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- Clear Channel Preparing for Chapter 11?
- Tyler Durden submits: And the uber-leveraged LBO dominoes keep falling. The spotlight now turns to Clear Channel Communications CCO which was acquired a brief 6 months ago in July 2008 for $20 billion in one of the biggest LBOs of recent years. In this curious case, sponsors Tommy Lee and...
- External links 2009-02-11
- Playboy's in the M&A Bargain Bin
- Tyler Durden submits: For any still employed bankers who aren't currently experiencing margin calls from their employer, and who plan on making a solid 20% on the bonanza that [[TBT]] will unlikely generate by the end of the year, here is the deal of a lifetime. For a paltry...
- External links 2009-02-19
- Gannett: Moody's Adds Insult to Injury
- Tyler Durden submits: Moody's just piledrived Gannett GCI and cut its bond rating to junk. The company, which was downgraded to the lowest IG rating Baa3 on February 2, just got the last kiss as Moody's cut its unsecured debt rating to Ba2. Not as much...
- External links 2009-02-26
- Blockbuster: No Bankruptcy Plans
- Tyler Durden submits: Blockbuster BBI denies hiring Kirkland & Ellis to explore bankruptcy, and instead K&E's role will be to assist with refinancing. We do have our doubts as usually every K&E involvement ends up in a monthly retainer filed on Whitehall Street, but we'll go with the company...
- External links 2009-03-03
- NY Times' Sale Leaseback Terms Imply Class A NYC Lease Rates To Plummet
- Tyler Durden submits: The struggling newspaper itself reports that the last attempt to extract value from its rapidly devaluaing assets has succeeded and W.P. Carey as had been expected has agreed to a $225 million 15 year (10 year early termination option) sale leaseback. Under the terms of the...
- External links 2009-03-09
- NYT Redeeming 2010 Notes
- Tyler Durden submits: NYT didn't even wait for the wire transfer from W.P. Carey to cool off before announcing moments ago that it would redeem its $250 million of 4.5% notes due 2010. In what can only be described as a building-for-debt exchange, Carlos Slim's U.S. newspaper has converted...
- External links 2009-03-10
- Moody's Releases The Leper List
- Tyler Durden submits: Moody's, which has long been criticized for sleeping through the credit bubble and, by many accounts, causing it in the first place, just came out with an attempt at absolution. In a quarterly publication called the "Bottom Rung", the rating agency list 283 companies which it...
- External links 2009-03-10
- Cenveo Amending Its Credit Facility
- Tyler Durden submits: Another highly leveraged company seems poised to test the generosity of its lenders. Commercial printer Cenveo CVO snuck the following language in its 10-K filing today, hoping nobody would notice and destroy its stock price ahead of "unprecedented economic uncertainty and volatility": Capital Structure: by Tyler...
- External links 2009-03-17
- New York Times Sale Rumors Quashed, For Now
- Tyler Durden submits: In an interview with MarketWatch's Jon Friedman, Janet Robinson, CEO of embattled former media titan and now merely distressed media company scrambling to plug debt covenant holes, New York Times NYT, has announced that she has had it with other members of the evil, speculative media...
- External links 2009-06-25
- CNBC Viewership Down 28%
- Tyler Durden submits: The bloodbath at GE's propaganda station has reached critical levels: according to Nielsen, CNBC has lost 28% of viewers year over year, and 24% in the 25-54 age group category. This is obviously a stunning failure in an environment where the top stories on any other...
- External links 2009-07-30
Additional Resources
- High Frequency Trading and Goldman Sachs: Media View
- Tyler Durden submits: Great recap piece in the New York Times on whether or not Wall Street is picking the pockets of "non-club" investors (read - the guys who do not generate 80% returns with a Sharpe > 5.0 - can someone explain how risk/return works again). The consensus...
- External links 2009-07-26
- Fight Club: Zero Hedge, Matt Taibbi Knock Out Goldman, CNBC
- Wall Street Cheat Sheet submits: Over the past month or so, I have been following the Fight Club brawl between Dennis Kneale at media goliath CNBC and Tyler Durden at indie blog Zero Hedge. In Round One, like a shocking incident of spontaneous combustion, Kneale went on a rant...
- External links 2009-08-03
- Zero Hedge Exclusive: Whistleblower's Fight With Deutsche Bank Over Definition of Risk
- Tyler Durden submits: When Zero Hedge recently posted a letter from Deepak Moorjani, it was means to be shared as more of an opinion piece with some policy implications - it is, after all, rare to get the insight of whistleblowers who decry allegedly illicit practices. The fact that...
- External links 2009-05-11
- Rupert Murdoch Interview: 'Economy Weak; Danger of Inflation Great'
- Tyler Durden submits: Rupert Murdoch NWS has joined the choir of somewhat rational voices trying to get heard over the Treasury's printing presses. In an interview before Fox Business Network, the media tycoon claims the stimulus package is sensible, however the danger comes from the government's set up of...
- External links 2009-04-28
- The Real Insider Scoop on AIG
- Tyler Durden submits: A very rare glimpse into the real daily inside occurrences at AIG. And some very scary news for other reinsurance companies. A must read for everyone and the Mainstream Media as well... If anyone has comparable insider stories please let me know: Everyday the company posts...
- External links 2009-03-19
- D-Day for Citi's Pandit Too?
- Tyler Durden submits: The NY Post is speculating that Vikram's days at the helm of Citi C may be at an end. While for whatever odd reason everyone is focusing on the upcoming stress test results, the media machine seems to be more and more set on scapegoating both...
- External links 2009-04-24
- GM Secured Lenders Won't Be Impaired
- Tyler Durden submits: As Zero Hedge previously noted, and the WSJ now reports, General Motors GM secured lenders will get full recoveries on their loans, which is not to say full cash repayment but rather a notional roll into "Good GM" at par value. This is not surprising, seeing...
- External links 2009-05-27
- Goldman's Unexpected GDP Boost
- Tyler Durden submits: An event that did not catch much media attention yesterday was Goldman Sachs GS economist Jon Hatzius' under the radar boost to Q3 annualized GDP expectations from 1% to 3%. As regular readers know, it is prudent to always take Goldman advice and ideas with a...
- External links 2009-08-06
- Second Quarter Sees Record Number of Corporate Defaults
- Tyler Durden submits: The second quarter of 2009 set a new record for the number of corporate defaults, with 82 non-financial events of default, consisting of 16 names in media and entertainment, 15 in autos and 15 in natural resources, according to a new report published by S&P. The...
- External links 2009-08-18
- GM Narrowly Avoided Default on Term Loan
- Tyler Durden submits: General Motors GM, which yesterday received a going concern opinion from its auditors who had somehow missed putting that language into the doomed company's 10-K over the past several years, was much closer to bankruptcy than the general media will have you believe. As a result...
- External links 2009-03-06
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