Showing posts from August, 2014

MF Global - Magic Fingers w/ Reserve Funds?

From Reorg Research:

Early Tuesday Morning James W. Giddens, the Trustee for the liquidation of M.F.
Global Inc, filed a notice of motion for an order allowing certain claims, capping maximum allowable amounts establishing a final reserve for secured, administrative and priority claims, capping the maximum allowable amounts and establishing a reserve for the unsecured claims. The motion also seeks authorization to make a 100% final distribution on all allowed priority claims and an interim distribution to unsecured claims.

The motion would establish an Oct. 1 record date. The trustee has previously targeted a "fall 2014" interim distribution date.

According to the motion, $608 million is being reserved by Giddens for unsecured claims, with $263 million anticipated to be sent to unsecureds on the first interim distribution. The motion also includes many pages of exhibits with capped and allowed claim amounts.

There are assets of $988 million in the estate, and "with t…

American Apparel Inc. June 30 - Q2 2014

American Apparel Inc. disclosed second quarter financial results for the period ended June 30 after market close on Monday. Net sales remained flat at $162.4 million compared with $162.2 million for the second quarter 2013 period on a 6% decrease in comparable store sales. The retailer had last week disclosed preliminary estimated results for the second quarter, as part of a notification of late filing for its 10-Q.

The company stated that strength in the U.S. wholesale business - which accounted for about 36% of second quarter sales - offset the negative comps. U.S. wholesale sales increased 12% year-over-year to $58.3 million. Adjusted EBITDA totaled $14.6 million, up 85% from $7.9 million for the same quarter last year. According to the second quarter earnings release, the gain in EBITDA is due to improved operating efficiency and concerted efforts at cost reduction. Reductions in operating expenses included lower payroll and associated costs and a decrease in advertising and marke…

Ebola Going Airborne

In late 2012, Canadian scientists discovered that the deadliest form of the virus could be transmitted by air between species.They managed to prove that the virus was transmitted from pigs to monkeys without any direct contact between them, leading to fears that airborne transmission could be contributing to the wider spread of the disease in parts of Africa. Evidence was also found that pigs might be one of the reservoir hosts for the virus; the fruit bat has long been considered as the reservoir.    From Wiki