Notable: (Community Health Systems, Fairway Market, Nordstrom, etc.)

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Airlines. Another European airline jumps into administration (the third this year). 

Community Health Systems. This just keeps getting better and better. 

EFH. The Judge continues to perplex people. Sempra Energy jumping through hoops to get the Oncor deal done.

Fairway Market. Perhaps it will avoid its (inevitable) Chapter 22 thanks to John Catsimatidis. 

Family Offices. Long them.

Hedge Funds. Short them. Or...uh, maybe not? Wethinks the hedge fund PR machine is in overdrive. 

Nordstrom. Struggling with its attempts to go private.

Offshore Drilling. Not much of a US focus, but some are bullish. We were surprised by this. 

Payday Lenders. Peace out...if this happens.

Toys R Us. Thanks to advisory fees, perhaps the private equity sponsors didn't fare as poorly as many think.

Employment (Short Payroll Processors & Payday Lenders)

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Andreessen Horowitz is Going After Payday Lending

Employment (Short Payroll Processors & Payday Lenders). We've been fortunate enough to never have to really think about the (arbitrariness of the) payroll schedule. To live paycheck to paycheck. To succumb to usurious payday lenders in a fit of liquidity need. As we read this, it certainly sounds like a process/industry in need of disintermediation. 

News for the Week of 11/06/16

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  • For-Profit Education - Despite a recent settlement with the government, for-profit educator DeVry University faces new headwinds. Also, another college closure.  
  • Fossil joins the ranks of retailers who will soon be taking restructuring charges and closing stores.
  • Healthcare/Pharma - many distressed investors and professionals are turning their attention away from E&P, OFS and retail are turning their attention here given the possibility that increased regulatory pressure may create more stress.
  • Lumber Liquidators continues to face legal scrutiny: is it a near-term bankruptcy candidate?
  • Municipal bankruptcy -  Populism converges on Scranton as a $500mm+ debt load triggers voter movement to put bankruptcy to vote.  
  • Payday Lenders are under siege.  
  • Private Equity - an assessment of its influence and future.  
  • Last Week: We noted the large AUM raises by Oakhill and Carlyle for deployment into the distressed market. In contrast, Fortress Investment Group underscores that prices are too rich and yields too low, and so they're prepared to return investor funds.
  • Last Week II: As "Dead Malls" continue to garner attention, a major mall owner talks up its own book and projects a major Aeropostale turnaround.
  • Last Week III: In the wake of increased seismic activity, Oklahoma and federal regulators order the closure of injection wells in Oklahoma. We noted this issue in last week's feature.  
  • Chart of the Week: