James Ford

Credit trader, investor, President of First Ballantyne, LLC. . $amnf Chairman of the Board

[Armanino Foods @Armanino_Foods]

Armanino Foods Invited to Attend Upcoming Investor Conferences.

Click here for details: https://t.co/iH9nSIgU18

#InvestorConferences #Pesto $AMNF

[James Ford @offtherunbonds]

Puerto Rico is going to pay down ~$660 million in principal the next 90 days from these component units:

Univ of PR: 20.5m
Moscoso Bridge: 19m
G.O. : 359m
Cofina (sales tax): 120m
Prasa (water&sewer): 54m
GDB excess paydown: 50m
MFA (muni property taxes/muni sales tax): 38.4m
In November they will pay down $380m+ in CVI as well. All these bonds are trading near PAR as well.

In aggregate, $1.04 billion returned to creditors in principal paydowns this year. In every aspect other than Prepa, Puerto Rico is acting like a good creditor. #muniland

The Hacienda (Puerto Rico Treasury) is ~$2b ahead of fiscal plan ytd and has $12.2b in cash. https://t.co/Vdgb4QuueK As well as the Puerto Rico govt is doing, imagine if they could come to the table and offer to restructure Prepa anywhere close to their '16 and '19 offers they pulled from the table.

[James Ford @offtherunbonds]

@cate_long Delayed til 11 am et

[James Ford @offtherunbonds]

$amnf - Q4 and FY 25 earnings are out. 17c and 60c EPS, respectively. Another exceptional quarter of execution by management, especially in the face of the difficult comp in q4 '24.

Full Year 2025 Highlights:
1. Net Sales increased 9.7% to $76.1 million
2. Operating Income increased 31.1% to $23.9 million
3. Operating Margin expanded to 31.4%
4. Net Income increased 28.0% to $18.7 million.
5. Free Cash Flow of $13.1 million.
https://t.co/391Npc8FQ5

[Armanino Foods @Armanino_Foods]

Armanino Foods Releases First Annual Letter to Shareholders, Marking New Chapter for Shareholders with Annual Letter from CEO Deanna Jurgens.

Read here: https://t.co/nVzbhlT9AG

#ShareholderLetter $AMNF

[James Ford @offtherunbonds]

@OtterMarket I tip my cap to you Harris. Well done.

[James Ford @offtherunbonds]

@ValleyFallsRI Nicely done.

[James Ford @offtherunbonds]

@junkbondinvest What is with the UK law part of the equation? Is that a forced conversion tactic for holdouts?

[James Ford @offtherunbonds]

@gauravphoenix Great seeing you and @ValleyFallsRI today at the annual meeting. Thanks to you both for taking the time and effort to learn more about $AMNF.

[James Ford @offtherunbonds]

@adibmoti We aren’t offering plant tours to investors at this time. You’ll find the annual meeting and investor presentation to be informative. See you Wednesday.

[James Ford @offtherunbonds]

Fellow $AMNF shareholders - please email [email protected] if you plan on attending next weeks annual meeting on Sept 24th, 9 am PT, at the DoubleTree Hotel, 7050 Johnson Drive, Pleasanton, CA. The chefs are preparing food samples; an accurate headcount is desired. I look forward to meeting everyone in person. For those that have already reached out to the above email address, please disregard.

[James Ford @offtherunbonds]

@adibmoti Double tree Hotel. 9 am pacific time. If you are coming, let us know via email [email protected]

Because we are serving our pestos in a tasting menu an accurate headcount helps the chefs.

[James Ford @offtherunbonds]

$AMNF Fellow Armanino shareholders -Please save the date of September 24th for the annual shareholder meeting, in Pleasanton, CA. We will be showcasing our famous pestos and sauces for all shareholders to try and you'll get a chance to meet our new CEO, Deanna Jurgens, and see her vision taking this company to the next level. Let us know if you plan on attending. https://t.co/a4BzZcNpK8

[James Ford @offtherunbonds]

@gauravphoenix The baby bonds dislocation in 2020 was incredible. Definitely part of the investor tool kit when credit has dislocations.

[James Ford @offtherunbonds]

My firm just did a complicated dwac - swapping out one security for 2 securities. All handled by a custodian. That fee was in the $200 range. A fair price. There is no way clicking on a button a few times and tabulating that should be anywhere near a $200 fee. These custodian banks make a ton of money via float game. Taking in dividend payments, sitting on them a week before sending them out, etc etc. Processing votes should never be a profit center.

[James Ford @offtherunbonds]

$PCHM deal approved by shareholders for $3.75/share. Deal expected to close tomorrow. Not a bad outcome for shareholders; selling a ~$1.5 million ebit business at 8.5x multiple, and keeping deal costs low. From the time of the reconstituted Board in the summer of 2023, the total return over 2 years was ~ 55% with dividends and dividends reinvested. I enjoyed working for shareholders, engaging with mgmt., and working with @eriksen_tim and @rtclark on this Board.

https://t.co/y1STUDXQmY

[James Ford @offtherunbonds]

Smart move Cate. Outside of pensions, he seemed incredibly disengaged. He let Skeel and Judge Gonzalez run the show on Prepa, and never once publicly stood up for creditors and our lawful rights during the wasteful “lien strip” academic exercise that eviscerated creditor protections. His actions set back the sunset of Promesa by years.

[James Ford @offtherunbonds]

Creditors, rate paying citizens, and past due suppliers have all paid a tremendous price due to the relentless @FOMB’s pursuit of attacking Prepa bondholders the last 8.5 yrs. Thankfully, @JPHusker_ and @realDonaldTrump seem to be willing to make the difficult decision and start the process of ending the @FOMB. Leadership is about making uncomfortable decisions, admitting this FOMB was wrong, and ending the status quo. Clean up Prepa, respect the 1st circuit court of appeals opinion, get it out of bankruptcy court, and get the @FOMB off the island, forever. Let the people of Puerto Rico self govern again. #muniland Thank you Justin.

[Justin Peterson @JPHusker_]

President Trump’s Energy Dominance Plan Will Make Puerto Rico Great Again https://t.co/965iH1Hhh5 via @dailycaller

[James Ford @offtherunbonds]

@Armanino22 This team is killing it!

[James Ford @offtherunbonds]

in 2021, $AMNF did .18 for the full year. in q2 we did .154 in the quarter.

[James Ford @offtherunbonds]

$AMNF Q2 earnings release - record revenues and profits in q2. $.154/share vs .119/q2 '24 30% eps growth. https://t.co/cnLR8kbL1X