Does Adam Aron Still Deserve AMC Shareholders' Trust?
AMC CEO Adam Aron has received criticism from shareholders due to his aggressive dilution strategy.
BERNARD ZAMBONIN
JAN 17, 2024 2:43 AM EST
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• Pandemic-hit AMC faced a 78% revenue drop and over $10 billion in debt but raised $587 million through its meme stock status and equity offerings.

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• CEO Adam Aron's dilution-causing equity moves, including the conversion of the AMC Preferred Equity (APE) units, led to an 88% stock price drop.

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• Despite post-pandemic improvements, shareholders' trust has declined, and AMC's business fundamentals must substantially improve to win investors back.

Selling Equity to Save AMC's Business
In 2020, as non-essential businesses were forced to temporarily close thanks to the COVID-19 pandemic, AMC Entertainment (AMC) - Get Free Report saw a staggering 78% decline in revenue and absorbed approximately $4.5 billion in net losses, coupled with a net debt that exceeded $10 billion.
Despite these dire circumstances that seemed to push AMC toward bankruptcy, events took an unexpected turn. AMC's stock gained "meme stock" status, allowing the company to capitalize on excitement among retail shareholders.
In June 2021, AMC successfully raised over $1.8 billion by issuing new shares, which provided a lifeline for the company during the financial catastrophe.
While this equity offering strategy temporarily stabilized AMC's liquidity, the company needed additional measures to avert further financial challenges. However, AMC's charter placed limitations on the total number of new shares it could issue.
Changing the charter's bylaws was a risky move because it could have dampened sentiment among retail shareholders already concerned about dilution. To navigate this, AMC introduced the AMC Preferred Equity units, or "APEs," in 2022.
The presence of considerable volatility and an illogical price difference between AMC's preferred and common shares attracted interest from arbitrage traders seeking to profit from the gap as it narrowed.
A few months later, AMC's management, led by Adam Aron, proposed converting the APEs into common shares — a move that would enable the company to raise more cash in the future but that would also result in the substantial dilution of the company's float.
Subsequently, AMC held a shareholder vote on converting the preferred shares into common stock and executing a 1-for-10 reverse stock split, anticipating a significant selloff.
AMC's management endorsed the proposals and gained substantial support from Antara Capital, which then held approximately 60 million APE units and agreed to purchase an additional 196 million shares, giving AMC more than a third of the required votes.
Despite a few legal twists and turns, AMC finally executed the conversion of the APEs in August 2023, granting AMC the right to issue around 390 million shares. In response to the potential for future stock dilution, the company's shares have since plummeted by around 88%.
Criticism of AMC CEO Adam Aron
AMC CEO Adam Aron, an experienced Wall Street executive who has served as CEO for other large companies such as Norwegian Cruise Line (NCLH) - Get Free Report and Vail Resorts (MTN) - Get Free Report, faced perhaps the most significant challenge of his career by managing AMC during the pandemic.
Aron knew that he had to tap into the unexpected phenomenon of the company's shares gaining popularity and value due to retail investors betting against short sellers to save AMC.
Issuing new shares is a popular option for companies in urgent need of capital — especially when the market conditions are favorable. AMC could have gone an alternative route, such as taking on more loans despite an already substantial debt load or selling assets. Indeed, the company sold several theaters in recent years.
However, the most logical course of action for AMC was to raise cash through equity offerings — even if it meant an inevitable devaluation of the company's share price.
Initially, after AMC raised a significant amount of cash in 2021, the market embraced the idea, and shares continued trading at elevated levels, absorbing the effects of dilution.
However, shareholder criticism has grown over the years as AMC continued to issue more and more equity, even after the APE conversion. To put this in perspective, since the end of 2021, AMC's outstanding share count has surged by approximately 1,250%, or over 13 times, indicating substantial dilution in a relatively short time frame.
Aron has responded to these concerns on his X profile. He has countered the critics by emphasizing the critical importance of the substantial amount of cash raised by the company.
"We realize that there are some who question these strategies in social media, and sometimes loudly. But they do not shoulder the responsibility of guiding a multibillion-dollar enterprise through highly challenging circumstances, and they fundamentally do not understand how absolutely vital — indeed, essential — it is that AMC have robust cash reserves," he once wrote.
"Having ample cash on hand is the single best arrow in our quiver to withstand the pressures caused by an industry-wide box office that is still more than 20% below pre-COVID levels combined with five months of writers and actors strikes that crippled film production in 2023. Our successfully raising a boatload of cash is extremely good news to relay to those who care about AMC's future, and correspondingly extremely bad news to those who wish AMC harm."
The Bottom Line
CEO Adam Aron's plan to put AMC on a more stable path seems to be working. The company is currently in its best shape since the pandemic, reporting record sales in the most recent quarter. While the company is not yet out of the woods, the chances of bankruptcy are decreasing.
However, AMC's shareholders may feel "used" by the company's management, which held a massive “fundraising campaign” to save the company.
Analysts can debate whether or not CEO Adam Aron ethically used retail shareholder support to keep investors buying AMC stock — even though he knew that the equity offering would cause dilution and damage the company's share price.
It's worth noting that, along with the APE conversion, AMC also executed a reverse stock split in anticipation of a coming selloff. Additionally, the CEO sold about $42 million worth of his AMC shares before the conversion.
However, in my opinion, CEO Adam Aron has done and continues to do his best to save AMC as a company, and I believe this should pay off in the long run. However, in the short term, considering AMC's trading performance in recent months, it's clear that he has lost the support of his loyal shareholders.
I believe that the only way to regain this support is through improving the company's business fundamentals, which may take a good few quarters or even years.
I think that those who bet on AMC because they genuinely believe in the company can trust the management of CEO Adam Aron. However, those who are merely interested in trading the stock shouldn't place too much reliance on it — at least in the short term.

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Could AMC Stock Be the Next Carvana Stock in 2024?

Labeled a meme stock, following a 97% drop in 2022, Carvana rebounded by 1,100% in 2023. The question now is: Can AMC follow suit in 2024 after its significant decline?
BERNARD ZAMBONIN, DEC 22, 2023 6:35 AM EST
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• Carvana rebounded impressively in 2023 with a 1,191% surge, generating $1 billion in cash and achieving robust double-digit growth.
• There's speculation that AMC will see a repeat of 2021's short squeezes in 2024 despite a different market setup and dilution concerns.
• Both Carvana and AMC have faced bankruptcy risks and implemented strategic measures such as equity offerings to strengthen their balance sheets, and both have encountered dilution-related challenges that have impacted their share prices.

AMC and Carvana Labeled “Zombie Stocks”
Until recently, both AMC Entertainment (AMC) - Get Free Report, the movie theater chain, and Carvana (CVNA) - Get Free Report, the used car e-commerce platform, have been at risk of bankruptcy. This has earned them the label of "zombie stocks."
Since the beginning of COVID, AMC has grappled with high leverage and is still striving to recover pre-pandemic levels of revenue and attendance. On the other hand, Carvana has faced challenges from inflation, high interest rates, and unprofitability, leading to cash burn and liquidity concerns.
In particular, Carvana became a target for short sellers, with nearly 40% of its available shares being sold short at one point in 2022. This resulted in a remarkable 97% loss in the value of Carvana's stock.
While AMC has demonstrated resilience in recent years — thanks largely to the unwavering support of its loyal shareholders — its share price has faced a significant decline in 2023.
Since the beginning of August, shares of AMC have plunged almost 80%, triggered by the approval of the conversion of preferred shares into common stock. This strategic move, devised by the company's management to raise cash and fortify its balance sheet, was endorsed by a shareholder vote.
Despite successfully raising $865 million through equity offerings in 2023, this initiative has come at the cost of dilution, impacting AMC's share price.
Carvana's Remarkable Turnaround in 2023
For Carvana shareholders, 2023 marked a remarkable improvement compared to the challenges faced in 2022. Riding the wave of a stock market rally and bolstered by enhanced business fundamentals, Carvana successfully mitigated its bankruptcy risk, which became evident in stronger quarterly results throughout 2023.
The company not only weathered inflationary pressures and rising interest rates but also generated an impressive $1 billion in cash from its operations, providing ample support for its ongoing activities.
Despite the economic challenges, Carvana's wholesale market unit exhibited a resilient rebound, achieving robust double-digit growth. This positive performance not only applied pressure on short sellers but also contributed to a tightening market environment throughout the year.
The culmination of these factors resulted in staggering share price gains of as much as 1,191% by December 21, affirming the company's adaptability and resilience in navigating challenging economic conditions.
Currently, Carvana commands a market capitalization of $11.94 billion, further emphasizing its strength.
However, despite the surprising rebound, investors who experienced a 97% drop in Carvana's share price in 2022 still have a considerable way to go. When a stock experiences a significant percentage drop, the road to recovery requires a higher percentage gain, considering the lower starting point.
In the case of Carvana's 97% drop in 2022, a remarkable gain of approximately 3,233.33% is needed to break even and restore the stock to its original value.
Could AMC Experience a Surge Exceeding 1,000% in 2024?
AMC's stock witnessed an astonishing surge of up to 2,696% from January 2021 to June 2021, fueled by a series of short squeezes during the "meme frenzy." This period, marked by heightened volatility and the rise of retail shareholders amid economic stimulus measures, was a historic chapter in stock market history.
Drawing lessons from history, although it's improbable, the potential for AMC's shares to surge by the four digits of percent is not entirely impossible. Given the stock's past status as a target for short-selling activities, AMC shareholders speculate about the possibility of new short squeezes, including the potential for the Mother of All Short Squeezes (MOASS).
However, the current setup is markedly different from the circumstances that drove AMC's surge in the first half of 2021. It also differs somewhat from Carvana's trajectory last year and this year.
Presently, AMC stock exhibits a considerably lower percentage of short interest, compared to its recent history. With AMC's float currently committed at 11.4% and borrowing fees below 1%, the availability of a large number of shares due to further dilution has contributed to this scenario.
Additionally, AMC's stock has already experienced an 80% decline during the year, prompting many short sellers to liquidate their positions and reconsider betting on the company at levels reminiscent of penny stocks.
Nevertheless, AMC's business fundamentals are currently the most promising they've been since the pandemic. Macquarie analyst Chad Beynon recently noted that Wall Street is once again valuing the stock according to its business fundamentals.
In a scenario in which interest rates are on a downward trend and AMC raises additional cash through equity offerings amid robust box-office demand, the company's leverage is expected to decrease, reflecting positively on its share price.
The primary challenge for this positive outlook is the concern about dilution associated with equity offerings — a factor that seems to unsettle the market.
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report. Also, the article may contain affiliate links. These partnerships do not influence editorial content)
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BY
BERNARD ZAMBONIN
Co-producer of The Street's financial channels: Apple Maven, Amazon Maven and Wall Street Memes. Researcher and operations manager at DM Martins Research.

