Trump Appellate Bond Reduction Unsupported by Law (in Two Senses)

March 26, 2024

I know that normally I am known for my investing and economic insight here, but I am also a lawyer and this has just come up. The decision by the New York Appellate Division to reduce the bond required to stay enforcement of the judgment against Donald Trump is incomprehensible. I mean that literally. I […]


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% […]


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 […]


In Defense of Goldman Sachs (Yes, Really)

June 5, 2011

It may be Stockholm syndrome, but I do think some of the criticism of Goldman Sachs regarding its subprime deals is overblown. I don’t deny that there have been apparent violations of the securities laws in terms of disclosures, but the central issue that upset Senator Levin and Matt Taibbi so much has not seemed […]


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 […]


A Modest Proposal to Reduce the Federal Deficit

September 6, 2010

Since my last foray into the taxation arena, where I examined the (most probably nonexistent) link between tax collections and growth, proved so interesting, even though it was a purely statistical analysis and nothing to do with tax policy as such, I thought I would make a modest proposal in some actual tax policy directions. […]


Place your bets on the Mohegan Tribal Gaming Authority

August 31, 2010

As I seem to be in a mood to find junk bonds lately, I am pleased to present you with the bonds of the Mohegan Tribal Gaming Authority. The Mohegan Tribe operates a massive casino in Connecticut, one of only two casinos in New England, as well as several other ventures. The company has been […]


How badly do taxes stifle GDP growth?

August 28, 2010
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I noticed on Yahoo! finance a couple of days ago that Paul Otellini, CEO of Intel, publicly complained that, owing to high taxes and regulatory uncertainty, innovation and growth in the US would be stifled and, of course, Obama is to blame. Of course, this would be the same Intel that paid AMD a $1.25 […]


This is the Dawning of the Age of Accountancy (Orient Paper)

July 7, 2010

Orient Paper (ONP) seems to have much in common with my other Chinese ideas: A high historical growth rate; a P/E ratio of 9 at current prices, a decent balance sheet, a Byzantine corporate history involving an offshore holding company and this time not even lumbered with a set of unusually high receivables; and being […]


Beware of the Gumbiner (Hallwood Group)

April 20, 2010

Much of the issues surrounding executive compensation is a concern that the manager’s interests should be aligned with the shareholders’. We have seen large cash salaries giving way to stock and options grants, and now the concern is that CEOs will do whatever they can to juice the price of the stock when their options […]