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Here’s What I’ve done today. I added a third position, McDermott International (MDR) at $2 when the market opened this morning based on their sale process for their Lummus Technology subsidiary. If they have more than one bid for this sub for over $2.5 billion, that is likely enough to forestall any bankruptcy filing. Were there only one bidder, there would be a good chance that the bidder would let them file, then bid for assets in bankruptcy. However, with more than one bidder, it is likely that a deal can be done that preserves current equity. The stock has rallied somewhat today, is likely to remain volatile, and could be worth zero so as always (but particularly in equities trading near bankruptcy): buyer beware, think for yourself, and do your own work. As for me, this position is currently a bit over 40% of my SoFi account.
Analyst's Disclosure: I am/we are long MDR.
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