The stock market has truly gone nuts....
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    The stock market has truly gone nuts....

    777Driver, kruizer and muddcatt54 like this.
    Definition of clip

    1: any of various devices that grip, clasp, or hook
    2: a device to hold cartridges for charging the magazines of some rifles; also : a magazine from which ammunition is fed into the chamber of a firearm.

    http://www.merriam-webster.com/dictionary/clip

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    Wow, what a bargain, buy a worthless stock.
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    Hertz may value the amount of stock they are selling at $500 million, but this is the stock of a bankrupt company.
    Its value is based on what the buyers, if any, are willing to pay, similar to the selling of office furniture at a bankruptcy liquidation sale.

    On a side note, why didn't Hertz liquidate this stock earlier to keep their business afloat?
    Would have made more sense to do so prior to the bankruptcy filing, IMHO. Now, it's stock is nearly worthless.
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    It would be interesting to know their total assets in real estate owned, vehicles, equipment and leaseholds. I certainly would not be a buyer of their "stock" when liquidation may be 10 cents on the dollar...if lucky.

    The market tanks again today on supposed fear of coronavirus "spikes". It's reported that foreign investment in our equities is only 10% +/- but I've always been suspicious of foreign manipulation of the market to create panic and buying opportunities.
    “Historically, freedom is a rare and fragile thing . . . Freedom has cost the blood of millions in obscure places and in historic sites ranging from Gettysburg to the Gulag Archipelago . . .That something that cost so much in human lives should be surrendered piecemeal in exchange for visions and rhetoric seems grotesque. Freedom is not simply the right of intellectuals to circulate their merchandise. It is, above all, the right of ordinary people to find elbow room for themselves and a refuge from the rampaging presumptions of their ‘betters’.” Thomas Sowell

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    Hertz has $19 Billion in debt. Current assets $3.9 Billion. Another $20 Billion of assets are listed with property, plant, and equipment at $16 Billion. I think most of their assets are used cars which are difficult to monetize quickly at the listed value on their balance sheet. Basically they don't have the cash to pay their debt and even a fire sale won't raise enough.

    The auto industry is worried. Not only have they lost one of their biggest fleet customers but the wave of used cars coming to the market is going to drive down prices across the board, even new cars.

    Why are they selling stock now? Oddly enough they couldn't before they filed, nobody would buy it. But it seems with ubiquitous zero commission trading and fractional share trading millions of bored amateurs have taken their Government stimulus checks and started day trading. HTZ went to .50 cents and few days later was over $5.00. They are selling them because they can. The buyers are just helping to bail out the debt holders.

    Beyond ignorant. But we'll see if they actually pull off the sale.
    DeltaBravoKS likes this.
    Definition of clip

    1: any of various devices that grip, clasp, or hook
    2: a device to hold cartridges for charging the magazines of some rifles; also : a magazine from which ammunition is fed into the chamber of a firearm.

    http://www.merriam-webster.com/dictionary/clip

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    Maybe Elon Musk will buy them and take it private. The leisure and business travel crunch which tipped the balance with negative cash flow won't last forever, if even 3-6 more months.
    “Historically, freedom is a rare and fragile thing . . . Freedom has cost the blood of millions in obscure places and in historic sites ranging from Gettysburg to the Gulag Archipelago . . .That something that cost so much in human lives should be surrendered piecemeal in exchange for visions and rhetoric seems grotesque. Freedom is not simply the right of intellectuals to circulate their merchandise. It is, above all, the right of ordinary people to find elbow room for themselves and a refuge from the rampaging presumptions of their ‘betters’.” Thomas Sowell

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    Have a heart, guys.
    They need to sell all that worthless stock so they can fund the Golden Parachutes of their executives.

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    Go O.J. Go!
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    Back in early April we had a fire at the Southwest Florida Airport. 3500+ rental cars, mostly owned by Hertz were destroyed. Hertz is based in Fort Myers.
    Bankruptcy was floated shortly thereafter... Hmmm
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    ^^ I wondered about that incident also..
    “Historically, freedom is a rare and fragile thing . . . Freedom has cost the blood of millions in obscure places and in historic sites ranging from Gettysburg to the Gulag Archipelago . . .That something that cost so much in human lives should be surrendered piecemeal in exchange for visions and rhetoric seems grotesque. Freedom is not simply the right of intellectuals to circulate their merchandise. It is, above all, the right of ordinary people to find elbow room for themselves and a refuge from the rampaging presumptions of their ‘betters’.” Thomas Sowell

 

 
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