Bankruptcy News

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

Post-Bankruptcy Stocks

P10 Industries Plan Effective

P10 Industries' First Amended Prepackaged Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on April 27, 2017. BankruptcyData's detailed Plan Summary notes, "The Prepackaged Plan effectuates the terms of two Restructuring Support Agreements that will allow the Reorganized Debtor to obtain an investment of $4.654 million, which will allow the Reorganized Debtor to monetize the Reorganized Debtor's patents, make profitable acquisitions, run the Debtor's business and fund necessary capital expenditures all to maximize shareholder return eliminate significant lease and other liabilities pay all Administrative, Secured, Priority and General Unsecured Claims in full; and allow equity to retain its interests. The Restructuring Support Agreement with 210/P10 Acquisition Partners, LLC will invest $4.654 million in exchange for shares of the Reorganized Debtor's common stock representing approximately 48% of the Reorganized Debtor's equity." Mark A. Ascolese, P10 Industries' C.E.O., comments, "Today we turn the page on a new era for P10 Industries. We have completed the implementation of the conditions of the plan approved last week and are now focused on executing our business plan." This power supply products manufacturer filed for Chapter 11 protection on March 22, 2017, listing $1.9 million in 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."