Takeaway Tuesday #1 8/30/2022

Welcome to the inaugural Takeaway Tuesday (or Tuesday Takeaways...still haven't decided). As a reminder the format is:

  • Two Reorg articles, one performing credit/one non performing credit
  • Two articles I found interesting this week
  • One thing I bet you didn't know you could do on Reorg

Reorg Content (subscription required)
  • The incredible saga of 3M ($MMM) on both the combat litigation and the potential monsoon of issues from PFOA and PFOS designations...or how fast can $70B of market cap / or an IG rating get eliminated...
  • Diamond Sports, one of, if not the most topical name in stressed/distressed credit - Reorg penned a piece of hypothetical bankruptcy catalyst considerations. One takeaway we had: "If DSG were to reject certain unprofitable team rights contracts per section 365(d)(2), those teams would need to arrange for backup production capabilities, distributor relationships and advertisement deals. Such operational complexity while teams would need to fund their costs, such as payroll, might also place Diamond into a more favorable position to push back on its existing contract terms."
Two Pieces of Content You may Find Interesting

  1. China on the tightrope - I learned so much from this article and admittedly I don't think people are talking about this enough. Global demand destruction for everything could have serious deflationary consequences
  2. Google Doc on Conversation Starters - Put together by Rob Walker who writes The Art of Noticing. My favorite: If you did not have to sleep, how would you spend the extra 8 hours?

Something I bet you didn't know you could do on Reorg

When I was an analyst I would run redlines on anything from 10Qs vs last quarter 10Qs, to amendments to other disclosures. On Reorg you can do this under our SEC Filings technology

First click on a 10-Q...then click Compare Documents

Pick the document you want to compare your document to....(I did the most recent Q versus same quarter last year Q) and boom....

If you have any questions, you can always reach out to your Customer Success Manager at Reorg.

If you guys have any ideas on how to improve this format, please hit me up on Twitter (@ddinvesting) or my email. In future, I'll try to incorporate some video here as well. Thanks all



Tuesday Takeaways Preview - we blast off tomorrow

The last couple of months have been busy. Feels like summer just getting started...

One thing I learned from the process (I'll figure out the best medium to discuss it at length in the future) is Reorg is still regarded as a stressed / distressed-only shop. While we built the company starting from hard core bankruptcies like Lehman, Madoff, etc, our coverage (and technology + product offering) now spans over 5,000 credits globally.

In other words, awareness is one of Reorg's biggest challenge. Not just coverage but technology and product wise as well.

And because I've never been more excited about the company or its prospects (no, I'm not riding off into the sunset), I thought I would work to bring that awareness to the forefront the good old fashion way: blogging. If my kids taught me to use TikTok I would do that too...

On most weeks I'll be posting "Tuesday Takeaways" (or Takeaway Tuesdays...?) - I'll post three things each week:

  1. Two Reorg article links (one performing, one non performing)
  2. Two non-Reorg articles I think you would find interesting
  3. Something you may or may not know you can do on Reorg with screenshots

If you have feedback on this format, let me know and I'll incorporate as much as I can. Honestly, if you told me 10 years ago when I was first showing people the Reorg docket technology, we'd be where we are today I'd call you crazy - I can't begin to express my appreciation and gratitude to everyone that has supported us along this journey. And I am ever grateful to my incredible team of nearly 300 Reorgers around the world that work tirelessly to put out the best product possible.

See you tomorrow




hunter [at] distressed-debt-investing [dot] com

About Me

I have spent the majority of my career as a value investor. For the past 8 years, I have worked on the buy side as a distressed debt and high yield investor.