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Bankruptcies-Like-Hertz-Are-a-Great-Investing-Opportunity,Hedge-Fund Head Says -- Barrons.com
Dow Jones
Gonna open Monday at today's high around $3.50
Additional shares will NOT be added for a while
5:28 pm ET June 12, 2020 (Dow Jones) Print
By Luisa Beltran
Marc Lasry, co-founder and head of hedge fund Avenue Capital Group, believes that the biggest opportunity for investment right now is in bankrupt companies or those that are restructuring, otherwise known as distressed debt.
Lasry, who made the comments during a SALT Talks webinar, pointed to Hertz Global Holdings (ticker: HTZ), the car rental chain that filed for bankruptcy protection in May. "No one was willing to lend them more money. All their collateral was in bonds," Lasry said during the webcast. Avenue Capital does own some Hertz debt, Lasry told Barron's.
Hertz had $18 billion in debt when it filed for chapter 11 on May 22. Its stock closed at 56 cents the day it filed for bankruptcy and then saw its shares increase tenfold, closing at $5.58 on June 8, according to a June 11 bankruptcy filing. This spurred Hertz debtors to ask a bankruptcy judge on Thursday to allow the rental company to take advantage of the trading and sell 246.8 million shares through Jefferies, the filing said.
The sale would allow Hertz to raise capital on terms that are better than any debtor-in-possession financing it could get, Hertz debtors said, and the company could use the proceeds for general working capital purposes. The Delaware bankruptcy court on Friday granted Hertz debtors' motion to sell shares, according to a bankruptcy filing. Hertz can sell no more than 246,775,008 shares valued at up to $1 billion. Hertz didn't return calls for comment.
Hertz selling shares is better for debtholders, Lasry said. Hertz wouldn't need to pay interest on the equity the way it would for a debtor in possession, or DIP, loan, he said. "We own bonds and debt, any equity that is put in is beneficial because its always junior to me," Lasry said. "That means I get paid first."
Bankruptcies represent good opportunities to buy from noneconomic sellers or people who need to sell, Lasry told Barron's. This means firms like Avenue Capital can buy debt assets at a discount, he said. "If things turn out, I will do exceptionally well. If a company has to liquidate that's OK, because I'll make money on the liquidation," Lasry said during the webinar. Lasry, who is Avenue Capital's chairman and CEO, said he considered distressed debt a "massive opportunity," estimating the global market opportunity at from $500 billion to $1 trillion.
P.S. JMO: Yes this is a huge opportunity or gamble however U see it, why play with penny stocks with you have one of the nation's premier car rental and sales co's with 102 years of history behind it? The bounce will probably not stay but it'll stay well above min's for NYSE.
Woo-hoo!Knew it, "too-big-too-important-to-fail:"As Bloomberg reports, Judge Mary Walrath ruled that Hertz can go ahead with the offering, which we reported last night, could take in as much as $1 billion according to underwriter Jefferies.Wait til news hits the street! All the sour grapes/ failed shorts can cry.
Judge OKs stock sale for bankrupt Hertz: report
4:33 pm ET June 12, 2020 (MarketWatch)
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A bankruptcy court is allowing Hertz Global Holdings Inc. (HTZ) to sell new stock in public markets, according to a report in The Wall Street Journal late Friday. Hertz, which filed for bankruptcy May 22, asked the courts this week to be allowed to sell up to $1 billion in equity amid a rally for its shares despite the bankruptcy filing and a notice of delisting from the New York Stock Exchange this week. Shares of Hertz fell more than 14% in the extended session Friday after rising more than 37% in the regular trading day and jumping more than 180% so far this month. The plan to sell stocks has been likened to gambling and described as a "head scratcher" (www.marketwatch.com/story/hertz-seeks-bankruptcy-court-approval-to-offer-1-billion-in-stock-but-experts-expect-equity-to-be-wiped-out-2020-06-12) by seasoned investors and analysts.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
Bottom feeders getting in for huge flips on Monday!
THE EXTRA SHARES WILL NOT HIT ON MONDAY, IT'LL TAKE A WHILE TO GET REGISTERED AND APPROVED, this means cash infusion.
