KGA Capital Management

KGA Capital Management Thereby produce attractive, and sustainable risk-adjusted returns.

KGA Capital Management, is an alternative private investment management firm focused on distressed and credit-intensive assets, capitalize in transient market inefficiencies.

stands to lose more than $5 worth of orders if X debt restructuring scheme goes through, court documents showed. A...
12/22/2020

stands to lose more than $5 worth of orders if X debt restructuring scheme goes through, court documents showed. AAX has ordered and Airbus has already built, or substantially built, seven which are currently in the inventory. There are another 71 on order that may impact Airbus’s profitability if cancelled.
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revealed in a Dec. 17 affidavit that it owes Airbus 48.71 billion ringgit ($12 billion), including pre-delivery payments for committed purchase of 118 aircraft. AAX has unfilled orders for 78 A330neo jets, as well as 10 A350-900 and 30 A321neo, based on Airbus data.

In the past few days, more details about the massive linked of management software company have tumbled out🔳Sola...
12/21/2020

In the past few days, more details about the massive linked of management software company have tumbled out
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SolarWinds is a that provides services. Sometime in the past few months-ish, used its tentpole management tool, Orion, to breach 18,000 customers including high-profile targets like and the U.S. Departments of State, Treasury, Commerce, and
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Secretary of State Mike Pompeo explained, “we can say pretty clearly that it was the Russians.”
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SolarWinds’s had been shaky for a while. A alerted the company last year that anyone could get into its server with the password “solarwinds123” (though that’s not where researchers think the hackers sneaked in this time).
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The hack exposed the weaknesses of Einstein, a program meant to prevent this kind of
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This isn’t a rupture that can be patched with some Neosporin and good vibes. The affected networks will remain compromised as investigators assess the fallout, which could take months or even longer.

ticker: ABNB. Yesterday, home rental company Airbnb released its long awaited IPO filing🔳If it signs the guestbook i...
11/17/2020

ticker: ABNB. Yesterday, home rental company Airbnb released its long awaited IPO filing
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If it signs the guestbook in (that's the goal), Airbnb could become the third largest IPO of the year after and Bill Ackman's blank check company
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Airbnb was down 28-3 following the first wave in March and April. In May, the company laid off about a quarter of its workforce as revenue dropped 72% in Q2
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But Airbnb mounted a furious mostly thanks to an unexpected number of people properties in rural areas in the It even turned a last quarter on $1.3 billion in revenue
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Everyone has an opinion on the of and what it might mean for Airbnb and other hospitality companies. CEO Peter Kern, for one, gave a bullish take to recently, “Rome has been through a plague or two."
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Read the Airbnb's S-1 filing for all the details

In a week filled with a crush of push notifications and 72pt font headlines, yesterday the decided no news is the 🔳...
11/06/2020

In a week filled with a crush of push notifications and 72pt font headlines, yesterday the decided no news is the
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Following its policy meeting, the is sticking to near-zero interest rates (already the plan through 2023) and running inflation at a 2% average. To a slowing recovery, the Fed will also continue flexing its quantitative easing muscles, buying like mortgage-backed and U.S. Treasuries to put around $120 billion/month in circulation
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The handles monetary policy, the supply to shape conditions like inflation and employment. on the other hand, sets fiscal policy and
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Fed Chair Jerome Powell acknowledged the rising wave of Covid-19 cases is "particularly concerning" and the path forward "extraordinarily uncertain." But against the backdrop of an undecided election, the Fed wasn't expected to make big changes
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This election has personal implications for
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While the Fed's Board of has two open seats that require confirmation to fill, they've been empty for years, and the bigger question is who takes over as chair when Powell's term ends 2022
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The leading pick may be *drumroll please*....Mr. Jerome Powell. The bespectacled banker was appointed to the board by former President Barack Obama in 2012 and made chair by President Trump in 2018. Over the last eight years, he's built a lot of capital on the Hill
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Unlike previous chairs, he's held long talks and swapped secret handshakes with lawmakers on both sides of the aisle. That bipartisan goodwill helped entrust the Fed with a prominent role in the CARES Act response
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Powell has also pushed for more transparency with the public, doubling the number of press conferences about monetary policy, setting up a "Fed Listens" series, and leaning more into conversations about inequality in the U.S. economy
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For investors, the Fed chair can be just as (if not more) important than who sits in the Oval Office. Even after this election ends in 2135, Powell may not be going anywhere