King County COVID Report (6/28)
New since last update

• Positive cases: 411
• Hospitalizations: 33
• Deaths: 0

7-Day Totals and Averages (6/24)

• 16.4 per 100K total positive cases
• 53 daily avg.
• 6 daily avg. hospitalizations
• 0.3 daily avg. deaths
• 1.9% staffed inpatient beds occupied by COVID-19 patients
• 7-day Avg Chart
• 7-day Avg Chart - Full View

COVID Chance (6/17)

• Out of 10 people, 2.3% chance at least one person has COVID
• Out of 50 people, 11.0% chance at least one person has COVID
• Out of 100 people, 20.8% chance at least one person has COVID
• Out of 500 people, 68.9% chance at least one person has COVID
• NOTE: This calculation uses the 10-day running total (as of 4 days ago), and multiplies it by 10 (assuming we only catch a tenth of all positive cases of COVID). More info here on the methodology.

Vaccination Metrics (Updated on Tuesdays, and covers the total population)

• 1.93M completed the primary series (85%)
• 1.19M also received a booster (65%)
• 0.76M are up to date on the vaccine (34%)

The 411 "new since last update" cases are slightly higher than the 411 reported last week. The download data claims it was updated, but only has data up through 6/20. Regardless, the trend still shows that we've plateaued at a low level of cases, hospitalizations, and deaths. Things are continuing to look pretty calm, in terms of the COVID metrics.
As always, please stay healthy and safe! Great job getting vaccinated, and please get your booster if you're eligible!
Fun fact: On June 28, 1997, Mike Tyson bites Evander Holyfield’s ear in the third round of their heavyweight rematch. The attack led to his disqualification from the match and suspension from boxing, and was the strangest chapter yet in the champion’s roller-coaster career. Events in Tyson’s life took repeated turns for the worse in the aftermath of the fight, and culminated in his declaring bankruptcy—in part due to $400,000 a year spent on maintaining a flock of pet pigeons—and an arrest for cocaine possession. Source
King County COVID dashboard: https://kingcounty.gov/depts/health/covid-19/data/current-metrics.aspx
King County Vaccination dashboard: https://www.kingcounty.gov/depts/health/covid-19/data/vaccination.aspx
Google Sheet: https://docs.google.com/spreadsheets/d/1rVb3UhR04EkhY-7KnBBB2zKKou2FHoidLXZjIC-1SGE/edit?usp=sharing

King County COVID Report (6/28)
New since last update

• Positive cases: 411
• Hospitalizations: 33
• Deaths: 0

7-Day Totals and Averages (6/24)

• 16.4 per 100K total positive cases
• 53 daily avg.
• 6 daily avg. hospitalizations
• 0.3 daily avg. deaths
• 1.9% staffed inpatient beds occupied by COVID-19 patients
• 7-day Avg Chart
• 7-day Avg Chart - Full View

COVID Chance (6/17)

• Out of 10 people, 2.3% chance at least one person has COVID
• Out of 50 people, 11.0% chance at least one person has COVID
• Out of 100 people, 20.8% chance at least one person has COVID
• Out of 500 people, 68.9% chance at least one person has COVID
• NOTE: This calculation uses the 10-day running total (as of 4 days ago), and multiplies it by 10 (assuming we only catch a tenth of all positive cases of COVID). More info here on the methodology.

Vaccination Metrics (Updated on Tuesdays, and covers the total population)

• 1.93M completed the primary series (85%)
• 1.19M also received a booster (65%)
• 0.76M are up to date on the vaccine (34%)

The 411 "new since last update" cases are slightly higher than the 411 reported last week. The download data claims it was updated, but only has data up through 6/20. Regardless, the trend still shows that we've plateaued at a low level of cases, hospitalizations, and deaths. Things are continuing to look pretty calm, in terms of the COVID metrics.
As always, please stay healthy and safe! Great job getting vaccinated, and please get your booster if you're eligible!
Fun fact: On June 28, 1997, Mike Tyson bites Evander Holyfield’s ear in the third round of their heavyweight rematch. The attack led to his disqualification from the match and suspension from boxing, and was the strangest chapter yet in the champion’s roller-coaster career. Events in Tyson’s life took repeated turns for the worse in the aftermath of the fight, and culminated in his declaring bankruptcy—in part due to $400,000 a year spent on maintaining a flock of pet pigeons—and an arrest for cocaine possession. Source
King County COVID dashboard: https://kingcounty.gov/depts/health/covid-19/data/current-metrics.aspx
King County Vaccination dashboard: https://www.kingcounty.gov/depts/health/covid-19/data/vaccination.aspx
Google Sheet: https://docs.google.com/spreadsheets/d/1rVb3UhR04EkhY-7KnBBB2zKKou2FHoidLXZjIC-1SGE/edit?usp=sharing

AMC Stock: Why the Creation of APEs Was a Brilliant Move

Despite Wall Street skepticism. The creation of AMC Preferred Equity units (APEs) was a great move by AMC management.

• BERNARD ZAMBONIN
• UPDATED:DEC 22, 2022 8:35 AM ESTORIGINAL:DEC 21, 2022
  
• Since they started being publicly traded, AMC Preferred Equity units (APEs) have been in a free fall and are currently worth less than $1 per share.
  
• However, the creation of the APEs has enabled AMC to raise cash in a period of major macroeconomic challenges.
  
• APEs have fulfilled their role, according to the movie theater chain's management.
  Why the APEs Were a Brilliant Creation
  

During the second quarter of 2022, AMC Entertainment (AMC) - Get Free Report announced the creation of AMC Preferred Equity units (APEs). Each AMC shareholder received one APE share for each AMC share they owned.
According to the movie theater chain, it was one of the biggest developments of the year.
The main goal for APEs was to enable AMC to raise capital to pay off its approximately $5.4 billion debt load. Furthermore, the money raised would also be useful for M&A (merger and acquisition) funds and would be key to AMC's long-term prospects.
It should be noted that, even though AMC's business is in its best shape since the pandemic, liquidity risks still need to be addressed by the company's management. Currently, AMC’s liquidity is expected to be between $725 million and $825 million by the end of 2022.
The creation of APEs may have sounded bearish to shareholders, who were fearful of further stock dilution. Since APEs began publicly trading, their share price has plummeted 82%, from $6.95 to less than $1 per share today. APE is now a penny stock.
However, on the other hand, AMC's fundamentals have received a boost.
As AMC management reported during the third-quarter (Q3) earnings call, the company wrote off about $144 million of its $400 million in loans and raised roughly $37 million in equity from the sale of some of its preferred shares.
More recently, CEO Adam Aron announced that more APE units had been sold, accounting in the last 90 days for about 3% of the total available. With this small percentage alone, AMC was able to raise a total of about $160 million in cash.
AMC also invested in its core business by buying a popular Arclight movie theater and restructured its debts by discounting them by more than 60%.
If the selling of APE units continues, even though its share price may suffer in the short term, the move should pay off in the long term.

