1. messages.finance.yahoo.com/Stocks_(A_to_Z)/...tof=14&frt=2
Zitat:
Gibson shows you the face of the enemy (Number one)
23-Oct-10 11:00 pm
David Tepper--the owner of the horses (Appaloosa etc) that have bought all the debt and have tried so hard to screw each and every one of us.
"They’re not afraid to fight for it, either. Tepper likes to point out that Appaloosa is not a “vulture” fund exclusively and that the majority of investments are in equities, but that’s like a professional assassin pointing out that he doesn’t spend all his time killing people. The thing he is best at is finding a deal, and the best deals are found in sick and ailing companies. And this can be a dirty business. Two years ago, Tepper headed up a consortium that agreed to help auto manufacturer Delphi exit from Chapter 11 protection—only to pull out at the last minute after the credit markets seized up, stymieing the company’s ability to get financing. A bitter battle ensued. Delphi filed a lawsuit against Appaloosa, alleging, among other things, that Tepper “pushed, with the grace and diplomacy of a battering ram, to play a central role in the reorganization” of the company, only to turn tail and “manufacture an excuse” once they lost interest."
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2. messages.finance.yahoo.com/Stocks_(A_to_Z)/...tof=13&frt=2
Zitat:
Gibson shows you the face of the enemy (Number two)
23-Oct-10 11:08 pm
Jeffrey Altman of Owl Creek-- read what they wrote about us in January of 2009, this is a mere six weeks before they scooped up all the Hs on March 12th.
Washington Mutual
In the ten days leading up to the largest bank failure in U.S. history, in the midst of a plunging stock price and negative headlines, Washington Mutual experienced a fatal “run on the bank” as paranoid customers withdrew more than $16 billion of deposits. On September 25, 2008, the regulators seized WaMu Bank, the primary operating subsidiary
of the holding company, and on the same day, in an FDIC-brokered transaction, JPM purchased the assets and assumed all of the deposits of the bank in exchange for a $1.9 billion cash payment. Left behind were $13 billion of bonds at the bank subsidiary and $7 billion of bonds at the holding company, all trading at extremely distressed levels.
Also left behind were all of the assets of the holding company, which were lying outside the jurisdiction of the FDIC. The crown jewel was roughly $4 billion of cash at the
holding company that was held on deposit at WaMu Bank (and its subsidiary) prior to its failure. This was subsequently assumed by JPM as part of its deal with the FDIC to
assume all deposit liabilities. Because WaMu’s consolidated financial statements eliminate this intercompany balance, many investors did not initially realize that this
value existed. And even those that did, worried that the Bank or JPM might find a way to latch onto the cash. Other non-cash sources of value include a sizeable tax refund from
the IRS, a liquid securities portfolio, several wholly-owned subsidiaries which generate positive net income, and potential proceeds from a number of material lawsuits with third parties.
By locating and studying numerous documents, such as public financials, bankruptcy documents, regulatory filings, monthly operating reports, state filings for the insurance
subsidiaries, litigation pleadings, etc., we were able to identify these sources of value and take advantage of unprecedented fear and dislocation in the markets to build a position in holding company senior and subordinated bonds at attractive prices. At the beginning of the case, we took severe haircuts on possible valuation because of the tremendous lack of disclosure. But since that time, with each additional public disclosure, our understanding
of each piece of value has become more thorough and granular, and the range of possible outcomes has continued to tighten to the upside. Although the absolute upside is less than it was a few months ago since bond prices are now higher, the primary risks to value erosion have also lessened materially in our minds, and we continue to believe that the overall risk-return is extremely good. As a bonus, in today’s investing environment where predicting a company’s “normalized” earnings and cash flows can oftentimes feel like an exercise in futility, we very much like investments like this one which are market
agnostic and have multiple analyzable aspects for us to dig our teeth into. It is worth noting that this investment process has been a team effort from the start, with numerous
analysts and portfolio managers pitching in to help understand the various aspects of this case, from the bankruptcy process, to tax implications, to valuation of certain non-bank assets, etc. It is because of this, we believe, that we have largely been able to tune out the
“consensus view” of this credit, appreciate it on a bottom-up basis as a unique, high- conviction investment opportunity, and size it accordingly.
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3. messages.finance.yahoo.com/Stocks_(A_to_Z)/...tof=12&frt=2
Zitat:
Gibson shows you the face of the enemy (Number Three)
24-Oct-10 01:11 am Centerbridge Capital Partners should sound familiar, but oh man, there's some juicy stuff forthcoming.
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4. messages.finance.yahoo.com/Stocks_(A_to_Z)/...tof=11&frt=2
Zitat:
Gibson shows you the face of the enemy (Number Four)
24-Oct-10 01:57 am Aurelius Capital Management
www.aurelius-cm.com/
You may know them from the Tribune case, where they are working with JPM to sweeten their deal.
topnews.law360.com/articles/20071...
And of course, they should know better.
"Separately, Aurelius Capital Management L.P., an unsecured creditor that isn’t on the committee, asked the judge to appoint a trustee to administer the case.
Aurelius argued in a filing yesterday that a trustee should be appointed because the committee and its legal counsel have tried to protect the interests of the buyout lenders and management at the expense of unsecured creditors. It also said that the company has conflicts of interest and that creditors have lost confidence in Tribune’s ability to confirm a new plan.
The company and committee “have already spent 21 months (and counting) ignoring or downplaying” legal claims related to the buyout, Aurelius said in the filing."
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MfG.L:)
"Ein jeder gibt den Wert sich selbst"
"Der Schein regiert die Welt, und die Gerechtigkeit ist nur auf der Bühne".(Parasit)
Und es herrscht der Erde Gott, das Geld.(An die Freude)
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