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Valeant's Sum-Of-The Parts Is $0 PDF Print E-mail
Image Valeant's (NYSE:VRX) stock fell sharply after the company announced it wanted to [i] restructure about $3 billion in debt and [ii] remove or alter certain of its maintenance covenants. I believe Valeant's structure represents mullet money; lenders should keep covenants intact and ask for an equity stake. That said, I now estimate the company's sum-of-the parts is $0. The company's Q4 revenue fell 3% Q/Q. EBITDA fell 16% due to falling margins at Branded Rx and U.S. Diversified. The sum-of-the parts, including the sale of certain skincare products, is about $27.1B. Too bad net debt is $29.3B. VRX's sum-of-the parts is $0. Sell the stock.
 
Valeant: Lenders Should Demand An Equity Stake PDF Print E-mail
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VRX CEO Joe Papa
Monday Valeant Pharmaceuticals announced it had completed the sale of skincare assets to L'oreal and pared $1.1 billion of debt. However, it is now seeking another $3 billion as part of a debt restructuring:

Valeant Pharmaceuticals International Inc plans to line up a US$3.06bn incremental term loan as part of a debt restructuring ... In addition to the new debt offering, the company paid down about US$1.1bn of senior secured term loans with proceeds from the sale of its skincare products assets on March 3, according to a Monday regulatory filing. Valeant is also repaying a portion of its 6.75% senior notes due in 2018 and extending the maturity date of its revolving credit facility.

As part of the transaction the company also wants to remove covenants from its term B loans and modify covenants for its revolving credit agreement. In late Monday trading VRX was down over 5% on the news. Below is my takeaway on the proposed restructuring.

 
Financial Markets Falter After North Korea Missile Launch PDF Print E-mail

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Kim Jong Un
On Monday North Korea launched several ballistic missiles into the Sea of Japan. The move will likely escalate tensions with South Korea and Japan:

One of the currently-unidentified projectiles could be an intercontinental ballistic missile, said a South Korean military official without providing further details. If true, the missile launch could prove a pivotal moment. In January, Pyongyang announced it was able to launch a long-range missile, capable of hitting the US, whenever it chooses. The country has never proven such capabilities, but the remarks elicited a rebuke from US President Donald Trump. "North Korea just stated that it is in the final stages of developing a nuclear weapon capable of reaching parts of the U.S. It won't happen!" Mr Trump tweeted at the time.

 
After 4.22 40 John Ross III Is New NFL Combine King PDF Print E-mail
Image The NFL combines is like the SATs --- they measure something, just not anything necessarily translatable to the football field. However, they can make or break your career or your draft status. Every year the media looks to anoint the new "mythical combine king," whether it's in the bench press, 40 yard dash or vertical leap. With a 4.24 40 yard dash, Chris Johnson has held the fastest man belt for a while now. The University of Washington's John Ross III vowed to usurp that with a 4.2. After Ross clocked in at a 4.22, the Ravens' Steve Smith exclaimed, "4.22 and he limped ... he just ran into an injury. Didn't look like he was running. I would go to the house. He can get on my plane and go home."
 
Remy Ma Bodies Nicki On "Shether"; Nicki Gets Lawyers Involved PDF Print E-mail

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Is this battle rap or pugilism?
Last weekend Remy Ma unleashed the "dogs of war" on Nicki Minaj with her diss track, Shether. While Remy was up top for "seven winters, six summers" Nicki Minaj filled the vacuum for NYC female rap. After her return Remy got "back on her bully," putting the game on notice that [i] she's back, [ii] and she still holds the belt. Apparently, Nicki Minaj took offense to any insinuation that she was a paper champion and tried to diss Remy on "Make Love" , a collab with Gucci Mane. That was not the move ...

 
Ric Flair Predicts Atlanta Falcons Will Ride High. Woo! PDF Print E-mail

Image I knew the "Nature Boy" Ric Flair was from down South, but who knew he was an Atlanta Falcons fan? Flair recently predicted the Falcons' victory over the Green Bay Packers and that they would advance to the Super Bowl. Will the limousine ridin' ... jet flyin' Falcons take it to the Patriots in the Super Bowl too?

 

 
"Oil's Bernie Madoff" Could Burn Another $200 Million PDF Print E-mail

Image Weatherford International (NYSE:WFT) reports Q4 earnings Thursday. Analysts expect the company to deliver revenue of $1.42 billion and eps of -$0.34. Since Q1 2016 Weatherford has raised $4.3 billion in equity and debt securities in 2016 to help cure near term principal payments, fund cash burn and shore up its balance sheet. Its penchant for "robbing Peter in order to pay Paul" could burnish its reputation as Oil's Bernie Madoff. Despite the capital raises, Weatherford's debt never seems to go away. Its debt at Q4 2015 and Q3 2016 was $7.4 billion and $7.5 billion, respectively.

 
"Oil's Bernie Madoff" Trumps Platinum Partners PDF Print E-mail

As the Fed-induced stock market bubble comes to an end we are starting to see which company's are overvalued and whose assets are in disrepair. Last month the SEC accused Platinum Partners and two of its hedge fund advisory firms of running a $1 billion Ponzi scheme ( https://www.sec.gov/litigation/complaints/2016/comp-pr2016-267.pdf ), which involved inflating asset values and illicitly moving "to cover losses and liquidity problems." The claims dominated the financial news cycle. However, Weatherford International's -- "Oil's Bernie Madoff" -- $14 billion Ponzi Scheme puts Platinum Partners' scheme to shame. I explain below.

 

 
Valeant: Will Buyers Cut Sales Price For $2 Billion Legal Exposure? PDF Print E-mail
Many moons ago I was handed an M&A assignment to help a client analyze a $10 million acquisition of another company's subsidiary. In other words -- I drew the short straw. I advised the client to structure the transaction as an asset sale because the risk attached to the stock would be multiples of the $10 million purchase price. Of course the target company didn't want this; it wanted a stock sale. My counter was that the indemnifications would have to be number so big that we couldn't lose money. I recommended a $75 million indemnification for any trailing risks. The seller and my client had a conniption. I was clear that I wasn't going to risk my career or our parent company's capital for a $10 million deal ... pick one. That is the conundrum potential buyers of Valeant's asset sales now face. 
 
Brexit, Trump ... Now Italy? PDF Print E-mail

Monday Italy voted "No" to prime minister Matteo Renzi's structural reforms, and it was not even close; the "No" vote won by 60% to 40%:

Official figures showed the rejectionist front winning by 60% to 40% in metropolitan Italy (and by 59% to 41% counting ballots cast by Italians abroad). And that was with a high turnout, which Mr Renzi's advisers had believed would favour his cause. The humiliation came at the end of a 66-day campaign into which Mr Renzi threw himself with frenetic energy. He had little choice but to resign in the face of such an unexpectedly decisive outcome.

Mr. Renzi had promised to resign if the "No" vote won; he followed through on his promise. Some thought if the vote was close that Renzi's suggested reforms could still move forward. The wide margin of victory dashed those hopes. The implications on the vote are as follows:

 
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