Standing Out Among Its Peers

Since before the pandemic, the movie theater industry has been facing uncertain times.
The pandemic was catastrophic for the movie theater industry, and even after a partial recovery, rivals such as Cineworld have declared bankruptcy.
According to IBISWorld, the annualized market size growth of movie theaters in the U.S. fell by 14% from 2017 to 2022, even though it had recovered 31% from the pandemic by 2022.
The bearish macro scenario, marked by inflation and high-interest rates, has put extra pressure on leveraged companies like many in the movie theater sector. Because of this, CEO Adam Aron made a point of highlighting the APE initiative as crucial to serving as a protection for AMC in the face of liquidity challenges.

"At a time when one or more of our competitors have been facing potentially devastating liquidity challenges, by contrast during the past 90 days, AMC has been able to raise $162 million of additional cash through the sale of equity thereby improving our liquidity position markedly," said AMC's CEO.

What About APE Units' Share Price?

APE units' share price has certainly disappointed investors and is currently trading at penny-stock levels. There is now a difference of nearly $4 between AMC's and APE's share prices.
Considering that both assets have the same value in theory, this can be partly attributed to arbitrage trades, which consist of simultaneously buying and selling the same asset in different markets to profit from small differences in the list price of these assets.
On the other hand, we can also note that the volume of APE units traded in recent sessions is more than 70% off-exchange, i.e., in over-the-counter markets. This makes AMC shareholders suspicious of the fact that APE units are being traded in "dark pools." This is legal, but there is very little transparency in these trades.
However, according to some academic studies, the increase in off-exchange volume is an indicator of volume growth, particularly for retail trading in assets such as penny stocks — not necessarily a sign that flows are changing.
The fact is that, even if there may be some manipulation in the way APE units are being traded, they are fulfilling their role as proposed by AMC management.
This is attested by AMC's CEO, Adam Aron:

"While the trading prices of the two securities [AMC and APE] seem to reflect distinct market and trading dynamics, the APEs are serving precisely the purpose originally intended for them."

SECURITIES PURCHASE AGREEMENT

This Securities Purchase Agreement (this “Agreement”), dated as of December22, 2022, is entered into by and between Outlook Therapeutics,Inc., a Delaware corporation (“Company”), and Streeterville Capital, LLC, a Utah limited liability company, its successors and/or assigns (“Investor”).
A. Company and Investor are executing and delivering this Agreement in reliance upon an exemption from securities registration afforded by the Securities Act of 1933, as amended (the “1933 Act”), and the rules and regulations promulgated thereunder by the United States Securities and Exchange Commission (the “SEC”).
B. Investor desires to purchase and Company desires to issue and sell, upon the terms and conditions set forth in this Agreement, a Convertible Promissory Note, in the form attached hereto as ExhibitA, in the original principal amount of $31,820,000.00 (the “Note”), convertible into common stock, $0.01 par value per share, of Company (the “Common Stock”), upon the terms and subject to the limitations and conditions set forth in such Note.
C. This Agreement, the Note, and all other certificates, documents, agreements, resolutions and instruments delivered to any party under or in connection with this Agreement, as the same may be amended from time to time, are collectively referred to herein as the “Transaction Documents”.
D. For purposes of this Agreement: “Conversion Shares” means all shares of Common Stock issuable upon conversion of all or any portion of the Note; and “Securities” means the Note and the Conversion Shares.
E. Company previously issued to Investor that certain Promissory Note dated November16, 2021 with an original principal balance of $10,220,000.00 (the “Prior Note”).
F. The repayment amount of the Prior Note as of December28, 2022 is $11,947,539.50 (the “Repayment Amount”).
G. Investor and Company desire for Investor to purchase the Note by cancelling the Prior Note and Investor making a new investment in Company of $18,052,460.50 (the “New Investment Amount”). NOW, THEREFORE, in consideration of the above recitals and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Company and Investor hereby agree as follows:

1. Purchase and Sale of Securities.

1.1. Purchase of Securities. Company shall issue and sell to Investor and Investor shall purchase from Company the Securities. In consideration there of Investor shall pay the Purchase Price (as defined below) to Company.
1.2. Form of Payment. On the Closing Date, Investor will: (i)pay the New Investment Amount to Company via wire transfer of immediately available funds; and (ii)deliver the Prior Note to Company for cancellation. Upon the issuance of the Note pursuant to this Agreement, the Prior Note will be cancelled and the obligations thereunder will immediately terminate.
​

CONVERTIBLE PROMISSORY NOTE (Exhibit 10.2)

December22, 2022
U.S. $31,820,000.00 FOR VALUE RECEIVED, Outlook Therapeutics,Inc., a Delaware corporation (“Borrower”), promises to pay to Streeterville Capital, LLC, a Utah limited liability company, or its successors or assigns (“Lender”), $31,820,000.00 and any interest, fees, charges, and late fees accrued hereunder on January1, 2024 (the “Maturity Date”) in accordance with the terms set forth herein and to pay interest on the Outstanding Balance at the rate of nine and a half percent (9.5%) per annum from the Purchase Price Date until the same is paid in full.
All interest calculations hereunder shall be computed on the basis of a 360-day year comprised of twelve (12)thirty (30)day months, shall compound daily and shall be payable in accordance with the terms of this Note. This Convertible Promissory Note (this “Note”) is issued and made effective as of the date set forth above (the “Effective Date”).
This Note is issued pursuant to that certain Securities Purchase Agreement dated December22, 2022, as the same may be amended from time to time, by and between Borrower and Lender (the “Purchase Agreement”). Certain capitalized terms used herein are defined in Attachment 1 attached hereto and incorporated herein by this reference.
This Note carries an original issue discount of $1,800,000.00 (“OID”). In addition, Borrower agrees to pay $20,000.00 to Lender to cover Lender’s legal fees, accounting costs, due diligence, monitoring and other transaction costs incurred in connection with the purchase and sale of this Note (the “Transaction Expense Amount”). The OID and the Transaction Expense Amount are included in the initial principal balance of this Note and are deemed to be fully earned and non-refundable as of the Purchase Price Date.
The Purchase Price (as defined in the Purchase Agreement) shall be payable as set forth in the Purchase Agreement.

1. Payment; Exit Fee.

1.1. Payment. All payments owing hereunder shall be in lawful money of the United States of America or Conversion Shares (as defined below), as provided for herein, and delivered to Lender at the address or bank account furnished to Borrower for that purpose. All payments shall be applied first to (a)reasonable costs of collection, if any, then to (b)fees and charges, if any, then to (c) accrued and unpaid interest, and thereafter, to (d)principal.
1.2. Exit Fee. Any payments made under this Note by Borrower in cash (including prepayments or repayment at maturity) will be subject to a seven and a half percent (7.5%) exit fee.

1. Security. This Note is unsecured.
   
2. Conversions.
   

3.1. Lender Optional Conversion. Lender has the right beginning on April 1, 2023 until the Outstanding Balance has been paid in full, at its election, to convert (“Conversion”) all or any portion of the Outstanding Balance into fully paid and non-assessable Common Shares, par value $0.01 (the “Common Shares”), of Borrower (“Conversion Shares”) as per the following conversion formula: the number of Conversion Shares equals the amount being converted (the “Conversion Amount”) divided by the Conversion Price. Conversion notices in the form attached hereto as ExhibitA (each, a “Conversion Notice”) may be effectively delivered to Borrower by any method set forth in the “Notices” Sectionof the Purchase Agreement, and all Conversions shall be cashless and not require further payment from Lender. Borrower shall deliver the Conversion Shares from any Conversion to Lender in accordance with Section7 below.
3.2. Borrower Optional Conversion. Borrower will have the right to convert all or any portion of the Outstanding Balance into Conversion Shares at $2.00 per share (subject to adjustment for stock splits and stock combinations and subject to the Maximum Percentage (as defined below)) by sending written notice to Lender, and deliver such Conversion Shares to Lender if each of the Borrower Optional Conversion Conditions is met as of the date Borrower desires to exercise such conversion right. Borrower shall deliver the Conversion Shares pursuant to this Section3.2 in accordance with Section7 below.