UP AH 7.77%/.16c-Lucky 7's. Will shoot up PM and all day tomorrow, feeling good with the cheapies I got today but not gonna flip for .30-40c like some. No way is the gov't gonna let a company founded in 1918 just fold up b/c of the pandemic especially as stores, flights etc. opening up finally tho still down, lotsa upside. Interest is almost 0%. A big part of Hertz's business like the other rental car co's is used car sales which will stabilize even faster.
Agree, what I said earlier: don't be scared out of your shares, hold at these levels. We're seeing flippers for 30-40c but should get past this tomorrow and def next week. Travel sector will rebound.
I called-bottom around $1.70 few posts-ago, $2.18 now+rising fast - we'll see some flipping but ain't gonna drop that low again, won't lose NYSE listing.
Yeah patience of JOB required here - you're lucky your order didn't get filled - I was thinking of buying $2.50 last night but hesitated and loaded first thing - the articles yesterday were all doom & gloom but I'm looking at the rental car, airline etc. travel sectors as gonna recover, some will get bailouts/ financing at near zero, we're not gonna lose the whole industry.
MASSIVE BUYS coming in, holding $2.
EXACTLY.Some are HOPING-for it to drop to change but as long as it stays above even a dollar it will stay on the NYSE, bounce coming, watch for panic-mongering next 3 days then short squeeze coming
Another short-squeeze-coming:the d-listing notice came when stock was in the pennies way below a buck, only thing that would D-list it now is if this panic-mongering works and everyone sells back to those levels. Funny how the notice received earlier was posted late in the day, I also saw lots of last-min. buying as cheap as possible, there was massive shorting and when the correction comes it will be huge. MO
Looming Hertz Delisting Pulls Shares Back to Earth
1:02 pm ET June 10, 2020 (Dow Jones) Print
By Alexander Gladstone
Shares in Hertz Global Holdings Inc., after a brief head-scratching rally, are now in danger of being ejected from the New York Stock Exchange, calming a speculative frenzy around the bankrupt car-rental company.
Hertz said Wednesday it was appealing an NYSE delisting decision that would push trading of the company's shares to over-the-counter platforms. Delisting typically drains value from equities as investors lose confidence, raising risks for the many inexperienced traders who piled into Hertz after it filed for bankruptcy last month.
The trading surge pushed Hertz shares up nearly 500% after billionaire Carl Icahn dumped his stake in the company at 72 cents a share last month. On Wednesday, after the delisting disclosure, the stock was down 27%.
The shares will continue trading on the NYSE pending the outcome of Hertz's appeal, the car-rental company said. However, "there can be no assurance that the NYSE will grant the company's request for continued listing at the hearing and whether there will be equity value in the company's common stock," Hertz said.
The delisting notice was sent right before a steep run-up in Hertz's stock, driven largely by individual investors with a sudden appetite for risk who figured the company's well-known brand and large vehicle fleet are worth betting on. After hitting a low of 59 cents shortly after its May 22 bankruptcy filing, the shares skyrocketed in the past week, hitting $5.50 on Monday.
Shares of bankrupt companies are typically worthless, save for rare instances in which the debt is repaid in full and money is left over for equity holders. In some cases, creditors pay a token recovery fee, or "kiss," to settle with shareholders and avoid litigation seeking to hold up a repayment plan.
Hertz's roughly $3 billion in corporate bonds were trading Wednesday at around 40 cents on the dollar, indicating little faith among creditors they will be repaid in full.
"In bankruptcy, creditors have to be paid in full before shareholders get anything," said Jared Ellias, a law professor at the University of California, Hastings School of Law. "It seems that there is a segment of investors out there who are looking for deals and cheap stocks. This is retail investors setting money on fire."
Yet such trades have been profitable when timed correctly. Several other companies that are in bankruptcy or close to it have also gone on bull runs recently, particularly in the volatile energy sector. Shares of Whiting Petroleum Corp., which has been in bankruptcy since April, jumped by more than 400% between June 4 and June 8.
Chesapeake Energy Corp., which said in May that it is considering a bankruptcy filing, rose more than 500% during that time frame. Both stocks have since given back some of those gains.
My personal feeling is, after finding its day low around $2.70-80 again there will be a bounce tomorrow, but the $5.+ of a day or two ago was a short squeeze, don't expect that again soon UNLESS Hertz wins its appeal then it can soar. The appeal will take over a month (?) during which its risk-reward ratio is volatile.
