Short Grocery, Long Dividend Recaps
Bi-Lo looks increasingly distressed, no thanks to dividends and other fees reported to have been paid to private equity sponsor, Lone Star Funds.
Bi-Lo looks increasingly distressed, no thanks to dividends and other fees reported to have been paid to private equity sponsor, Lone Star Funds.
Note that solid dividend recap spike in the '13-14 period (which is where the once-controversial Payless Shoesource div recaps took place. It seems that '17 is seeing robust div recap activity as well.
Dividend Recaps. Apparently they are not an exclusively American phenomenon.
Golf. The best one of us shot a 125 last week so take what we're about to say with a (bitter) grain of salt: golf is pretty lame. Okay, fine, we'll backtrack and admit: we're getting into it but we definitely can see why millennials aren't biting, why Golfsmith filed for bankruptcy and why Nike straight-up cancelled its golf line. Still, a lot of lawyers, bankers, investors, (douchebags,) and advisors play. Perhaps that has something to do with the fact that golf is, in the words of Malcolm Gladwell, "crack cocaine for rich white guys." Read: a lot of you. Which is why we're bothering to mention it. Anyway, speaking of Gladwell, the new season of his solid podcast is up and you can listen to his first episode on the subject of golf here. It's worth the time - especially if you live in Los Angeles.
Molycorp. Lots of fighting going on over the rare metals miner.
Sycamore Partners. The private equity shop is reportedly nearing a deal for Staples ($SPLS) for a reported $6b.
WeWork. What happens to the upstart when the cycle turns? We reckon a lot of 363 lease rejections motions, that's what.
Apparently the issue in Payless Shoesource has been settled with creditors getting a $25mm settlement.