Summary Block
This block has no content yet. Items you add to the page connected to this block will display here.
UPCOMING EVENTS
sarria live model
sarria analysis
corporate filings

- for speed listening, go to the settings wheel on the bottom right of the video and choose playback speed - after one minute video becomes high-resolution.

Intro, Legal and Cap Struct - 20 Mar 24

Description, Portfolio - 20 Mar 24

Liquidity, LVT, ICR - 20 Mar 24

Investment Discussion - 20 Mar 24

Featured
Wolfgang Felix
Branicks - comment
Wolfgang Felix

Stage 1.5 is underway at Branicks, with a deadline by Friday to sign up to the fresh cash. To recap, Step 1 bought time (done on 18 August). It saw the

Read more →
Wolfgang Felix
Branicks - Never mind the NAV - Model Update
Wolfgang Felix
Branicks - Never mind the NAV - Model Update
Wolfgang Felix

Please find our updated analysis of Branicks here.

Loved it when it was higher, but not keen 15 points lower. That does not sound very steady, but to be fair to ourselves: back then it was a fundamental bet on asset value; now it is a technical bet on posture in a second restructuring. The agreed split of the SSNs creates a subordinate PIK instrument that is very much calibrated on a timely turnaround and would not be able to defend itself if x-holders changed their minds. Meanwhile, the balance sheet looks fully levered through the New SSNs, and resembles deals agreed in other REITS that only ever aimed for a tax- and liability-efficient solvent liquidation. So never mind the NAV, we are not as enthusiastic as we were with the old structure.

Read more →
Wolfgang Felix
Wolfgang Felix
Branicks - comment
Wolfgang Felix

Step 1 is done. The first SchVG vote cleared with the required 75% qualified majority; the quorum was met with significantly more than

Read more →
Wolfgang Felix
Wolfgang Felix
Branicks - comment
Wolfgang Felix

Success, almost. Branicks are busy today: Three things need to go right today: 100% SSD/NSV accession by close of business, Schultheis onto the

Read more →
Wolfgang Felix
Wolfgang Felix
Branicks - comment
Wolfgang Felix

No signal. As negotiations are ongoing, Branicks has informed it has delayed its publication of the audited 2025 report to the

Read more →
Wolfgang Felix