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Jason Kaplan  

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  • Game, Set, Match - Marathon Partners Poised For A Coup On Shutterfly's Board [View article]
    Marathon comments on 2015 CEO compensation pact and reveals that Housenbold has threatened to quit if he doesn't get paid like he wants. Time to start the search for a new CEO.
    http://bit.ly/1L1pvGI
    May 18, 2015. 09:40 AM | Likes Like |Link to Comment
  • Dex Media crumbles 53% on heavy Q1 loss [View news story]
    I don't see how they get out of this without a major debt restructuring given the rapid deterioration in FCF. Might be better to wait until that happens if you think he can turn around the biz...you will avoid a lot of pain. That's not to say that the stock couldn't go on a run here in the near term. I might buy a little more here soon if it keeps dropping.
    May 13, 2015. 09:26 AM | Likes Like |Link to Comment
  • Dex Media crumbles 53% on heavy Q1 loss [View news story]
    I don't think that will make much of a difference, unless they are buying for 10 cents on the dollar.
    May 12, 2015. 04:08 PM | Likes Like |Link to Comment
  • Dex Media crumbles 53% on heavy Q1 loss [View news story]
    Lower. LOL. They dropped yesterday 15ish points.
    May 12, 2015. 03:05 PM | Likes Like |Link to Comment
  • Yellow Pages: Capital Structure Offers Attractive Opportunities [View article]
    Depends what you are looking for.
    May 12, 2015. 02:44 PM | Likes Like |Link to Comment
  • 4 Reasons Dex Media Is Worth A Look Into 1Q15 Results Next Week [View article]
    Ok just saw the supermedia bank debt tranche drop 15 points this morning to $68. Whoops. LOL.
    May 11, 2015. 10:42 AM | Likes Like |Link to Comment
  • 4 Reasons Dex Media Is Worth A Look Into 1Q15 Results Next Week [View article]
    I don't see any drops in the bank debt on Friday. The bonds are down to $20. Not sure why anyone would own those since they aren't even current pay. Just buy the stock if you like that risk.
    May 10, 2015. 01:02 PM | 1 Like Like |Link to Comment
  • 4 Reasons Dex Media Is Worth A Look Into 1Q15 Results Next Week [View article]
    I think the bank debt holders got lulled into the belief that digital sales could continue to climb somewhat reasonably and the company could make good progress on debt reduction ahead of another extend and pretend next year. Joe basically said the digital growth the company had been experiencing to-date was very low quality and was not very sticky revenue. Joe is attempting to completely reset the company, take it more in the direction of what yp.ca is doing. Chances of success are probably below 50/50. Bank debt holders hold all the cards, but how are they going to get their money back? Someone has to operate this business. There are no real hard assets to sell. The company needs to continue to operate for the holders to have a chance at full recovery. The fact of the matter is that under the prior mgmt team the company was reliably generating $100M in FCF a quarter. The FCF has completely deteriorated in less than 2 quarters under this team and its new plan. It wouldn't be such a major concern except for the fact that the company has like $2.6B in bank debt. They can't afford to screw around for very long.
    May 10, 2015. 12:57 PM | Likes Like |Link to Comment
  • Economics Of A Shale Well - Magnum Hunter Resources [View article]
    No it's really both. The interest expense is choking this company. It's just a matter of time. The only thing that might save off bankruptcy is a sustained increase in natty. Unless it goes to $6+ it won't matter in the long run. This company does not know how to make money...horrible economics.
    May 8, 2015. 03:23 PM | 3 Likes Like |Link to Comment
  • 4 Reasons Dex Media Is Worth A Look Into 1Q15 Results Next Week [View article]
    Yeah I think the stock is in purgatory for the next 90 days. We will see what happens in Q2. Funny that the bank debt has not moved at all since yesterday's announcement.
    May 8, 2015. 02:44 PM | Likes Like |Link to Comment
  • Dex Media crumbles 53% on heavy Q1 loss [View news story]
    Funny that the bank debt hasn't really budged in price. Everything flat so far.
    May 8, 2015. 02:43 PM | Likes Like |Link to Comment
  • Yellow Pages: Capital Structure Offers Attractive Opportunities [View article]
    Uhhh it was good?
    May 8, 2015. 10:38 AM | 1 Like Like |Link to Comment
  • 4 Reasons Dex Media Is Worth A Look Into 1Q15 Results Next Week [View article]
    Up, down, or remaining flat.
    May 7, 2015. 03:16 PM | 2 Likes Like |Link to Comment
  • Dex Media: More Questions Than Answers After The Earnings Call [View article]
    Well these numbers look ever worse than what the most pessimistic person could have hoped for. I don't think mgmt expected this bad of a dislocation in sales due to the restructuring. The sales force must be in complete disarray. The window for success just narrowed considerably. My 20bps long position will probably go to 10bps today.
    May 7, 2015. 09:02 AM | Likes Like |Link to Comment
  • Dex Media slides 10.8%; sales chief has resigned [View news story]
    OBVIOUSLY people aren't betting on the print biz to last. They were/are betting that the company can generate sizable growth in the digital book of business and do it with a decent margin profile. They either succeed or they do not.
    May 6, 2015. 03:57 PM | Likes Like |Link to Comment
COMMENTS STATS
626 Comments
463 Likes