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Distressed Deal Data™ FAQ and Terms & Conditions

1. Each newsletter of DISTRESSED DEAL DATA™ puts certain words, in each deal description, in bold. What is the significance of that bolding?
Our researchers use bolding for two purposes: (a) to identify a key deadline, when it is known; and (b) to indicate the “category” of the deal.

2. What is meant by “category” of deal?
First, not every deal description describes an actual,live deal. Many deal descriptions describe data we are aware of that suggests a deal may happen- whether presently or in the near future. In other words, much of what we provide to our subscribers are leading indicators of potential deals.

With that explanation, the categories of deals our subscribers are given access to include the following types of deals:

  • Article 9 UCC Sale or Secured Party Sale
  • Assignment for the Benefit of Creditors – Commencement
  • Assignment for the Benefit of Creditor – Sale process initiated
  • Bulks Sale Notice
  • Chapter 7 bankruptcy – an asset-rich business case is filed
  • Chapter 7 bankruptcy – 363 motions to approve a private sale
  • Chapter 7 bankruptcy – 363 motion to approve a sale process
  • Chapter 11 – 363 motion to approve a private sale
  • Chapter 11 – 363 motion to approve a sale process
  • Chapter 11 – First Day Declaration in case suggests a likelihood of a sale
  • Chapter 11 – Application to retain an investment banker filed
  • Chapter 12 – 363 motion to approve a sale process
  • Chapter 11 – sale process commenced pursuant to a confirmed chapter 11 plan
  • Facility Closing
  • Going Concern Opinion issued
  • Heard on the Street
  • Mass Layoffs
  • Rating Agency Downgrade
  • Receivership – Commencement
  • Receivership – Sale process initiated

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3. Can you describe these categories in more detail?
Some are self-evident by their name so we won’t go through them all. However, some explanations are certainly warranted:

  1. You will notice that in several instances we distinguish between the commencement or filing of a legal process (e.g., an assignment for the benefit of creditors) and the initiation of a sale process within that legal process. The former, of course, is a leading indicator of a future sale. The early bird gets the worm, so why wait for an assignee to go to market when you can reach out sooner.
  2. Article 9 UCC Sale or Secured Party Sale – We use these terms pretty much interchangeably to mean a sale of collateral by a party secured by that collateral except that, where it is clear that Article 9 of the Uniform Commercial Code does not govern the sale or it is unclear if it does, we use the term “Secured Party Sale.” A sale of collateral consisting of real estate, for example, is not governed by Article 9.
  3. The Uniform Commercial Code has an Article that governs bulk sales, but every state except California and Maryland have repealed it. The bulk sales Article was originally written to protect the unsecured creditors of a business by making sure they received notice of a bulk sale. Creditors of a business that engages in a bulk sale of its assets can benefit from being alerted to them in time to file an involuntary bankruptcy to stop the sale. A potential buyer who may be willing to pay more for the assets than the proposed buyer can also benefit from knowing about the sale in advance (as can the seller).
  4. A facility closing is just that, a (large) facility of a company is to be closed or recently was closed. The informed subscriber knows that this can be a leading indicator of financial distress, or it can simply be an opportunity to buy machinery, equipment, real estate, and other excess assets or to be retained to auction them off. It may also represent an opportunity to grab market share, hire workers, or to provide services to people who just lost or are about to lose their jobs.
  5. “Heard on the Street” is a catch-all category we use (not always by name) to share intelligence we have gathered about opportunities that do not fall into another category. Examples include businesses that, while not distressed, must be sold quickly due to the personal situation of the owners (for example, divorce, death, or disability) and interesting opportunities involving assets that at least some of our subscribers have expressed interest in (if you are on the lookout for specific assets, you can let us know and we will try to locate them). We use terms like “Private Company Sale,” “Auction – No Legal Process,” and “Interesting Opportunity” as synonyms for “Heard on the Street.”
  6. Mass Layoffs typically mean that at least 20% of the workforce at a single location of a large company will or has been laid off.

4. Is DISTRESSED DEAL DATA™ good for a billion dollar private equity fund or hedge fund?
No. Players like that have subscriptions to resources like Bloomberg Terminal, Debtwire, Reorg Research, and the like because players like that are elephant hunters. Their targets have publicly traded securities or are otherwise large enough to be picked up by the resources mentioned above. Although DISTRESSED DEAL DATA™ has some overlap with them because we report on larger 363 sales, going concern opinions and rating agency downgrades, we do so only selectively. DISTRESSED DEAL DATA’s™ strength is in reporting on opportunities that these other resources do not report on (opportunities our competitors do not report on either).

5. Is DISTRESSED DEAL DATA™ good for someone looking to buy a single piece of equipment or a single item to resell at a flea market?
If you are on the hunt to buy a truck or a timeshare or a piece of jewelry, then our service is not for you. If that describes you, then you will be better off using the services of one of our competitors which provide notice of each and every sale in each and every bankruptcy case.