saga reached a major milestone yesterday, when the drug company agreed to plead guilty to federal charges for its ...
10/22/2020

saga reached a major milestone yesterday, when the drug company agreed to plead guilty to federal charges for its part in the U.S.’ devastating opioid crisis.
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Purdue’s role in the opioid crisis is well established it pleaded guilty to violating kickback laws when it paid doctors to write more opioid prescriptions. According to the CDC, about a third of overdose deaths in 2018 involved prescription opioids.
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The company will pay more than $8 billion, some of which will go to opioid treatment and abatement programs.
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Problem is, bankrupt Purdue doesn’t have $8 billion. So the government will reshape Purdue into a “public benefit company” that gives the government all of its profits.
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The new company will still produce Purdue’s tentpole product OxyContin, an outcome critics slammed.
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While $8 billion is a record for a pharma company, it’s well below the cumulative $2 trillion states are claiming Purdue owes them. And this settlement doesn’t mean Purdue is off the hook for the thousands of lawsuits those states have brought, or for its bankruptcy proceedings.

Yesterday, hallowed Detroit automaker announced a $2 billion investment in the shop that went public in June v...
09/09/2020

Yesterday, hallowed Detroit automaker announced a $2 billion investment in the shop that went public in June via reverse merger.
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GM will develop and manufacture Nikola’s new models in exchange for an 11% stake in the company and a seat on the board. Picture Timon and Pumbaa guiding Simba, but instead of eating bugs they’re teaching him how to install fuel cells.
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GM stock popped almost 8% on the news; Nikola jumped nearly 41%.
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One problem to solve later: Nikola’s Badger truck, which GM will help Nikola produce by late 2022, could eventually compete with GM’s trucks.
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This is yet another example of an established automaker moving into the world via supplying components to younger rivals. struck a similar agreement with Rivian last year, and EV also plans to outsource components. There is one exception though, and it’s a big one Nikola’s last name/rival Tesla is vertically integrated, meaning it hasn't needed to strike the manufacturing that've become the norm.

Shares of the conglomerate fell more than 7% yesterday as questioned its unusual options trades betting on big...
09/09/2020

Shares of the conglomerate fell more than 7% yesterday as questioned its unusual options trades betting on big tech companies.
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What’s the trade? We don't know the specifics, but believe SoftBank has seen over $4 in unrealized gains on multiple monster options trades that hinge on tech stocks like and continuing their meteoric rise.
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While $4 billion+ in unrealized profits seems like a winner...
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Investors are a little worried
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The company faces around $30 billion worth of exposure. And while SoftBank, whose $100 billion has made huge in companies like and has thrown before...
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Engaging in tens of billions worth of options trades is “a change in the risk profile of the company,” Astris Advisory Japan analyst David Gibson told the WSJ, and “the scale is what is concerning.”
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While the trades appear to be successful as of now, the keyword is “unrealized.” Until SoftBank books a profit, investors will be watching every percentage tick on the

With the #2020 election looming, major tech platforms are scrambling to get their in order. 🔳Setting the scene, is ...
09/04/2020

With the #2020 election looming, major tech platforms are scrambling to get their in order.
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Setting the scene, is 60 days out. Many are worried that social media platforms will amplify shenanigans, especially given the seismic slip-ups of the last presidential cycle (remember Cambridge Analytica?). And there’s even more at stake now, what with the global
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First up, 2016’s chief villain
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Aka Yesterday, CEO announced new moves to curb misinformation and ensure a smooth electoral process.
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Facebook will not accept new political ads in the week leading up to Nov. 3.
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If any candidate attempts to declare victory before the final results are tallied, Facebook will link the post to vote counts from Reuters and the National Election Pool.
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These measures go further than Mark “Free Speech Crusader” Zuckerberg has gone before, but critics pounced immediately, arguing they’re the misinformation-banning equivalent of Louisiana Hot Sauce when the electoral system needs Mad Dog.
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demonstrated a stricter approach by banning ads on election-related search terms. It banned all political ads two years ago.
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Second up, 2001’s chief tech
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This week, the released a tool that can help spot deepfakes, or photos and videos that have been manipulated by Microsoft said the tool will be made available to “organizations involved in the democratic process.”
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Third up, all of
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Well, almost. reports that Facebook, and are holding regular meetings with each other, federal law enforcement, and intelligence agencies.
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For what? Book club. No, they’re coordinating how to handle what’s expected to be a historic election for mail-in voting. That’s especially tricky because election officials may be counting for days or weeks after Election Day, likely causing
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This year, the responsibility of electoral integrity is falling on
tech companies nearly as much as on the