1. Trigger Events, Defaults and Remedies.

4.1. Trigger Events. The following are trigger events under this Note (each, a “Trigger Event”):
(a)Borrower fails to pay any principal, interest, fees, charges, or any other amount when due and payable hereunder;
(b) a receiver, trustee or other similar official shall be appointed over Borrower or a material part of its assets and such appointment shall remain uncontested for twenty (20) days or shall not be dismissed or discharged within sixty (60) days;
(c)Borrower becomes insolvent or generally fails to pay, or admits in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any;
(d)Borrower makes a general assignment for the benefit of creditors; (e)Borrower files a petition for relief under any bankruptcy, insolvency or similar law (domestic or foreign);
(f) an involuntary bankruptcy proceeding is commenced or filed against Borrower;
(g)Borrower fails to observe or perform any covenant set forth in Section4 of the Purchase Agreement and such failure remains unremedied for a period of ten (10) calendar days;
(h)the occurrence of a Fundamental Transaction without Lender’s prior written consent;
(i)Borrower fails to timely establish and maintain the Share Reserve (as defined in the Purchase Agreement);
(j)Borrower fails to deliver any Conversion Shares in accordance with the terms hereof;
(k)Borrower fails to timely seek the Approval (as defined below) as required pursuant to Section9 hereof;
(l) any money judgment, writ or similar process is entered or filed against Borrower or any subsidiary of Borrower or any of its property or other assets for more than $1,000,000.00, and shall remain unvacated, unbonded or unstayed for a period of twenty (20) calendar days unless otherwise consented to by Lender;
(m)Borrower fails to be DWAC Eligible and does not cure such failure within twenty (20) days;
(n)Borrower or any subsidiary of Borrower, breaches any covenant or other term or condition contained in any Other Agreements in any material respect and such failure remains unremedied for a period of twenty (20) calendar days;
(o)Borrower defaults or otherwise fails to observe or perform any covenant, obligation, condition or agreement of Borrower contained herein or in any other Transaction Document (as defined in the Purchase Agreement) in any material respect, other than those specifically set forth in this Section4.1 and Section4 of the Purchase Agreement, and such failure remains unremedied for a period of twenty (20) calendar days;
(p) any representation, warranty or other statement made or furnished by or on behalf of Borrower to Lender herein, in any Transaction Document, or otherwise in connection with the issuance of this Note is false, incorrect, incomplete or misleading in any material respect when made or furnished; or
(q)Borrower effectuates a reverse split of its Common Stock without twenty (20) Trading Days prior written notice to Lender.
4.2. Trigger Event Remedies. At any time following the occurrence of any Trigger Event, Lender may, at its option, increase the Outstanding Balance by applying the Trigger Effect (subject to the limitation set forth below).
4.3. Defaults. At any time following the occurrence of a Trigger Event, Lender may, at its option, send written notice to Borrower demanding that Borrower cure the Trigger Event within ten (10)Trading Days. If Borrower fails to cure the Trigger Event within the required ten (10)Trading Day cure period, the Trigger Event will automatically become an event of default hereunder (each, an “Event of Default”). 2 4.4. Default Remedies.
At any time and from time to time following the occurrence of any Event of Default, Lender may accelerate this Note by written notice to Borrower, with the Outstanding Balance becoming immediately due and payable in cash at the Mandatory Default Amount.
Notwithstanding the foregoing, upon the occurrence of any Trigger Event described in clauses (b)– (f)of Section4.1, an Event of Default will be deemed to have occurred and the Outstanding Balance as of the date of the occurrence of such Trigger Event shall become immediately and automatically due and payable in cash at the Mandatory Default Amount, without any written notice required by Lender for the Trigger Event to become an Event of Default.
At any time following the occurrence of any Event of Default, upon written notice given by Lender to Borrower, interest shall accrue on the Outstanding Balance beginning on the date the applicable Event of Default occurred at an interest rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted under applicable law (“Default Interest”). For the avoidance of doubt, Lender may continue making Conversions at any time following an Event of Default until such time as the Outstanding Balance is paid in full.
In connection with acceleration described herein, Lender need not provide, and Borrower hereby waives, any presentment, demand, protest or other notice of any kind, and Lender may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law.
Such acceleration may be rescinded and annulled by Lender at any time prior to payment hereunder and Lender shall have all rights as a holder of the Note until such time, if any, as Lender receives full payment pursuant to this Section4.2.
No such rescission or annulment shall affect any subsequent Trigger Event or Event of Default or impair any right consequent thereon. Nothing herein shall limit Lender’s right to pursue any other remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to Borrower’s failure to timely deliver Conversion Shares upon Conversion of the Note as required pursuant to the terms hereof.

1. Unconditional Obligation; No Offset. Borrower acknowledges that this Note is an unconditional, valid, binding and enforceable obligation of Borrower not subject to offset, deduction or counterclaim of any kind. Borrower hereby waives any rights of offset it now has or may have hereafter against Lender, its successors and assigns, and agrees to make the payments or Conversions called for herein in accordance with the terms of this Note.
   
2. Waiver. No waiver of any provision of this Note shall be effective unless it is in the form of a writing signed by the party granting the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any other provision or consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent or commit a party to provide a waiver or consent in the future except to the extent specifically set forth in writing.
   
3. Method of Conversion Share Delivery. On or before the close of business on the third (3 rd ) Trading Day following each date a Conversion Notice is delivered by Lender (the “Delivery Date”), Borrower shall, provided it is DWAC Eligible at such time and such Conversion Shares are eligible for delivery via DWAC, deliver or cause its transfer agent to deliver the applicable Conversion Shares electronically via DWAC to the account designated by Lender in the applicable Conversion Notice.
   

If Borrower is not DWAC Eligible or such Conversion Shares are not eligible for delivery via DWAC, it shall deliver to Lender or its broker (as designated in the Conversion Notice), via reputable overnight courier, a certificate representing the number of shares of Common Stock equal to the number of Conversion Shares to which Lender shall be entitled, registered in the name of Lender or its designee.
For the avoidance of doubt, Borrower has not met its obligation to deliver Conversion Shares by the Delivery Date unless Lender or its broker, as applicable, has actually received the certificate representing the applicable Conversion Shares no later than the close of business on the relevant Delivery Date pursuant to the terms set forth above.
Moreover, and notwithstanding anything to the contrary herein or in any other Transaction Document, in the event Borrower or its transfer agent refuses to deliver any Conversion Shares without a restrictive securities legend to Lender on grounds that such issuance is in violation of Rule 144 under the Securities Act of 1933, as amended (“Rule 144”), Borrower shall deliver or cause its transfer agent to deliver the applicable Conversion Shares to Lender with a restricted securities legend, but otherwise in accordance with the provisions of this Section7.
In conjunction therewith, Borrower will also deliver to Lender a written explanation from its counsel or its transfer agent’s counsel opining as to why the issuance of the applicable Conversion Shares violates Rule 144.
SOURCE:
https://ir.outlooktherapeutics.com/static-files/53664030-a2ae-4d36-b721-36f0f136c085

