Bankruptcy News

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

Post-Bankruptcy Stocks / Healthcare Equipment & Services

Biovest International Plan Confirmed

The U.S. Bankruptcy Court confirmed Biovest International’s First Amended Plan of Reorganization, dated June 10, 2013. The Plan provides for, among other things, cancellation of all presently outstanding common stock in the Company, which common stock shall cease to trade or be recognized as an ownership interest in the Company as of the effective date of the Plan. In addition, the Plan provides for the conversion of virtually all pre-petition debt into new common stock of the reorganized Company, as follows: (i) all outstanding indebtedness due to the Company’s senior secured lenders, Corps Real and LV Administrative Services, totaling approximately $44.0 million, will be converted into new equity representing 93% of the issued and outstanding common stock in the reorganized Company; (ii) approximately $5.5 million of unsecured indebtedness outstanding under the Company's pre-petition unsecured debt obligations will be converted and exchanged for new equity representing 7% of the issued and outstanding common stock in the reorganized Company. The Plan further provides for the issuance of new shares of common stock in connection with the implementation of the Plan. The Company anticipates that it will emerge from bankruptcy in July 2013. This biotechnology provider filed for Chapter 11 protection on March 6, 2013, listing $4.7 million in pre-petition assets.

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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."