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💥PETITION💥 Profile picture
💥PETITION💥
@petition
Irreverent financial market analysis/commentary with a focus on bankruptcy, restructuring & distressed investing. DYOR. NF-or-legal-A.
Oct 18, 2022 • 7 tweets • 2 min read
Y'all. Voyager Digital filed an amended disclosure statement today in its chapter 11 bankruptcy case and its disclosure about 3AC is F*CKING bonkers. Mind you that Voyager seems to have peaked in April '22 with assets on platform of $5.64b. $3.1b of that was on loan to third-parties, including $935mm to 3AC (which had still never provided a balance sheet).
Jul 8, 2022 • 20 tweets • 5 min read
Here is the powerpoint offered by Voyager in its first bankruptcy court hearing. Image No clue what happened to page #2: Image
Jun 22, 2022 • 12 tweets • 3 min read
In this morning's briefing, we discussed a little-cared-about chapter 11 bankruptcy case that just filed: StorCentric Inc.

The debtor is a private independent data mgmt and storage solutions co servicing the likes of $GE and $CVX.

It also shows how fucked markets have been 🧵 On June 20, 2022, it and six affiliates (together, the “debtors”) filed chapter 11 bankruptcy cases in the Northern District of California (Judge Hammond). As of the filing it literally had $0 in cash on hand with which to operate. It also has a 6/30 maturity of $25mm of debt.
Jan 15, 2022 • 13 tweets • 6 min read
Once again proving that social media influencer marketing ain't the solution many brands think, a co called @bhcosmetics filed for chapter 11 bankruptcy in DE yesterday after banking its business on (failed) partnerships with @IGGYAZALEA & @DojaCat.

Some interesting details ⬇️ LA-based @bhcosmetics is a cruelty free, vegan, and “extra clean” (primarily e-commerce-based) cosmetics company. Emphasizing female empowerment, they operate under the mantra "Badass with Heart" -- exactly the type of feels we get when we see the CEO's mug on the co website lol
Oct 13, 2021 • 13 tweets • 4 min read
1/ This morning we dropped a banger of an interview with @DominiqueMielle, former Partner and Senior PM at Canyon Capital. She was also a director (and the audit committee chair) for $PCG during its 15 month bankruptcy process and emergence. Here is what she had to say...

🧵⬇️ 2/ About the overconfident, alpha male personality that dominated the hedge fund industry throughout her career and any potential shift toward diversity...
Mar 31, 2021 • 42 tweets • 10 min read
What's new with GTT Communications Inc.? $GTT
The company is a provider of global cloud networking services to large enterprises and carriers through its global Tier 1 IP network.

It's also been a bit of a clusterf*ck.

Thread ⬇️ At its height, GTT owned/operated 3 trans-Atlantic subsea cables connecting North America & EU (including the industry leading, lowest latency Hibernia Express subsea cable system), & more than 72k route km of terrestrial fiber (including an expansive pan-EU transport network).
Jul 27, 2020 • 9 tweets • 3 min read
Everyone's talking about SPACs these days. Little covered fact: now-bankrupt Global Eagle Entertainment $ENT originated from a 2013 SPAC. The sponsors were two former media moguls, Harry Sloan and Jeff Sagansky. They LOOOOOOOVE SPACS and apparently LOOOOOOOVE eagles.

Thread ⬇️ The two gentlemen have sponsored six SPACs in total:

Global Eagle Acquisition Corp., now the bankrupted Global Eagle Entertainment.

Diamond Eagle Acquisition Corp., which merged in April with sports betting site, DraftKings, up 849282% this year. $DKNG
May 4, 2020 • 25 tweets • 13 min read
Here are the retail names that are currently rated Caa1 or worse by Moody's. Retail was generally screwed before COVID. With mass quarantine and closures, it's going to be a bloodbath. j 99 Cents Only:

$690mm of funded debt. The biggest slug matures in January '22 and is priced at 71 cents on the dollar -- which is actually up from 67 a week ago. 350 stores. Owned by Ares and the Canadian Pension Plan Investment Board.

99only.com/about
Apr 27, 2020 • 8 tweets • 3 min read
Adidas' earnings are an interesting look into what's going on our in the global economy. With ~70% of stores closed, they've been hit particularly hard by the global shutdown.

Thread ⬇️ Image First, some numbers:
Q1 Revenue ⬇️19%.
Ecom ⬆️ 35% with 55% growth in March.
Operating margin ⬇️1.4%.
Net income ⬇️97%. NINETY-SEVEN PERCENT

adidas-group.com/en/media/news-… Image
Nov 18, 2019 • 25 tweets • 9 min read
A number of restaurant chains have been going bankrupt recently. Of size/note, in 2018-19:

Restaurants Unlimited Inc.
Kona Grill
Perkins and Marie Callender's
PGHC Holdings Inc.
Bertucci's Holding Inc.
Real Mex
Cafe Holdings Corp.
RMH Franchise Holdings Inc.
Taco Bueno

Why? And in '18:

PGHC Holdings Inc.
Bertucci's Holding Inc.
Real Mex
Cafe Holdings Corp.
RMH Franchise Holdings Inc.
Taco Bueno

Why all the distress?
Nov 13, 2019 • 9 tweets • 4 min read
The Dean Foods chapter 11 bankruptcy filing is fascinating if you dive into it. $DF

It is a perfect storm of disruption.

Thread ⬇️ Milk consumption is in the midst of a serious secular decline.

“For the past 10 years, demand has fallen approximately 2% year-over-year in North America.”