Brent Felgner
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Cover FactorRecent PostsLinens 'n Things 'n Bears, Oh MyMarch 19, 2008 | Link This | Email this | Comments (0) As Linens 'n Things readies its quarterly report for release tomorow (March 20), the noise surrounding this company is getting louder. During Tuesday's Icahn Enterprises conference call, the WestPoint Home parent answered an analyst's direct inquiry by saying it had limited "balance sheet exposure" to LNT but that it was continuing to monitor the situation. That, of course, has been what a lot of home textiles companies have been doing since well before winter market when some suppliers — for a moment, at least — found themselves holding the retailer's trade debt, alone, on a mountainside. It made some people uncomfortable, to say the least. The eco...Read More Recent PostsPart II: Why Icahn Needs WestPointMarch 10, 2008 | Link This | Email this | Comments (1)
There’s money to be made with WestPoint International — above-market returns to be scratched out as it is cleaned up, refocused and (pick one) spun off or sold off, in whole or pieces. Carl Icahn makes money; that’s what he does perhaps better than anyone else. Ever the strategist, Icahn trumped the other secured lenders nearly three years ago by taking his junior secured debt, acquiring some senior debt and combining them to win the company out of bankruptcy. He beat the other secureds even after they brought in investor Wilbur Ross to d...Read More Recent PostsWhy Icahn Needs WestPointMarch 6, 2008 | Link This | Email this | Comments (0) (Part I) In late June, 2005, when Carl Icahn emerged from bankruptcy court with the free-and-clear remains of WestPoint Stevens in his pocket, the very first question I asked him was, “Now that you have it, what are you going to do with it?” He answered by talking about the $200 million cash infusion he was going to make in the company and about the possibility of a public offering to bring in an even larger investment. He spoke about turning it into a global sourcer — and, yes, maybe even a global source — for home textiles products. But his victory was then only a few minutes old, so he could be forgiven for dancing a bit and being a little ...Read More Recent PostsThe Day AfterAugust 24, 2007 | Link This | Email this | Comments (1) The Day After By Brent Felgner Bank of America has made an investment in Countrywide Financial, the country’s largest mortgage lender that laid off employees last week and reportedly dipped into its credit facility to buck up liquidity. That’s a big vote of confidence for housing and credit markets, which need all the good news they can find. It’s also one more in a string of contradictions — much like the see-saw volatility we’ve seen lately in the stock markets. Construction credit has tightened, dealmakers are backing off M&As and IPOs and, surprise, hedge funds and other private equity are taking big hits. So, what of the soft home business? The industry-centric wisdom used to be that when the economy tanked, curtai...Read More Recent PostsWhere is LNT headed?August 1, 2007 | Link This | Email this | Comments (0) Where is LNT headed?
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