PETITION

Curated financial news, analysis and commentary with an emphasis on distressed investing, restructuring and bankruptcy. We discuss disruption, from the vantage point of the disrupted.

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Get a weekly roundup of the best Substack posts, by hacker news affinity:

Top posts of the year

By hacker news affinity
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PETITION 16 likes 11 Jun 21
Daniel Kamensky speaks with PETITION mere days before reporting to federal prison, discussing subjects like Neiman Marcus, the MyTheresa IPO, necessary changes to the chapter 11 bankruptcy process, activist judges and legal ethics. 
PETITION 11 likes 16 Jun 21
New Chapter 11 Bankruptcy Filing - Washington Prime Group Inc. ($WGP) In what should come as a surprise to absolutely nobody, Washington Prime Group Inc. ($WPG) (along with 88 affiliates, collectively, the “debtors”), finally filed for bankruptcy in the Southern District of Texas. We’ve been covering this inevitability for quite some time now and the mall REIT has finally run out of time. You can find previous coverage here:
PETITION 10 likes 09 Jun 21
Daniel Kamensky speaks with PETITION about his experiences as a bankruptcy lawyer and distressed investor, raising a credit fund, and the tragic events surrounding the Neiman Marcus matter. It's not to be missed!
PETITION 9 likes 04 Aug 21
SVP Global announces a new $5b distressed fund right as it tries to stick it to a bunch of Washington Prime Group equity holders.
PETITION 8 likes 05 May 21
Who wouldn’t want to own a company with this ⬇️ a part of its historical record? Things are moving fast AF and yet entirely on schedule in the Hertz Global Holdings Inc. ($HTZGQ) chapter 11 case. As previously discussed here, here, and here, there’s a full-blown auction going on now and while the ultimate winner remains subject to speculation and (presumably) a formal auction process to come, it’s becoming clear who some of the secondary winners are here.
PETITION 6 likes 24 Jan 21
Were you distracted by the inauguration this week? The stock market ripped up for the first two days of the Biden administration followed by a tepid Friday session. A Senate panel approved Janet Yellen as Treasury Secretary, providing her with an easy path towards confirmation. She seems extremely pro-stimulus. Get ready for some more Stimmy, y’all!
PETITION 6 likes 21 Sep 21
Part I. What is Evergrande? So this one is a colossal clusterf*ck. Shenzhen-based The Evergrande Group ($EGRNF) is China’s second largest property developer by sales and the 122nd largest developer in the world by revenue according to the 2021 Fortune Global 500 List.* While its core business is buying land and developing it into residential real estate, it is really an investment holding company that, in addition to property development, dabbles (or dabbled, as the case may be) in hotel operations, finance, internet businesses (for real estate and automobile sales), professional sports, theme parks, mineral water and health industry businesses. This sucker has had its tentacles in a lot of pots over the years, leveraging billionaire founder
PETITION 6 likes 23 Dec 20
⚡️Announcement⚡️ We have taken no real breaks this year (thanks COVID) and now is as good a time as any to recharge the batteries and start fresh going into 2021. We want to take this opportunity to thank all of our readers — especially those of you who pay for all-access Members’-only content
PETITION 5 likes 24 Mar 21
For years, PETITION has been covering the emergence of resale as a new and growing retail category (see here, here, here and here). If VCs can write self-aggrandizing social media posts whenever one of their investments goes public, surely we can take a small victory lap too. On
PETITION 5 likes 11 Jul 21
A bankruptcy petition! Pipeline Foods LLC and four affiliates (the “debtors”) filed for chapter 11 bankruptcy in the District of Delaware on Thursday July 8, 2021. The PE-backed (Amerra Capital) Minnesota-based company operates in the “clean label marketplace” with supply chain solutions targeted towards regenerative, organic and non-GMO farmers.