people dont like this company anymore.. been disappointing and people expect the same...think they will accept lower salaries?? will they pay off that 12% interest load???
as you know many hedge funds are closing, etc.. and some may have positions in this and other stocks that get effected..just a hunch..the other idea is that BX will be selling some to help payout to investors..
The payout was low doe to a couple of circumstances..firs t the stock market was down and BX's stock holdings was it by low prices.. they have since recovery somewhat..like NXPI, HLY, MIKI an BRX... the last 2 near historic highs and BX will probably sell some..continued reports on the demise of hedge funds and their high fees together with poor performance isnt helping..another was the low oil prices..as posted BX just took control of a bankrupted oil company...As many times BX buys at depressed levels and they turn out great over time!!!
ActiveTraderPro.com BannerPrint Print
A A A
Oil Company Warren Resources Files for Chapter 11 Bankruptcy Protection
DOW JONES & COMPANY, INC. 10:15 PM ET 6/2/2016
Symbol Last Price Change
WRES 0.0584down -0.0361 (-38.2%)
BX 25.8249up -0.4551 (-1.73%)
CG 16.02up -0.18 (-1.11%)
QUOTES AS OF 09:42:26 AM ET 06/03/2016
Warren Resources Inc. (WRES), an oil and gas producer that operates in California, Pennsylvania and southwestern Wyoming, filed for bankruptcy protection Thursday after reaching a deal on the terms of a debt-for-equity swap with Blackstone Group's(BX)GSO Capital Partners.
In court papers filed in U.S. Bankruptcy Court in Houston, Denver-based Warren said lenders led by GSO Capital will swap $248 million they are owed for an 82.5% stake in the reorganized company. The investment firm has also agreed to provide it with a $130 million bankruptcy-exit loan and an additional $20 million to fund the chapter 11 case.
Junior lender Claren Road Asset Management LLC, a struggling hedge fund owned by Carlyle Group(CG), bondholders and Citrus Energy will divide among themselves the remaining 17.5% stake in the reorganized company.
The restructuring pact, which requires court approval, will form the basis of Warren Energy's chapter 11 plan.
Warren, with about $230 million in assets and $545 million in debts, joins more than 80 North American oil and gas companies that have filed for bankruptcy protection since last year, according to law firm Haynes & Boones.
Although benchmark U.S. oil prices have recently rebounded to more than $40 a barrel since hitting a 13-year low in February, they are still well below the $100 per barrel producers were getting as recently as the summer of 2014.
In the aftermath of the collapse in oil and natural gas prices, the company moved its headquarters to Denver from New York and closed its offices in New York and Roswell, N.M., to reduce expenses. It failed to m
House flipping heats up, creating 'home price pressure cooker'
CNBC By Diana Olick
47 minutes ago
House flipping heats up, creating 'home price pressure cooker'
Getty Images. After cooling off in 2014, home flipping is on the rise again — its share of all home sales up 20 percent in the first three months of this year.
It looks so easy on TV. Buy a bargain-basement house, pull up some nasty carpet, re-tile the bathroom, paint away the wall stains and sell it for a hefty profit.
It's not, however, all those popular shows that are driving the flipping market today. It's pure and simple prices — and profit. There is a severe lack of good quality, turn-key homes for sale, and that has created a seller's market across the nation, even for those reselling homes.
After cooling off in 2014, home flipping is on the rise again — its share of all home sales is up 20 percent in the first three months of this year from the previous quarter and up 3 percent from the same period a year ago, according to a new report from RealtyTrac, which defines a flip as a property bought and resold within a 12-month period.
While flipping today is nothing like it was during the housing boom a decade ago, when investors used risky mortgages, it is reaching new peaks in 7 percent of the nation's metro markets, including Baltimore, Buffalo, New Orleans, San Diego and even pricey Seattle.
"While responsible home flipping is helpful for a housing market, excessive and irresponsible flipping activity can contribute to a home price pressure cooker that overheats a housing market, and we are starting to see evidence of that pressure cooker environment in a handful of markets," said Daren Blomquist, senior vice president at RealtyTrac.
