@CoronaTurd The stock nearly tripled within weeks of this and Nomura is still working with Riley as of 10/10/24. Plans are in place to wind down that relationship w/ new lender. We'll see.
$RILY Riley has about $93 million on the line in debt to Conn's. I expect most, if not all of that money to be paid back. Franchise Group has exposure that will force a lower FRG mark-to-market valuation for B Riley of that asset.
@MikePop123@AlderLaneEggs The bankruptcy of Conns had been expected for some time. The debt held by Riley of Conns is back by non prime loans of Conns customers. Holding
$RILY Whatever happened to the big Riley exodus Cohodes was chirping about? The distressed desk at Riley was said to have left. Never happened. I think he was actually talk about the furniture, it was a $CONN's rental. @AlderLaneEggs Still long BTW
@TylerHardt@Bearshow2024@valueseek_inv $RILY lending to poor credit corporations has been a very lucrative business for them, asset-backed deals always limit the downside, common sense. I doubt they'll REALIZE a long term loss of any magnitude.
@fenix23157 Currently, the stock is about $18.90. I expect the next 5 and 10 point moves to be higher, not lower, but it could drift lower without any catalyst.
@fenix23157 Not many traders or investors love the $RILY story. So a lack of conviction for longs and a strong conviction with most shorts leave you with an unbalanced tug-of-war. That could change in a very short period of time given the large short position.
@fenix23157 Short squeeze caused the stock to surge. Long traders leave on way back down. New shorts seize control without a catalyst. Volume is lower. Insiders may be locked out due to potential deal. Exaggerated moves up and down to be expected. Next major move should be up.
@valueseek_inv I am not a lawyer, but this is extremely common and recommended. I am sure TSLA has an insurance policy on Elon Musk. https://t.co/j517Gu4bpO