ASCMA / Monitronics Declares Chapter 11 Bankruptcy Plan

By: Dan Gelinas, Published on May 22, 2019

Monitronics is entering into Chapter 11 bankruptcy. The company, also called Ascent Capital Group Inc., aka ASCMA, aka Brinks Home Security, formerly known as Moni, has struggled for some time.

In this note, based on our own research and outreach to Ascent via their press contact, we examine the following:

  • What their plans are in bankruptcy
  • How "business as usual" means an intended merger
  • What the details of the restructuring are
  • Feedback from Peter Giacalone & John Brady
  • Challenges and Outlook

*********** ** ******** **** Chapter ** **********. *** company, **** ****** ****** Capital ***** ***., *** ASCMA, *** ****** **** Security, ******** ***** ** Moni, *** ********* *** some ****.

** **** ****, ***** on *** *** ******** and ******** ** ****** via ***** ***** *******, we ******* *** *********:

  • **** ***** ***** *** in **********
  • *** "******** ** *****" means ** ******** ******
  • **** *** ******* ** the ************* ***
  • ******** **** ***** ********* & **** *****
  • ********** *** *******

[***************]

******'* ********** ***********, *** going ***** *** ****** Home ******** *****, ** the*** ******* ******** ********** in *** **, ** **** ***** in *** ********** **** the ***'* ***:

****** ***** *****, *** company *** *** * rough **** ** *** last *** *****, ********* brands ******** ** ****** **** Security, ****** ******** **** ********** ****** (*********) **** would *** *** ****,******* *********** ***** ******* agreement**** *** *******, ****** a***** ********* *******, *** ************** ************ **** **** might **** **********, ***** *** *** come ** ****.

What *** ****** ****

******'* *** ******, ********* ** ** email ** *********** ********* from ******* ********* & CEO**** *******, ********* "*******" ** eliminating $*** ******* ** debt, ***** *** *** asserts ***** *********** *** "strongest ******* *****" ** the ********, ** **** below:

************, *** ****** **** the *** *** *** backing ** * "********" of *** *******'* ******* and **** *** **** Chapter ** *********** *** "voluntary" *** ***** **** the ******* ****** ***** it ****** ** ******** the ***:

*** **** ** *** filing ***** **** ********** and ******* *********. *** paragraph ******* ********* **** they **** ***** *** paid, ** **** *****:

******* ********* ******* ********* on *** ** ****** questions *** ******* **** a ****** **** ** provided:

*** ********** *********** *** expected ** ***** ** June *** ** ********* in ***** *** *** a **** ******.

Debt *** ** ****

***********, *** ************* **** the *******'* **** ******* in ****, ******* *********** with ~$*** ******* ** debt ***********, ** ***** below:

********* ********'* **** **-****** **** ** **** by ***** ****, ** shown *****:

Either **** ** *****

******* ** *** *** can ** ***** ** pages *-* ************* *** ** *-*. ********* ******* **** be **** ** **** from ******** **** * $245 *************-**-********** (***) ********, ** **** *****:

************, ****** ***********, ***** not ********* ******* ** full *** ***** ********** will ******* ****** * small ********** ** **** they *** **** ** a ******, *** ***** not **** ********** ** common ***** ** *** newly *********** ***********:

How ******** ** ***** ***** * ******** ******

*********** ***** ******* *********** *** ** *** RSA ** ***** ** "business ** *****" ** Monitronics, ** **** *****:

***********, *** ******* ****** that ********** **** *** RSA *** **********, ****** and *********** *** ******** a ****** ** ****** into ***********, ** **** below:

***** *** * ****** of ******** ******* *** the ****** *** *** release ***** **** *** merger *** *** ****** if ****** ** ******** to **** **** **** $20 ******* ** *** date ** ********** ** the ***, ** **** below:

***********, ***** *-* *************' *** ** *-******** *** ******, ********** that *** ***** ****** and "*********** ***********" ***** have ****** ***** *** listed ** * ******** securities ********, *** "*** be ******** ** ******* on ******* ******** ***** ******* *****," ** **** *****:

Feedback **** ******

******'* ***** ********** ************** ** **** **** not ********** ************ ** the ********** **** ** the *** *** ******** us ******* ***** *******:

**’** *** ******** *** comment ****** *** ***** release ** **** ****, but *** *** ******* of *** ************* *** in *** ***** *******.

