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 / Diversified Financials / Post-Bankruptcy Stocks

Lehman Brothers Australia Chapter 15 Petition Filed

Lehman Brothers Australia (LBA) filed for Chapter 15 protection in the Southern District of New York, case number 12-10063. According to documents filed with the Court, “On September 26, 2008, soon after LBHI’s chapter 11 filing, LBA’s board of directors appointed Stephen Parbery and Neil Singleton of PPB Advisory as administrators of LBA, pursuant to Chapter 5, Part 5.3A, Division 2, section 436A of the Corporations Act….LBA’s directors appointed Messrs. Parbery and Singleton as administrators because they believed that LBA was, or was likely to become, insolvent following LBHI’s chapter 11 filing. Initially, Messrs. Parbery and Singleton were appointed as voluntary administrators to LBA, and in such role, they worked with LBA’s various stakeholders to develop a Deed of Company Arrangement (‘Deed) providing for the winding up of the LBA estate. On June 12, 2009, following the execution of the Deed by LBA, Messrs. Parbery and Singleton were appointed as Deed Administrators. Ultimately, the Australia Court declared the Deed to be void and of no effect and ordered that LBA be wound up.”

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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

 

stock market advicex

 

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."