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LAForeverHall's profile
Liz
Liz
Liz
@LAForeverHall

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Liz

@LAForeverHall

ArIeS. InFp. ChAoTiC NeUtRaL. RaVenClAw. Investor, marketer, performance artist. My investing articles: https://lizardbrain.substack.com/ 

Joined March 2012

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    Liz‏ @LAForeverHall May 16
    • Report Tweet
    • Report NetzDG Violation

    Liz Retweeted  💥PETITION 💥

    People about to learn just how “equivalent” to debt the PV of lease liabilities are under 502(b)(6).https://twitter.com/petition/status/1261652123776843778 …

    Liz added,

     💥PETITION 💥 @petition
    $JCP is rejecting leases right out of the gate: 20 leases across a variety of states are on the chopping block. pic.twitter.com/NtDzHjjcdK
    6:47 AM - 16 May 2020
    • 4 Retweets
    • 64 Likes
    • Norm Conley Matt Funaro Rory Murray Jeff Moore Timm Joe Tenebruso Sunflower Ken Bateman Khaleesi Tudor Jones (resurected)
    5 replies 4 retweets 64 likes
      1. Liz‏ @LAForeverHall May 16
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        Uploaded a document I pulled from the Mattress Firm bankruptcy that illustrates the cap, for those who want an example. https://drive.google.com/open?id=14mfF7oZh-ng1hwrbOfewRTREaQ4L8Vdl …

        1 reply 1 retweet 4 likes
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      2. David Foulke‏ @Foulke_David May 16
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        • Report NetzDG Violation
        Replying to @LAForeverHall

        Liz, this goes back the Cake Factory argument, right? I.e., that most of the PV of lease liabilities is unrecoverable in bankruptcy?

        1 reply 0 retweets 2 likes
      3. Liz‏ @LAForeverHall May 16
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        Replying to @Foulke_David

        Yes on $CAKE. Specifically, it’s capped at the greater of 1 year or 15% of the remaining term up to 3 years. For long term leases this will tend to be way below the PV of the remaining liability.

        0 replies 1 retweet 5 likes
      4. End of conversation
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      2. Brian Heimowitz‏ @ArbitrageGod May 16
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        Replying to @LAForeverHall

        Ok but when looking at it from the equity perspective, once you get to this point it’s worthless.

        1 reply 0 retweets 3 likes
      3. Liz‏ @LAForeverHall May 16
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        Replying to @ArbitrageGod

        From equity sure but if you’re a creditor you’ll screw up your waterfall and tend to underestimate recovery rate if you don’t account for the cap.

        0 replies 0 retweets 5 likes
      4. End of conversation
      1. Hermann Peterscheck‏ @petershk May 16
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        Replying to @LAForeverHall

        I also saw this with smaller credit unions (like say in Las Vegas). Banks don't REALLY want to own thousands of used cars so they will likely change terms. Debt is not debt ;)

        0 replies 0 retweets 4 likes
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      1. Jim Gillies‏ @JimPGillies May 16
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        Replying to @LAForeverHall

        Lord, I’ve arguing this for years. Nice ‘tis finally gaining exposure (albeit after accounting rules have decided that we needed op leases on the B/S). So it goes.

        0 replies 0 retweets 1 like
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