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

Residential Capital Plan, Notices Filed

Residential Capital and its official committee of unsecured creditors filed with the U.S. Bankruptcy Court a Second Amended Joint Chapter 11 Plan. A related Disclosure Statement was not filed as a result of the August 23, 2013 Court order approving the Disclosure Statement. According to the Plan, “The Second Amended Plan, among other things, reflects a settlement (the ‘JSN Settlement’) among the Plan Proponents and certain of the Junior Secured Noteholders, the Ad Hoc Group, the Junior Secured Notes Indenture Trustee, and the Junior Secured Notes Collateral Agent (each as defined in the Second Amended Plan). The JSN Settlement has the support of Ally and certain of the Consenting Claimants and resolves the JSN Adversary Proceeding as well as the pending objections to confirmation filed by the Junior Secured Notes Indenture Trustee, the Junior Secured Notes Collateral Agent and the Ad Hoc Group.” The Company also filed a notice of proposed resolution of litigation regarding JSN claims and the opportunity to change votes with respect to its Second Amended Joint Plan. The notice asserts, “The details of the proposed settlement are set forth in the Second Amended Plan but, generally, provide, in addition to the treatment already prescribed in the Plan, for the payment to the holders of Junior Secured Notes Claims of a sum certain on account of post-petition interest, fees, and charges and the granting of certain releases and exculpations to certain parties, including the Junior Secured Noteholders that vote to accept the Second Amended Plan.” Residential Capital also filed a notice of satisfaction of secured claims, which asserts, “The Debtors are serving this Notice on all claimants holding Satisfied Claims (‘Claimants’) to provide them with an opportunity to object to the Debtors’ determination that such claims have been satisfied.” Residential Capital seeks a December 11, 2013 hearing to consider the Plan.

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Turnaround Investing Blog

Turnaround Investing Philosophy: 32 Years Later, Some Things Never Change

Recently I was asked how my investing perspective changed over the 32 years of publishing The Turnaround Letter. It's a fascinating question because change is constant, and often beneficial (although that's not a given) in the business world. If change is the norm, can investing principles stay constant? I firmly believe that they can. 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

 

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."