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 / Energy

John D. Oil & Gas Chapter 11 Petition Filed

John D. Oil & Gas filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Western District of Pennsylvania, case number 12-10063. The Company, which engages in extracting and producing oil and natural gas products and drilling oil and natural gas wells, is represented by Robert S. Bernstein and Bernstein Law Firm. The Company filed a motion for approval to obtain debtor-in-possession financing from Richard M. Osborne, chairman and C.E.O., in the form of a super-priority loan in the aggregate principal amount of up to $300,000 at an annual interest rate of 2%. According to documents filed with the Court, “Osborne has, in the past, infused significant amounts of capital on behalf of John D. to make various secured payments for obligations for which he is also personally guaranteed.”

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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


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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."