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 Confirmation Reported

Kirkland & Ellis, as attorney for TOUSA, announced that the U.S. Bankruptcy Court confirmed TOUSA’s Amended Joint Plan of Liquidation, although a formal confirmation order has not yet been docketed. Judge John K. Olsen commented, “People negotiated this plan painfully. This is an integrated document.” Under the Plan, first-lien revolver claims of $16.6 million would see a 50% recovery, and first-lien loan claims of $206.2 million receive a 56% recovery. Second-lien term loan claims of $320.4 million would see a 4% recovery, and second-lien note claims of $573.5 million are eligible for a 58% recovery. General unsecured claims, which total $106.7 million, would see at least a 5% recovery. This home builder filed for Chapter 11 protection in January 2008, listing $2.8 billion in total assets.

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Turnaround Investing Blog

Turnaround Investing Blog

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."