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Diligence Institute

Highlights From New Constructs Investment Research

Barron’s Features My Analysis on DAL’s Abnormal Pension Accounting

Barron’s Features My Analysis on DAL’s Abnormal Pension Accounting

In his weekly column, The Trader, Vito Racanelli features my in-depth work on the funky accounting Delta Airlines’ (DAL) uses… Read more >>

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Bail Out of DAL Before the Stock Crashes

DAL_EEvEPS

I recommend investors avoid Delta Airlines (DAL). I think the stock could see significant downward pressure as more investors realize how the company is propping up its earnings with relatively aggressive accounting for its pension and postretirement plan (“pensions”), which are already seriously underfunded.

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Eastman Kodak (EK) Will Go Bankrupt

Eastman Kodak (EK) Will Go Bankrupt

After accounting for its underfunded retirement obligations, Eastman Kodak’s net market value is about -$3.50 per share.

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Dead Company Walking: Sell Eastman Kodak (EK)

Dead Company Walking: Sell Eastman Kodak (EK)

What I bet very few people, outside the company itself, know is that EK’s pension liabilities could torpedo the company into bankruptcy and send the stock to significantly lower levels. In the company’s recently published 10K, we found that EK’s pension obligations are underfunded by $2.6 billion, about 3 times the company’s market value.

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