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academy · special situations

Academy

How is the list card read?

Each number marks one line or figure of the card; below, what it shows and how it is read. The card is a schematic: it carries no deal's data.

  1. 1Line 1 · Liquidating Trust Identity

    Identifies the entity in orderly dissolution and where it trades on authorised markets: ticker, exchange and country, the family label and the days elapsed since the announcement (Day N).

  2. 2Line 2 · Company in Dissolution

    Name and sector of the company that has ceased its industrial activity in order to turn all its assets into cash.

  3. 3Line 3 · Fiduciary Administrator (Trustee)

    Independent fiduciary entity in charge of collecting receivables and paying out to shareholders; it appears under the label «Trustee».

  4. 4Line 4 · Score and DRI

    Chips for the situation's composite score and the Deal Reliability Index (DRI), when they are computed. The score is not the case's RAAS; when the value is missing, the chip is not shown.

  5. 5Headline Metric: Upside to NAV

    Safety margin between the share price and the net cash that will be paid into the account, expressed as upside to net liquidation value. Underneath, the IRR: it appears only when it exists with a source; otherwise N/D, never estimated.

  6. 6Certificate Spot Price

    Purchase price in the market. It is compared with the audited net liquidation value, which the case shows in the Waterfall & reserves tab.

  7. 7Escrow Cash and Cushion against Contingencies

    Cash already held in custody that protects the distribution against contingencies. The card does not show the downside: the case gives it in Summary (downside to the unaffected T-1 price and asymmetry) and the reserves in Waterfall & reserves.

  8. 8Floor: Schedule of the Next Cash Tranche

    The milestone to watch is the official date on which the paying agent will transfer the next payment to the investor's account (Payments tab). The card footer shows the current stage and, if there is one, the close: «Close (formal date)» only with an official date; otherwise «Estimated close».