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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Books we Recommend for the Holidays

Looking for a stocking-stuffer for the investor or businessperson in your life, or perhaps for yourself? Don’t have a lot of time to stroll through a brick-n-mortar bookstore or wonder which books among Amazon’s endless inventory are actually worth buying? Our list, assembled by George Putnam and Bruce Kaser, includes some fascinating new titles as well as several timeless classics about successful investing and leadership. All are valuable reads which any recipient will be thrilled to dive into. 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."