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New Missive from Howard Marks
Submitted by Tyler Durden on 01/14/2009 17:05 -0400The latest letter from the intellectual titan of Oaktree... Enjoy
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- 1024 reads
Death List Keeps Growing
Submitted by Tyler Durden on 01/15/2009 15:23 -0400We made some predictions yesterday about the bankruptcies to hit dockets today.... and they are starting to roll in:
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- 859 reads
Banc Of America Bail-Out #2
Submitted by Tyler Durden on 01/15/2009 20:45 -0400
CNBC reporting that Banc of America to receive more tax money to fund their phenomenally well-run operation. With purchases such as Angelo Mozillo's golden parachute and Merrill Lynch's empty cubicles this makes lots of sense. Looks like federal guarantee will be $100-$200 billion...
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- 1033 reads
Nortel Upping The Suspense To Fever Pitch
Submitted by Tyler Durden on 01/13/2009 22:11 -0400
Our readers at Reuters picked up today where we left off yesterday, and apparently had more luck in getting through to someone at the company than just the switchboard...However, not much information was gleaned: "It is our policy to not
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- 1168 reads
Breaking News: Sam Israel's GF Charged with Introducing Contraband in Jail
Submitted by Tyler Durden on 01/14/2009 17:14 -0400Does anyone even watch daytime soaps anymore? CNBC reporting... More to come
********** UPDATE ***********
Bloomberg reports Debbie Ryan, girlfriend of Sam, is pleading not guilty in helping him escape. She entered her plea before Magistrate Judge Lisa Margaret Smith at federal court in White Plains. Turns out she had been arrested January 9th. She is barred from any contact with Sam and is out on $75,000 bail. She faces a 10 year prison sentence if convicted.
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Despite Huge Cash Hoard, Potential DIP Lenders Say Throw To Lions
Submitted by Tyler Durden on 01/15/2009 15:45 -0400
According the the Globe and Mail, the main reason Nortel decided to file for bankruptcy was Lazard's pathetic inability to raise even a dollar of Debtor In Possession financing....
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- 961 reads
Death Watch Update: Fried Green Tomatoes Fried
Submitted by Tyler Durden on 01/15/2009 21:31 -0400
Death Watch candidate, greenhouse tomato producer and employer of illegal immigrants, Eurofresh Farms, does not disappoint.
Breaking News: This is Your New Morgan Stanley Smith Barney Broker Calling
Submitted by Tyler Durden on 01/13/2009 22:52 -0400Summary as disclosed in C press release:
- More than 20,000 high-quality financial advisors;
- $1.7 trillion in client assets;
- $14.9 billion in pro-forma combined revenues;
- $2.8 billion in pro-forma combined pre-tax profit;
- 6.8 million client households globally – with a strong presence in the critically important
- high-net-worth client segment; and,
- A footprint of more than 1,000 offices around the globe.
Lead -> Gold
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One Down, Few More To Go
Submitted by Tyler Durden on 01/14/2009 17:26 -0400Nortel already decided to pull the plug and set Lazard's plan for weekly trips to the slumdens of Toronto in motion.
Next on Deck are the following (di)stressed companies with coupon payments due today (this is not an exhaustive list):
AbitibiBowater - 15.5% Notes due 7/15/2015 and 10.6% Notes due 1/15/2011
Allis-Chalmers - 9.0% Notes due 1/15/2014
Ames True Temper - FRNs due 1/15/2012
Atlantic Broadband - 9.375% Notes due 1/15/2014
Charter Communications - 11.125% Notes due 1/15/2011 and 13.5% Notes due 1/15/2011
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Moody's Lowers JPM to Aa3 from AA2
Submitted by Tyler Durden on 01/15/2009 16:05 -0400Buffett's cronies finally waking up
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Breaking News: US Airways Plane Has Crash-Landed in Hudson River
Submitted by Tyler Durden on 01/15/2009 21:44 -0400
Apparently the plane is an Airbus 320 flying from LaGuardia to Charlotte, NC. The plane is semi-submerged in the Hudson River and is "slowly sinking". According to the US Airways website this is flight 1549. Media reports there were 148 passengers and 6 crew members onboard when the plane crash-landed into the river. The plane struck a flock of geese on take off. The crash occurred off of 50th street in Manhattan.
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GM: If Our Cars Keep Sucking, Suckers Keep Paying
Submitted by Tyler Durden on 01/13/2009 23:35 -0400
According to GM COO Fritz Henderson, if the worst case scenario that the company has put together which calls for 10.5 million annual car sales (which is higher than recent market data shows for an annualized run-rate around 10 million), then the company will simply have to
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Today is File Bankruptcy for Free, Get an Expensive Advisor in Exchange Day
Submitted by Tyler Durden on 01/14/2009 18:14 -0400Just filed Chapter 11 - Gottschalk's and Goody's, both in Delaware...
Many more to come
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Ezra Merkin's 6/7B Duplex at 740 Park About to Go For Sale
Submitted by Tyler Durden on 01/15/2009 16:08 -0400According to CNBC sources, NY AG Cuomo has issued a subpoena to Merkin to explain his relationship to Madoff, some charities, and encompasses Ezra's Ascot and Ariel funds.
********UPDATE********
"At least 10 prosecutors are involved in the investigation"..... uh oh, they really are regrouping forces on this one
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Death Watch Update: Smurfit Demise Rumors Exaggerated
Submitted by Tyler Durden on 01/15/2009 22:40 -0400According to debtwire, Smurfit Stone DID in fact make a payment on its 7,375% Notes. If you sold today, don't forget to reload tomorrow.
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- 1225 reads