Bankruptcy/Chapter 11 / Media
FriendFinder Networks Plan Filed
FriendFinder Networks filed with the U.S. Bankruptcy Court a Modified Second Amended Joint Plan of Reorganization. A related Disclosure Statement was not filed as a result of the November 5, 2013 order approving the Disclosure Statement. As previously reported, “The Plan provides for the recapitalization of the Company by exchanging Allowed First Lien Noteholder Claims for a combination of New First Lien Notes and Cash and exchanging Allowed Second Lien Noteholder Claims for 100% of the New Common Stock of FFN and in certain circumstances, an additional Cash Distribution. The Plan provides that Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Priority Claims and Other Secured Claims shall be paid in full or otherwise unimpaired….The Plan does not provide for any recovery to Securities Litigation Claims or to Existing FFN Equity Interests, as such, both are deemed to reject the Plan.” The Court previously scheduled a December 16, 2013 hearing on confirmation of the Plan.
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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.
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Turnaround Letter Stock Pick Named Top Performer of 2017
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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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