Takeaway Tuesday #3 9/13/2022

After a lot of suggestion, we may be moving this to a substack of sorts. Apparently 2009 technology doesn't translate well to 2022...(yes the blog started 13 years ago - I had a lot more hair then)

Reorg Content (subscription required)

• Performing / High Yield Credit: Veritas Technologies has been one of the most searched names on Reorg in September after they reported results with EBITDA down 50% y/y. While the company seemingly has a tremendous amount of liquidity, its capital structure has traded down past results.

• Distressed Credit: Two of the most read stories last week on Reorg focused on two names familiar to distressed debt and event driven credit investors: Reorg was the first the to break the Second Circuit's reversal of SDNY decision in Revlon and Reorg did a huge number of stories on Cineworld which filed last week.

Two Pieces of Content I Found Interesting

• Johnson & Johnson and a New War on Consumer Protection: While most credit investors will be familiar of the situation, this article dives super deep on the history of J&J and its troubled history with asbestos

• Real Money, Fake Musicians: Inside a Million-Dollar Instagram Verification Scheme: As someone that has failed to get a blue check (THIS GUY), I found this article so entertaining. The reporting on the piece is incredible. And I really feel like the scheme game is at an all time level right now.

Something I bet you didn't know you could do on Reorg.com

Given inflation is the talk of the town, I bet you didn't know you could compare what law firms are charging their clients on Reorg, by level. Lets compare associates Proskauer and Latham, both huge players across many aspects of credit 

What we did was index EVERY final fee application over the past 5-6 years by law firm by position utilizing data science to break down these comp numbers.

Why is this important: 

• If you are a buysider and you are comparing pitches/engagement letters from law firms, you can use this data to keep law firms honest
• If you are a law firm BD, you can use this data to build marketing materials, comp sheets, and generally be more aware of the market
• And if you are a law firm recruiter: this has the data down to the named associate/counsel/partner which can be used for head hunting purposes.

Let us know if you have any questions!