Investment Firm	Date Posted
Bill Miller	January 12
Bond Covenants, Bankruptcy Risk & Cost of Debt	January 12
Howard Marks Memo - Something of Value	January 12
Jeremy Grantham - Waiting for the Last Dance	January 12
JPMorgan Guide to the Markets	January 12
Newfound Research	January 12
Palm Valley	January 12
Ruffer	January 12
RV Capital	January 12
Saber Capital - End of Mean Reversion	January 12
Shadowfall Research - Network International Short Thesis	January 12
Shawspring Partners - A Framework for Understanding Optionality	January 12
Argosy Partners	January 13
Headwaters Capital	January 13
Vltava Fund	January 13
Wedgewood Partners	January 13
Culper Research - CleanSpark Short Thesis	January 14
Curreen Capital	January 14
JCapital Research - Bit Digital Short Thesis	January 14
MPE Capital	January 14
Pender Fund	January 14
Silver Ring Partners	January 14
Silver Ring Partners - Freshii Thesis	January 14
Upslope Capital	January 14
Aikya Funds	January 17
Bill Nygren Commentary	January 17
Blackstone 10 Surprises	January 17
Bronte Capital	January 17
Greystone Value	January 17
Hoisington Funds	January 17
Nomadic Value	January 17
Rondure Global Advisors	January 17
Spree Capital	January 17
Admiral Capital	January 18
Hirschmann Capital	January 18
Longriver Investments	January 18
NZS Capital	January 18
Permanent Equity	January 18
Cliff Asness	January 19
Forager Funds	January 19
Hosking Partners	January 19
Lindsell Train	January 19
Steel City Capital	January 19
Avory & Co	January 21
Citron Research - STEM	January 21
Distillate Capital	January 21
Donville Kent	January 21
Grizzly Research - DOYU Short Thesis	January 21
Tao Value	January 21
Viceroy Research - Tyro Short Thesis	January 21
Giverny Capital	January 22
Greenlight Capital	January 22
Massif Capital	January 22
Summers Value Partners	January 22
Alphyn Capital	January 25
Canterbury Tollgate	January 25
Cooper Investments	January 25
Farview Capital - CDON Presentation	January 25
Junto Investments	January 25
Kerrisdale Capital - PLUG Short Thesis	January 25
Laughing Water Capital	January 25
Rowan Street Capital	January 25
Sequoia Fund	January 25
Anabatic Investment Partners	January 26
Arquitos Capital	January 26
FAM Funds	January 26
JDP Capital	January 26
JPM Global Alternatives Outlook	January 26
Lyrical Asset Management	January 26
Muddy Waters Letter to S30	January 26
Whitebrook Capital	January 26
White Oak Capital	January 26
Altafox Capital	January 29
Ensemble Capital	January 29
Horizon Kinetics	January 29
Sorfis Capital	January 29
1 Main Capital	February 1
Andaz	February 1
Crescat Capital	February 1
Greenhaven Road Capital	February 1
Maran Capital	February 1
Tollymore Partners	February 1
Alluvial Capital	February 4
Ark Invest - Big Ideas 2021	February 4
Artko Capital	February 4
Bonsai Partners	February 4
Fairholme Funds	February 4
First Eagle Management	February 4
Macquarie Group	February 4
Polen Focus Growth	February 4
Polen Global Growth	February 4
Schroeders	February 4
Selcouth Capital	February 4
Tweedy Browne	February 4
Value Investor Insight	February 4
Vulcan Value Partners	February 4
Andvari	February 5
Avenir Capital	February 5
Bluehawk Advisors	February 5
Horos Capital	February 5
Kinsman Oak	February 5
Logica Capital	February 5
Longcast Advisors	February 5
Merion Road	February 5
Miller Funds - Deep Value	February 5
Miller Funds - Income Strategy	February 5
Miller Funds - Opportunity Equity	February 5
Mittleman Brothers	February 5
RGA Investment Advisors	February 5
Roubaix Capital	February 5
Saga Partners	February 5
Symmetry Invest	February 5
T11 Partners	February 5
Arisaig Partners	February 8
Bridgewater 2021 Outlook	February 15
Choice Equities	February 15
Coho Capital	February 15
Goehring & Rozencwajg	February 15
Greenwood Investors	February 15
Rhizome Partners	February 15
River Oak Capital	February 15
SRK Capital	February 15
Third Point Capital	February 15
Kerrisdale Capital - Long Thesis UP Fintech Holding	February 16
Snowcap Research - Bingo Industries Short Thesis	February 16
JCap Research - Nearmap Short Thesis	February 17
Wolfpack Research - Ehang Short Thesis	February 17
Bonitas Research - Short AgEagle Aerial	February 23
Greenhaven Road Partners Fund	February 23
Graham & Doddsville	February 23
Huffman Prairie	February 23
Pershing Square Annual Presentation	February 23
Semper Augustus	February 23
Worm Capital	February 23
Bireme Capital	February 24
Bonhoeffer Fund	February 24
Broyhill AM	February 24
Luca Capital	February 24
Altafox Capital on Pollard Banknote	March 1
Ashmore	March 1
Berkshire Hathaway	March 1
Bilgari Holdings	March 1
Conestoga Capital Advisors	March 1
Crescat Capital	March 1
Emeth Value	March 1
Goldman Sachs on SPACS	March 1
Martin Capital Management	March 1
XPEL Case Study	March 1
IP Capital	March 4
Cliff Asness	March 8
Fairfax Financial	March 8
Muddy Waters - XL Fleet Short Report	March 9
Adestella	March 16
Hindenburg Research - Lordstown Motors	March 16
Howard Marks Memo - 2020 in Review	March 16
KKR Global Macro Trends	March 16
LGT Capital	March 16
Voss Capital	March 16
Wolfpack Research - Skillz	March 16
Effissimo Capital - Toshiba	March 22
Ruffer Review	March 22
AVI Japan Opportunity Trust	April 8
Jamie Dimon Annual Letter	April 8
Kerrisdale Capital - TME	April 8
Pershing Square Annual Report	April 8
A16Z Marketplace 100	April 13
Greenwood Investors	April 13
Hindenburg Research - Ebang	April 13
Prerequisite Capital	April 13
Spruce Point - Porch Group	April 13

Interviews & Lectures	Date Posted
Interview with Rupal Bhansali, G. Staley Cates, Mario Gabelli, David Herro, Bill Miller, Daniel O'Keefe & John Rogers	January 12
Interview with Chuck Akre	January 14
Interview with Cliff Asness	January 14
Interview with Cliff Asness & Ken Griffin	January 22
Sam Zell	February 8
Stanley Druckenmiller	February 10
Howard Marks & Joel Greenblatt	February 15
Invest Like The Best - Jeremy Grantham	February 24
Charlie Munger DJCO Meeting	March 1
James Grant on Financial Bubbles	March 1
John Malone Interview	March 1
Fundsmith Annual Meeting	March 4
Conversation with Bill Ackman	April 8

Artist: Danny Brown
Album: Detroit State of Mind Pt. III
Release Date: 2009

Introduction

Danny Brown has been a big name in hip hop since his breakout album XXX in 2011. Since then he’s only gotten more famous and more respected. Initially I wanted my write up to be an argument for why Danny Brown is the greatest rapper ever. However, other people with better skills at writing, and more importantly writing about music, have accomplished that. Including fellow redditors and folks on Twitter. So instead, I’d like my write up to be a very specific review of Danny Brown all the way about over a decade ago in 2009, before he blew up but during his hard grind getting to notoriety.

Background

Twenty-eight year old Danny Brown is a bit of an anomaly in hip-hop, a genre that is young in its history and dominated by younger artists. First getting into the rap game with the group Rese'vor Dogs in 2003, but has been an inspiring rapper since kindergarten according to a recent interview with Detroit Metro Times. Danny is not new to the game but it was only in the last couple of years that he’s started making waves. It was only after his release from jail in 2007 that Danny felt the need to take his passion to the next level.
That same year Danny released the first in what would become the Detroit State of Mind mixtape series. And he has not let up on releasing music since. His discography is quickly becoming impressive with Detroit State of Mind III being the most recent in the series, along with a mixtape produced by fellow Detroit-native, Nick Speed, Hot Soup. And we are anticipating a fourth Detroit State of Mind mixtape along with his first studio album, The Hybrid. Danny has been grinding.
What stands out the most about Danny Brown is his allegiance to Detroit. He credits the city for influencing him the most, from the city’s history of Motown, funk, and rock, to the scenery of a city abandoned.

“Brown doesn't have a home per se; rather, he crashes in three separate spots. ‘I kind of live on I-94, man,’ Brown cracks. He's got his studio and Xbox at his Grandma Nelly's east side house off Flanders Street. He crashes on Grandma Tina's couch on the west side off Linwood, and he hangs out at Uncle Too's house next door — the house he grew up in.”

It is these influences that come out so vibrantly in his most recent mixtape, Detroit State of Mind Pt. III.

Album Review

An interesting issue I ran into while working on this write-up is how little information there is on Danny’s works before The Hybrid. Searches for the Detroit State of Mind series brought up a lot of examples of people struggling to even find downloads for a couple of years, and even today the Genius page only has lyrics for 6/13 songs from the tape. And four of those are only because Danny released a few songs on this tape and on Hot Soup (Whatupdoe, Sittin’ so High, Squeeze Precisely, Streets of Detroit). There were also a lot of dead pages of interviews and information that are lost even to Web Archives.
However, the music persists. Even if a lot of the extraneous context is lost, the music speaks for itself. The most outstanding aspect of Danny Brown’s Detroit State of Mind series is how well he represents Detroit throughout them. When we look specifically at Danny’s Musical Influences, his ability to lyrically take us to Detroit, and the representation of himself as a Detroit-native in Detroit State of Mind III, it becomes overwhelmingly clear that Danny will always put his city on his back.

Musical Influences

Detroit holds claim to birthing musical subgenres, like Motown, and being the best representation of other subgenres, like Blues and Soul. Detroit is also incredibly proud of its place in musical history, and when you look at musical acts that come from Detroit, that history is undeniable. Danny celebrates Detroit’s musical history in many ways, of course by adding to the history by placing himself securely as the greatest rapper ever, but also through sampling on his songs. The best examples of this are in the songs Way it Goes and Streets of Detroit. I’ll admit I’m not the most musically versed, and so the samples very likely have a greater importance than I’m giving them, but even for those like me you can hear Danny respecting those before him in his own music.

Detroit

Detroit is even more than it’s contributions to music, though that is a big part of the city. Detroit is the Motor City, it’s the second largest city in the Midwest, it’s diverse, and it is also one of the most poignant examples of urban decay in the United States and apparently the largest US City to file for bankruptcy. It is mostly that declining, decaying city that Danny grew up in, and he reps it all the same.

"I get my influences over here," Brown says. "I just soak up the scenery and go back to the east side and write it. It's crazy. Even if I get off of Flanders Street I'll probably still go back there to write."