That's because flippers today largely use cash — 71 percent did in the first quarter of this year. Compare that to just 27 percent who used cash at the height of the housing boom. That helps keep most flippers conservative, but it also exacerbates the problems for entry-level homebuyers, who are facing one of the tightest housing markets in history. They simply can't compete against all-cash buyers.
Usually flippers look for distressed properties either in the foreclosure process or already bank-owned. These are not always listed on public sale sites. There are fewer of those today, so flippers are moving to the mainstream market, creating that new pressure.
"A telltale sign is when flippers are acquiring properties at or close to full market value. Those markets are so competitive that even the off-market properties flippers are looking to buy are not selling at much of a discount — and there may be very few distressed properties available," said Blomquist.
Examples of these markets include San Antonio, where Blomquist says flippers are actually purchasing at a 7.8 percent premium above estimated full market value, as well as Austin, Texas; Salt Lake City; Naples, Florida; Dallas and San Jose, California.
Despite the premium to buy, flippers are still seeing growing gains in profit. Home flippers realized an average gross profit of more than $58,000 in the first quarter of this year, the highest since the third quarter of 2005, according to RealtyTrac.
Real estate agent Dana Rice and her husband flip houses in the tony D.C. suburb of Bethesda, Maryland. Prices there are well above the national median, and there are few distressed properties. Instead, they target old, small fixer-uppers. Even those command a hefty purchase price up front, but they can also offer big rewards.
"I didn't want a teardown. There is so much character in this part of Bethesda," said Rice. "I don't think that everybody wants a brand new build. There is a hole in the market because not everyone wants to do a renovation. If you put a little bit of effort in, these numbers can be huge."
Rice purchased her latest project, a very small colonial, within walking distance to shops and Metro, for $680,000. She expects to put half a million dollars into the renovation, adding both square footage and high-end finishings; she is confident that in this competitive market she will see an 18-25 percent return on investment.
"It's like birthing a baby," she said, noting that she will wait to list it until she feels the market is just right. "If you're overpriced, you're dead in the water."
The lack of inventory is certainly a double-edged sword for flippers. Their initial investment price can be high, and flippers are often competing against local builders, who may want to tear the house down and put something up that is twice the size. On the other hand, not everyone wants or can afford a huge, new, expensive home, and that gives flippers the edge.
"The key here is that there is particularly a dearth of listed inventory in good condition," said Blomquist. "That is the inventory flippers are competing against when they sell."
Hilton Property Spinoff to Create Park Hotels & Resorts REIT
June 2, 2016 — 4:02 AM PDT Updated on June 2, 2016 — 4:53 AM PDT
Share on FacebookShare on Twitter
Don't Miss Out — Follow Bloomberg On
Facebook Twitter Instagram YouTube
Company to incur one-time transaction cost of $250 million
Spinoffs of property unit and timeshares will be tax-free
Share on Facebook
Share on Twitter
Hilton Worldwide Holdings Inc. said the planned spinoff of its real estate will create a company, to be called Park Hotels & Resorts, that will be the second-largest publicly traded real estate investment trust in the lodgings industry.
The newly formed entity, which will contain most of Hilton’s properties, will have earnings before interest, taxes, depreciation and amortization of as much as $825 million in 2016, Hilton said in a statement on Thursday. In 2015, the unit had adjusted EBITDA of $817 million.
Hilton said in February it will spin off its lodging properties and timeshare business to create three separate, publicly traded companies in order to boost shareholder value as the hotel operator faces increased competition. One-time cash uses connected to the spinoffs will include a $250 million transaction expense, $200 million for a special dividend and $200 million for a tax acceleration.
“As a result of the proposed transactions, we expect to unlock growth opportunities that are embedded within the three businesses and take advantage of capital market and tax efficiencies,” Hilton Chief Executive Officer Chris Nassetta said in the statement.
