Top Tweets for #firstbrands
@bbm010 @DiMartinoBooth @JG_Nuke @FCNightingale @GratkeWealth @UnicusResearch #ToteTheNote #Tricolor #FirstBrands $cvna $ally $ubs
big ty @MotherCabriniNY for pointing out... need to add $jef to the list. rt @junkbondanalyst
https://t.co/nYozj5EFxg
Jefferies is inevitable.
$JEF The startling point is "Point Bonita managed $3B— more than a third of which was tied up in receivables it bought from #FirstBrands and #RadiantWorld"
This really is #Greensill 2.0 https://t.co/f6duO7MqOZ
I'll publicly call BS on this one. $JEF
Exposure to/Support for #FirstBrands, #MFS, 352 Capital/Water Station Management @UnicusResearch
Fo sho, Jefferies is happy to be the go-to for #SpaceX shorting $SPCX
I'll give you Handler's direct-dial if you'd like
Jefferies CEO says firm is not in the SpaceX shorting business https://t.co/b8YN2QoGqc
First Brands Is Pushed to Liquidate; Bestwall Reboot Rumors Under Probe. Read more on https://t.co/uHcHzG4D4S #FirstBrands #bankruptcy #liquidation #masstort #distress #privatemarkets
The examiner's report on #FirstBrands is damnig.
If there's any justice, Patrick James is going to spend a very long time in the greybar hotel.
First Brands bankruptcy lenders, abandoning rescuing the auto-parts seller in the midst of fraud allegations, are discussing a strategy to bankroll lawsuits aimed at recovering at least some of their losses in a total shift. https://t.co/79fJIS3o5K @WSJ #FirstBrands #bankruptcy
First Brands Group has four potential buyers for its remaining auto-parts factories — including operations that supply Ford Motor Co. — under a proposal aimed at preserving thousands of jobs.
#Ford #FirstBrands #automotive #autoindustry
#FirstBrands #dogdoodoo
I know they probably didn’t mean to, but Alvarez literally ran an industry-wide receivable rescue plan by paying out $1.1B of First Brands’ DIP money and closing up shop. That’s pretty gangsta.
@DasWreck Amazing how much cash this thing sucks up. Where did the 1.1b dip go? Auto suppliers working capital is so insane. A&M was writing checks to everyone?
#FirstBrands #DogDooDoo
Below is the latest Bloomberg Story on First Brands. We're at the final stages of this story. First Brands shut down several businesses a couple of weeks ago. Now it's converting some remaining ones into Chapter 7.
Predatory lending, crappy business, dishonest management, and expensive lawyers came together to create a disaster for DIP lenders. When I first named my First Brands series "#1-We don't know; #2-$0" (based off of a hilarious email response from debtor counsel), I never imagined that the actual bankruptcy process would mirror that, with the first phase being "we don't know" and the second phase being "$0", as in zero recovery for the DIP (barring any recovery from James' clawback).
If someone were to write a book about First Brands, I think a few things I would like to know are: 1) what did BDO, First Brands' auditor, know? How were they bamboozled? 2) What did Jefferies know? 3) a dollar for dollar account of where the cash from the funded debt went? 4) How much did the James brother ultimately take from the company? and 5) as many crazy stories from Onset as you can find. I bet the Mormons have some good stories.
Two things were reinforced in my mind as this story unfolded: 1) auto suppliers are horrible businesses. 2) be careful with any non-financial companies with off-balance sheet financing.
Here are my three posts on First Brands:
https://t.co/vHXoSqoUj2
https://t.co/xBvYs4UUBq
https://t.co/1zyxNJMqBa
First Brands and some of its creditors are weighing a shift of some of its units into the Chapter 7 bankruptcy liquidation process as the company runs low on cash, according to people familiar with the matter. https://t.co/1rUUEYDG8y
Nächster Autozulieferer kippt in die Insolvenz. First Brands zieht deutsche Standorte mit nach unten.
Sehr schwierig dafür jetzt einen neuen Eigentümer zu finden. Sehr sehr schwierig.
#FirstBrands #Autoindustrie #Insolvenz #Standortdeutschland
Dominoeffekt: Mit Ultinon Motion Germany rutscht die nächste deutsche Tochter des US Konzerns First Brands in die Insolvenz. Rund 500 Mitarbeiter in Aachen stehen vor einer ungewissen Zukunft, während der Geschäftsbetrieb zunächst fortgeführt werden soll. Ein Investor wird gesucht, doch die Vorgeschichte des Mutterkonzerns belastet die Perspektiven erheblich.
Schuldenstrategie gescheitert: Die schuldenfinanzierte Expansion von First Brands endete 2025 in einer Milliardenpleite in den USA. Mehrere deutsche Beteiligungen folgten bereits in die Insolvenz. Der Fall zeigt, wie riskante Finanzkonstruktionen und aggressive Wachstumspläne am Ende ganze industrielle Strukturen ins Wanken bringen können.
Wenn globale Finanzexperimente scheitern, zahlen am Ende die Mitarbeiter am Standort.
Vielen Dank für den wichtigen Hinweis!
Quelle: WirtschaftsWoche
https://t.co/tSRrC8QGw0
$GM #FirstBrands @UnicusResearch, there is no way that everything can be awesome at GM when urgent supplier meetings are being held and extending financial support to FB is on the table. https://t.co/DE6sCrAD7S
“Carvana: The Subprime Cliff”
“…On the loan side, I believe that the subprime cliff could be the most potent structural threat to Carvana, as the company isn’t just a car dealer but a subprime lender with a website.
Right now, subprime auto loan delinquencies have hit approximately 6.65%, the highest level since the mid-90s and well above the peaks seen during the 2008 financial crisis.
See, borrowers are facing a triple threat with high interest rates, record-high auto insurance premiums, and used car prices that remain around 30% above pre-pandemic levels…
…. I believe that Carvana deserves my first-ever Strong Sell rating.”
https://t.co/fVgVoyCEdO
#FirstBrands #DogDooDoo
First Brands examiner tracing cash to Bank of India (Patrick James is of Indian diaspora from Malaysia)...documents need to be produced by Monday. That's tight.
The might as well hold the next meeting of the First Brands factoring committee at a Dunkin outlet.
They are going to be handing out a lot of donuts when the #FirstBrands dust settles.
From the Patrick James SDNY indictment:
#FirstBrands #DogDooDoo
Great article on First Brands. There are so many issues with bidding for these assets, including whether they will still have customers in 6 months, tricky environmental issues, delayed maintenance capex, deficient working capital, and loss of key personnel. Patrick James didn't just paper over losses, he cut a lot of corners.
https://t.co/zNx0IKrqVk
#FirstBrands #DogDooDoo
"They helped the company to grow but also “sowed the seeds of First Brands’ demise.”"
LOL. All for a good cause, amirite?!
First Brands Group founder Patrick James and his brother Edward, a former executive at the company, were indicted by federal prosecutors in New York following the collapse of the bankrupt auto-parts maker last year https://t.co/20ItAXYRQH
#FirstBrands #DogDooDoo
$48M coming into First Brands from GM, Ford, etc. From the look of it, cash burn of $30-40M a week. Shut 17 facilities, 4K workers impacted. The funding is structured as a prepayment for future production. OEM must fund by today and will only take First Brands through January 30 (!!). Anything beyond that is week-to-week. The whole thing looks like my kid's school art project.
#FirstBrands #DogDooDoo
GM and Ford basically running operations at First Brands at this point. You would think they've already found alternative suppliers at this point.
Ford and General Motors in talks with First Brands over rescue financing https://t.co/939hYjk9tk
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