ASCMA / Moni Problems Deepen, Lenders Terminate Support Agreement

By: Dan Gelinas, Published on Dec 28, 2018

Ascent Capital Group, aka ASCMA, currently branded Brinks Home Security, formerly known as Moni and Monitronics faces a troubling end to a rocky 2018, as the company acknowledged that:

the Support Agreement has been terminated, effective immediately upon delivery of such notice of termination, because Ascent and MONI had materially breached the Support Agreement [emphasis added]

In this note, we examine ASCMA's problems and the risk of bankruptcy for one of North America's largest security monitoring companies.

****** ******* *****, *** ASCMA, ********* ******* ****** Home ********, ******** ***** as **** *** *********** faces * ********* *** to * ***** ****, as *** ******* ************ that:

*** ******* ********* *** been **********, ********* *********** upon ******** ** **** notice ** ***********, *******Ascent *** **** *** ********** ******** *** ******* ********* [emphasis added]

** **** ****, ** examine *****'* ******** *** the **** ** ********** for *** ** ***** America's ******* ******** ********** companies.

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

********

*** *****-********* ****** ** generally ******** ** *** 3rd ******* ********** ******* in ***** ******* ***** ADT *** ******. *******, in ****** ****, **** tried ** ******* ********** **** *** recently ****** **** ** Brinks **** ********. **** ** *********, the ************ * ******* **** lenders**** *** ******* ******** note exchange ****** **** ***** potentially **** ************ *** lenders ****** ****.

*** ******* ****** ** its *-****** ******** **, ****, that ** ******** *** agreement **** * ***** of ******* *** ************ the ******* ********** **** agreement:

*** ********* ********** **** B-2 ******* (** ******* in *** ******* *********) provided ******, **** *** the ********** *********** **** a ****** ** *********** under *** ******* *********.

*** *-* ***** **** Ascent ****** * ***** release *** ******* *********** on ***** ****:

*******, *** ***** ******* **** ******'* site ***** ** ******* *** lenders *********** *** ******* Agreement, but ****** ****** **** Ascent ********* *** ******** offers, ** **** ** the ********* *****:

******* ****** ** *** breached/terminated ********* ** *** Termination of *** ********* ** the ****** ********* ** seen *****:

*** *****-***********-* ***** ******** **, 2018 *** *** ********* **** several *******, ********* ******** the ******* ** ***** new ***** *** **** reduce *** ********* ****** commitments ***** *** ********* portion ** *** ****** facility, ***** ***** ******:

*** ******* **** **** had ** ******* ** this ****.

**** **** ******* *** to ******** ******** ********** banker******** *******, *** ****** *****, which **** ** ***** not ******* ** **** time. 

Industry **** ***** ***

***** *** * ****** of ******** ******** ** Ascent ********* *** ******** slide. *** ***** **** scenario ** ** ******** filing *** ********** ***** the ******* ***** ****** to *********** ** **** sizeable ****.

*** ********* ******** ********* professional **** * ****** outcome ***** ** * lot ** *****, * lot ** ****, *** lots ** ****** ****** money ******* ** *** industry ******* *** ********** as * **** ***** to ****** *********:

***’* ** *****, *****, posturing, *******, ***. ***** the *********. **** * possibility ** ********** ** settle ********** *** **** will *** *** ****** out. *** ***** ****, new **** *********** ****, etc. **** ** **********. The ************ **** *** [EXPLETIVE], *** *** ******** will *** * ***** eye.

*** ****** **** ** to *** **** **** would *** **** **** a ********-**** *** ******** notion **** *** *** companies ***** **** *** traditional *****:

** ****, ** *** way, **** **** ***** into *** **** **** widespread (******** ** ** opinion) ****** **** ****** and ****** *** ***** to **** ***** *********** oriented ***** ******* *****. 

******* ** ** ******** or ***, ***** ** always *** ****** **** investors **** *** * bankrupt ****** ** * sign **** ******** ** not * **** ***** to ******. ******** ********** may ** ****** ***** could **** ** **** stocks ********.

**** ***** **** ******** legal ****** *** ************ who ****** **** ** the ***** ** * bankruptcy ******, *********** ******* investors **** ** ***** recourse **** ***** ** get ***********:

** ****** ***** ********** then ********* ***'* ***, they *** **** **** claims.

Stock ******

*** *******'* ***** ***** has ******* ~**% **** year **** **** $** to ***** ** *****:

*** *******, **** ****** revenue ** ~$*** ******* has * ****** ************** of $* ******* ** 1/100th ***** ******* - an ************** *** ********* for * ****** *******.

******, *** ***** *** suffered **** ** ********, with * ***** ** the **** ***** ******* ******* descent:

******** ***** ***** *** dropping ****** *** *** bad ** **********, *** when ******* **** ****-********** attrition **** ** ****** has, **** ****** ********* spell ********. *** ***** below, ***** **********'* ** ******** ******, ***** *** ******* curve ** ********* ********* to ** **:

Comments (2)

**… ** **** * very ******, *********, ******** by *********** **********????

**** ******** *** ***** of *** ******** *******, Monitronics. * ***** ******** provided ******** ******* *******, and * *** *********, mid-1980s *** *** ******** of * ***** ****** Iowa ******* ********** **** known ** ** ***** (not **** ** ******* My *****).   ******* **********, they ********** *** ****, destroying ****** ** *******/****** investors, **** ********* *** assets *** ******* (******** of ********** *********) *** relocated *** ******-********** ******** to *****, ******* ***********. The ******* *********** **** has *** **** ******** assets(now ***** ******* ******** monitoring *********) ****** ******.**** ** *** ******* repeat *****???

******: *** *****; ******* Services *****

*** * ***** ***’* change *** ***** 

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