But MO, obviously anything travel-related is down right now, car rentals, airlines, but I'm of the camp that says that Hertz's brand isn't going to disappear into the OTC without a big fight and the sector is already picking up.
Chesapeake Energy shares are trading lower after it was reported the company is said to prepare chapter 11 filing, giving lenders control.
Jun 10, 2020 8:37a ET
Benzinga
ALSO:
https://seekingalpha.com/article/4353074-price-is-wrong-chesapeake?utm_source=otcmarkets&utm_medium=referral
The Price Is Wrong At Chesapeake
Jun. 10, 2020 11:44 AM ET|
46 comments
|
About: Chesapeake Energy Corporation (CHK)
ASB Capital
ASB Capital
Value, special situations, contrarian
(779 followers)
Summary
High debt and low prices doomed Chesapeake long ago.
Securities filings and bond prices tell you this company will not repay its creditors.
Day traders will be in for a dramatic surprise in short order.
Chesapeake Energy (CHK) was once of the leading shale companies in the United States. After years of losing money and re-financing debt, recent filings make it clear that the company is nearing the end of its financial rope. The ongoing short squeeze appears "irrational" to say the least in light of ongoing developments. I anticipate the company will have to file for bankruptcy within the next month when it will be unable to make a substantial bond interest payment, and I am short.
Shares of several energy companies are trading lower after API reported an 8.42 million barrel build in crude oil inventories.
Jun 10, 2020 10:16a ET
Benzinga examines why a stock is moving by analyzing company releases, government filings, media reports, and communication with key stakeholders.
Same across the industry, with UA, SAVE - up 10% yesterday, down 10% or so today; maybe they need some stimulus to get out of this range. Traders are day trading these stocks now as if they were penny stocks.
"pump-thru-bvtk"-AKA TommyBoyScamalucci: No wonder it's DEAD like everything that scoundrel touches/ed! And the shares were dumped into a so-called "Acquisition" involving a company whose owner also worked for IDDR as "Director of Acquisitions" but as that company was private, he was not required to divulge what happened to the shares.
Multiple levels of scam all around, hope Arendt got his karma if he knowingly partook in this. Someone did besides TommyBoy Scamalucci.
I see everyone has the Ask high: might as well since can't sell .0001's anyway, once in a while a fluke happens and a sale goes through on some moribund stock at a high price - pray for a miracle, that's all we've got here. Unless someone buys the shell but IDK if it's worth anything after the above scam: you can search the history and contact the company who was "acquired" i.e. got the assets, it's easy to find in public record. See if the owner/CEO will respond, he won't if he sees a "subject IDDR" in the email. He's on LinkedIn.
I wrote about him at the time in detail with links. The only thing he ever replied to me before going silent was that as a private co. he's not required to respond (despite being an officer of IDDR).
GL getting IDDR to respond, and of course TommyBoy Scamalucci of BVTK will not respond even about what happened with BVTK except to call the bagholders of his scam "losers" and tell them to get lost. But hey you might slip through a rabbithole and get a reply claiming to be a potential big money investor or something...
Thx, Vanamali+Bailey=both "interim" IDK why?Anticipating some R/M-new entity maybe...Doesn't change anything just confirms they got the approval. The usual panic-selling follows but it may be the worst has already happened with the recent conversions finished at least for a long while. Buys to sells=almost 5:1,VWAP stayed .0002/Ask price.
Why is Scamalucci-not-in-jail-yet?IDK what last-part-of-your-message means? There are many emails from Tom that can be contributed to a class action suit - INCLUDING FROM ME - I'd sent some people who said they'd research it names of Security litigation attorneys, someone might do it for % of recovery as Scamalucci has money. ?
Even it's unlikely commons shareholders will get anything it would give many satisfaction to see that smug, lying narcissist in jail!
Anyone else-with-miniscule shares/value get-hit-with-$38.00 Reorganization-Fee?I have ONE share that's now worth .21c and didn't sell b/c it wasn't worth the commission obv. but TDA hit me with the full fee same as if I owned millions of shares - did you or others experience that? This is highway robbery that I don't think is legal or shouldn't be - anyone?
Haven't paid attn. to this company in a while~ looks like for those who do own more shares it's the usual post R/S bump & crash but value is way down from pre-R/S.