The most common theme in all of Danny Brown’s music is how much struggling is part of life in The D. Never Say Never is one of the best examples of this on DSOM3.
Cold outside, even worse in the house, heat don’t work and the lights went out.
It’s impossible to not be shaped by the poverty you live through, and Danny clearly keeps that experience as a part of him. The choices of a child affect the grown man. Tried to tell it to the judge but he didn’t understand. So he gave me some time but this whole situation inspired this rhyme. He makes it clear again and again in his music that there weren’t many options but hustling, but he also credits the whole situation for giving him perspective and putting him where he’s at now, chasing his real dream. From Way it Goes:
Staring in the mirror, hearing voices in my head,/ Saying: ‘Take advantage cause you're 'posed to been dead’/ Staying on a mission for the nickels and the dimes/ Blowing on chronic while I'm peeking out the blinds

Danny

While Danny himself has mentioned that The Hybrid is where he found his voice and unique style was fleshed out the best (namely his high-pitched rapping). The beginnings of that voice and his famous punch lines are spread throughout his early mixtapes. The songs highlighted below are where it is the most pronounced and you know Danny has been wildin’ all his life
Fuck bitches like AIDS don't exist/I'm a young Ruthless n\*** on some Eazy-E shit.*
What Up Doe is one of the songs that is featured on two separate mixtapes, and honestly I get it, it’s a solid song and Danny is in full form on it. Smoke green like I shot a Ninja Turtle/ Matta fact popped Prince, way I smoke Purple. He’s braggadocios, crude, and violent and it’s exactly what you want from a Danny Brown banger. Squeeze Precisely is much the same, a classic Danny Brown banger Drop science like teenage pregnancy/ In a cutty, same color as some celery. He’s got silly punch lines and great rhymes throughout. One of my favorite things Danny does consistently is tell you why he’s better than you Spent a hundred on a collar bone/ Danny Brown got white like Styrofoam/ The only you thing you running is your legs/ Got gan by the boat, why you blowing on regs?
Another common theme in Danny Brown’s music is how well he mixes flexing with the desperation of Detroit Cutty same color as a dirty fish aquarium. And all of these different aspects of his personality are so heavily tied to his city and his upbringing

"It's a real Fred Sanford situation at Too's," Brown says with a smile. His uncle pays the bills scrapping metal, which covers the kitchen floor. An open stove provides the heat. It's definitely real in Brown's neighborhoods. (And kicking it in Uncle Too's living room with friends and family is also real fun.)

And Danny does it all so authentically and ostentatiously that it makes you respect him even more.

Questions

• Do you go back to pre-XXX Danny Brown albums? Which ones?
• What do you think of Danny’s progress as an artist between his Detroit State of Mind series, to XXX, to Uknowwhatimsayin¿
• Does anyone know why Danny released four of his songs on this and on Hot Soup? I tweeted at him and he didn’t get back to me. Both are mixtapes, but Hot Soup can be found on streaming since he re-released it.
• Where do you think Danny Brown lands on the scale of best rappers. And I mean specifically just his rapping ability, not him as an artist or even musician, just pure rapping ability.
• Where do you think he rates as a musician? His most outstanding skill is his rapping but he’s got a great ability to structure albums into impressive, cohesive projects.

^Sources

• ^{https://genius.com/albums/Danny-brown/Detroit-state-of-mind-3}
• ^{https://web.archive.org/web/20120116114018/http://kevinnottingham.com/2010/10/02/danny-brown-discography/}
• ^{https://itsbruiserbrigade.tumblr.com/page/26}
• ^{https://web.archive.org/web/20120202112909/http://www.alteregomgt.com/bookings/danny-brown}
• ^{https://www.metrotimes.com/detroit/motor-city-crashes/Content?oid=2193743}
• ^{https://www.reddit.com/hiphopheads/comments/ibhf8t/oc\}case_study_lessons_from_danny_browns_caree)

https://www.thestreet.com/investing/lilis-energy-llex-chapter-11-bankruptcy
Lilis Energy (LLEX) - Get Report, an oil and gas producer, announced Monday that it filed for Chapter 11 bankruptcy protection in Houston.
The company’s filing comes the day after Chesapeake Energy (CHK) - Get Report, once the country’s second-largest gas producer, filed for bankruptcy itself.
Lilis operates in the Permian Basin of West Texas and Southeastern New Mexico.
It has a restructuring agreement with many of its creditors and equity holders, including Varde Partners, the company said in a statement.
Under the agreement, common shareholders would be wiped out. The plan would likely reduce Lilis’ funded debt obligations by more than $34.9 million.
The plan has to be approved by the bankruptcy court.
“The company expects to continue to operate in the ordinary course throughout the restructuring process without material disruption to vendors, suppliers and partners,” Lilis said.
The plan is contingent on Varde providing an equity commitment and additional debtor-in-possession financing. If Varde decides not to do so, or the restructuring plan isn’t pursued, Lilis will sell off its assets, the company said.
Lilis has suffered big time from the decline of oil and gas prices during the coronavirus pandemic.
It has received a commitment from its bank lenders to provide up to $15.0 million in debtor-in-possession financing. The company anticipates up to $5.0 million will be available on an interim basis.
“With the company’s usual operating cash flows, these financings are expected to provide sufficient liquidity for it to continue to operate in the ordinary course through the restructuring process,” Lilis said.
The company’s shares stood at 22.43 cents, down 13.4% in premarket trading, and have plunged 57% over the last year through Friday.

Solution Manual for Intermediate Financial Management 13th Edition by Eugene F. Brigham

​
http://students-manuals.com/product/solution-manual-intermediate-fancial-management-13th-edition-eugene-f-brigham/
​
Table of Contents
Part I: FUNDAMENTAL CONCEPTS OF CORPORATE FINANCE. 1. An Overview of Financial Management and the Financial Environment. Web Extension 1A: An Overview of Derivatives. Web Extension 1B: An Overview of Financial Institutions. 2. Risk and Return: Part I. Web Extension 2A: Continuous Probability Distributions. Web Extension 2B: Estimating Beta with a Financial Calculator. 3. Risk and Return: Part II. 4. Bond Valuation. Web Extension 4A: A Closer Look at Zero Coupon Bonds, Other OID Bonds and Premium Bonds. Web Extension 4B: A Closer Look at TIPS: Treasury Inflation-Protected Securities. Web Extension 4C: A Closer Look at Bond Risk: Duration. Web Extension 4D: The Pure Expectations Theory and Estimation of Forward Rates. 5. Financial Options. 6. Accounting for Financial Management. Web Extension 6A: The Federal Income Tax System for Individuals. 7. Analysis of Financial Statements. Part II: CORPORATE VALUATION. 8. Basic Stock Valuation. Web Extension 8A: Derivation of Valuation Equations. 9. Corporate Valuation and Financial Planning. 10. Corporate Governance. 11. Determining the Cost of Capital. Web Extension 11A: The Cost of Equity in the Nonconstant Dividend Growth Model. Part III: PROJECT VALUATION. 12. Capital Budgeting: Decision Criteria. Web Extension 12A: The Accounting Rate of Return (ARR). 13. Capital Budgeting: Estimating Cash Flows and Analyzing Risk. Web Extension 13A: Certainty Equivalents and Risk-Adjusted Discount Rates. 14. Real Options. Web Extension 14A: The Abandonment Real Option. Web Extension 14B: Risk-Neutral Valuation. Part IV: STRATEGIC FINANCING DECISIONS. 15. Distributions to Shareholders: Dividends and Repurchases. 16. Capital Structure Decisions. Web Extension 16A: Degree of Leverage. Web Extension 16B: Capital Structure Theory: Arbitrage Proofs of the Modigliani-Miller Theorems. 17. Dynamic Capital Structures and Corporate Valuation. Web Extension 17A: Projecting Consistent Debt and Interest Expenses. Web Extension 17B: Bond Refunding. Part V: TACTICAL FINANCING DECISIONS. 18. Initial Public Offerings, Investment Banking and Capital Formation. Web Extension 18A: Rights Offerings. 19. Lease Financing. Web Extension 19A: Percentage Cost Analysis. Web Extension 19B: Leasing Feedback. Web Extension 19C: Leveraged Leases. Web Extension 19D: Accounting for Leases. 20. Hybrid Financing: Preferred Stock, Warrants and Convertibles. Web Extension 20A: Calling Convertible Issues. Part VI: WORKING CAPITAL MANAGEMENT. 21. Supply Chains and Working Capital Management. Web Extension 21A: Secured Short-Term Financing. Web Extension 21B: Supply Chain Finance. 22. Providing and Obtaining Credit. 23. Other Topics in Working Capital Management. Part VII: SPECIAL TOPICS. 24. Enterprise Risk Management. 25. Bankruptcy, Reorganization and Liquidation. Web Extension 25A: Multiple Discriminant Analysis. 26. Mergers and Corporate Control. 27. Multinational Financial Management. WEB CHAPTERS. 28. Time Value of Money. Web Extension 28A: The Tabular Approach. Web Extension 28B: Derivations of Annuity Formulas. Web Extension 28C: Continuous Compounding. 29. Basic Financial Tools: A Review. 30. Pension Plan Management.

