if you ever have a question just ask , ill give you my opinion.Originally Posted by billhart22
SIRIUS XM SATELLITE RADIO FORUM
if you ever have a question just ask , ill give you my opinion.
I don't know right now. The volume is pretty slow by comparison earlier this morning. I would think there would be a lot of buying prior to the PR for the same reason that you stated. Right now people are just watching like a hawk waiting for anything to move before descending upon it. The people are there, they are just waiting for any kind of action. A Mexican stand off.
I appreciate your willingness to help with the poker....I will ask if I have any questions. Thanks
Computer problems at nyse halt about 200 stocks........what a mess, lol!
First about mglg... Not worried here.. building a nice support level...why I don't know..but whatever.. I think as the day closes, exactly like you said people will rush to buy before the much anticipated PR.
On Poker. Have played a lot on UB, just for fun I am not a bad player but my main problem is Patience. I do well for the first half of the game and then I get bored and start looking at the clock. and then I push hands that I shouldn't. Oh, 4th is my favorite place...lol.
I have been keeping my eye on SSCCQ just out of curiosity (since I cashed out) and my feelings were confirmed . . . it is starting a hard fall.
SPNG has broken through its first level of Resistance today and shooting for its second at .30 (I don't own this but have been keeping my eye (how many eyes do I have!) on it.
That's funny....SSCCQ is taking a big dump. Good call, M.
MGLG got up to .0020 a couple of minutes ago....jump up to .0020 and its off to the races again
NEW YORK (Dow Jones)--Corporate restructurings in the U.S. have become more difficult than before due to increasingly complex capital structures.
Possibly complicating the process further is the feared hike in U.S. inflation, which could lead to higher interest rates, says Barry Ridings, Lazard Ltd.'s (LAZ) vice chairman of U.S. investment banking and head of its restructuring group, in an interview with Dow Jones Newswires
DOW JONES: In what ways is the current restructuring landscape different from earlier ones?
BARRY RIDINGS: I suspect that this time what's happening in the market is that the restructuring cycle will probably last longer than the prior ones. And the problems we are dealing with are much more complex. Companies often have no unencumbered assets. There is an active leveraged loan market where bank loans are trading like securities. And creditors have different price points so they have different goals and agendas. So, it's become a lot harder.
DJ: What are the sort of restructurings you are seeing?
BR: A lot of what we see are good companies, bad balance sheets. Second, the capital structure is more complex. It's really the advent of the second lien. And this has implications for DIP (debtor-in-possession) financing. In the old days, your basic capital structure would be bank debt, which was secured and junk bonds, which were unsecured. Your bank lenders were actually banks. If you had to file bankruptcy you had lots of unencumbered assets and you could get DIP financing. In addition, the high-yield market has morphed into a secured market, albeit it's not first lien, it's second lien. So companies have no unencumbered assets to get a DIP. And they have first-lien and second-lien lenders who haven't made the loan but bought the loan at different price points.
DJ: Where are we in the cycle?
BR: Last time, defaults peaked in 2001-2002. We were already above that in '08, and we will significantly surpass that in '09. And we're just at the beginning of the cycle. We are still seeing increasing problems. You can almost name your industry, whether it's newspapers, chemicals, financial institutions, autos, auto parts. It's fairly pervasive. With the current monetary supply here in the United States, we are laying the seeds for inflation later on. Deals are priced on LIBOR; so when LIBOR finally does start to rise, and prime, you're going to see interest costs for all these companies rise. Lately, a lot of firms are calling saying that they can see they have potential covenant defaults in two or three quarters, so they say let's start planning. So we are fairly active working with these sorts of companies.
DJ: There have been some high-profile political restructurings this go-around.
BR: What we are going through now is nothing less than the restructuring of the U.S. capital markets. We aren't just restructuring companies but we are restructuring entire industries. We are trying to rehabilitate hundreds and hundreds of companies. It's bigger, more complex, and the repercussions of failure are much more catastrophic than they were in the last cycle.
DJ: What are some of the other changes from prior periods?
BR: Ten years ago, there really wasn't a second-lien loan market. That's a new trend. Clearly, the shorter time in bankruptcy is a new trend. There are other changes to the bankruptcy laws in terms of creditors' rights. International, companies have become more global, so they have done their financing globally. There's dollar-denominated debt and euro-denominated debt. There are exchange-rate risks. The U.S. bankruptcy laws are fully codified and we all know the rules. The rules are very different in France, Italy and India and require local knowledge.
DJ: How does Lazard approach restructuring?
BR: Lazard has a team approach on restructuring assignments. Our team includes restructuring experts as well as industry and M&A bankers. I'm the lead guy on Lehman Brothers. Because we've got the restructuring expertise, the M&A knowledge, our financial institutions group and our international capability, there are few firms who could do what we are doing at Lehman. For example, we sold Neuberger Berman, we ran the M&A process. They have sold certain of their venture capital assets and some of their merchant banking business. We have people who raise capital - our private fund advisory group. We have all these sub-teams on it. So we have up to 50 people working on the Lehman assignment. There are not a lot of firms that have this depth on a global basis.
DJ: Is your restructuring team big enough to cope?
BR: In preparing for this wave of restructuring, we did the bulk of our hiring six to nine months ago. I think we have the largest global restructuring team in terms of size on Wall Street. We have the appropriate level of people for the total cycle. As the market gets more active, you'll see us focusing on larger deals. Of the 30 largest bankruptcies, we are working on 19 of them. (In addition to Lehman Brothers, Lazard is working on Pilgrim's Pride, Nortel and Smurfit-Stone, among others).
Tripps -
That took some digging! lol....good job!
All right, we are starting to come to life here again... .0020 I am anxious to see what happens now
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