What we’re reading (8/21)
“New York City Is Dead Forever” (New York Post). A controversial recent article by former hedge fund manager James Altucher. Central to the apparent thesis: execs/managers are realizing their employees are actually more productive working from home, so why lease the real estate? (As we wrote about here)
“Airbnb Picked A Terrible Time To File For An IPO” (Barron’s). Airbnb formally filed registration statements with the S.E.C., kicking off a process that will eventually lead to its long-awaited initial stock offering. But, at least on the surface, this would’t exactly seem like a great time for a travel/lodging/leisure IPO. Perhaps they’re betting trends turn around and quickly.
“Biden Finally Has His Big Moment” (Politico). The former vice president gave a rousing speech on the final night of the Democratic National Convention. All eyes on the GOP as its convention gets underway next week.
“Struggling Retailers Rush To File For Bankruptcy As Fears Of A Second Wave Of Coronavirus Linger” (CNBC). “Over a two-week span in early July, seven retailers, including The Paper Store, Brooks Brothers and Lucky Brand, filed for bankruptcy protection. J.Crew, Neiman Marcus and J.C. Penney and four other retailers had already filed in May. Lord & Taylor and the off-price shop Stein Mart led another wave that hit earlier this month. Some would say it has been a flood, but what’s coming could be a tsunami.”
“Hedge Fund Marble Ridge To Shut Down” (Wall Street Journal). A relatively large distressed debt fund is shutting down after a DOJ bankruptcy watchdog report revealed a managing partner at the firm tried to suppress an auction for a piece of Neiman Marcus’s e-commerce business, MyTheresa, during Neiman’s chapter 11 proceedings (reportedly, he wanted to buy the shares himself at a big discount).