Test bank for Intermediate Financial Management 13th Edition by Eugene F. Brigham

Instant Download Test bank for Intermediate Financial Management 13th Edition by Eugene F. Brigham
​
Download : http://students-manuals.com/product/test-bank-intermediate-fancial-management-13th-edition-eugene-f-brigham/
Test bank for Intermediate Financial Management 13th Edition by Eugene F. Brigham
Table of Contents
Part I: FUNDAMENTAL CONCEPTS OF CORPORATE FINANCE. 1. An Overview of Financial Management and the Financial Environment. Web Extension 1A: An Overview of Derivatives. Web Extension 1B: An Overview of Financial Institutions. 2. Risk and Return: Part I. Web Extension 2A: Continuous Probability Distributions. Web Extension 2B: Estimating Beta with a Financial Calculator. 3. Risk and Return: Part II. 4. Bond Valuation. Web Extension 4A: A Closer Look at Zero Coupon Bonds, Other OID Bonds and Premium Bonds. Web Extension 4B: A Closer Look at TIPS: Treasury Inflation-Protected Securities. Web Extension 4C: A Closer Look at Bond Risk: Duration. Web Extension 4D: The Pure Expectations Theory and Estimation of Forward Rates. 5. Financial Options. 6. Accounting for Financial Management. Web Extension 6A: The Federal Income Tax System for Individuals. 7. Analysis of Financial Statements. Part II: CORPORATE VALUATION. 8. Basic Stock Valuation. Web Extension 8A: Derivation of Valuation Equations. 9. Corporate Valuation and Financial Planning. 10. Corporate Governance. 11. Determining the Cost of Capital. Web Extension 11A: The Cost of Equity in the Nonconstant Dividend Growth Model. Part III: PROJECT VALUATION. 12. Capital Budgeting: Decision Criteria. Web Extension 12A: The Accounting Rate of Return (ARR). 13. Capital Budgeting: Estimating Cash Flows and Analyzing Risk. Web Extension 13A: Certainty Equivalents and Risk-Adjusted Discount Rates. 14. Real Options. Web Extension 14A: The Abandonment Real Option. Web Extension 14B: Risk-Neutral Valuation. Part IV: STRATEGIC FINANCING DECISIONS. 15. Distributions to Shareholders: Dividends and Repurchases. 16. Capital Structure Decisions. Web Extension 16A: Degree of Leverage. Web Extension 16B: Capital Structure Theory: Arbitrage Proofs of the Modigliani-Miller Theorems. 17. Dynamic Capital Structures and Corporate Valuation. Web Extension 17A: Projecting Consistent Debt and Interest Expenses. Web Extension 17B: Bond Refunding. Part V: TACTICAL FINANCING DECISIONS. 18. Initial Public Offerings, Investment Banking and Capital Formation. Web Extension 18A: Rights Offerings. 19. Lease Financing. Web Extension 19A: Percentage Cost Analysis. Web Extension 19B: Leasing Feedback. Web Extension 19C: Leveraged Leases. Web Extension 19D: Accounting for Leases. 20. Hybrid Financing: Preferred Stock, Warrants and Convertibles. Web Extension 20A: Calling Convertible Issues. Part VI: WORKING CAPITAL MANAGEMENT. 21. Supply Chains and Working Capital Management. Web Extension 21A: Secured Short-Term Financing. Web Extension 21B: Supply Chain Finance. 22. Providing and Obtaining Credit. 23. Other Topics in Working Capital Management. Part VII: SPECIAL TOPICS. 24. Enterprise Risk Management. 25. Bankruptcy, Reorganization and Liquidation. Web Extension 25A: Multiple Discriminant Analysis. 26. Mergers and Corporate Control. 27. Multinational Financial Management. WEB CHAPTERS. 28. Time Value of Money. Web Extension 28A: The Tabular Approach. Web Extension 28B: Derivations of Annuity Formulas. Web Extension 28C: Continuous Compounding. 29. Basic Financial Tools: A Review. 30. Pension Plan Management.

Original post: https://www.reddit.com/CryptoCurrency/comments/8jrv1j/bithumb_faces_heavy_criticism_after_listing/
(UPDATE: Bithumb has postponed the listing for now but is still planning on listing it once other exchanges do so first. Also, there are new reports in local newspapers saying that most of the developers of this coin seem to be the exchange's employees.)
Make of this what you will...but I suspect local authorities may not look at this kindly, especially considering their current investigation of another exchange (Upbit) for unrelated charges.
As some people here may have heard, Bithumb is listing Popchain (PCH) and the local crypto communities have been questioning the move:
http://cafe.naver.com/camaonline/16443 (see my translation below)

1. The coin was created only a couple of weeks ago. There was no ICO and it has not been listed anywhere so far.
2. Before the listing announcement, all the coins were held by a total of 18 wallets and the top 2 wallets held over 90%.
3. When the concentration of coin holding became issue, those wallets suddenly started sending smaller amounts to new wallets in order to spread the holding.
4. Its source code in Github was no more than simple copy/paste of code from Bitcoin, Monero and Dash.
5. In order to make its Github commits more active, it repeatedly deleted all source code only to paste the same code again.
6. When people reported the very first line showing that the code was copied from Monero, the line was quickly removed.
7. In order to increase the number of people in its Telegram channel, it invited a huge number of fake accounts and also hijacked accounts from other Telegram channels.
8. The company behind the coin, The E&M has been in the red for the past 4 consecutive years and is on the brink of bankruptcy.
9. The company's total market cap is reportedly less than $100M but the total coin market cap is $600M based on its pre-sale price.

And this issue is starting to make news in local papers as well:
http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=105&oid=015&aid=0003939958
(Google translation)

[Issue +] Bitsum seized 'Pop Chain' with two people, 91% ...Investors Criticize "Ponzi Scams"

New coin unreasonably listed ... MLM allegations of bitsseom grasp the exact situation
BITSUMM, the nation's second largest virtual money market, announced its listing of a 'pop chain' listing on the 15th. Investors are pointing out that Bitsum is trying to buy Ponzi. Ponzi fraud means multi-level fraud by means of financial fraud that gives dividends to existing investors with the money of new investors.
Bitsum announced to its members that it would list the cipher pop chain on the exchange on Tuesday. "The pop chain is a distribution service platform that protects the copyright of the content," he said in a listing review report. "Itwas developed by key players from THEE & M."
The report Pop chain blocks Chain 3.0-based and strategic partners THE E & platform popcorn M TV and selreop TV leverage and damgyeotda content will emerge as the main four blocks to the chain-based content service platform launched.
Although Bitsum's report does not have a problem, investors have responded immediately. It is pointed out that they intend to sell a new coin that has not been verified for more than one time.
First, the pop chain was created with 2 billion tokens on April 30, about two weeks before. Counterfeit currency disclosure ( ICO), The number of accounts with tokens was limited to a very small number. At the time of the announcement of the listing plan, Bitsum had only 18 accounts with pop chains.
In particular, more than 91% of the total tokens of 2 billion are in two accounts. Considering that one person may have multiple accounts, it is likely that one person holds most of the issue tokens. Therefore, if the token is sold on the exchange, it has to have a pyramidal multistage structure.
ERC 20 based pop chain was also a problem. The pop-chain source code released to the developer community, Kehub, contains the source code for existing ciphers such as bit coin, monet, and dash. It also contains copywrites of those passwords. Cryptographic communities are criticized as "copying the code as it is, not copying it directly".
It is also pointed out that the development team of BitsumCache participated in the development of the pop chain. Bitsseom developers of the team leader of the Singapore subsidiary Kwuaint Li , engineers Lialvin , engineer Su Mingrui , etc. are involved in the chain and Pop have to modify the source code. Three of these people were registered as top contributors in feudal hub.
Cryptographic investors are criticizing that "Bitsumi is trying to make a token and copy a cryptic currency such as Monet, Dash, etc., and make a phonge fraud against investors by listing it." It is argued that Bitsum was involved in the development and listing and that the whole token is as fraudulent as one or two holders.
"We are in the process of figuring out the exact situation," he said. "We hope that you wait a little longer as we have the possibility of canceling the listing."