On a stand-alone basis, Hilton’s pro-forma adjusted EBITDA for 2016 will be as much as $1.8 billion. The company will continue to pay out a dividend of 30 percent to 40 percent of recurring cash flow. Remaining free cash will be returned to shareholders and Hilton plans a share buyback once the spinoffs are completed.
The spinoffs of Park Hotels and Hilton’s time share business -- named Hilton Grand Vacations -- will be tax-free, according to the statement. Hilton’s main business of managing and franchising hotels will continue to exist under its current name. Hilton shareholders will own shares in all three entities once the deal is completed by the end of the year.
Hilton Grand Vacations, the timeshare unit, will have adjusted pro-forma EBITDA of as much as $390 million in 2016, the company said.
Hilton, based in McLean, Virginia, said it filed Form 10 registration statements with the U.S. Securities and Exchange Commission for its timeshare and the bulk of its real state business on Thursday.
sam_0534 • May 26, 2016 7:09 PM Remove 2users liked this postsusers disliked this posts1Reply
BX just sold 11.6 million shares of PFGC for about 272 million $
they owned 69 million shares or 58% of PFGC
The sell-off in Alibaba (post the filing) and the sell-off in Baidu shares during the day presents an excellent entry point for those with no exposure to Chinese companies or those wishing to add to their positions.
Words to the wise.
(Long bidu, baba, calls)
Since, the $5 billion worth of shares will be held in trust currently with a three year expiration period, SoftBank is hoping to sell the shares at a future point when Alibaba shares are currently higher (hopefully much higher) than where they currently trade.
Is NXPI a Lucrative Acquisition Target for QCOM, AVGO, or TXN?
Market Realist By Paige Tanner
2 hours ago
NXP Semiconductors Could Be a Lucrative Acquisition Target
Analysts find NXPI a lucrative acquisition target
2015 changed the semiconductor landscape. Some of the biggest mergers restructured the top five semiconductor companies. Broadcom merged with Avago (AVGO) and took the third spot on the top five semiconductor list, and Freescale merged with NXP Semiconductors (NXPI) to take the fifth spot.
NXPI has attracted some analyst attention for becoming the largest automotive semiconductor company in the world. Amid the slowing semiconductor industry, the automotive segment reported strong results. All the companies with exposure to this segment have been reporting growth in automotive products.
Analysts believe Qualcomm (QCOM), Broadcom (AVGO), or Texas Instruments (TXN) will ultimately acquire NXPI to transform their business.
Cowen & Company analyst
Cowen & Company analyst Tim Arcuri stated that NXP would be a better acquisition target for Qualcomm in response to rumors surrounding a potential $15 billion merger between Qualcomm and Xilinx (XLNX). He stated that if Qualcomm acquires NXP, it would transform the Qualcomm business with NXP’s dominant position in the automotive semiconductor market. Plus, the acquisition would be tax-efficient due to NXP’s offshore capital.
Nomura analyst Romit Shah is optimistic about NXP. He sees several factors that make it a “highly qualified” acquisition target:
NXP is the world’s fifth-largest semiconductor supplier—40% of its revenue comes from automotive sales. Its earnings are accretive, so it could transform the acquirer’s business.
NXP dominates in the areas of microcontrollers, protected identification, and mobile transactions.
NXP has significant exposure to global channels, giving it ample opportunity to cross-sell and increasing its revenues without incurring additional selling expenses.
NXP is predicted to report earnings per share of $5.50–$6 in fiscal 2016 and increase this range to $9–$10 by fiscal 2018.
In this series, we’ll see what makes NXP a lucrative acquisition target. The PowerShares QQQ ETF (QQQ) has holdings in technology stocks, including 8.6% exposure to semiconductor stocks. It has 0.62% exposure to NXPI, 1.2% to AVGO, 1.2% to TXN, and 1.6% to QCOM.
