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Notable Bankruptcies Of 2009: Q3

Mon, 05 Oct 2009 13:01:00 GMT

Notable Bankruptcies Of 2009: Q2

Thu, 02 Jul 2009 16:29:00 GMT

In January I predicted (see Notable Bankruptcies of 2009: Q1) that “major” bankruptcies in 2009 would challenge the 383 mark set in 2001 (the high-water mark after the dotcom bubble). I even suggested that it was possible that we could exceed 400 “major” bankruptcies in 2009. According to Bankruptcydata.com, there have been 156 “major” filings thus far in 2009. Assuming that bankruptcies are equally distributed throughout the year, this puts us on pace for 312 bankruptcies. That is tracking well shy of my prediction. In fact, bankruptcies were down significantly from Q1 to Q2, as there were 90 bankruptcies in the first quarter but only 66 in the second. That stylized fact begs the question: Is that a “green shoot”[More...]

Turning Japanese And Understanding The Consequence Of Policy Half-Measures

Wed, 15 Apr 2009 14:05:31 GMT

This is another post I originally ran on Naked Capitalism last month. As you know, I have turned more positive about the potential for a cyclical economic recovery. However, I am unchanged regarding much of the sentiment expressed in this post - that any upturn must be considered with suspicion because the underlying fundamentals of the U.S. and global economies remain poor (See my post on macro disequilibria to see why). My personal view at this time is that we will get a rebound of uneven quality, the prospect of which will be supportive of financial markets.[More...]

Notable Bankruptcies Of 2009: Q1

Wed, 01 Apr 2009 20:19:00 GMT

In January I predicted (see Notable Bankruptcies of 2008) that “major” bankruptcies in 2009 would challenge the 383 mark set in 2001 (the high-water mark after the dotcom bubble). I even suggested that it was possible that we could exceed 400 “major” bankruptcies in 2009. According to Bankruptcydata.com, there have been 90 “major” filings thus far in 2009. Assuming that bankruptcies are equally distributed throughout the year, this puts us on pace for 360 bankruptcies. I fully expect the filing pace to quicken as the year goes on, and as the economy continues to deteriorate. Below you can find an updated list of what I see as the “noteworthy” bankruptcies of 2009, as reported by [More...]

Housing Trends: The Green, the Small, and the Homes with Chinese Drywall

Thu, 05 Mar 2009 18:50:00 GMT

NOTE: Today begins a new periodic feature where I will link to and briefly comment about articles I found interesting and think readers might as well. This feature is[More...]

The Crumbling Of The North American Job Market

Fri, 09 Jan 2009 20:33:00 GMT

Friday, January 9, 2009 by Martin Denholm, Managing Editor, Smart Profits Report Dear Smart Profits Report Reader, On Thursday, America’s incoming president, Barack Obama, noted the need for drastic action to combat the rapidly deteriorating U.S. economy. Gee, you think? I like Obama so far, but that’s a serious understatement. It merely pre-empted this morning’s news that confirmed just how bad the climate has become. December saw American employers lay off another 524,000 workers, which brought the total number of 2008 losses to 2.4 million (one million of which came in just the past two months). It could still end up worse than that, given that the government revises the figures later. For example, October’s layoff total was revised from 320,000 to 423,000, while November’s data came in at 584,000, higher than the[More...]

Notable Bankruptcies of 2008: Final Tally

Mon, 05 Jan 2009 23:35:00 GMT

In mid-August I predicted that “major” bankruptcies for 2008 would reach 225 (see Bankruptcies Revisited). Through October there had been 172 such bankruptcies, as reported by Bankrupctydata.com. That implied a pace of around 210 bankruptcies, well short of my prediction. At the time however, I suggested that the filing pace was likely to quicken in November and December as the economy deteriorated at a more rapid clip. Sure enough, the final numbers bear out my prediction. According to Bankruptcydata.com, “major” filings reached 231 in 2008. 231 bankruptcies falls far short of the 289 “major” bankruptcies in 2000 and 383 in 2001[More...]

Bits Of Destruction

Fri, 26 Dec 2008 15:19:00 GMT

The news is full of stories this year end about the impending bankruptcies of retailers, newspapers, auto manufacturers, banks, and a host of other businesses that have been the mainstay of corporate america for the past 100 years or more. Clearly the economic downturn is the direct cause of most of these failures but I believe it is the straw that broke the camel's back in most cases. The internet, now closing in on 15 years old in its mainstream incarnation as the world wide web, is in many cases the underlying cause of these business failures. Bits of information flowing over a wire (or through the air) are just more efficient than physical infrastructure. I'm typing this on my blackberry in a hotel lobby in berlin, I'll hit send, and it will be published and read by roughly 5,000 people today. Compare that to what it takes to get the Tom Friedman column 'Time To Reboot America' which[More...]

