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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Amazon = US GDP 1970

Amazon joined Apple in reaching a $1 trillion market capitalization. $1 trillion is about the same as the total value of New York City property and the total value of loans at JP Morgan, the nation’s largest bank in terms of assets. Jeff Bezos’ $160 billion stake would place him (personally) as the #33 largest company in the S&P 500 in terms of market cap, next to Coca-Cola, Disney and Netflix. We aren’t bold enough to predict whether the shares will continue upwards or if they are in a bubble reaching maximum inflation. Setting aside for a moment their investment prospects, let’s admire the truly remarkable milestone that these two companies have reached. Read More.

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."