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 / Diversified Financials

Westech Capital Plan Filed

Westech Capital's Chapter 11 trustee case filed with the U.S. Bankruptcy Court a Chapter 11 Plan and related Disclosure statement. According to the Disclosure Statement, "Under the Plan, Westech will continue post-confirmation as the 'Revested Debtor' to be managed and controlled by the Trustee as Plan Trustee without change of ownership or equity (except as may be approved by the Plan Trustee after Confirmation of the Plan), for the purpose of liquidating all claims, assets, opportunities, and operations of the Debtor, as well as management of those assets for the ultimate distribution to Allowed Claims of Creditors and Interests Holders. The Revested Debtor shall be funded from cash on hand, asset sales, expected litigation recoveries, and future business opportunities, all of which may be used in the Plan Trustee's sole discretion to pay all management, operating, litigation, and professional expenses incurred by the Revested Debtor. The restrictions on stock transfers currently in effect will continue in order to preserve the Debtor's net operating losses unless and until the Plan Trustee ends such limitation. Upon Confirmation, all voting or voting rights agreements are cancelled and terminated or rejected as will be reflected in amended bylaws of the Revested Debtor."

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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."