The pull out method

[The beef 675] [I'm an image] “Should have signed a prenup.” - Jeff Hey there carnivores, Markets were up Wednesday as oil futures rebounded. And today we’re talking Sycamore’s regret over Victoria's Secret. Keep raging, Jeff & Jason [Image] [I'm an image] Pull out Sycamore is trying to [back out]( of its $525M deal to take a majority stake in Victoria’s Secret after having a chance to digest the impact of coronavirus. But L Brands, Victoria Secret’s parent company, is saying "no take-backs." What’s the dealio? The deal which was agreed to just two months ago, would take VS private and value the mall staple at $1.1B. Sycamore would take a 55% stake in the lingerie brand, thus gaining majority control from L Brands. The remaining 45%, which includes Victoria’s Pink chain, would remain with L. As part of the [agreement,](Leslie Wexner would step down from his roles as CEO and chairman of L Brands. Besides the struggling share price and a PR debacle or two, he leaves his corner office amid controversy over his relationship with his "money manager" Jeffrey Epstein. Ever heard of him? He (Leslie, not Jeff) would still remain on the L Brands board and retain his equity in both companies. Sycamore, having previously agreed to terms in February, tried to renegotiate the agreement earlier this month. L Brands, in response, stated it has no obligation to give literally any f*cks about the sudden change in the current retail environment. So, why the cold feet? L Brands (including Victoria's Secret) [closed US stores]( on March 17, skipped April rent payments, and ten days later announced that it would furlough the majority of its workers. And that’s just in-store. Back at corporate, the big L drew down $950M from its revolving credit line, cut executive pay, and suspended its quarterly dividend. Investors don’t love that if you could imagine. Shares, which were trading near $25 at the time of the deal, dropped an additional 15% on Wednesday to close at $10.03. The bottom line... Sycamore has got to be feeling like an oil trader approximately 72 hours ago. Courts rarely let the buyers walk away from acquisitions that have been agreed to. But there is a glimmer of hope... In 2016, Energy Transfer Equity walked away from its deal with Williams Cos. over tax concerns. Probably something that should’ve been checked before the $33B deal was inked... Verizon also [had $350M knocked off]( its $4B+ pricetag of Yahoo after the search engine had two security breaches that affected more than 1B users. Spoiler: it was still a sh*tty deal. [Image] How Confident Is Jeff Bishop On Building A Long-Term Portfolio? He’s Putting His Family’s Money On The Line [I'm an image]( Find Out How He Plans To 10X His Wealth As He Reveals This Never-Before-Seen Strategy [GAIN ACCESS]( [I'm an image] ☑️ Not so magic. Magic Leap, the augmented/mixed reality technology maker announced it had laid off “a number of employees” on Wednesday. In reality, [more than 1k employees](, or more than half of Magic Leap’s workforce, are getting the boot. Technically, 1k is “a number.” Magic Leap had been exploring a sale, leading up to the layoffs, that could have valued the company as high as $10B. The company was one of the most well-capitalized hardware companies aimed at consumers. Previously, it had raised more than $2.6B from the likes of Google, Alibaba, and Saudi Arabia’s Public Investment Fund. ☑️ Spare change? Netflix is looking for more cash, despite sitting on a massive cash pile to the tune of $5.2B. The streamers are looking to sell junk bonds, in an effort to [borrow $1B,]( split between dollars and euros. If Netflix makes it happen, the money will be used to fund content acquisitions and production amid “other corporate purposes.” Read: expensed trips to the strip club. Despite looking for cash, Netflix is coming off its best quarter ever from a subscriber growth perspective. It also managed to turn in its first quarter of positive cash flow in six years. Come on, Netflix, save some for the rest of us. ☑️ Long time coming. PG&E’s CEO is heading for less-wildfire-charred pastures. Bill Johnson, who’s been the CEO since last April, is [retiring]( on June 30th, after the company’s turbulent year. On Wednesday, the company appointed a new Bill, Bill Smith, who’s been with the company since October. The original Bill (Johnson) took the role as he had a reputation for “fixing” things. He’d had a long career improving operations within utility companies. So you know it’s saying a lot when PG&E proved to be the problem that even Bill Johnson couldn’t fix... Johnson wasn’t expected to last long after PG&E exited Chapter 11, which is scheduled to happen in June. ☑️ We’re going down. Delta, as you could imagine, is not doing so hot. The airline [reported]( its first quarterly loss since 2014. According to Delta, passenger volumes have fallen more than 95%. Not 100%? Who among us is still flying? Show yourselves! Delta also said this is just the beginning. The company expects a 90% drop in revenue for Q2 of 2020, after an 18% loss in Q1. CEO Ed Bastian said recovery could take two to three years, which, believe it or not, is something most investors don’t like to hear. Delta reported a net loss of more than $534 million, down from a profit of $730M in Q1 last year. On the news, Delta shares fell 2.7%. RagingBull, LLC 62 Calef Hwy. #233, Lee, NH 03861 Neither Raging Bull nor RagingBull.com, LLC (publisher of Raging Bull) is registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. Users of this website are advised that all information presented on this website is solely for informational purposes, is not intended to be used as a personalized investment recommendation, and is not attuned to any specific portfolio or to any user's particular investment needs or objectives. Past performance is NOT indicative of future results. Furthermore, such information is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All users of this website must determine for themselves what specific investments to make or not make and are urged to consult with their own independent financial advisors with respect to any investment decision. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. All opinions, analyses and information included on this website are based on sources believed to be reliable and written in good faith, but should be independently verified, and no representation or warranty of any kind, express or implied, is made, including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, we undertake no responsibility to notify such opinions, analyses or information or to keep such opinions, analyses or information current. Also be aware that owners, employees and writers of and for RagingBull.com, LLC may have long or short positions in securities that may be discussed on this website or newsletter. Past results are not indicative of future profits. This table is accurate, though not every trade is represented. Profits and losses reported are actual figures from the portfolios Raging Bull manages on behalf of RagingBull.com, LLC. If you no longer wish to receive our emails, click the link below: [Click Here to stop receiving emails from support@ragingbull.com]( [Unsubscribe from all RagingBull emails](