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

Global Axcess Chapter 11 Petition Filed

Global Axcess and three affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Nevada, lead case number 13-51562. The Company, which provides turnkey ATM and other self-service kiosk management solutions that include cash and inventory management, project and account management services, is represented by Gabrielle A. Hammof Gordon Silver. The Company concurrently announced that it has entered into as asset purchase agreement with stalking horse bidder Financial Consulting & Trading International, a wholly-owned subsidiary of Seven Bank, to acquire substantially all of the assets of the Global Axcess’ ATM operating business. The DVD assets will be sold under a separate process. According to the Company, “The ATM business sale will potentially allow the Company to emerge with the strong financial backing of a new owner with substantial experience in the ATM industry.” Global Axcess has obtained a commitment from Fifth Third Bank for debtor-in-possession financing of approximately $1.5 million, subject to Court approval. According to documents filed with the SEC, “…[A]s a result of the Company’s filing under Chapter 11 with the Bankruptcy Court, it is expected that the Company’s equity holders will experience a complete loss of their investment.” Also, on August 1, 2013, Kevin L. Reager resigned as chief executive officer, chief restructuring officer and as a director of the Company, but Reager remains as president. The board named David Bagley, a managing director of MorrisAnderson & Associates, as Global Axcess’ new chief operating officer.

Read more Bankruptcy News

Identify & Profit from Distressed Investing

Free Report: Turnaround Investing Mistakes

Turnaround Investing Blog

Turnaround Investing Blog

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.

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.

Read More.

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."