Bankruptcy News

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

Bonds / Post-Bankruptcy Stocks / Telecommunication Services

Fiber Tower Plan Confirmed

The U.S. Bankruptcy Court confirmed Fiber Tower’s Fourth Amended Joint Chapter 11 Plan. According to the documents filed with the Court, “On the Effective Date, except to the extent that a Holder of an Allowed 2016 Claim agrees to less favorable treatment, each Holder of an Allowed 2016 Claim shall be entitled to receive, in full satisfaction of such Claim, (i) its Pro Rata share of one hundred percent (100%) of the New FiberTower Common Stock and (ii) its Pro Rata share (together with the other Beneficiaries, but without duplication of the Allowed 2016 Guaranty Deficiency Claims) of the Litigation Trust Interests to the extent of its 2016 Deficiency Claim. The 2016 Claims shall be Allowed in the aggregate amount of $131,779,772.00 plus accrued and unpaid interest, fees, expenses and other charges accruing prior to the Petition Date, less any amounts applied as payment of principal from the Petition Date through the Effective Date. The 2016 Deficiency Claims shall be Allowed in the aggregate amount of $65,000,000.00. Class 1B is impaired by the Plan. Class 1B is impaired by the Plan. Each Holder of an Allowed 2016 Claim is entitled to vote to accept or reject the Plan.” This telecommunications’ provider filed for Chapter 11 protection on July 17, 2012, listing $559 million in total pre-petition assets.

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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."