an introduction to distressed value

What is Distressed Value?

An Introduction to Distressed Value [T]he leverage that talent can provide is lessened as a company matures, John Sheldon suggests. While partnerships, by definition, are shaped in the images of the partners ‘and end theoretically when the partners die, a corporation never ends.’ Come hell, high water, or hostile takeover, a corporation is obliged to […]

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John J. Donovan Loses Again

Excerpts: John J. Donovan Loses Again In Brining v. Donovan, the latest blow to former MIT business professor, John J. Donovan, Judge Davis held that shareholders in Donovan’s failed internet start-up, SendItLater (SIL), could recover more than $700,000 in attorneys’ fees in addition to a December 2019 award of $1.57 million in damages. Relying on

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Former MIT professor from Hamilton found liable for misusing startup’s funds

Excerpts: Former MIT professor from Hamilton found liable for misusing startup’s funds John Donovan Sr., 77, of Hamilton, was using investor funds to pay for country club membership, hair treatments, property tax bills, and other expenses, Judge Brian Davis wrote in his decision, according to a report Wednesday in the The Salem News. Donovan, who

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Excerpts: “J. Crew is preparing for a bankruptcy filing” The New York-based retailer had already been struggling under a heavy debt load and sales challenges, as it suffered criticism that it fell out of touch with its once-loyal customers. In the past few years, the brand lost both its longtime design chief, Jenna Lyons, and

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Former Apple CEO Michael Spindler: The US Must Increase Its Savings Pool

Note: This essay was written by former Apple CEO Michael Spindler. It was originally published on March 20, 2006. The following points are snippets from an economic conference in Europe, organized by the Brookings Institute, the National University of Singapore and the London Center of Economic Policy. These points are ranked in descending order of

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Excerpts: “The Inside Story of CalPERS’ Untimely Tail-Hedge Unwind.” Tail-risk hedging programs are similar to life insurance. With tail hedges, like any insurance policy, investors pay a small amount each year — a sunk cost — for a large potential payout if the event that is being insured against occurs. This was the crux of

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Excerpts: a Sunday note from Morgan Stanley’s chief biotech analyst Matthew Harrison Welcome to your first and only chance to have a Morgan Stanley biotech analyst tell you what he thinks about the market. Over the past week it has been striking to see how investors have reacted to the first signs that new COVID-19

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Excepts: “Billionaire Cliff Asness’ hedge fund AQR hit with $43B COVID-19 losses” The firm’s Multi-Strategy Alternative fund, for example, is down 22 percent this year following declines of 10 percent in 2019. Its Small-Cap Multi-Style fund, which was up 20 percent last year, is now down 29 percent. “That’s pretty terrible,” one hedge fund manager

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Excerpts: “Markets Infected by Coronavirus” Bonds are comfortably below 2 percent and the 10-year Treasury yield is hovering around 1.3 percent. Unlikely as it may seem, technical analysis now indicates a target yield on the 30-year bond at 1 percent and the 10-year note at 0.25 percent. Stocks are nearing correction territory, with more downside

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Excerpts: “Morgan Stanley Gains E-Trade’s Individual Investors As Wall St. Traders Lose Mojo” The E-Trade deal comes on the heels of another major acquisition in the brokerage space. Last November, larger brokerage rivals Charles Schwab (SCHW) and TD Ameritrade (AMTD) agreed to merge in a $26 billion, all-stock deal. The combined company will have $3.1

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