Alaska Communications – Junk Bonds of the Last Frontier

August 21, 2014

UPDATE: Since this article was written, Alaska Communications sold its remaining wireless assets to GCI and used the money to pay off a great deal of its bank debt, which made these bonds much safer and moved the price to 100. So, buying these bonds when the article was written would have worked out nicely, […]

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Make Yourself Immune to Interest Rates

April 7, 2014

I am one of the no doubt very few people in the world who enjoy watching the Federal Reserve Chair testifying before Congress. Among the issues presented in the latest round from Chair Yellen was the difficulty of old people coping with the low interest rate environment in living off their investment income. The Chair, […]

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Harland Clarke Bonds – A High Yield Opportunity

March 9, 2012

M & F Worldwide is a company that has come across my screens many times in the past, but I never could bring myself to write about it. The company was taken private last September by the well-known takeover artist Ron Perelman, and unfortunately for me, I’m not on record as saying it is an […]

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River Rock’s Exchange Offer has Arrived

November 3, 2011

I said in my comments for my previous article about the River Rock Entertainment Authority bonds that I would have an update when there was something to update people about. I think the default and exchange offer qualifies River Rock has filed with the SEC a forbearance agreement that has the votes of over 60% […]

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Conversations with the River Rock Entertainment Authority

September 11, 2011

Update: There is a new article pertaining to the default and proposed exchange offer here. As I’m sure most of you know, the River Rock Entertainment Authority has $200 million in bonds coming due at the beginning of November of this year, and although the company has expressed confidence that a refinancing will occur, time […]

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Real Mex misses interest payment

July 21, 2011

I have to say that I’m surprised how quickly things happen. My comments on the Real Mex bonds, which have been up for barely two days, seem sort of quaint now that the major ratings agencies have issued a cut on the grounds that the company has announced missing an interest payment. As I stated […]

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Real Mex bonds: High yield and robust

July 20, 2011

UPDATE: On the night of July 20, 2011 the company informed the major ratings agencies that it did in fact miss the latest interest payment on the bonds. As I stated below, the cash flows to the company are sufficient to support the ultimate value of the bonds, but now that value is likely to […]

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River Rock Entertainment Authority: The final obstacle to refinancing now resolved

May 31, 2011

Those of you who have been following my articles on the River Rock casino bonds will recall that they fall due for refinancing in November of this year, and that this refinancing process has been delayed because the casino is negotiating its agreement with Sonoma County. If you haven’t been following my articles, that should […]

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Moody’s downgrades River Rock Entertainment Authority bonds: Too soon to be Concerned

March 18, 2011

Several of my readers have written me requesting my opinion on the recent downgrade of the River Rock Entertainment Authority casino bonds that fall due November of this year. The effect of this downgrade has pushed the price of the bonds from the 94 range to the 88 range based on recent prices. I found […]

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River Rock Gaming Authority Bonds are a Good Bet

November 3, 2010

I am pleased to report that my habit of finding investment opportunities that come in pairs is running true to form. I recently recommended the bonds of the Mohegan Tribal Gaming Authority, and now I can follow it up with the bonds of the River Rock Entertainment Authority, which runs a casino in Sonoma County, […]

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