• Tim Knight from...
    10/21/2014 - 18:16
    Want to live near the 0.1% and their problems? May I present to you 258 Middlefield Road, Palo Alto, California, which is located within walking distance from my house and is a mere $1,800,000 (well...

Eddie Bauer

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Frontrunning: February 14





  • Euro-Area Growth Eases Pressure on Draghi for Stimulus (BBG)
  • Germany Beats Growth Estimates With France Amid Recovery (BBG)
  • Argentina revises ‘bogus’ inflation figures (FT)
  • Wells Fargo edges back into subprime as U.S. mortgage market thaws (Reuters)
  • China Banks’ Bad Loans Reach Highest Since Financial Crisis (BBG)
  • Time Warner Cable Deal to Test Comcast CEO's Washington Clout (WSJ)
  • Risky Loans in Europe Banks’ Dark Corners to Be Exposed  (BBG) - yeah, right... sure
  • Gold Extends Climb Above $1,300 as Investors Boost SPDR Holdings (BBG)
  • SEC Takes Steps to Stem Courtroom Defeats (WSJ)
 
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Frontrunning: February 3





  • Emerging-Market Rout Seen Enduring on Low Real Rates (BBG)
  • After rocky January, markets eye data and central banks (Reuters)
  • Europe will feel the pain of emerging markets  (FT)
  • Lloyds delays dividend prospect after mis-selling charge (Reuters)
  • Snow Set to Snarl New York Commute as U.S. Flights Halted (BBG)
  • Rate Decision to Drive Yellen's Early Agenda  (Hilsenrath)
  • Thai protesters move to downtown Bangkok in bid to topple PM (Reuters)
  • China says Japan's 'hype' on air defence zone spreads tension (Reuters)
  • Hedge funds seek 1.8 billion euros damages from members of Porsche's owning family (Reuters)
 
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The Hostess Liquidation: A Curious Cast Of Characters As The Twinkie Tumbles





Perhaps one of the most interesting aspects of the just announced Hostess liquidation, one that will be largely debated and discussed in the media, or maybe not at all, is the curious cast of characters and the peculiar history of this particular bankruptcy. Some may not be aware that the company's Chapter 11 (or colloquially known as 22) bankruptcy filing this January, which today became a Chapter 7 liquidation, was the second one in the company's recent history, with Hostess, previously Interstate Bakeries, emerging from its previous protracted multi-year bankruptcy in 2009. What is curious is that its emergence had all the drama of a anti-Mitt Romney PAC funded thriller, with a PE firm, in this case Ripplewood holdings, injecting $130 million in order to obtain equity control of Hostess as it was emerging last time. There were also more hedge funds, investment banks, strategic buyers, politicians involved in this particular story than one can shake a deep fried numismatic value Twinkie at. More importantly, however, as America has been habituated following the last season of the reality TV show known as the presidential election, if Private Equity then "bad." Only this time there is a twist: because it wasn't really PE that was the pure evil in the Obama long-term campaign, it was associating PE with Republicans, and thus: with jobs outsourcing. And here comes the Hostess twist: because Tim Collins of Ripplewood, was a prominent Democrat, a position which allowed him to get involved in the first bankruptcy process in the first place, due to his proximity with the Teamsters' long-term heartthrob Dick Gephardt (whose consulting group just happens to also be an equity owner of Hostess). In other words, the traditional republican-cum-PE scapegoating strategy here will be a tough one to pull off since the narrative collapses when considering that it was a Democrat who rescued the firm, only to see it implode in a trainwreck that has resulted in the liquidation of a legendary brand, and 18,500 layoffs.

 
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Eddie Bauer Files For Bankruptcy





Eddie Bauer, which emerged from bankruptcy as a standalone company in 2005 after former owner Spiegel had filed for chapter 11 protection, has just filed for bankruptcy again, the latest casualty of the real "green shoots free" consumer "spending" landscape.

Clothing retailer Eddie Bauer Holdings Inc. filed on Wednesday for Chapter 11 bankruptcy court protection, the latest retail casualty of the recession.

 
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