(UPDATE: Bithumb has postponed the listing for now but is still planning on listing it once other exchanges do so first. Also, there are new reports in local newspapers saying that most of the developers of this coin seem to be the exchange's employees.)
Make of this what you will...but I suspect local authorities may not look at this kindly, especially considering their current investigation of another exchange (Upbit) for unrelated charges.
As some people here may have heard, Bithumb is listing Popchain (PCH) and the local crypto communities have been questioning the move:
http://cafe.naver.com/camaonline/16443 (see my translation below)

1. The coin was created only a couple of weeks ago. There was no ICO and it has not been listed anywhere so far.
2. Before the listing announcement, all the coins were held by a total of 18 wallets and the top 2 wallets held over 90%.
3. When the concentration of coin holding became issue, those wallets suddenly started sending smaller amounts to new wallets in order to spread the holding.
4. Its source code in Github was no more than simple copy/paste of code from Bitcoin, Monero and Dash.
5. In order to make its Github commits more active, it repeatedly deleted all source code only to paste the same code again.
6. When people reported the very first line showing that the code was copied from Monero, the line was quickly removed.
7. In order to increase the number of people in its Telegram channel, it invited a huge number of fake accounts and also hijacked accounts from other Telegram channels.
8. The company behind the coin, The E&M has been in the red for the past 4 consecutive years and is on the brink of bankruptcy.
9. The company's total market cap is reportedly less than $100M but the total coin market cap is $600M based on its pre-sale price.

And this issue is starting to make news in local papers as well:
http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=105&oid=015&aid=0003939958
(Google translation)

[Issue +] Bitsum seized 'Pop Chain' with two people, 91% ...Investors Criticize "Ponzi Scams"

New coin unreasonably listed ... MLM allegations of bitsseom grasp the exact situation
BITSUMM, the nation's second largest virtual money market, announced its listing of a 'pop chain' listing on the 15th. Investors are pointing out that Bitsum is trying to buy Ponzi. Ponzi fraud means multi-level fraud by means of financial fraud that gives dividends to existing investors with the money of new investors.
Bitsum announced to its members that it would list the cipher pop chain on the exchange on Tuesday. "The pop chain is a distribution service platform that protects the copyright of the content," he said in a listing review report. "Itwas developed by key players from THEE & M."
The report Pop chain blocks Chain 3.0-based and strategic partners THE E & platform popcorn M TV and selreop TV leverage and damgyeotda content will emerge as the main four blocks to the chain-based content service platform launched.
Although Bitsum's report does not have a problem, investors have responded immediately. It is pointed out that they intend to sell a new coin that has not been verified for more than one time.
First, the pop chain was created with 2 billion tokens on April 30, about two weeks before. Counterfeit currency disclosure ( ICO), The number of accounts with tokens was limited to a very small number. At the time of the announcement of the listing plan, Bitsum had only 18 accounts with pop chains.
In particular, more than 91% of the total tokens of 2 billion are in two accounts. Considering that one person may have multiple accounts, it is likely that one person holds most of the issue tokens. Therefore, if the token is sold on the exchange, it has to have a pyramidal multistage structure.
ERC 20 based pop chain was also a problem. The pop-chain source code released to the developer community, Kehub, contains the source code for existing ciphers such as bit coin, monet, and dash. It also contains copywrites of those passwords. Cryptographic communities are criticized as "copying the code as it is, not copying it directly".
It is also pointed out that the development team of BitsumCache participated in the development of the pop chain. Bitsseom developers of the team leader of the Singapore subsidiary Kwuaint Li , engineers Lialvin , engineer Su Mingrui , etc. are involved in the chain and Pop have to modify the source code. Three of these people were registered as top contributors in feudal hub.
Cryptographic investors are criticizing that "Bitsumi is trying to make a token and copy a cryptic currency such as Monet, Dash, etc., and make a phonge fraud against investors by listing it." It is argued that Bitsum was involved in the development and listing and that the whole token is as fraudulent as one or two holders.
"We are in the process of figuring out the exact situation," he said. "We hope that you wait a little longer as we have the possibility of canceling the listing."

Info

• Title: Eulachacha Waikiki (으라차차 와이키키)
• Alternative Titles: Go Go Waikiki, Welcome To Waikiki, Laughter in Waikiki, Woohoo Waikiki
• Director: Lee Changmin
• Writers: Kim Kiho, Song Jieun, Song Miso
• Channel: jTBC
• Airing Date: February 05, 2018 - April 17, 2018
• Episodes: 20 + 2 (Special)
• Runtime: Mondays and Tuesdays 23:00 KST

Synopsis

Kang Donggu (Kim Junghyun) dreams of becoming a movie director, but he is cynical due to bad luck. Lee Junki (Lee Yikyung) wanted to follow in his father's footsteps and become an actor, but he is now just a minor actor. Bong Doosik (Son Seungwon) came to Seoul to become a scenario writer, but things have not been easy for him.
These 3 men run the guest house Waikiki in Itaewon, South Korea. Their guest house is facing bankruptcy and then a mysterious baby and single mother appear at Waikiki.

Cast:

• Kim Junghyun - Kang Donggu
• Lee Yikyung - Lee Junki
• Son Seungwon - Bong Dooshik
• Jung Insun - Han Yoona
• Go Wonhee - Kang Seojin
• Lee Joowoo - Min Sooah

Licensed Streaming Sites

• Dramafever
• Ondemandkorea
• VIU

<- Episodes 17-18 END T.T
<- Commentary Special

The casts' final message to the viewers and fans.

• Kim Junghyun - We started in the cold winter and now the spring has come so it's already over. I was happy while I was with 'Eulachacha Waikiki' and I think it will be a more memorable work. It would be great if it could be a pleasant reminder to the audience from time to time. Thank you again for loving 'Eulachacha Waikiki' and Kang Donggu. Please look forward to the ending.
  
• Lee Yikyung - I was happy because I could laugh for three months and show a different look than before. Actors, directors and staffs worked with excitement until the last. You can count on the last one, too. I was happy because of the viewers. There is unpredictable development that can not be imagined until the end. Laughter and romance to continue and unknown. Please look forward.
  
• Son Seungwon - I wonder if it was fun and enjoyable when I tried to get close to the new work. I would like to express my sincere gratitude to the director and staffs who always lead me to a good atmosphere and always keep the actors with bright energy. I will do 'Eulachacha' until very last. You can count on it until the end. Get ready to laugh and look forward.
  
• Jung Insun - The last two months I've lived as Han Yoona, full of happy and unforgettable memories. I was able to shoot it with all my energy thanks to the viewers and fans who accompanied me all day until the night. I also appreciate the director and actors who always be remembered for their love and affection. I hope that you will start a week together with 'Eulachacha Waikiki' because we will give a strong smile and impression in the remaining 2 episodes.
  
• Go Wonhee - I gained a lot of energy when I was able to give a lot of laughter to the work that was a challenge for me. I was happy to be with these passionate and wonderful people. Thank you very much for your support for Chewbacca during five months. The story and excitement that will bring you a big laugh until the end. Please join me at the end of Waikiki, I will give you a glow-up look in the spring.
  
• Lee Joowoo - I would like to thank all of you for your love to 'Eulachacha Waikiki'. I was happy to give you energy after a hard and tiring day (shooting). Lee Joowoo's point is the ambiguous relationship between Dooshik and Sooah? Please watch until the end.
  

link
There's a possibility that there might be a Season 2
A representative responded about the possibility of it, We are at the point, where we are coming up with the ideas.
The viewers demand for Season 2 before the drama ends.
cr to PUTitrighthere_ (twitter) for the trans

http://news.naver.com/main/read.nhn?mode=LSD&mid=shm&sid1=101&oid=032&aid=0002803145
The government will cover W581 out of W1060 wage increase for those businesses who apply for government subsidy. About 42% of all small businesses in Korea cannot even pay the interests on the business bank loans they have. The government recognizes that this wage increase could lead to a massive number of bankruptcies next year when the new minimum wage law takes effect. To help those struggling small businesses, the government will spend $2.7 billion next year to implement this new subsidy plan. In addition, the government will release new laws to bring tighter rent increase controls on leased business properties, while increasing the lease renewal period from 5 years to 10 years to help the businesses whose greatest difficulty comes from the out of control rent increases.
My comment: it's all fine and dandy that the government is concerned about the poor health of the country's small businesses, to help them to tide over the massive increases in wages. However, there is a problem of the moral hazard of government overly interfering in the free market system through wage subsidies using public money which looks more and more like Socialism 101 wealth redistribution at the expense of the middle class.

I posted this about eight months ago. I had some money and decided to try and make some more using P2P lending, specifically lendingclub.
I invested in 31 loans originally, plus putting some money back in (either $700 or $800 capital, I can't remember). To date, I have received $63 in interest. One of my loans was paid off in the first payment. Three loans are 31-120 days late, and the rest are still paying regularly. One of those three has filed for Chapter 7 Bankruptcy, and the other two have not been contacted yet.
The 1099-OID was sent to me electronically, and was easily entered into my tax return.
For the past couple of months I have been pulling my money out because it simply takes too long, and I don't have enough money in to really make money, nor am I willing to do so.
Instead, now I'm making more money, and I opened up a Barclays Online Savings account where I receive 1% annualized interest.
Edit: If you want my opinion, it's only worth it to invest if you put a lot of money in, but it's too risky to put a lot of money in. With these online savings accounts giving between .5 and 1%, you're better doing that. That's just my opinion, though.