13 Outlier 2009 Predictions

Tue, 16 Dec 2008 21:46:00 GMT

In the spirit of hedge fund manager Doug Kass' annual outlier prediction list (Jan 2: Doug Kass 20 Predictions for 2008), last year I decided to write my own. You can read my 13 Outlier 2008 Predictions here (Dec 31, 2007: 13 Outlier 2008 Predictions) and a self assessment this past October (Reviewing Our 13 Outlier 2008 Predictions). Ironically, Mr. Kass and I actually had a lot of similar calls for 2008, although I posted mine first (and I do so again this year so[More...]

In Desperation, Detroit Papers Flip the Switch

Tue, 16 Dec 2008 17:49:00 GMT

As the Great Detroit Experiment begins, the industry owes them for acknowledging the obvious. As Lou Mleczko, president of the Detroit Newspaper Guild Local 22, reported: "And (Detroit Media Partnership CEO David) Hunke said, if we don't do this, the current model is unsustainable. So he'd rather take the calculated risk of going to a new format -- rather than sit back and do incremental cutbacks." Unsustainable. In other words, the business model is broken. The cracking we've been hearing are the default roars and whispers coming out of the companies and the lenders. Tribune's bankruptcy made a hole[More...]

Cablevision Profit Down, but Operating Income Up: CVC Says Income Increased By One-Time Gain in Asset Sale

Thu, 31 Jul 2008 16:52:00 GMT

Jul. 31--As the company showed strong customer growth in a number of multi-media categories, Cablevision Systems Corp. reported Thursday that second-quarter net income sank 70 percent to $98.3 million but revenue increased 9.2 percent to $1.71 billion for the period ending June 30.
Consolidated operating income, a closely watched measure of Cablevision's performance, rose 43.6 percent to $299.3 million.
In response to the earnings news, Cablevision shares soared 13 percent in morning trading, rising to $23.93.

[More...]

Classified Ventures Announces Homescape(R) and HomeGain(R) to Exhibit at 2008 National Association of REALTORS(R) Conference and Expo

Thu, 30 Oct 2008 11:56:00 GMT

Chicago-based Classified Ventures, LLC, a strategic joint venture owned by five major media companies, is pleased to announce that Homescape and HomeGain will be exhibiting at the 2008 National Association of REALTORS Conference and Expo November 7-10 at the Orange County Convention Center in Orlando, FL. This marks Homescape's third time exhibiting, and HomeGain's fifth successive return to the show.[More...]

OMVC Reports Positive Progress on Mobile DTV

Mon, 14 Apr 2008 15:27:00 GMT

The Open Mobile Video Coalition (OMVC) announced today that the broadcasting industry is on track to develop standards and launch services for mobile digital television (mobile DTV) in 2009. The group stated that recent Independent Demonstration of Viability (IDOV) trials showed that DTV-based mobile video technologies are feasible.[More...]

FitzSimons to Step Down as Tribune Company Chairman and CEO

Wed, 19 Dec 2007 15:48:00 GMT

Tribune Company announced today that Dennis FitzSimons will step down as chairman and chief executive officer immediately after the company completes its going-private transaction. FitzSimons will leave the company at the end of the year.[More...]

Houston's KHCW-TV Launches Free Mobile Phone Cam Service Enabling Drivers To Avoid Traffic Headaches

Tue, 18 Dec 2007 14:56:00 GMT

Tis' the season to imagine driving home or to the office without sitting in bumper-to-bumper traffic. One local television station here is doing its part to make that dream come true by introducing the KHCW Traffic Jam Cell Cams -- a free mobile traffic service helping local drivers to spot and avoid highway tie-ups.[More...]

Teamsters Question FCC Requirements for Owner Control in Tribune Deal

Wed, 12 Dec 2007 19:59:00 GMT

Teamsters File Request for Reconsideration[More...]

Tribune Revenues Down 3.3% in November

Wed, 12 Dec 2007 11:58:00 GMT

Tribune Company today reported its summary of revenues and newspaper advertising volume for period 11, ended Nov. 25, 2007. Consolidated revenues for the period were $413 million, down 3.3 percent from last year's $428 million. Consolidated operating expenses were 5.0 percent lower than period 11 last year.[More...]