TEVA Pharmaceuticals: Brett Saunders Interview

Teva Pharmaceuticals (NYSE: TEVA) Special Situations: Brent Saunders Interview August 8, 2017 DISCUSSION In an interview with Jim Cramer last night, Allergan (NYSE: AGN) CEO Brent Saunders had the following to say with regard to AGN's 10% stake in TEVA:  "...we're responsible stewards. We will sell the stock over the next few quarters in a … Continue reading TEVA Pharmaceuticals: Brett Saunders Interview

Advertisements

Teva Pharmaceuticals: Dumpster Fire Trading

Teva Pharmaceuticals Specials Situations: Dumpster Fire Trading August 7, 2017 DISCUSSION & ANALYSIS Apparently I cannot find a dumpster fire too hot to touch. Ugh. But TEVA is down over 40% in five days on absolutely enormous volume - something like 20% of outstanding shares - the debt has held above its 2017 YTD lows, … Continue reading Teva Pharmaceuticals: Dumpster Fire Trading

Special Situations: Valeant Pharmaceuticals Public “Private Equity” Restructuring

Valeant Pharmaceuticals Special Situations: Public "Private Equity" Restructuring August 13, 2016 SUMMARY INFO Recent PPS: $24.92 Shares Out: 355 million Market Cap: $8,847 Net Debt: $30,085 Enterprise: $38,932 DISCUSSION ***Disclosure: This is a distressed, leveraged special situation trade with only the potential to turn into a medium- to long-term investment.*** I have been involved/followed the … Continue reading Special Situations: Valeant Pharmaceuticals Public “Private Equity” Restructuring

Distressed Debt: Chesapeake Energy Morningstar Note Review January 2016

Chesapeake Energy Distressed Debt: Morningstar Note Review January 3, 2016 SUMMARY INFO (Pricing as of 12/16/15) Debt Stack Unsecured Senior Notes (USNs): $9,345 Convertible USNs: $1,515 2037 2.5%: $47.80 (puttable 5/15/17) 2038 2.25%: $33.10 (puttable 12/15/18) USN Due NTM: $500 Total: $11,360 Market Value: $32.30 Cumulative Convertible Preferred Total: $3,062 Interest Rate: 5.58% Market Value: … Continue reading Distressed Debt: Chesapeake Energy Morningstar Note Review January 2016

Special Situations: Fannie Mae ‘Raisins’ Analysis June 2015

Fannie Mae Special Situations: 'Raisins' Analysis  June 23, 2015  SUMMARY INFO OTCBB: FNMAS Recent PPS: $3.81 (15.1% of $25 par) Implied FNMA Junior Preferred Market Value: $2.92B ($19.13B par) SCRATCH NOTES I jotted the following notes down on the Scratch Notes page this morning, which formed the basis of the discussion to follow: WSJ Op-Ed: Raisins … Continue reading Special Situations: Fannie Mae ‘Raisins’ Analysis June 2015