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Consumer & RetailConsumer & Retail
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Carvana, the Rise, the Fall, and the Bounce-Back
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Carvana, the Rise, the Fall, and the Bounce-Back

The three companies that broke the F500 the fastest: Amazon, Google, and Carvana (?!)

IndustrialsIndustrials
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Boeing Deep Dive
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Boeing Deep Dive

Diving deep into what makes this company fly...as well as recent turbulence that may impact its long-term trajectory

In-CourtIn-Court
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The Story of Judge Jones, the Judge who Made Restructuring Cool Again
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The Story of Judge Jones, the Judge who Made Restructuring Cool Again

The famous and inspirational restructuring judge who was recently at the center of a scandal that led to his resignation

Tech, Media & TelecomTech, Media & Telecom
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Lumen Technologies: Overview and Liability Management Update
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Lumen Technologies: Overview and Liability Management Update

The riveting liability management exchange of Lumen Technologies, including contention over past sales and exchanges, deceptive credit documents, and more

PersonalPersonal
2023 Pari Passu Year-End Letter

2023 Pari Passu Year-End Letter

A ~fun~ post talking about our story, our progress over this year, some behind-the-scenes behind the page, and what the newsletter has in store for the future.

Consumer & RetailConsumer & Retail
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Coca-Cola Deep Dive
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Coca-Cola Deep Dive

"Invest in businesses that an idiot can run because one day an idiot will run them"

Technical LessonTechnical Lesson
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Bankruptcy Gifting
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Bankruptcy Gifting

To solve the recovery disputes and the issues associated with valuations, creditors may utilize 'bankruptcy gifts.' These gifts can be broken into two categories: gift carve-outs in section 363 sales and gifting in chapter 11 plans.

Consumer & RetailConsumer & Retail
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WeWork Deep Dive
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WeWork Deep Dive

At its height in 2019, the company commanded a $47bn valuation and was dubbed the world’s most valuable unicorn (i.e., a private company worth more than $1bn). Four years later, WeWork filed for Ch. 11 bankruptcy with its founder-CEO ousted and a business model proven primarily to incinerate cash.

OtherOther
How to be Great Hedge Fund Analyst and What Makes a Great Idea
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How to be Great Hedge Fund Analyst and What Makes a Great Idea

Lesson from Alix Pasquet - Prime Macaya Capital Management

Consumer & RetailConsumer & Retail
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Pilgrim’s Pride Deep Dive
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Pilgrim’s Pride Deep Dive

A Thanksgiving-focused lesson with elements of rapid growth, strategic expansion, and resilience

Technical LessonTechnical Lesson
Contingent Convertible Capital Instruments (CoCos)
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Contingent Convertible Capital Instruments (CoCos)

And their role in Credit Suisse's default

OtherOther
Capital Allocation in Declining Industries
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Capital Allocation in Declining Industries

From looking at the failures of Sears to the success of Netflix, there are a lot of lessons to be learned from what makes businesses stellar in times of decline

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