Yesterday, the administration announced it’s giving Eastman a $765 million loan to manufacture ingredients at a pa...
07/29/2020

Yesterday, the administration announced it’s giving Eastman a $765 million loan to manufacture ingredients at a pair of plants in and
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Once a cutting-edge tech company with 145,000 employees, Kodak struggled after usurped its business. After filing for in 2012, it’s tried to reinvent itself, including a (failed) foray into
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Now, it’ll shift operations from mixing chemicals for film to mixing chemicals for drugs. The administration thinks it can get Kodak to manufacture a quarter of active ingredients needed in the U.S., creating 350 jobs along the way.
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Remember the Defense Production Act (DPA) President Trump invoked early in the pandemic to compel companies to make test kits? The Kodak investment is funneling DPA funds through an agency affiliated with the Defense Department. The broader goal is to rebuild depleted medical stockpiles and reduce dependence on foreign manufacturers, particularly in

is letting employees remain remote until July 2021, a decision that will affect 200,000 full-time and contract workers...
07/28/2020

is letting employees remain remote until July 2021, a decision that will affect 200,000 full-time and contract workers.
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Besides saving a small fortune on KIND Bars, CEO Sundar Pichai wanted to provide flexibility for working parents who may need to provide childcare this fall, and relocating employees who want to sign full-year leases in their mountain/beach town of choice.
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and committed to a more permanent months ago, but Google is the first major company to extend its WFH timeline due to the resurgence in cases. And it won’t be the last.
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Bad news for business districts
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While reopened for a month ago, fewer than 10% of Manhattan button-ups are back, per the That emptiness feels especially profound in districts like Midtown, where offices that once welcomed 8,000 people/day now host just 500.
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And when workers are home they’re not spending money at Potbelly after giving up on the Sweetgreen line.
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About a fourth of office employers plan on reducing their office footprint by 20% or more, according to a Partnership for study. Big cities’ losses could be a gain for small cities that have taken longer to recover from downturns.
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Still, don’t on a mass exodus. Most office are 8+ years, and many employers are trying hybrid approaches where employees still come in a couple days a week.
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A tempting alternative: According to the WSJ, video communications company OpenExchange is a in the for its employees to live and work out of.
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Cracks in the remote model
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While many went remote relatively smoothly, some execs are feeling cool about it long-term.
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and onboarding are more choppy. Company values are harder to instill remotely. Young employees are missing out on development and mentorship. And Justin has completely given up on hiding his pen during meetings.
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Remote work also makes it more difficult for employers to root out bad behavior and ensure client confidentiality.

kicked off Q2 for companies yesterday, and like receiving a Snapchat from your college ex, it was a mixed bag ...
07/22/2020

kicked off Q2 for companies yesterday, and like receiving a Snapchat from your college ex, it was a mixed bag of emotions.
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increased 17% annually to $454 beating estimates but giving away slowing growth. Snap said advertisers have upped spending in recent weeks, particularly in gaming and e-commerce.
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Daily active users were also up 17% to 238 million, right in line with The company can at least high-five itself for creating a habit: It said the average user opened Snapchat 30x a day in Q2. Speaking of, please close Snapchat and continue reading this email.
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Last month, Snap announced the “Minis” developer platform, which allows third parties to run applications in Snap’s app. On Monday, the first Mini with meditation app Headspace launched with six guided meditation exercises.
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Three others drop this week, including study aid Flashcards, clairvoyance game Prediction Master, and Let’s Do It, which helps your friends make decisions.
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Against the backdrop of a Facebook boycott and last week’s Twitter hack, Snap’s holding steady. Its stock is up almost 200% since March and nearing 2017 highs.

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