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Linn Energy ($LNGG) is shedding assets and Kirkland & Ellis LLP is raking in even more fees. Meanwhile, C&J Energy Services ($CJ) is buying assets (and, presumably, Kirkland & Ellis LLP is raking in even more fees).
Goldman Sachs. Everyone loves to hate on them. Oh, and Venezuela ($GS). Pssst: there are several others in the trade too.
Intelsat ($I). There goes that Softbank thing. The merger didn't get enough creditor support.
Linn Energy. The recently restructured company offloaded its Jonah and Pinedale fields and surrounding area to Jonah Energy, a platform formed by TPG Capital. For $580mm.
Lunch. Short it. And the casual dining spots that serve it, e.g., Ruby Tuesday Inc. ($RT)
Ocwen Financial. Nothing like the "Strippers Defense" to ward off scrutiny ($OCN).
Retail. File this one under unintended consequences. It appears that Goodwill - yes, that Goodwill - is also falling victim to online shopping and is committed to downsizing its brick-and-mortar footprint and restructuring some operations. Someone on this newsletter should think about this as a potential pro bono project.
A comparison of oil and gas producer production pre- and post-bankruptcy:
Texas oil bankruptcies down to a trickle. Speaking of down, oil prices as rig counts increase - even with a 1.6% turnaround on Friday. Cue the Chapter 22s. In tandem, there appears to be a rise in M&A activity out of post-reorg E&P companies including Linn Energy. This bucks the overall M&A trend which, according to this, is at its slowest global pace in 20 years.