(Bloomberg) -- Hertz Global Holdings Inc. is facing questions from the U.S. Securities and Exchange Commission over its plans to sell as much as $500 million worth of stock that may be worthless in the midst of the car-rental company’s bankruptcy. The shares were halted Wednesday.“We have let the company know that we have comments on their disclosure,” SEC Chairman Jay Clayton said in a CNBC interview Wednesday. “In most cases when you let a company know that the SEC has comments on their disclosure, they do not go forward until those comments are resolved.”In its Monday disclosure announcing the proposed stock sale, Hertz said equity holders will not see a recovery from any bankruptcy plan unless those with more senior claims, including bondholders, are paid in full. The company said that would require a rapid and unanticipated improvement in its business outlook. The startling plan has captured the attention of...
(Bloomberg) -- Hertz Global Holdings Inc. is facing questions from the U.S. Securities and Exchange Commission over its plans to sell as much as $500 million worth of stock that may be worthless in the midst of the car-rental company’s bankruptcy. The shares were halted Wednesday. “We have let the company know that we have comments on their disclosure,” SEC Chairman Jay Clayton said in a CNBC interview Wednesday. “In most cases when you let a company know that the SEC has comments on their disclosure, they do not go forward until those comments are resolved.”In its Monday disclosure announcing the proposed stock sale, Hertz said equity holders will not see a recovery from any bankruptcy plan unless those with more senior claims, including bondholders, are paid in full. The company said that would require a rapid and unanticipated improvement in its business outlook. The startling plan has captured the attention...
(Bloomberg Opinion) -- The Covid-19 pandemic arrested the plans of millions of Americans to purchase a home. But what if you lock someone down in a home they had already mentally moved out of? Might they pour their energy into touring homes online to produce a short list of targets? And might they get preapproved for a mortgage so it’s a simple matter of income verification once the economy reopened and they’d submitted an offer on a home?Of course they would, which helps explain the huge surge in the Mortgage Bankers Association of America’s index tracking applications for loans to buy homes. That gauge has risen for nine straight weeks to reach its highest level since the start of 2009, which defies logic when you consider that more than 44 million Americans have filed for unemployment benefits since mid-March. No doubt that some of this is tied to the minor exodus from...
Interactive Brokers Chief Strategist Steve Sosnick joins Yahoo Finance’s On The Move panel to discuss the unanticipated side effect of the fiscal stimulus....
Amarin Corporation plc (NASDAQ: AMRN) announced late Tuesday a settlement agreement with Apotex for resolving a patent lawsuit regarding a generic version of Amarin's drug Vascepa. The Amarin Analysts: Cantor Fitzgerald analyst Louise Chen reaffirmed an Overweight rating and $35 price target. Stifel analyst Derek Archila reiterated a Hold rating.SVB Leerink analyst Ami Fadia has an Outperform rating and $9 price target.Settlement Could Move Sentiment For Amarin: The settlement agreement is good news, especially as it comes after Amarin lost the case with two other generic manufacturers, Hikma and Dr.Reddy's Laboratories Ltd (NYSE: RDY), Cantor's Chen said in a Tuesday note. If Apotex felt it had a chance, it would have waited a few months for a near-term opportunity rather than waiting until 2029, the analyst said. Amarin is appealing a patent invalidity ruling from March to the U.S. Court of Appeals, she said. "We think this settlement could potentially move...