Sentiment: Strong Buy
they own 33.175 Million sharea t 94.14 which equals 3.13 BILLION... will make shareholdes happy when they sell some..Real estate doing GREAT.. my house in California is at record high :).. no need to worry..BX will be making some BIG MONEY as they are selling some and more to come
Sentiment: Strong Buy
A bunch of hedge funds are cashing in big on the Celator drug deal
Celator Pharmaceuticals ranked No. 1 on Goldman Sachs' lists of stocks with 'the largest increase in hedge fund concentration' during the first quarter.
Yahoo Finance By Julia La Roche
41 minutes ago
jazz, jazz band, celebration, mardi gras
Musicians playing Saxophone, trumpet, trombone. French Quarter, New Orleans, Mardi Gras Day, 2003.
Dublin-based Jazz Pharmaceuticals (JAZZ) agreed on Tuesday to buy Ewing, New Jersey-based Celator Pharmaceuticals for $30.25 per share, a deal valued at approximately $1.5 billion.
Apple went from the hottest hedge fund stock to the coldest in just 3 months Yahoo Finance
One of the most concentrated hedge fund bets is getting crushed Yahoo Finance
The real-life hero of 'The Big Short' dumped a bunch of bank stocks Yahoo Finance
Hedge funds dumped Apple, and bought this stock instead MarketWatch
Jazz Pharmaceuticals Strikes Celator Takeover Pact TheStreet.com
The Cameras Kept Rolling: Watch What Happens Next! Your Tailored News Sponsored
Shares of Celator (CPXX) rose more than 70% following the announcement and were last trading around $29.93.
The relatively small biotech M&A deal is a nice win for a bunch of hedge funds who piled into the stock earlier this year.
Celator Pharmaceuticals ranked No. 1 on Goldman Sachs’ list of stocks with “the largest increase in hedge fund concentration” during the first quarter. According to Goldman, 18 of the 841 hedge funds the bank tracks owned the stock. What's more is data compiled by WhaleWisdom, a site that monitors hedge fund regulatory filings, shows that 58 funds own the stock with 43 of those funds initiating a new position in the first quarter.
This year, Celator had been engaged in a clinical trial for its lead product VYXEOS, which is meant to treat acute myeloid leukemia. In mid-March, the company announced positive results for its Phase 3 trial after the treatment showed “statistically significant improvement in overall survival.” The company is currently preparing to submit a New Drug Application with the US Food and Drug Administration.
Here’s a rundown of the top ten biggest hedge fund shareholders, according to 13F data compiled by Symmetric.
Celator Pharmaceuticals, Inc. Watchlist
Here's Why Shares of Celator Are Climbing on Tuesday TheStreet q 25 mins ago
Jazz Pharma Paying 4 Times Peak Sales For Celator Leukemia Drug Investor's Business Daily q 31 mins ago
Visium Asset Management: 1,450,000 shares
venBio Select Advisor: 1,416,257 shares
Ra Capital Management LLC: 1,414,114 shares
Perceptive Advisors: 1,100,000 shares
Adage Capital Partners: 850,000 shares
BVF Inc.: 800,000 shares
First Eagle Investment Management: 741,000 shares (added 128,400 in Q1)
Millennium Management: 643,802 shares
Cormorant Asset Management: 620,000 shares
EAM Investors: 549,455 shares
Nearly all of these funds, most of which focus on healthcare and biotech, initiated a new position in the first quarter. One fund added to its already existing stake it had acquired during the fourth quarter of 2015.
This nearly $1.5 billion acquisition price is a nice premium, especially since the company had an equity market capitalization of $601 million at the end of the the first quarter.
The stock is up 180% since March 31. Celator’s stock has risen more than 1,605% since January.
CPXX... everybody likes to dream about IPCI..
they should have had m ore foresight to know they needed more money!!!!!!I saw that vividly when I saw they only had 500k CASH and more liabilities...I express myself then to the CFO and he dismissed it as not a problem..so I bought more at 2.24...cant believe anyone really...and the news was leaked and drove the price down... Terrible..