I’m sharing this trade for your future entertainment so you can hail me as the obliterating moron that infamously shorted the greatest rally floating weightlessly ever higher above the worst economic and corporate crisis imaginable.
The “bare bones” petition is a sign that “something was about to happen.” Pressure piles on the used-vehicle wholesale market.
Here come the “bankruptcy-remote special-purpose subsidiaries” and $14.5 billion in rental-vehicle-backed securities. The stock market – other than Carl Icahn – smelled a rat for years.
Now at least, price discovery can take place amid a more ample flow of vehicles. But the entire industry dreads a Hertz bankruptcy could cause lenders to liquidate its fleet.
No one has ever seen a mess like this before.
It didn’t even bother explaining why. Investors are left to their own devices to figure it out.
#Carmageddon and Uber did it. For Carl Icahn, it just doesn’t let up.
Uber burns a lot more cash, but Hertz gets keelhauled.
Icahn gets totally crushed by Hertz, goes for More Pain.