SEC **** "********* *****"

*** ** *** ******** ****** ********* **** go ******* ******* ** often *** **** ******* and *****, **** ** their ************** ****** **** to **** *** *** other ****:

Feedback **** ********* & *****

**** ************** ***** **********, ** ******** ********* services *******, **** **** Monitronics—and *** **** ** the ********—***** ******* ******* 11 *** *************, *** that ** *** **** a ****** ** *****:

*** *** *** ** the ***** *** *** industry *** ********* *********** as ** **** "* mark" ** *** "****** model" *** *** ******** which *** ******** ********** already ****** *** ******** for ***** **** ** companies.
**** **** ******* ***** is *** **** **** and **** **** ***** size ***** "***********" ** they *** **** *******. They **** * **** high ********* **** ***** but ***** **** * sizable ****** ** *** and * **** ****** said, "*** ******* *** work *** *** *** of ******* ** ** takes **** ** **'* existing ********* *** ************* RMR ** * ******* manner—RMR *** **** ** healing *****."
** *** ******** *** Alert ****** **** ** the **'*—**** **** ******* 11 **** $*.** ** RMR—came *** **** $*.** and *** ***** ***** up ******* ***** ***** back *** ** **** 5 -* ***** *** we *** ********.

***** ****************** *********** **********, ** ******** ********** company, **** ***** **** options **** ** *********** if **** **** ********** in ******* * "*** beginning." *******, ** **** that ** *** ********* to *** ******** **** Monitronics ******* **** *******:

* ******* ** ******* exist ** **** *** successfully *********** ****, ****** operational ************ *** ***** themselves *** ****** * new *********. **’* ********* to *** ******** *** Moni ** ******* *** succeed.

******

*** ****** ** ********* significant. *** ********* ** nearly *** ******* ** debt ****** ***** / Monitronics ** ******** ** operate *** ** *** to *******. ***** *** company's ******* **** ************* in **** ****, **** could **** **** ********** without **** *************.

**********

** *** ***** ****, raising *** ***** ** trying ** ************ ****** will ** ********* ***** that, **** ******** **********, lenders **** ** **** more ******** *** ******* in **** ******* **** provide *** * ******* that **** ********** ****** a ******* ******* ****.

********, *** ************ ** the ****** ******* ****** challenged, ** *** ****** of *** *** ***-*********** like ****** ***** ******** on ********** **** ***********.

Comments (9)

**** ** ***** **** everyone *** ** ********* to **** ****:

***, **** *********.

** *** *** ***'* comment ***** ****** *** 'strongest ******* ***** ** the ********':

****'* *** ********** ******** comment *********** *** ****** that ***** ******* ****. I'm ********** ** *** what ***** ******* **** give **** ***** *******.

** **** ***** *** following ******* ** *** story *****:

Feedback **** ********* & *****

**** ************** ***** **********, ** ******** ********* services *******, **** **** Monitronics—and *** **** ** the ********—***** ******* ******* 11 *** *************, *** that ** *** **** a ****** ** *****:

*** *** *** ** the ***** *** *** industry *** ********* *********** as ** **** "* mark" ** *** "****** model" *** *** ******** which *** ******** ********** already ****** *** ******** for ***** **** ** companies.
**** **** ******* ***** is *** **** **** and **** **** ***** size ***** "***********" ** they *** **** *******. They **** * **** high ********* **** ***** but ***** **** * sizable ****** ** *** and * **** ****** said, "*** ******* *** work *** *** *** of ******* ** ** takes **** ** **'* existing ********* *** ************* RMR ** * ******* manner—RMR *** **** ** healing *****."
** *** ******** *** Alert ****** **** ** the **'*—**** **** ******* 11 **** $*.** ** RMR—came *** **** $*.** and *** ***** ***** up ******* ***** ***** back *** ** **** 5 -* ***** *** we *** ********.

