Highlighting the Barron’s Roundtable’s spinoff picks is always one of our most popular pieces every year. Sadly, we missed it earlier this year, but Barron’s does publish a midyear check in every July. It’s not as comprehensive as the beginning of the year Roundtable gathering, but it still features some talk about the economy, predictions for the market… Read More »
California Resources Corporation (CRC) skipped an interest payment last month and seems headed towards a Chapter 11 filing. In the meantime, the company made one interest payment late and then successfully bought a few more weeks of additional time by negotiating a forbearance agreement with its lenders. June 30th is now its next big deadline, but it seems… Read More »
Active management may be under attack, but don’t tell that to Barron’s. Every year the venerable paper hosts an investor roundtable featuring some of the industry’s leading voices and largest active asset managers. The day long event offers a chance to hear their thoughts on a wide variety of topics including the economy and pressing global issues. Readers… Read More »
Every year Barron’s gathers a group of asset management luminaries for a roundtable discussion. The group collectively manages many many billions of dollars and includes people like Jeffrey Gundlach, Mario Gabelli and Meryl Witmer. While the discourse includes a bit about the overall macro environment, the focus is mainly on each individual’s top investments for the coming year.… Read More »
July 4th week is a good time to catch up on some recent spinoff transactions. Last week Hertz (HTZ) completed the separation of its equipment rental business Herc Holdings (HRI). This one was a bit tricky mechanically and here is how the transaction went down: To effect the separation as part of a tax-free spinoff, Hertz Global Holdings stockholders as of… Read More »
After years of accounting related delays and management changes, Hertz’s (HTZ) spinoff of its equipment rental business, Herc Holdings, has finally been approved by the company’s board of directors. The mechanics and distribution ratios of the transaction are a bit kooky due to Hertz’s complex corporate structure: Stockholders of record as of the close of business on the record… Read More »
Paging Kevin Sorbo! Speaking at an industry conference back in February, Larry Silber, CEO of Hertz’s (HTZ) equipment rental business and of its future spinoff, announced that the new company will change its name to Herc Rentals post-spin. Alas, the choice of ‘Herc’ had nothing to do with the Greek demigod and is merely the initials of the… Read More »
Hertz (HTZ) first announced the idea of spinning off its rental equipment business back in March of 2014 after facing severe activist pressure. The plan was to have the equipment company pay a big dividend which would fund a large buyback at the parent. A few months later, the company even managed to settle its fight with Carl… Read More »
Titans of the hedge fund industry, including John Paulson, Carl Icahn, Nelson Peltz (and many more), gathered at the Pierre Hotel this past Wednesday for CNBC’s Delivering Alpha conference. There was a lot of Fed talk (Stanley Druckenmiller is not a fan), musings on the economy and of course, the proverbial ‘talking up the book’. It took a… Read More »