After investing $410 million in March 2013, two billionaires are about to make a $500 million return an investment they have held just over two years, with the blessing of a whole lot of debt investors. And all they had to do was pick up the carcass of a company which did nothing more than crush its unions.
If the US economy is truly firing on all four cylinders, then how are events such as the repeat bankruptcy of America's first national supermarket chain, supposed to happen?
- Gold Plunges to Lowest Since 2010 (BBG)
- In Greek crisis, one big unhappy EU family (Reuters)
- Greek Banks Reopen Their Doors (WSJ)
- Greek reshuffle hints at autumn election (FT)
- Angela Merkel signals conditions for Greek debt talks (FT)
- Dollar hits three-month high on rate view, pans gold (Reuters)
- History Shows Iran Could Surprise the Oil Market (BBG)
- ‘Charlie Hebdo’ Will Cease Publishing Cartoons of Prophet Muhammad (Newsweek)
- Greece licks wounds after bailout vote, ECB move expected (Reuters)
- Lose-Lose: Pushing Greece Out of Euro Is Costlier Than Write-Off (BBG)
- EMU brutality in Greece has destroyed the trust of Europe's Left (Telegraph)
- Schaeuble Shrugs Off Greek Vote Saying Euro Exit Is Best (BBG)
- Merkel’s tough tactics prompt criticism in Germany and abroad (FT)
- Investors Get Caught in Oil’s Slippery Wake (WSJ)
- Obama Girds for Battle With Congress on Iran Deal (WSJ)
Why having a "Terminator" mindset of being focused is critical to success in trading and investing
This weekend's reading list is a smattering of articles to enjoy between your favorite beverage, grilled meat and really fattening desert. Just remember to go back to the gym on Monday...
The "Smartest Money" Is Liquidating Stocks At A Record Pace: "Selling Everything That’s Not Bolted Down"Submitted by Tyler Durden on 07/02/2015 05:23 -0500
Buyout firms conducted 97 stock offerings in the second quarter, more than in any other three-month period. "It’s clear that we are currently in an environment of frothy valuations,” said Lise Buyer, founder of IPO advisory firm Class V Group. Her disturbing punchline: "The insiders - those with the most knowledge - are finding this a very good time to take some money off the table." In an echo of Leon Black, Frank Maturo, vice chairman of equity capital markets at UBS AG, said, “Private equity is selling everything that’s not bolted down."
With massive strikes in France and now drivers shooting passengers, Uber is making headlines everywhere. While some might say any publicity is good publicity (and any disruption is good disruption), for the firm valued at $50 billion (with a stunning operating loss of $470 million and revenues of only $415 million) perhaps there is a limit to both press and disruption...
That an ETF can satisfy redemption with underlying bonds or shares, only raises the nightmare possibility of a disillusioned and uninformed public throwing in the towel once again after they receive thousands of individual odd lot pieces under such circumstances.
"Diva Of Distress" Dissed: Court Tosses Lynn Tilton's Lawsuit Against SEC, Which Is Suing Her For FraudSubmitted by Tyler Durden on 06/30/2015 13:24 -0500
Just hours after the SEC sued Lynn Tilton for CLO fraud, the "Diva of Distress" countersued the SEC to stop it from pursuing its civil charge, alleging the SEC violated her constitutional rights or something. As she said then, "I hold hope that our nation will allow a fair fight for truth, to defend integrity and intent against allegations and provides fair forums," Tilton posted on Twitter. Our nation did not.
- EU in last-ditch bid to Greece, urges "yes" vote to bailout (Reuters)
- In? Out? In between? A Greek legal riddle for EU (Reuters)
- Tsipras Says EU Won’t Eject Greece as Cost ‘Immense’ (BBG)
- Empty Greek ATMs Force Tourists to Stiff Santorini Cabbies (BBG)
- Anti-austerity protests in Greece as bank shutdown bites (Reuters)
- Puerto Rico governor calls for bankruptcy; adviser says island 'insolvent' (Reuters)
- Puerto Rico Urges Concessions From Creditors (WSJ)
- Hilsenrath - For Fed to Delay Rate Hikes, Global Tumult Would Need to Infect U.S. (WSJ)
It’s happening. As expected, dynastic politics is prevailing in campaign 2016. After a tease about as long as Hillary’s, Jeb Bush (aka Jeb!) officially announced his presidential bid last week. Ultimately, the two of them will fight it out for the White House, while the nation’s wealthiest influencers will back their ludicrously expensive gambit. And here’s a hint: don’t bet on Jeb not to make it through the Republican gauntlet of 12 candidates (so far). After all, the really big money’s behind him.
"As pension funds move into riskier investments in search of higher returns to fulfil their pension promises, they may be seriously compromising their solvency situation in the event of a negative shock."
“Any of these events would likely trigger asset price volatility [and] attempts by institutional investors to redeem illiquid corporate bonds in crisis circumstances would amplify volatility.”
- Greek offer to creditors runs into angry backlash at home (Reuters)
- Tsipras Seeks to Stave Off Greek Defections Over Aid Plan (BBG)
- Austria finmin says no agreement on Greek proposals without concrete plan (Reuters)
- Another ELA raise, this time under €1 billion: ECB raises emergency funding for Greek banks (Reuters)
- Greek energy, foreign ministers divided on Russia gas deal (Reuters)
- China’s Plan for Local Debt Amounts to a Bailout (WSJ)
- Key Democratic senators back plan for trade legislation (Reuters)
- South Carolina Governor: Time to Furl Flag (WSJ)