Pershing Square Misleads About General Growth’s Equity Value

June 8, 2009

Pershing Square LogoPershing Square Bill Ackman’s presentation about General Growth Properties (GGWPQ) at the Ira Sohn Investment Research conference has us wondering what he is up to. The tone of the presentation clearly targets an audience that is not familiar with bankruptcy investing. At the same time, his financial projections for GGP are overly optimistic and do not square (no pun intended) with current results. We believe that some of his analysis is very misleading. Read the rest of this entry »

Avenue Capital’s Marc Lasry Is In Therapy Over Depressed Asset Prices

February 23, 2009
Marc Lasry, Avenue Capital

Marc Lasry, Avenue Capital

At the first Wharton Hedge Fund Conference keynote speaker Marc Lasry of Avenue Capital declared that he was still in shock over how his firm got to $22 bn in size. Lasry started his firm in 1995 after breaking off from an entity that is affiliated with the Bass family with $7 million, expecting to run a few hundred million dollars if things were to go well. At its peak in 2007, the firm exceeded all targets with $22 billion in assets under management. The wonders done by a decade of liquidity and leverage helped him grow beyond his wildest dreams. Read the rest of this entry »

Beware Of Litigious State-Owned Banks

February 29, 2008

Large financial institutions tend to be reluctant to get involved in lawsuits, even when it would benefit their clients or shareholders. German state-owned banks are a notable exception to the rule.

Michael L GordonJohn AngeloFormer shareholders of National Home Health Care Corp, which was acquired by Angelo Gordon last year, Read the rest of this entry »

IsoTis/Integra Merger Vote In Jeopardy

October 16, 2007

IsoTis logoAfter struggling for several weeks to get shareholders to vote in favor of a buyout by Integra LifeSciences (ticker IART), orthobiologics company IsoTis (ticker: ISOT) conceded partial defeat last Friday by postponing its meeting for 10 days to solicit additional votes. The trouble at IsoTis started in February this year when the FDA put approval of IsoTis’ Accell products on hold.

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W Holdings Takes Hit On Inyx Bankruptcy

July 19, 2007

W HoldingsW Holdings (ticker WHI) market cap took a half billion dollar bath after its loan to Inyx (ticker IYXI) turned out to have been a classic lending debacle, where good money is thrown after bad. Its Puerto Rican subsidiary Westernbank is the biggest lender to Inyx, and recently filed for receivership of Inyx’s U.K. unit, which is equivalent to a chapter 11 in the U.S. Inyx responded by placing its U.S. businesses into chapter 11, sending its stock to penny levels.

Inyx got started when the wife of Armenian-Canadian businessman and Inyx CEO Dr. Jack Kachkar acquired a public shell company with the intention of Read the rest of this entry »