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Death Watch: Circuit City Liquidates
Submitted by Tyler Durden on 01/16/2009 17:30 -0400
Circuit City will not pass go on its way to the garbage heap. Despite rumors that it had found outright buyers for its stores, including such PE companies as Golden Gate Capital and Ricardo Salinas Pliego, Circuit City today filed a notice in bankruptcy court that it has hired liquidators and is unable to reach a pact with creditors.
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Inter Milan Coach Telling Head Striker He Is Fat
Submitted by Tyler Durden on 01/16/2009 21:50 -0400
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Risk-Free Profit Idea: Follow Up
Submitted by Tyler Durden on 01/18/2009 03:48 -0400As our contango idea from a few days ago has caught some media attention we wanted to make some elaborations. The premise for that post was to show that based on 10 minutes of google searching and some DIY supplies, one can exploit the contango. If one is industrious enough, one could probably circumvent or cover the transportation, insurance and labor costs and still be at a profit. For industrial-grade profits however, Stamford, CT may not be the best location.
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Dick Bove Angry, Takes It Out on Citi Again
Submitted by Tyler Durden on 01/19/2009 21:25 -0400
Ladenburg analyst Dick Bove (who understandably underestimated the stupidity of the Treasury and on Sept. 12 stated his belief that "Banc of America will win the auction for Lehman Brothers.") has just whacked his target price for Citi from $14 to $6, and is projecting a 2009 loss of ($1.45), a whole buck lower than consensus estimates.
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Bank of America Can Only Drop Another $5.94...
Submitted by Tyler Durden on 01/20/2009 15:54 -0400...Before it hits $0
17% down today. What is over/under days until Ken Lewis' resignation. We say 10
*******UPDATE********
$5.65 to zero now
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Death Watch: Circuit City Liquidates
Submitted by Tyler Durden on 01/16/2009 17:30 -0400
Circuit City will not pass go on its way to the garbage heap. Despite rumors that it had found outright buyers for its stores, including such PE companies as Golden Gate Capital and Ricardo Salinas Pliego, Circuit City today filed a notice in bankruptcy court that it has hired liquidators and is unable to reach a pact with creditors.
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- 1168 reads
If You Live in Cali, Dont Bet on That Tax Refund
Submitted by Tyler Durden on 01/16/2009 22:10 -0400The Governator Wasn't Kidding. California is on the verge of bankruptcy. Looks like not only will the state have to pay with IOUs, or worthless pieces of paper as they are better known, for all state purchases, but apparently tax refunds will be delayed as well. First by 30 days, then, indefinitely.
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Blue Light Special: Hedge Fund Secondary Market Update
Submitted by Tyler Durden on 01/18/2009 15:49 -0400On January 18 hedgebay.com announced the following $10 million blocks for sale:
- SAC Multi Strategy
- Montpellier Resources
- ZLP Offshore
Additionally, an investor with some foresight is bailing out of $6.65 million in Millennium. Another major selling block recently has been a $20 million piece of Elliott International that a seller has been dangling for a while.
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Dick Bove Angry, Takes It Out on Citi Again
Submitted by Tyler Durden on 01/19/2009 21:25 -0400
Ladenburg analyst Dick Bove (who understandably underestimated the stupidity of the Treasury and on Sept. 12 stated his belief that "Banc of America will win the auction for Lehman Brothers.") has just whacked his target price for Citi from $14 to $6, and is projecting a 2009 loss of ($1.45), a whole buck lower than consensus estimates.
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- 1317 reads
Greenwich Planning & Zoning Commission To Deal With 26-Toilet Issue Again
Submitted by Tyler Durden on 01/20/2009 16:19 -0400Olga Kogan, wife of Russian billionaire Valery Kogan, is again asking the Greenwich P&Z commission for permission to add a more reasonable, 21,000 sq. foot, 15-toilet anex to their existing 21,127 sq. foot house at 18 Simmons Lane. The commission initially threw up on the original plans of an expansion 27,000 sq. foot house with 26 toilets.
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Layoff Watch: Hertz Laying off 4,000 Workers
Submitted by Tyler Durden on 01/16/2009 17:47 -0400
Hertz is firing a lot of very bored, airport rental lot operators. The heavily leveraged auto rental company (CDS in the 1250's last time we cared), is hoping firing a third of its workforce (as compared to August 2006) will make it profitable.
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If You Live in Cali, Dont Bet on That Tax Refund
Submitted by Tyler Durden on 01/16/2009 22:10 -0400The Governator Wasn't Kidding. California is on the verge of bankruptcy. Looks like not only will the state have to pay with IOUs, or worthless pieces of paper as they are better known, for all state purchases, but apparently tax refunds will be delayed as well. First by 30 days, then, indefinitely.
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- 671 reads
Wouldn't Be Fun Without Another Ponzi
Submitted by Tyler Durden on 01/18/2009 18:20 -0400James Ossie of Alpharetta, Georgia's CRE Capital is the latest Madoff wannabe. Yawn, just $25 million. Nothing to see here. The guy isn't even on the run. Allegedly the company was marketed as "distinctive, high-end private investment company offering a progressive and low-risk, high-yield opportunities (sic) to investors."
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Cerberus Blaming Employees for Horrible Investments
Submitted by Tyler Durden on 01/19/2009 21:58 -0400Cerberus is allegedly laying off 10% of its worldwide staff of 275 professionals. According to a spokesman "Any action we take will, of course, be consistent with the best interests of our investors." I wonder if those interests were consulted when the PE firm acquired Chrysler and/or the 51% stake of GMAC. Other PE firms performing actions consistent with investors' best interests include American Capital, Carlyle, Investcorp and 3i.
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- 995 reads
Greenwich Planning & Zoning Commission To Deal With 26-Toilet Issue Again
Submitted by Tyler Durden on 01/20/2009 16:19 -0400Olga Kogan, wife of Russian billionaire Valery Kogan, is again asking the Greenwich P&Z commission for permission to add a more reasonable, 21,000 sq. foot, 15-toilet anex to their existing 21,127 sq. foot house at 18 Simmons Lane. The commission initially threw up on the original plans of an expansion 27,000 sq. foot house with 26 toilets.
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- 501 reads