Notes due 2016; 5.70% Subordinated Notes due May 2, 2017; 6.050% Subordinated Notes due May 16, 2016; 4.625% Fixed Rate Registered Notes due September 14, 2018; 4.00% Fixed/Floating Rate Callable Subordinated Notes due March 2018; 4.75% Fixed/Floating Callable Subordinated Notes due May 2017 and 5¼% Subordinated Notes, due 2015.

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Identify & Profit from Distressed Investing

Free Report: Turnaround Investing Mistakes

Turnaround Investing Blog

Turnaround Investing Blog

Is there value in bankrupt PG&E’s stock?

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.

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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.

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Turnaround Letter Stock Pick Named Top Performer of 2017

 

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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."