Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Banks / Diversified Financials

R&G Financial Plan Confirmed

The U.S. Bankruptcy Court confirmed R&G Financial’s Third Amended Chapter 11 Plan of Liquidation. According to documents filed with the Court, “The Debtor’s Plan contemplates an orderly liquidation of its remaining assets and ratable distribution of such remaining assets among its creditors. Substantially all of the Debtor’s parties in interest have reviewed, commented upon, and shaped the structure and design of the Plan. The Debtor submits that an orderly liquidation of its estate is in the best interests of all of its creditors.…” This banking services provider filed for Chapter 11 protection on May 14, 2010, listing total assets of $7.3 billion on its most recent pre-petition annual report filed with the SEC. The Company’s Chapter 11 petition indicated total assets of just $40.2 million. The asset discrepancy is the result of the April 30, 2010 Office of the Commissioner of Financial Institutions’ closure of R-G Premier Bank of Puerto Rico and subsequent appointment of the FDIC as receiver for the Bank.

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IBM: Not Yet Time to Swing at this Pitch

IBM’s stock underperformance since IBM’s current CEO took the helm in 2012 has been stark, with the shares declining 23% while the S&P500 Index has more than doubled. One big problem: revenue growth rate is zero, at best. Without revenue growth, what’s left to entice investors? The real driver of value at IBM – free cash flow that is used to repurchase shares. Can IBM borrow its way to shareholder prosperity as its cash flows shrink? What to do with IBM shares? Wait for a better pitch in the form of a catalyst or much lower valuation. Read More.

Comparing Stocks Vs. Bonds

While the common stock of a turnaround candidate usually has the greatest upside potential, other classes of securities, such as bonds or preferred stock, may offer attractive profit possibilities with less risk. Many turnaround companies have only one class of securities available to investors but where there are different classes to choose from, it can pay to do a little extra analysis of the various options.

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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."