Welcome to this week’s Re/Re/Recap.
There wasn’t much this week in the news re: major filings of major companies, so the drama is relatively low.
But there’s still drama. Even if there’s nobody physically in the audience.
Noticeably, this week, a Justice Department probe alleged that Marble Ridge Capital (distressed-investing hedge fund) manager Dan Kamensky abused his position as a Neiman Marcus bondholder to suppress bid prices. Marble Ridge is winding down.
You should also know that RGN Group Holdings - a shared office space provider subsidiary of international operator IWC - filed for Chapter 11 protection in the US. The debtor owes >$400 million to its creditors. It’s not WeWork-level drama, but it’s still drama.
Finally, mall operator CBL & Associates (which owns approximately 100 retail centers across the US) announced that it has prepared a restructuring agreement with its debt holders and will likely file before October. You know I’m fascinated with malls, and I think this is an interesting counterpoint to the Simon Property Group narrative that’s been unfolding. While one goes on a buying spree, the other heads into the courts…
Just checking in…
Hope you’re treating yourself right. If you need a break from debt calcs and financial statements, I highly recommend the following:
American Squirrel Warrior?
A breakdown of idempotency (a real word):
Or you can learn too much about rhythmic patterns used in modern pop/hip-hop:
Now you realize how nerdy my YouTube “recommended for you” page is.
Until next time…