#1, thanks for posting this.
For context, for others, here is the ASCMA most recent press release, offer highlighted below:
Holders of Notes who validly tender (and do not validly withdraw) their Notes prior to the Expiration Time, or who comply with the procedures for guaranteed late delivery in accordance with the instructions described in the Offer to Purchase and the Notice of Guaranteed Delivery, will be eligible to receive, in cash, the purchase price of $710.32 for each $1,000 principal amount of Notes that are accepted for payment pursuant to the Offer, plus accrued and unpaid interest thereon from the last interest payment date up to, but not including, the initial settlement date, which is expected to be March 19, 2019 (the “Settlement Date”). [Emphasis Added]
What's the alternative for those who do not accept? :)
Is ASCMA/Monitronics/Moni/BrinksHome prepping for sale? Who would want it? What do they have to sale? Do the assets outweigh the liabilities? What don’t we know? Any surprises?
Seems like Brinks Security is about as well run and well managed as their armored car business.
looks like the bottom dropped out at Brinks...
Update: the company has upped its offer and it has been accepted by nearly 90% of the notes outstanding:
$950.00 for each $1,000 principal amount of Notes with no accrued and unpaid interest to be payable
Ascent also announced that holders of approximately $18,554,000 in aggregate principal amount of the Notes, representing approximately 87.9% of the aggregate outstanding principal amount of the Notes, have entered into transaction support agreements with Ascent,
If I am reading what I believe is the original note prospectus, interest is paid twice a year, most recently on January 15th, so not paying interest for 2 months or so will not be a significant additional hit.
Q4 earnings released. Read to the end... If they file chapter 11, this is going to have painful implications for the home security industry. Manufacturers, distributors, and dealers will be impacted.