Archive - 11769

In a quest to "improve" transparency into its business, the New York Times will cease providing monthly sales updates beginning this month, and only give clarity on a quarterly basis said the CEO on a phone call this morning... Next quarter we assume this practice will be adjusted to providing any sorts of updates to once a decade.

In a quest to "improve" transparency into its business, the New York Times will cease providing monthly sales updates beginning this month, and only give clarity on a quarterly basis said the CEO on a phone call this morning... Next quarter we assume this practice will be adjusted to providing any sorts of updates to once a decade.

We wrote about what we think the implications for the private jetting industry would be after Falcon-gate, but did not expect this.

Jefferies, the self proclaimed "largest investment bank left out there" today announced that it has hired 2 managing directors to replace the massive defections in its restructuring group, which for all intents and purposes, picked up and left to join Moelis & Co.

The primary debt market has taken advantage of people throwing money into the TARP pit, with two high yield energy companies on deck to raise capital over the next few hours (or as long as there is an uptick to the market): Chesapeake, in the form of $500 million 6 year notes, and Inergy, raising $200 million 6 year notes, both to refinance existing debt. As mattress are overflowing with worthless pieces of paper, it is likely that both these issues will be quickly digested by the market...

In what is likely the last step before officially declaring insolvency, California has halted the processing of state tax refunds. Per California State Controller John Chiang's office, "Unfortunately, we have asked the California Franchise Tax Board not to send over tax refund claims beginning today because we will not be able to process them and have them out the door by Feb.

*IMF SAYS U.S. ECONOMY TO SHRINK 1.6%, EURO AREA DOWN 2% IN '09
*IMF RAISES ESTIMATE OF BANK LOSSES FROM $1.4 TRILLION IN OCT.
*IMF: GLOBAL GROWTH TO BE 0.5% IN '09 VS 2.2% PRIOR ESTIMATE
*IMF SEES LOSSES FROM TOXIC U.S. ASSETS TOTALING $2.2 TRILLION

After costing most US hedge funds huge losses last year and Adolf Merkle his life, German prosecutors have finally opened an investigation into activities by "responsible people" at Porsche that have led to

The distressed semi-Mexican company announced today it has hired Goldman Sachs to sell its 17.75% stake in New England Sports Ventures, which owns the Boston Red Sox, Fenway Park, 80% of New England Sports Network, and 50% of a Nascar Team. Guess that sale leaseback must not be going all that well.

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New York State has presented this chart to highlight the massacre that was also known as bonus season. Silver lining (not for NY) - banks wont have to pay taxes "for years to come" due to $31.4 billion in tax credits.

Some other points from the report:

New York State has presented this chart to highlight the massacre that was also known as bonus season. Silver lining (not for NY) - banks wont have to pay taxes "for years to come" due to $31.4 billion in tax credits.

Some other points from the report:

• Schwarzman can't wait to burn through more money (Bloomberg)
• Bill Miller in urgent need of an appointment with Ari Kiev (Bloomberg)
• Crisis could cost 50 million jobs (

• Exxon cut to Neutral from Buy at UBS
• 78,000 fired today (NY Post)
• Thain called to testify on Merrill bonuses, hires spin doctors (FT, NY Post)