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 / Bonds

TOUSA Plan Filed, Supporting Memorandum Filed

TOUSA and its official committee of unsecured creditors filed with the U.S. Bankruptcy Court a revised Amended Joint Plan of Liquidation and related Exhibits, including an amendment to the inter-creditor settlement agreement and revised schedule of term loan lender disgorgement payments. A related Disclosure Statement was not filed. The Company and its official creditors’ committee also filed a memorandum in support of Plan confirmation, asserting, “Three years of mediation and several months of intense negotiations regarding documentation of the grand bargain yielded the Joint Plan. The Joint Plan, a carefully crafted and extremely fragile agreement - with each provision closely intertwined and dependent on the whole - is supported by the Debtors, the Committee, the First Lien Revolver Agent, the First Lien Revolver Sub-Agent, the First Lien Term Loan Agent, the Second Lien Term Loan Agent, the First Lien Revolver Lenders, the First Lien Term Loan Lenders, the Second Lien Term Loan Lenders, the Settling Transeastern Lenders, MatlinPatterson, Aurelius, Monarch, the Directors and Officers and the Settling D&O Insurers. It is no surprise that the Debtors’ creditors voted overwhelmingly in favor of the Joint Plan. And…, two of the four objections standing in the way of confirmation have been resolved and the two remaining objections should be overruled….After more than five years in chapter 11, with the support of each of the Debtors’major stakeholders, it is time to bring an end to these cases. The Joint Plan should be confirmed.”

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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."