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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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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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- 951 reads
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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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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- 1765 reads
In Other News: TED Spread "Down"
Submitted by Tyler Durden on 01/14/2009 18:19 -0400In seeming vindication of Kudlow's theory that all shall be well, the TED spread is ignoring the slew of bankruptcies, the bottom falling out of the market, Zimbabwe's trillion % inflation rate, Vikram's impending pink slip birthday present, and tightening to 0.98%, its tightest spread in 5 months.
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ETF Pick of the Week: SRS
Submitted by Tyler Durden on 01/15/2009 16:35 -0400
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Banc of America Moving Earnings Date to Coincide with Citi
Submitted by Tyler Durden on 01/15/2009 23:42 -0400The previously scheduled January 20 conference call is being pulled to January 16 Friday bright and early at 7am. Ken Lewis undoubtedly has many good news he cant wait to share. At least it is not at same time as Citi (8am), or one would think one is trying to hide behind the other... which is simply ludicrous
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Schrenker Gimmicks Put Bernie the Ponzasaur to Shame
Submitted by Tyler Durden on 01/14/2009 00:55 -0400
As the media whirlwind over the latest Ponzmaster becomes more and more acute, the disclosures about his past keep mounting to a point where what Madoff has done in comparison will likely soon seem tame.