🔥QVC Global = "Sacrificial Lamb"?🔥
Filings: Impac Mortgage Holdings, Inc. & Miyoshi America Inc. & FreshRealm Inc. + Updates: Beyond Meat Inc. ($BYND) + Georgia ProtonCare Center Inc.
We’ll be straight with y’all. Johnny’s statement in Friday’s Links …
… applies to today’s edition. He wrote:
“Indeed, according to Epiq AACER (“Epiq”), there were 644 commercial chapter 11 bankruptcy filings in April ‘26, a 42% increase YOY (but a 2% decrease sequentially). Which is … uh … kind of interesting considering the cases that made their way into our universe basically involved QVC and a bunch of spitwads — no offense to spitwads.”
Well, we cover a bunch of those “spitwads” 👇 as we wait for bigger fish like Trinseo PLC ($TSEOF) to eventually drop, 🤤.
But, first, let’s revisit with our latest obsession, QVC Group Inc., and update a prior obsession, Beyond Meat Inc. ($BYND). Let’s dig in.
⚡️Update: QVC Group Inc.⚡️
Considering it’s been less than a month since their chapter 11 bankruptcy filings, we’ve already spilled heaps of ink on QVC Group Inc. (“QVCG”) and its subsidiary debtors, including QVC Inc. (all together, the “debtors”).
We covered the cases upon their filing here (1️⃣), again when there were motions filed primarily by pref shareholders of QVCG seeking an equity committee here (2️⃣), and when those motions were withdrawn and the prefs consolidated into one group with counsel here (3️⃣). In the preface to his last Links (4️⃣), Johnny highlighted how QVCG’s prefs continued to price upwards, stating:
“Notably, the prefs continue their incremental climb higher so either existing holders are emboldened and are adding to their holdings or others are hopping on board (or both).”
Well subsequently on May 8, 2026, Sona Asset Management (US) LLC (“Sona”) filed this …
… seeking to increase its 567,794 shares of preferred stock by an additional 1,000,000 shares.
So, yeah, he was right, 🎯.*
The market be loving this trade:
And the lawyers — for the prefs that is — be loving this mandate. Cue the prefs engaging in their version of RXmaxxing:
That’s right. The prefs — via undersigned counsel at Glenn Agre Bergman & Fuentes LLP, Cleary Gottlieb Steen & Hamilton LLP, and Kane Russell Coleman Logan PC — are agitating. They write: