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Och-Ziff Off To A Good Start
Submitted by Tyler Durden on 02/04/2009 01:44 -0400
Och-Ziff filed its January results in an 8-K today. After a somewhat weak 2008 performance (granted, few can repeat Prentice Capital's 88% drop), which saw the flagship fund down 15.51%, its European fund down 17%, its Asian fund down 30.38%, and special situations down 8.01%, the fund had strong January results as follows:
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Station Casinos Seeks Prepackaged Bankruptcy
Submitted by Tyler Durden on 02/04/2009 17:11 -0400
In a press release filed yesterday, another highly leveraged gaming LBO Station Casinos announced that it was pursuing a pre-packaged restructuring with its creditors.
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Bank Of America Claims It Did Not Engage in Superbowl Carnival
Submitted by Tyler Durden on 02/04/2009 21:56 -0400
Bank of Countrywide Lynch came out with a surprising release earlier in which it defended itself from media allegations that it had spent $10 million of TARP money on a 5 day Super Bowl carnival and that senior management was in fact not at the 20 yard line (cheering the
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Nancy Killefer Is Third Tax-Avoider in Obama Camp In Hot Water
Submitted by Tyler Durden on 02/03/2009 16:33 -0400
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.
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Latest DTCC CDS Update
Submitted by Tyler Durden on 02/04/2009 02:37 -0400Last week's significant net rerisking in consumer services has continued and has now spread to the basic materials and consumer goods sectors. The only sector which saw a notable derisking was financials, with $25 billion in net notional, or 5,546 contract increase. Net single-name notional did not change from last week at $1.4 trillion, however the reduction in gross single-name notional continues and has dropped by $200 billion to $14.2 trillion this week.
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Station Casinos Seeks Prepackaged Bankruptcy
Submitted by Tyler Durden on 02/04/2009 17:11 -0400
In a press release filed yesterday, another highly leveraged gaming LBO Station Casinos announced that it was pursuing a pre-packaged restructuring with its creditors.
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- 1137 reads
Visa Reports, Beats, Thanks Foreigners For "Charging It"
Submitted by Tyler Durden on 02/04/2009 22:33 -0400
Visa reports Q1 revenue of $1.7 billion and Q1 EPS of $599 million or $0.78 per share, compared to street consensus of $0.66/share.
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New York Times to Start Charging From Some Or All Online Content
Submitted by Tyler Durden on 02/03/2009 17:05 -0400Developing story: per executive editor Bill Keller online commentary.
Good way to alienate the remaining 10 internet readers
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Latest DTCC CDS Update
Submitted by Tyler Durden on 02/04/2009 02:37 -0400Last week's significant net rerisking in consumer services has continued and has now spread to the basic materials and consumer goods sectors. The only sector which saw a notable derisking was financials, with $25 billion in net notional, or 5,546 contract increase. Net single-name notional did not change from last week at $1.4 trillion, however the reduction in gross single-name notional continues and has dropped by $200 billion to $14.2 trillion this week.
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- 656 reads
Station Casinos Seeks Prepackaged Bankruptcy
Submitted by Tyler Durden on 02/04/2009 17:11 -0400
In a press release filed yesterday, another highly leveraged gaming LBO Station Casinos announced that it was pursuing a pre-packaged restructuring with its creditors.
»
- Read more
- 957 reads
Visa Reports, Beats, Thanks Foreigners For "Charging It"
Submitted by Tyler Durden on 02/04/2009 22:33 -0400
Visa reports Q1 revenue of $1.7 billion and Q1 EPS of $599 million or $0.78 per share, compared to street consensus of $0.66/share.
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- 581 reads
Buffett Buying Harley-Davidson Bonds
Submitted by Tyler Durden on 02/03/2009 17:45 -0400
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.
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Some More On Today's Odd Market Action
Submitted by Tyler Durden on 02/04/2009 02:51 -0400Good to know that we are not the only ones scratching our heads over why the market was so much higher today. Goldman Sachs is also confused, but they are better than we are at goalseeking arguments to conclusions, so we present their commentary uninterrupted:
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$254 Million Loan BWIC due Thursday
Submitted by Tyler Durden on 02/04/2009 17:53 -0400Another credit fund liquidating? BWICs are in vogue yet again (click here for what these are). The most recent one is a $254 million BWIC that has a bid submission deadline at noon on Thursday. Good mix of credits here, we list the 5 largest in declining order:
Visteon - 6/2013 Term Loan: $10 million
Zuffa - 6/2015 Term Loan: $5.9 million
Newport TV - 9/2016 Term Loan: $5.6 million
Lifepoint Hospitals - 4/2012 Term Loan B: $5.2 million
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Moody's Prepares to Downgrade Most Homebuilders
Submitted by Tyler Durden on 02/04/2009 23:24 -0400In the current amusing race between S&P and Moody's over who can downgrade more companies in a shorter amount of time, S&P easily has the lead. However, Moody's just slapped S&P right back, Judge Peck style, by putting most homebuilders on downgrade review which usually precedes a full downgrade within 2 to 4 weeks.
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