MI Rewind: Future of the Financial Markets? w/ Howard Marks
The Intrinsic Value Podcast - The Investor’s Podcast Network
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Howard's Deal With Delisted Stocks
Howard: We bought the banks for roughly two million dollars, whatever they were owed. So we became the bank, and by owning a big piece of the equity and all secure debt,. We bankrupted it in november 19 91 and started all over. Had to lay off 200 people. Moved the company down to l a from mountain view, northern california, and raised some money. relisted the company on the nastac i think at the time he did the bankrupcy, company's valuation was under five million dollars. Was very small. And we had too many shares. The shares were down to maybe under a dollar. so we had to do a
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