š„Another Flat Tireš„
Updates: Tupperware + Enviva. ATD Files...AGAIN. And More.
Weāre getting deeper into Q4ā24 and two big things with major implications are right around the corner. Thereās that small thing ā¦ the election ā¦ coming with a healthy dose of anxiety and increased blood pressure to a voting location near you on November 5. While the nation ā the world, really ā looks on for results as former President Donald Trump claims victory no matter the results (mark it!), the Fed will ā¦ gulp ā¦ meet on November 6-7. Will anyone notice Jerome POW-ell and the gang amongst the aftershocks? How will markets react to the one-two punch? If we donāt publish that week, apologies in advance, we may be hanginā in the bunker hopped up on all kinds of ketimine, packing kevlar, massaging our X95s, and doing push-ups like Christian Bale in The Dark Knight Rises in preparation for the wars to come.
Unjustified worry? We hope so. Namaste.
Time in the bunker might be good for us. Itāll give us time to ponder why ā24 has been chock full of sh*tty chapter 11 bankruptcy cases. Sure, sure, we could be thinking about Judge Jones, the FBI sniffing around bankruptcy circles, and whose heads will roll down in Texas (keep the text messages coming, guys, R.I.P. Jackson Walker LLP?). Or we could be thinking about the latest and greatest technology in liability management ā friendlier deals, they say. You know, the type that are āparticipatoryā in that everyone in the existing cap stack is invited to play ball, just not at the same time and certainly not on the same terms ā oft times under threat of third-party financing. Got in early? Cha ching, great economics. Got invited to the party on the day of with just 30 minutes to get ready before it starts? Whatever, stop your b*tching, at least you got invited ā who cares if youāre left with food crumbs, the bottom of the punch bowl, and nothing but āmop up gameā amongst the drunk revelers. Better than relegation to ānon-participatingā status and having to hire litigators.
Or maybe weāll think about cooperation agreements, what happens when a fund eventually breaks one of them, and/or rumors that some are lobbying to dub them collusive (hmmm ā¦ who would benefit from regulators coming down on cooperation agreements ā¦ curious, š§). Or maybe weāll ponder opt-out releases in the wake of Purdue Pharma. So many good choices for us.