You got-that-right!Soon as-there-was-news+Retail Volume=BOOM! That's why we are where we are again, killed the MOMO, they think they can do it over + over but ppl won't fall for it again so it doesn't matter what is really going on with the company & stock.
You're right shouldn't be allowed - nor should sociopath CEO's.
But it's the OTC. Harder & harder to sustain a run anywhere.
This=a BEAST!5's going-going-gone again despite insane volume,confirms that beating this down to trips was largely retail despite the dilution confirmed today on OTC, SET ASKS MIN. .01 Y'ALL!
Thank you!Meanwhile Bid/Ask=Same as yesterday,very low volume=no early dilution dump, waiting on a reply from someone or next 8K
Smacks on the Ask coming in, hoping the usual suspects don't keep flipping 4peanuts again repeatedly which kept it from running when it had a chance @very low float/ breaks from dilution - still low enough float/ Unrestricted O/S to break out with a whiff of news!
So you changed-your-mind-again...whatever, like I said IMO important to know where people are sending from, if you write to them @GXXM and they reply from current company - private cell #'s that I've gotten I don't share except thru certain PM's of people I trust.
Let's say for sake of argument someone got a lot of emails but to a company email, so what? Of course they know there are all kinds of investors.
Many on this board have shared a LOT of detail and it's often back-fired but teasing info and removing the parts that make it relevant are obv. pointless. Some people have more time than others - certainly some have TM time and don't have helpful intentions - whatever -
Why are you redacting-email-addresses-of-officers-of-companies?They're not private citizens. Where did you reach them? Is email address Sunlight Financial? I'm not getting why you're being so secretive.
There was a low of .00009 today which only debt holders can convert at so yeah notes are finishing from not-sure-where or when. Would be nice to have some updates!
P.S. What do you mean you had to pay to get them?
From whom?
And everyone can do same? Thanks for nothing.
They're not personal cell #s so makes no sense and doens't mean anything this way so "thanks."
Because I don't think hundreds of emails from some of the people on this board will help. Also because I had to pay to get them. Everyone is able to do the same as I did and obtain these email addresses along with 10 more associates of GXXM.
It's 15M=A/S,the pre-14 hasn't-finalized yet,O/S=around 750M per last official OTC posting as in the filings (probably now around 1-1.3M)
The Q1 stated next notes not due til July 24 then late August, we should be having a breather here finally
They had strong earnings past few years, averaging at least $2M/ year in tangible assets - rev's per last 3 years to retain "Pink Exempt" status
We've known about that:meanwhile there's still just a Pre-14 for increasing A/S there's no definitive/ final so not effective yet.
- Does it normally take this long?
Total O/S is from latest filings but sub-headings not updated so we DK the Unrestricted/ Trading - can subtract Restricted from Total:
Outstanding Shares
789,425,581
05/16/2019
What I find interesting is they're claiming significant rev's to be "Exempt," also filed to regain QB status on 5/19. Hope not via R/S but occasionally when PPS gets this low there's a significant bounce
buying up significantly from the morning dump, anything's possible here.
Penny Stock Exempt
This security is exempt from the definition of a Penny Stock under SEC under Rule 240.3a51-1 because it meets one of the following tests: 1) A price of over $5 per share, 2) the issuer has Average Revenue of at least $6 million for the last 3 years, or 3) the issuer has Net Tangible Assets in excess of $2 million if the issuer has been in continuous operations for at least 3 years or $5 million if less than 3 years.
Penny Stock-Exempt=Min. $2M-tangible assets,what they're claiming; also filed to retain QB status (with min. 1c price) on 5/19.
This absurd price and the volume/bid-sitting to get in are so far from each other it's SMH. They're upto something or lazy idiots and I don't think they removed Dorvil as CEO b/c they're idiots, they've intentionally paid off the toxic notes & claim they won't take more.
Penny Stock Exempt
This security is exempt from the definition of a Penny Stock under SEC under Rule 240.3a51-1 because it meets one of the following tests: 1) A price of over $5 per share, 2) the issuer has Average Revenue of at least $6 million for the last 3 years, or 3) the issuer has Net Tangible Assets in excess of $2 million if the issuer has been in continuous operations for at least 3 years or $5 million if less than 3 years.