We do not do that. We serve a smaller community of private fund professionals, corporate restructuring professionals, professional investors, industrial auctioneers, and others who seek to purchase entire plants of equipment, entire warehouses of inventory, portfolios of commercial accounts receivable, and going concerns. We filter out the small stuff. We are not a mere aggregator that uses technology to crawl PACER. Our net is wide, but we then use a great deal of discretion to block out the noise. For this reason, we report on fewer bankruptcy sales than our competitors. However, unlike our competitors who simply scrape PACER for search terms, we do not limit our bankruptcy reporting to sale motions. Instead, our researchers and analysts actually read through pleadings to look for first day pleadings, retention applications, and other early indicators that a sale motion is likely to be filed in the future.

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6. Who are your competitors?
We have no competitors. Some players provide data on distressed public companies. Some provide data on bankrupt companies no matter their size. Only DailyDAC does what DailyDAC does.

7. How do you collect your intelligence?
Our deals are found using some proprietary sources, some public (but dispersed) data and a lot of spit & vinegar. We leverage technology but we do not rely on it to a fault.

DailyDAC has been around since 2010 and is the leading publisher of public notices of distressed asset sales in the United States. DailyDAC also: (a) maintains the most comprehensive list of assignees for the benefit of creditors in the United States; (b) maintains an industry-recognized listing of auction firms of excellence; (c) publishes educational articles authored by nationally renowned experts in corporate restructuring and insolvency, addressed to business owners, executives, and corporate directors who need to learn more about these subjects. These factors have served to make DailyDAC’s Distressed Deals Database™ the most trusted resource for fiduciaries (such as debtors in possession, bankruptcy trustees, receivers, assignees), their trusted advisors (accountants and attorneys), and intermediaries (auctioneers, business brokers, and investment bankers) to advertise time sensitive, even urgent opportunities involving sensitive situations (sometimes on a no-name basis). No amount of data scraping can achieve this result. Stated more simply, our ears are everywhere.

Our researchers and analysts have library and law degrees and our IT team harnesses the latest technology to locate, comb through and cull massive amounts of data efficiently and quickly, continually tweaking our processes over the years to maximize our efforts.

8. Hold on a moment. In your prior answer you mentioned DailyDAC’s Distressed Deals Database™. What is that and how does it relate to DISTRESSED DEAL DATA™?
DailyDAC’s Distressed Deals Database™ is where we put all of the deals our researchers find. Our researchers find and add approximately 50-100 deals to the database each week.

Every deal in the database includes some actionable information, but because of the quantity of the deals added every week, the supporting data and sometimes the actionable information are not as flushed out. This is perfect for the customer who wants to browse a lot of deals each week and have the first opportunity to reach out to the contacts.

After deals are input into the database, our analysts take over. They select the deals that are most relevant to our subscribers, add additional details, and double check for any mistakes. The result is the weekly newsletter. Database users have the ability to review deals slightly earlier than those who just read the newsletter, but the newsletter will contain slightly more curated information.

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9. May I share the information I get when I subscribe to the DDD?
Mostly no but slightly yes. We welcome you to share a deal with a client. And another deal with a colleague. And a third deal with another client. And so on. We understand that many subscribers derive significant value from such sharing and that the inability to share would defeat the purpose of subscribing.

However, no subscriber may forward an entire DDD newsletter to anyone. Nor may a subscriber share more than one deal in a single email with anyone. Nor may a subscriber habitually share deals with the same person.

If a subscriber did any of these things, then it would hurt all other subscribers by devaluing the intelligence and it could put us out of business.

10. What if I violate the no-sharing rules?
We take the no-sharing policy very seriously. We offer a $500 reward to anyone who brings a sharing violation to our attention that we find to be true and accurate. If we believe that you are oversharing data, we will immediately cancel your subscription and will have the right to take legal action against you. We have implemented the most advanced technology to prevent this type of bad behavior and will not hesitate to remove bad apples. DailyDAC reserves the right to terminate any subscription at any time, without notice, if we feel these Terms & Conditions are being violated.

11. Are there other terms and conditions to using DISTRESSED DEAL DATA™?
There are a few in addition to others listed above. Here is the complete list: (1) Data in the DISTRESSED DEAL DATA™ newsletter is emailed weekly and is provided on a reasonable efforts basis but is not guaranteed to be accurate or complete. (2) Subscriptions are personal to the subscriber; there are no firm-wide or company-wide subscriptions. (3) Subscriptions may not be transferred. (4) Subscribers are prohibited from forwarding an entire issue of DISTRESSED DEAL DATA™ or multiple deal summaries at the same time to anyone. Subscribers may, however, copy and paste any particular deal summary and email it to whomever they want, as many times as they want. (5) Click here to subscribe. (6) Subscribers may cancel at any time but will not receive a refund for a partial month. (7) DISTRESSED DEAL DATA™ and DailyDAC™ are trademarks of DailyDAC, LLC. (8) By subscribing to DISTRESSED DEAL DATA™, you also acknowledge you have read, and that you agree with, these additional Terms & Conditions.

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