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USG Corporation Message Board

froddoislost 2 posts  |  Last Activity: Dec 15, 2014 12:08 PM Member since: Nov 4, 2004
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  • I have been pointing this out for some time, but the cat is now out of the bag;

    "The macro-economic events that have occurred since Titan Machinery last reported its quarterly earnings on September 9, 2014 increase the probability that the company will announce it has violated its credit agreement with Wells Fargo and other creditors. Its possible that this announcement could be made when Titan releases its 10/31/14 earnings report on December 10th. The company’s share price fell to new five-year low of $11.67 last week.

    A violation of its credit agreement with Wells Fargo (WFC) and its other creditors would likely result in the company having to file for bankruptcy protection. According to the covenants that it entered into with its creditors, it must maintain a minimum Net Income and Tangible Book value to prevent the creditors from calling in the $850 million loan that the company is utilizing from its floor plan financing, etc."

    - See more at:

    Warning; still don't want to short it. It's pretty closely held for a publicly traded company and CNH may decide to bail them out to preserve market share. Not clear, as CNH' position isn't really much better.

  • froddoislost froddoislost Sep 22, 2014 11:42 AM Flag

    Sure, I can clearly see why these guys dumped Titan at $24 when they were profitable and growing and are now buying back in at $13 when they're losing money, market share and dealership locations. The only things growing today are their debt, interest payments and inventory.

    Tell me how this ends well for Titan.

    In the mean time an insider needs to create the appearance of opportunity and for the low low price of a million bucks he can make that claim.

    I'm am sure being the largest retail marketing operation for CNH is a great prospect. No problems here.

    Buy shares in John Deere, forget about them forever.

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