Bankruptcy News

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

Telecommunication Services

FiberTower Plan Filed

FiberTower filed with the U.S. Bankruptcy Court a Second Amended Chapter 11 Plan and related Disclosure Statement in order to accommodate certain modifications requested at the October 29, 2013 Disclosure Statement hearing. According to documents filed with the Court, “In summary, the principal terms of the Plan...are as follows: (i) the holders of the 2016 Notes...will receive one hundred percent (100%) of the common equity in Reorganized FiberTower, in the form of shares of New FiberTower Common Stock; and (ii) Reorganized FiberTower shall receive one hundred percent (100%) of the New FiberTower Subsidiary Equity Interests in Reorganized FiberTower Network Services and Reorganized FiberTower Licensing, and Reorganized FiberTower Licensing shall receive one hundred percent (100%) of the New FiberTower Subsidiary Equity Interests in Reorganized FiberTower Spectrum, such that the Debtors’ corporate structure shall effectively remain in place following the Effective Date and (iii) the holders of the Allowed 2016 Deficiency Claims, Allowed 2016 guaranty Deficiency Claims, Allowed 2012 Claims, Allowed 2012 Guaranty Claims, and Allowed General Unsecured Claims will receive their Pro Rata share of the Litigation Trust Interests. The Litigation Trust shall hold and administer the Litigation Trust Assets (consisting of claims or Causes of Action arising under Chapter 5 of the Bankruptcy Code and the Estate D&O Claims or the proceeds thereof) for the benefit of the Beneficiaries.” The Court scheduled a January 15, 2014 hearing to consider confirming the Plan.

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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."