Concordia Healthcare Corp. T.CXR.R

Can you educate me on bonds

[daveinmiss]

How was CXR able to sell something like $335 million (just my recollection) just 3 or 4 weeks which are now rated as basically 10 cents on the dollar or so? Am I missing something? 
I see some good posts lately on the board by both shorts and longs which I appreciate and better than reading snide insults.

[SpankedOnPaper]

It seems like Goldman was probablylooking after themselves and had Concordia by the balls if you ask me. These are first notes so they probably just switched out of unsecured notes into a first lien position. And to the new poster, this has nothing to do with Donald and you should quit the tease that private equity is interested over the weekend.  Other posters here for the last four months

[truestar2]

I understand if people on this board are shorters or not happy with losses, but take a look at reality - The SP has moved in one direction since Donald got elected.  The Bonds are obviously renegotiable with the RR the way it stands.  Let's see what happens on Monday, but do not write this thing off as stranger things have happened.

[Health123]

True, stranger things have happened.  But you got one thing very wrong.  The share price went from $117  to our closing Friday at a whopping $3.82.  And you are advancing the idea that its because of Trump?  No one even knows his policies and remember it may be pharama but this is a canadian company and it is domiciled ouside of the US ! How does he like those tax

[truestar2]

Of course it's because of Trump - what other reason is there?  Let's see what Monday brings.  If this company is being taken over by a US entity the tax breaks come in handy, (not that CXR needs any right now).  The SP action will likely be noted for some reason on Monday, but whether it is covering, day traders, speculators, or someone making a move on the company, it is

[lnvestor198]

truestar.  You are obviously a novice on this stock.  Buyers have looked at it when strategic review started in April and left because the debt was more than the assets.   Now they have 350 million more debt and their assets in the past two quarters have declined.  We now have issues over the pond with the nhs and cma investigation as well as a class action law suit which has

[truestar2]

No question I don't know this stock as well as many of you. I first looked when someone whispered in my ear at 40 - watched it go to 100+ and listened to all the hype - glad I didn't jump in as this stock has caused a lot of grief, however could this go to 5 or 7 or 10? Wouldn't that be as good as 40 - 100. The key is getting in and out if it truly is worthless - to move 25 MM shares

[lnvestor198]

Same volume with the other two pumps recently.  And it was a total retracement back and lower still.    I have had limited success trading it and I am still down overall a huge amount.  Watch it closely, and I hope you end up making money because a lot of people have lost a bundle because of buy out stories that were pumped on this board until they finally said the buyers left

[truestar2]

Sorry for your losses and there's no doubt I could lose some money here too - I bought knowing this - I'm not saying there is a deal in the works, I am saying the stock is trading like something is going on - one way or the other it is a dangerous game.  Dangerous to lose and dangerous to miss out.  

[rad10]

Where did you get the 10 cents on the dollar for the first lien senior secured notes?  I get 87cents. 

[Health123]

Someone here tonight - I thought it was juniorbullalive - confused the recovery rate sstated for the unsecured bonds (1-10%) as meaning the first lien notes were worth 10 c The recovery rate now is at 1-10% on the unsecured - they are trading below 40 c on the dollar. And the first lien notes are trading in mid 80's at the end of the week so you are close with 87 cents. So when you said

[rad10]

Hi 123 Yes I have a painful decimated position in the equity and a recent long position on the senior secured first lien 9%. notes - I bought at 86.25.  We have 4 billion dollars in assets and a 330 million dollar first lien issue, its a diversified portfolio and I am comfortable as bankruptcy is several years away. The Amco earnout payments to cinven will be met and there is no 72 million

[Health123]

Rad, the problem with what you say is that no one believes the 4 bil in assets anymore.  In fact, some say assets arn't worth half that much in a forensic analysis.  And Its servicing the debt that has become th focus.  With the management declining answering the question on revenue per drug on the latest conference call, I think that pretty much sums up that they even don't

[rad10]

very valid points 123 - the conference call was certainly "clear as mud".  All the talk of new product releases with no details regarding their performance (TD analyst question was left unanswered at the cc).  No breakdown of product contribution to EBIDTA etc etc. Safe to say the stock is speculative at best with no real intrinsic value.  Thankfully I can write it off in

[Health123]

rad.  good day to you, and while I absolutely detest posters who push other tickers on this bullboard look ata R&D company partnered with Abbott that trades under ENTA.  I know that you have previously posted that you were a doctor, and ENTA  certainly raised some eyebrows at the Credit Suisse Health Conference on Monday.  If someone didn't want to short (and I am in

[SteadyHandsStan]

rad:   As a doctor, can you give us your take on the data presented for ENTA.  Cohodes also made mention that Krensavage (main short on CXR that went public with his short last month on BNN) is long ENTA.  It looks like its trading below 2X cash?...   What are the risks here that I am missing?  What is the liklihood of this next generation drug being rejected at this stage

[rad10]

Hi SHS see PM

[daveinmiss]

Thanks all for your input - some good info. I read the Board quickly and picked up the 10% bond value, mistakenly I see now from a post,..no calculations from me. I am fairly new to the stock and underwater. Still hoping there will be a positive catalyst in the near term to push the stock price up and perhaps it is wishful thinking, as the short thesis has for the most part been right to date