Friedmans Inc. FRDM
August 24, 2004 - 9:15am EST by
member
| 2004 | 2005 | ||||||
| Price: | 1.60 | EPS | |||||
| Shares Out. (in M): | 0 | P/E | |||||
| Market Cap (in $M): | 35 | P/FCF | |||||
| Net Debt (in $M): | 0 | EBIT | 0 | 0 | |||
| TEV (in $M): | 0 | TEV/EBIT | |||||
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| 34 | |
Has anyone in this board had a chance to study the recently filed debtor's operating report? Has anyone here been able to figure out the state of the company's finances from the operating report? | |
| 33 | |
Any updated thoughts on the situation now that we are in BK?
Thx,
Brian | |
| 32 | |
1) Do you know whether Friedman's responded to the initial Wells notice?
- We do not know.
2) Hasn't the Capital Factors/Cosmopolitan situation been resolved with a settling payment made, at least by Whitehall,... login to read the rest | |
| 30 | |
dle, thank you. I agree with you that the restructured credit agreement was much less dilutive than one normally would expect, suggesting that Friedman's is facing "only" a liquidity crisis, as opposed to insolvency... login to read the rest | |
| 29 | |
Round,
As far as the credit agreement, we were quite happy that the terms were not more dilutive than was indicated. We were expecting much higher dilution. In general, we were happy with the... login to read the rest | |
| 28 | |
Dle -
Wondering what you thought about the recently signed credit agreements. Also, have your store checks produced any additional insights on how business is shaping up at the moment? I made 5-7 calls about a... login to read the rest | |
| 27 | |
Any color on whether these guys would be entitled to a tax refund should they restate numbers? I don't see why they wouldn't be entitled, but in cases of fraud, I'm not sure what... login to read the rest | |
| 26 | |
Good points gophar et al. I think that the current banks are in control of the Accounts Receivable. And keep in mind that this is a credit jeweler so the AR is... login to read the rest | |
| 25 | |
The Company states in its 08/05 press release that "the institution of reserves under the existing credit facility has made approximately $40MM of the approximately $124MM of current funding permitted by the borrowing base unavailable... login to read the rest | |
| 24 | |
do you have any idea if the farallon investment would dilute or through some other means force cohen out of his controlling voting position?
The equity markets seem to put a big discount on cohen-controlled companies.
maybe | |
| 23 | |
http://biz.yahoo.com/prnews/040901/clw026_1.html
How do you interpret today's news? | |
| 20 | |
Let me see if I understand: you still believe the comapny has $41 million in cash on hand, but that all this cash isn't enough to get vendors to extend seasonal credit? That doesn't... login to read the rest | |
| 19 | |
dle,
Let me see if I understand: you still believe the comapny has $41 million in cash on hand, but that all this cash isn't enough to get vendors to extend seasonal credit? That doesn't... login to read the rest | |
| 18 | |
Based on your liquidation assumptions - (ie Cash of 41 is 0, rest of assets and liabilities are the same); you are correct the liquidation value goes to $30-$35MM using my conservative assumptions on recovery
re:... login to read the rest | |
| 17 | |
Cusano was a cancer at service merchandise, he turned a straight forward liquidation into a compensation orgy for himself and his professionals (bankers and lawayers)-- all at the expense of bondholders who ended up with... login to read the rest | |
| 16 | |
Cusano was a cancer at service merchandise, he turned a straight forward liquidation into a compensation orgy for himself and his professionals (bankers and lawayers)-- all at the expense of bondholders who ended up with... login to read the rest | |
| 15 | |
Thanks again for the prompt response.
In a previous post, you wrote that "Equity Value =
$262.5 - $190.4 (total liabilities)= $72.1MM." $41MM of this amount, or 58%, is your estimate of cash on hand.... login to read the rest | |
| 14 | |
No problem. Happy to be responsive.
$41MM represents 16% of my estimation of the total liquidation value (not 58%). We are obviously working on imperfect information and for that matter the other assets and liabilities... login to read the rest | |
| 13 | |
Thanks for the prompt response(s).
One more question: $41.6 million of your estimated equity value in the event of liquidation is cash on hand -- 58% of the total. Do you think they have this | |
| 12 | |
In announcing their restructuring on august 5th, they say the following:
"The Company has deferred most current payments to vendors over the last sixty days and many key vendors have reduced, delayed or suspended merchandise shipments... login to read the rest | |
| 11 | |
1. What are the terms of the amended credit facility, including the new layer of financing provided by Farallon? Specifically, does it carry any dilutive terms -- e.g., issuance of warrants or convertibility? ... login to read the rest | |
| 10 | |
What's your intelligence on Cohen? And where do you peg
the probability of a restructuring?
- It is very difficult to gain any information on Cohen. We surmise that he is under financial distress given... login to read the rest | |
| 9 | |
Liquidation Analysis Impairment/
... login to read the rest | |
| 8 | |
1) Do you have any more details about the Crescent bankruptcy? Did the company have other debt? Do you know how large their claim pool is? Will creditors of Crescent go after... login to read the rest | |
| 7 | |
In announcing their restructuring on august 5th, they say the following:
"The Company has deferred most current payments to vendors over the last sixty days and many key vendors have reduced, delayed or suspended merchandise shipments... login to read the rest | |
| 6 | |
I too have been following this situation for some time, and agree that on the face of it the equity currently appears to be selling for a fraction of liquidation value.
But I have a few... login to read the rest | |
| 5 | |
FRMD isn't much of a "value investment" in my opinion (primarily given lack of financials and the bankruptcy risk) but it is one of the best speculations around. I find it hard to make a... login to read the rest | |
| 4 | |
Kid,
It was through trade skuttlebutt that we heard. | |
| 3 | |
Can you post specifically your liquidation analysis? I believe you maybe a little too optimistic about the the balance sheet and what it might look like after a restructuring.
Specifically, Friedman's carries an $80 million asset... login to read the rest | |
| 2 | |
this is an interesting company I have lost track of. . .i do have some questions though:
1) Do you have any more details about the Crescent bankruptcy? Did the company have other debt? ... login to read the rest | |