Archive - Feb 3, 2009 - Story

Today's curious equity market performance would lead many to believe that the market may truly have hit a bottom. Bad news gallored when stripped of their media spin, yet the market was up a solid 1.5%.

Sun Capital portfolio company Indalex, maker of extruded aluminum products, announced today it has not made the coupon payment on its 11.5% Notes due 2014 and has hired Jefferies as an advisor for its upcoming restructuring. Indalex said in a statement "The extrusion industry has experienced a deep and unprecedented downturn, and it is unclear when the downturn will end." The Company was acquired in 2006 by Sun Capital in a $425 million purchase from Honeywell International.

Maker of all things commodity (Rayovac batteries, Remington grooming products and manure) just filed for bankruptcy protection (Western District of Texas, 09-50456).

Maker of all things commodity (Rayovac batteries, Remington grooming products and manure) just filed for bankruptcy protection (Western District of Texas, 09-50456).

In a curious turn, Freddie just announced that it is piloting a new program designed to "keep more at-risk borrowers in their homes" which will be accomplished by using third-party servicers that specialize in servicing Alt A and other types of higher risk mortgages.

Total down -48.8% vs -39.3% Estimates.

Cars down -57.9%, trucks down -42.4%

Q1 2009 production forecast at 380,000 vehicles

Curious tidbits: there were no sales of the following cars and trucks in January countrywide:

Monte Carlo, SSR, GTO, Ion, Rendezvous, and Hummer H1

Working to calculate SAAR at this point, but it looks waaaaay lower than 10 million

From Daschle's statement:

From Daschle's statement:

This is the summarized data on the troubling vacancy rates:

This is the summarized data on the troubling vacancy rates:

Actual -42.1%. Street consensus was -33%. Fleet sales down 65%!

The Default-3 cranking along nicely... Will keep you posted on the other 2 of the D-3

Harley Davidson stock was up 15% today after news emerged that Berkshire Hathaway was buying $300 million of the company's bonds in a private transaction. HOG raised a total of $600 million in debt, with the remaining $300 million purchased by Davis Selected Adviser, the largest holder of Harley stock.

Developing story: per executive editor Bill Keller online commentary.

Good way to alienate the remaining 10 internet readers

What is it with Democrats? Geithner and Daschle are apparently not enough. There is breaking news of another person in the Obama camp who is in hot water due to tax issues.

(thanks to the other Bank of Countrywide Lynch Rosenberg - Jeffrey)