Yes, that's what-it-has-come-to,why a stock with such-low-float+potential just 2 months ago crashed so fast & hard, now they're hoping to make some profits flipping it back up but it's been such a short-sighted strategy for small personal gains.
Keeping in mind that dilution has slowed to a trickle it's retail now at least for a couple of months, like you I wish I were getting in here, HOLD THE ASKS HIGH DON'T LET MM's TAKE THE SHARES CHEAP. The bid-sitters aren't getting filled and will move up.
WAS PENNIES JUST A FEW MOS. AGO. Re-filed for QB status 5/19.
Management did not expect this much retail bearish behavior.
The last trades were @3,only under-1M-trades went thru@2:looks-retail, low volume suggests dilution really is over, Q1 doesn't show more due until end July.
Co.-filed-for-QB-recertification,5/16/19,might take a bit to reflect: https://backend.otcmarkets.com/otcapi/company/financial-report/220647/content
So right now it's Pink Current, no worries - might be best to SET ASKS HIGH AND not stare at L2 every minute...someone can post periodic screen shots?
That seems proof they intend to get back to penny-land and have stated in their filings (I think it was the 10Q) they have no plans to R/S. Sounds like the R/M...
Yeah, could-be!Might explain why MMMM's Deleo is making a point of keeping mum and directing inquiries back to GXXM...
This could reach the price goals you mention with current SS if retail behaves itself! Back to pennies where it belongs.
The company did state in so many words that it is eschewing future toxic debt, wants "less expensive" financing only: and co's must generally always clean up such toxic debt B4 a merger/acquisition:
This point you make a couple of posts further in reply to this is very true, we've been pointing this out:
the 30B AS is not dilutive it's for control and acquisitions. 3 month chart shows .01 break
So in anticipation of any merger/acquisition a company must clean up toxic debt/ allow committed conversions to take place; not take on any more of same; have a large enough A/S to fulfill new plans;
This speculation from Opinion (replying to you) is interesting too:
I think like someone said before he didn’t know how to run the business going forward so Sri stepped in to clean it up before a merger/buyout. Selling the GXXM sounds better...
We KNOW the GEX's new management believes Dorvil didn't know how to run the business as it expanded, they implied as much in the Q1 by playing up how he'd started the company as a college student and its fast growth... then he's gone...
I will say all the collective DD on this thing is worthy of an article in itself, once the ending is written! Here's to a good week!
Yup,we-should-be-able-to:especially since-Seaton-notes-it's="mostly retail" so if they RAISE THE BID/ASK AND GIVE THIS SUCKER A CHANCE!
Thanks!Q1 said next-notes-not-due-til-July 24th:due-4-a-break?:$250K-note-should-be-paid-by-now...hopefully:
Looks like the total dilution I have been tracking since the last 10Q is enough to pay off a $250,000 note we must have paid off with interest... As the dilution value has been around $285,000 given the estimated dilution mentioned in the next paragraph...
Also noteworthy:
Below is all the dilution that stands out to me as occurring today- though CFGN and OTCX stand on the ASK at $0.0004... Looks like most the trades today are retail
Exactly,on a low-floater it's like slamming breaks on a locomotive going uphill on momentum then wondering why and blaming the conductor when it starts rolling back downhill.
- Bid-sitting down to THESE levels & now "shocked, shocked, call the authorities!" we're here. They got what they asked for!
- In this case the conductor did warn about stops (debt conversions) but the train still kept on rolling uphill nicely between stops.
We both-saw,compared-notes,how this shoulda-coulda-woulda-run-much-higher last 2 mos.+been able to sustain dilution much better had not the few-tick flippers kept selling when the Float was well under 500M, often the same ones making the most enthusiastic noise.
- Now everyone's just blaming the company & company's pointing to the huge retail volume in he 10Q1 as evidence of huge retail interest - they seem to have gotten the wrong idea.
- Bid/Ask IS reversing here but they'd better put out an 8K which tells their plans & how they plan to put their money where their mouths were about increasing shareholder value. Reaffirm no R/S. Leaves one with a cynical view of the OTC on both sides but traders are nothing if not hopeful!
