Archive - Jan 21, 2009

Most interestingly among the negative covenants listed:

• Creating liens on any properties
• Incur additional debt prior to March 2010, if pro forma leverage is higher than 2.75x
• Engage in sale/leaseback transactions, with up to $225 million carveout for NYT HQ building
• Merge or consolidate with other assets
• Transfer or sell assets, with any sales over $10 million have to be used to pay down debt

There is also a 101% change of control put.

As investment banking is now dead and sell side research is even more useless than it ever was, people are stumped over how and where to get their investing ideas.

As investment banking is now dead and sell side research is even more useless than it ever was, people are stumped over how and where to get their investing ideas.

A hedge fund run by a former bail bondsman? He had a swimming pool in his office? $45 million hedge fund?

Sigh. Read all about Rod Cameron Stringer,43, and RCS Capital.

In a move geared to stop the daily drainage of its currency reserve, Russia is considering "dirty-floating" the ruble. While we are not sure what dirty floating is, but sure like the sound of it, we assume the impact on the ruble will be to send it plummeting.

In a move geared to stop the daily drainage of its currency reserve, Russia is considering "dirty-floating" the ruble. While we are not sure what dirty floating is, but sure like the sound of it, we assume the impact on the ruble will be to send it plummeting.

Investors with $300 million burning a hole in their pocket will be able to pick up the triple hook rated piece of media paper at a 14.5-14.75% yield. We say no way jose.

Well, can't say we didnt see it coming. Portugal was downgraded with impunity by S&P from AA- to A+ on the belief that "the government's structural reform measures relating to the economy and public finances have proven insufficient to bring about convergence with the 'AA' peer group." And what a high quality peer group it is.

Well, can't say we didnt see it coming. Portugal was downgraded with impunity by S&P from AA- to A+ on the belief that "the government's structural reform measures relating to the economy and public finances have proven insufficient to bring about convergence with the 'AA' peer group." And what a high quality peer group it is.

The entire airline space today was getting whacked in early trading. Delta was down over 10%, United was down roughly 9%, and American was down over 20% after the last two announced weak earnings with the major culprits given were a sharp drop in capacity and load factors on the revenue side, and bad fuel hedging on the cost side. American is being punished the most as it noted it still has 45% of its Q1 fuel hedged at $2.58/gallon or $108/barrel.

Bloomberg is reporting that last quarter investors withdrew $152 billion from hedge funds. While i have read about 10 different version of this number (anywhere from $100 to $300 billion) this is amazing considering that virtually every hedge funds has gated redemptions.

Bloomberg is reporting that last quarter investors withdrew $152 billion from hedge funds. While i have read about 10 different version of this number (anywhere from $100 to $300 billion) this is amazing considering that virtually every hedge funds has gated redemptions.