Why Shake Shack Says Short Thermal Paper

Appvion Inc. is the Canary in the Coal Mine

Appvion Inc. (summary below) filed for bankruptcy early Monday morning. This shouldn't have come as a surprise to people following the situation as (i) the company had previously issued a "going concern" warning and (ii) S&P Global Ratings had issued a credit downgrade. The First Day Declaration filed in conjun…