Bruder Capital, LLC
Long/short equity, dividend investing, event-driven, bonds

Intelsat's Deal Is A Reorg In Merger Clothing

Care to go cross-eyed looking at a conditional corporate merger which depends on the target's success in exchanging 7 particular bonds issued by 3 different subsidiaries into multiple packages of new bonds, cash or common stock…?

Are you the type that likes to incur brain damage from tracking what are almost certain to be protracted negotiations between an acquirer, bondholders, and merger partners…?

Yes, some of us live for the thrill of jigsaw puzzles with each piece a different shade of grey. If that's your pleasure, I would encourage you to read on. We're going to look at the Intelsat SA (NYSE:I) merger with OneWeb just to check if there's a potential profit in there somewhere. Or, for

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