Opportunities In Special Situations/Post-Bankruptcy Reorganizations

Post-Bankruptcy Reorganizations by Roger Lee, CFA, CPA - Kirr, Marbach & Company

With a wave of energy companies turning over a new leaf, we kicked off the New Year digging into a number of post-bankruptcy reorganizations (“post-reorgs”). We would like to share our perspective on some recent post-bankruptcy reorganizations, which we believe suffer from a stigma with investors that landed them in the universe of mispriced stocks. In our view, these stocks are inefficiently followed by Wall Street and often trade at steep discounts to intrinsic value, while often bearing fewer fundamental risks than their peers.

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