Bankruptcy News

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

Monitor Company Group Limited Partnership Conversion Approved

The U.S. Bankruptcy Court approved Monitor Company Group Limited Partnership’s motion to convert its Chapter 11 reorganization case to liquidation under Chapter 7. On January 11, 2013, the Court approved the sale of substantially all of the Debtors’ assets to Deloitte Consulting and DSCH Limited, and the sale closed on January 11, 2013. As previously reported, “Upon the Sale, the Debtors ceased business operations. Since the closing of the Sale, the Debtors’ principal activity has been to effectively administer the TSA. Once the TSA expires, the Debtors will have no further tasks to perform that could not be performed by a chapter 7 trustee. The Parties have conferred and assert that (i) there is no ‘reasonable likelihood of rehabilitation’ for the Debtors, (ii) there is no realistic prospect of confirming a chapter 11 plan, and (iii) remaining obligations under the Deloitte Asset Purchase Agreement can be completed by the chapter 7 trustee after conversion of these cases. In addition, in the absence of conversion, the administrative burdens of the chapter 11 cases would cause diminution in the value of the estates’ remaining assets. Therefore, the conversion of the Debtors’ chapter 11 cases to cases under chapter 7 of the Bankruptcy Code is necessary and appropriate.” This global consulting firm filed for Chapter 11 protection on November 7, 2012, listing $227 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."