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Blogs about LTV

Blogs	Description	Date Updated
Notes From The Fifth Annual Value Investing Congress Day 1	David Nierenberg, Founder, D3 Family FundsD3 War Stories: Practical Lessons About Building and Protecting Shareholder Value by Improving Corporate GovernanceDavid Nierenberg, who has appeared at several other VIC’s including Pasadena this past May, led off the first day of the Congress. Nierenberg’s typically invest in busted microcap growth companies. His average holding period is 7 years, and there is 5 year lockup for investors. The focus of this presentation was the importance of co...	October 21, 2009
Crain's NY on Wilbur Ross	Aaron Elstien has an interesting piece on Wilbur Ross in Crain's NY.Reprinted with permission: 'King of Bankruptcy' moves into toxic mortgages. Hope that proves wiser than his auto-biz betsBy Aaron ElsteinWilbur Ross, who famously pocketed hundreds of millions turning around bankrupt steel mills, is moving to dramatically different turf. Last week, the “King of Bankruptcy” unveiled plans to invest up to $1 billion in distressed mortgages.It's worth a shot. After all, little else of what Wall...	May 04, 2009
What Would a GM Bankruptcy Look Like?	While all eyes are on Chrysler as the struggling auto maker negotiates with its lenders, General Motors has briefly receded into the background. It shouldn’t. General Motors is still in talks to split itself up in a Chapter 11 reorganization according to a government plan, and Chief Financial Officer Ray Young said this week that a GM bankruptcy filing is “probable.” Several bankruptcy partners at law firm Morrison & Foerster have put together a primer on the major concerns...	April 24, 2009
Live-Blogging Wachovia’s Third-Quarter ‘Recorded Message’	In 1995, sociologist Robert Putnam wrote an essay about how Americans don’t participate in group activities anymore. He called it “Bowling Alone.” Getty Images Wachovia, which announced a $23.7 billion net loss for the third quarter, has innovated “Listening to Conference Calls Alone.” Instead of holding the usual third-quarter earnings conference call with analysts, Wachovia has created an elaborate kabuki-like “recorded message” that analysts and in...	October 22, 2008
Flashback to 1997, GE at $23 (update with article)	Yeah, 1997 was the last time you could have bought shares of GE (GE) at $23. The difference? Now that price comes with a 5.3% yield and shares trade at 10 times earnings, not the 24 times they traded at then. In the latest quarter, global revenues growth was +24% (emerging markets +20%, developed (ex. U.S.) +26%, U.S. (2)%). What's the problem? Fears over GE Financial Services. In Q2, Commercial Finance earnings grew 7%, GE Money fell 9%. The fears at GE Money are overblown. GE Money encompasses...	September 18, 2008
Covering Covered Bonds	Here’s a not-so-quick note on covered bonds. What is a covered bond? It is a form of secured lending, where a bank borrows money and offers a security as collateral. That security remains on the bank’s books, but in a default the covered bondholder could claim the security in lieu of payment from the bank’s receiver. It is not a passthrough, it is a bond. The covered bond buyers do not receive the principal and interest from the security held by the bank, the bank recei...	July 29, 2008
Can M&A Solve the Bankruptcy Financing Problem?	Harvey Miller, a senior partner in the restructuring practice at Weil Gotshal & Manges, has long been considered the dean of bankruptcy law, having spent 35 years as both a restructuring lawyer and banker. In light of problems with Delphi’s planned exit from bankruptcy, Deal Journal today talked with Miller (below, left) about the problems surrounding bankruptcy financing and whether lenders will try to force asset sales. An edited version of our conversation follows. Deal Journal: We...	February 13, 2008
The Monday Edition: Swiss Franc vs. SPY	This week's newsletter looks at: 1) Swiss Frank vs. S&P and 2) Consumer Wealth (Total Household Wealth/Disposable Income).Swiss Franc, CHF/USD & S&P Inverse RelationshipA lot of investors concentrate on the JPY/S&P negative correlation, but I've found the Swiss Franc, which has very stable interest rates, to have a similar inverse correlation. Check the image below.Consumer Wealth & Housing It is true that some homeowners have astronomical Loan-to-Value ratios, in some cases even exceeding 1...	April 30, 2007
Blackstone, Just Another Publicly Traded Conglomerate?	Ahh, the deep, comfortable sleep you get by nodding off amid the scintillating bedtime reading of a good IPO prospectus. And the heft of the Blackstone Group prospectus was just beginning to slide out of our hands last night when we saw the following on page 131: “Cornerstone Purchasing Group. We seek to unlock incremental value in our portfolio companies through the use of efficiencies of scale. We have established a group purchasing organization called Cornerstone Purchasing Group. Cor...	March 23, 2007