Monthly Archives: June 2020

Hertz, the Superstar in Rent-a-Car, filed for bankruptcy on May 22nd. That’s when the fun began. Hertz stock, henceforth to be known as HTZ, fell to 56 cents on May 26th, the business day after its Chapter 11 filing. Then, HTZ ascended like Icarus. It hit a high of 6.25 and closed at 5.53 on June 8th. I wrote about it in The Spin, my newsletter. I talked about HTZ bond prices, the bonds’ senior claim to the equity in bankruptcy and the likelihood that HTZ stock was worthless. I thought I was done, but no. It got better. Continue reading →