I'd encourage everyone to email'em & tell'em Volume don't = Satisfaction. Unfortunately reporting to SEC just gets stocks shut down, I'd hope for some explanation & turnaround yet.
info@gexmanagement.com
Shaheed Bailey
Srikumar Vanamali - CEO
I don't believe-it-was-ARanger:Can't-recall-WHO-posted this:ANYONE?Anyway it was ages ago in the life of this stock just B4 the run to .0055 April 5th. Which seemed like the START of a much bigger run given the Float-Unrestricted O/S.
https://ibb.co/HXfnVtP
This does look legit.
I think ARanger just said he spoke with Pat Dileo of MMMM who handles their IR among other things but IDK what Deleo said - I found him very evasive, he just said to keep looking for SEC filings, that's the only communication anyone should trust.
ARanger's DD does not rely on that email.
Volume HAS significantly-slowed-last-hour:Ask Wall=retail-panic-selling,not helping the rebound. OTCX hasn't updated its numbers since 10:51 (the usual diluter).
Your prev.post=TRUE:Bid/ask are now even shares 28/29M looking much better. IDK what this one means...All we can do is watch for the dilution and bid-sitting to end, can't tell how much of each but Q1 didn't show next debt conversions 'til July 24th then a month later so this must be finishing s/th up - 361+M volume!
Responding to bid-sitting...MAXM=like OTCX,don't show-their-hand/reserves...they've been storing up shares like squirrels do nuts. So now here come the reserves, raise the Bids y'alll to get outta here. Dang we don't have patience for that 100M Bid on 5's. Then again patience is greater than the available Asks @6 and this thing's goin' up way up soon, RSI = oversold, charts indicate.
Do U-honestly-believe-management-gives-AF about-market-reaction?They're discharging-duty letting the remaining notes convert & laying long-term plans for what is coming next, maybe the stuff you've been laying out (sincere thanks for your hard work).
Management DOES acknowledge market interest in the Q1, though people buying up cheapies @huge volume isn't helpful for the PPS for longs.
They HAVE expressed commitment to eschew "expensive," "toxic" notes in future.
ALSO let's keep in mind, that any mere appearance of market manipulation by management is what can get them in trouble:
maybe that's why they've gone silent exc. official communications -
Sometimes having to clear old notes & doing what's necessary isn't pretty
- let's get it over with.
Yup,here-we-are-again:.001,20-day MA/let's break-outta-this-window+double--digits++ tomorrow to finish the week:
nice finish considering the bid-sitting + nonsense that went on
but kinda tired of this 2-step, I have a feeling .005++ coming:
seems the market's understanding that s/th BIG is happening,
huge buying - someone knows sumthin' - soon we will as well!
Woo-hoo, a few 9's left @EOD but under 1 milly, going, gone...
Someone's tryin' to keep the close lower for tomorrow's open
No matter,
224m Volume! Any dilution was absorbed by buys & movin' along...
Criminy-it-is,'what they-do:but=burning off tick-flippers,13's=up on-L2:MOMO UNSTOPPABLE, Q1 was out on time as I kept saying it would be, from all recent history & indications; old debt has largely been converted,
next notes not due for 2 months!
No more "expensive" toxic date being taken on, RE liabilities shed...
also shed, lower-profit-margin contracts in favor of higher-profit-margin contracts (read the Q1)...
possible big merger...
GOAL: .01++Near Future
Bid=UP/somethin's up:despite no-Volume yet today...sometimes signals market shift/pivot.
Can U post link to Matt's twitter? Not everyone follows so closely.
This is recent also:
Limitless Ventures Group, Inc.
? @lvginc_
The #LVGI team is excited to share copies of our acquisition agreements with our many faithful investors. We appreciate your endless support and are excited for the bright future ahead! https://www.lvginc.com/pages/acquisition-agreements …
#SHHI #Pennystocks #Stockstowatch #brightfuture #Hemp #CannabisNews
11:27 AM - 20 May 2019
ALSO:
Thanks to fsshon for this update:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=148934012
I'm not totally clear which are the quotes from Matt as there are no quotation marks or italics but we can generally figure it out.
EXPECTING MAJOR BOUNCE:NEXT NOTES NOT-DUE-'TIL LATE-JULY AND AUGUST, the worst is over, still LOW FLOAT.
These dates are specified in the Q1 - July 24th and late August.