Bankruptcy/Chapter 11 / Energy
Valence Technology Plan Confirmed
The U.S. Bankruptcy Court issued an order confirming Valence Technology’s First Amended Plan of Reorganization, and the Company concurrently closed on a $20 million loan provided by its new owner, Berg & Berg Enterprises. Valence Technology’s common stock (which traded over the counter with the symbol VLNCQ) was cancelled effective November 13, 2013. “As Valence emerges from Chapter 11, we are a stronger, better capitalized and more competitive company with a solid foundation for future growth,” says chief executive officer and president, T. Joseph Fisher. This phosphate-based lithium-ion energy systems provider filed for Chapter 11 protection in July 2012, listing $32 million in pre-petition assets.
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Identify & Profit from Distressed Investing
Turnaround Investing Blog
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.
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.
Turnaround Letter Stock Pick Named Top Performer of 2017
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."
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