Analysis of Distress

Valuation


May 15, 2017
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Beneath the Surface: Finding Truth in Income Statements

By Jeffrey Fishel, CPA, CFE and Michael Schwarzmann


An income statement, one component of a set of financial statements, provides a snapshot of a company’s profitability over a specific period of time by deriving net income from sales. While an income statement may help its user obtain a general sense of whether the company was profitable or not, it should not be relied on as the sole basis for determining the value of the company. It is especially important that users of financial...

April 17, 2015
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The Oil & Gas Psychic Hotline

From the Editorial Staff of Commercial Bankruptcy Investor


Psychic hotlines were all the rage in the late 80s and early 90s. Cable television channels were littered with their advertisements. One wonders if the so-called “psychics” answering all those pay-by-the-minute phone calls could foretell their own futures—that revenues from people willing to incur exorbitant phone bill charges by the minute (without even getting any sexual satisfaction) compared to costs (primarily advertising fees) would just not match up very well one day. Many of them...

April 16, 2015
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More on Salon –Applying a Valuation

Jon Petersen
Distressed Debt/Equities Research Team
jpetersen@dailydac.com


 Now, we return to our case study of Salon Media Group with an eye towards developing a thesis and applying valuation methodologies discussed in an earlier article in this series here. There are, as I mentioned in my previous article on Salon, large issues of concern with the current stock offering. Given that insiders have been supporting the company through loans and preferred stock[1] that carries massive liquidation preferences,[2], why should an individual have the confidence...

April 6, 2015
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Introduction to Distressed Analysis –Developing Your Thesis and Valuation Methods

Jon Petersen
Distressed Debt/Equities Research Team
jpetersen@dailydac.com


Ok, time for a more in depth look at making a thesis and a valuation. From the outset, I want to underscore a point raised in my previous article here, that most investors will want to enter the distressed investing space by relying on the expertise of various funds that focus on these types of investments. Thus, I'll first address here the constraints that an individual investor faces, and how one who is determined to make his or her own picks can...



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