...from the freezing cold water Harry Winston decided to splash on me today. -8.81% today... now that's high beta. Good thing I don't wear mascara! The cold water did help to placate my raging internal inferno though.
Overall, my portfolio was down -2.88%.
For anyone else following the Finlay bandaid ripping saga, Gordon Brothers Retail Partners LLC has won yesterday's auction of Finlay assets. The final court approval hearing will take place tomorrow, 25 September 2009. If the approval goes through, then the transaction is expected to be completed on or before 28 February 2010.
No details on the offer price of the winning bid were released, but according to JCK Online, the winning bid represented about 85.75% of asset inventory - approximately $116 million.
The whole thing, to me, is still extremely unfair. I hope other bidders step in tomorrow with some higher bids. Otherwise, Finlay bondholders and suppliers are clearly getting ripped off.
Interestingly, with the winning bid valued at $116 million, this is more than enough to cover the Senior Notes that Finlay had issued (page 51), which had a value of $40 million as of 31 January 2009. I therefore tried to buy more Senior Notes, but found someone faster than me had snatched them up already.
Could I be happily looking at a full recovery on my Finlay bonds in the near future?
That would sure beat my current status of nursing equity positions by placing bandaids on broken ankles.
Oh, but a full recovery would be a dream come true!
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