***** ****************** *********** **********, ** ******** ********** company, **** ***** **** options **** ** *********** if **** **** ********** in ******* * "*** beginning." *******, ** **** that ** *** ********* to *** ******** **** Monitronics ******* **** *******:

* ******* ** ******* exist ** **** *** successfully *********** ****, ****** operational ************ *** ***** themselves *** ****** * new *********. **’* ********* to *** ******** *** Moni ** ******* *** succeed.

***** ***** ******** **%*****:

****'* *****, ****** ***** market ************** ** ***** just $** ******* ***** that.

*** ** *** ****** a **** ***, *** are ***** **** ****** 50%

*******, ** *** ****** 6 ****** ***, *** would **** ******* **** money! **** ****.

** *********...

********* ***** * ******* of **** *** ******.

******* ********* *** ******* due ** ********.

********* ********* *** * haircut ** ******* **.

********* ****** ********* ******** and ***** ********* **** while ********** ***** *** investors *** *** ***** touting *** “********* ******* sheet ** *** ********.”

*** ******** ****... **** attrition ** ** **.*% and ***** ******** ******** exceeds ***!

** *** ****... ** takes **** ** ****** to ***** **** ** a ****** *******. ** that **** ****, **** will **** **** ****** half ** *** ******** they ******* ** ***** 1...

******** *** *********** *** founded… ***** ********** **** fast *******, **** ****** Iowa ***** ******* *******… plant ***** ****-****** *** president …. ******** *** firm…. *** *** ****** (RMR) *** *******… ******* the ******** ********** *** investors... **** ** ******…. rename *** ******* ***********. History *********??

**** ******* *******: *********** ***** *******: Dealer ******* ***** ****** Luster, ******** ******* ***, *** ******:

“* ******* ***** **** be **** ******* ******* to **** ** *** residential ***** ****** *** the **** *** ***** *** ***** * number ** ****** ******* *** *** ******** levels ********* **** ** down **-**% **** *** peak * *** ***** ago,”

*** ***** **** **** is ***** ** **** is, ** *********** ***** to ****** *** ****** multiple *****? *** **** going ** **** **? Are **** ***** ** have ** **** **** a ****** ***? *** they ***** ** **** out * *** ****** rate ***** [*** *******] average ****** ****** ** 750 — *** *** ** *** * 30 ********? **** ** going ** ** *** real **********,

*** **** * **** point ***** *** ******* multiples. *** ********** *********** cost ** *** ** control (************* **% ****** than ***) *** **** be *********. *************, ***** multiples **** ******** ********** and ********* ** ******* outpacing *** ********** ***.

***** ** * ***** hole ** *** ****** of *** ****** (**** attrition ** ** **.*%). A **** *********** ******** to ******* **** ****** won’t ***** ***** *******. And *’** **** ********* evidence **** ****’** ***** extreme ******** ** ****** accounts (**. **** ******* + $**/**********), ** ******** unit ********* ***** ** a ****** *****************.

* ******* **** **** mark *** ****** *** RMR ********** *** **** folks ***’** **** ******* hot ****** **** ******* portfolios **** **** ********** at *** *** ** the ****.

*** *** ****, *** model *** **** ** knock ** ***** ***** and **** **** * bunch ** “****” ***** they ****’* **** **** wanted (** ** ***** didn’t **** ***** ****** to **** ** ** their ***), *** **** sell **** ***** ** the ******* ******.

**** **** ** * painful *** ********* **********.

***’* *** ** *****—**’* not ************. *** ***’* be ******, ******** *** a *** ******* **** and *** **’* **** to **** ****** ** their ****** *** **** to *** ******.

***, *** ******* *********** “dealer” *******. *******, **** of ** *** ** as * ***** ********, not * ********. ******** of ********** ***** ******* trained *** ******* ** hundreds ** ********* **-*********, un-disciplined, **-*********** ********** *** supervision. *** *** ******** contract *** *** ********** alarm ****** ****** ** the ******* ** *** customer ****. ************, *** customer ************ ***** ****** substantially **** *********** ************ service ********. ***** ** explain *** **** **** attrition. *** *********** **** a ******* ******** *** those *********.

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