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ESI: A Liquidity Crisis Has Arrived (Finally), As Regulatory and Litigation Tail Risk Looms Large, Taking Price Target...

September 19th, 2014

For several years now we have argued that ESI needed to raise capital to position the company to meet its contingent liabilities related to guarantee payments on private student loan portfolios and...

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ESI: It Finally Has Come to This – Who Is the Lender of Last Resort? Lowering Price Target to $5

August 3rd, 2014

“In the process of taking his jacket off, the Artiste [Harry Zale] thrust his thick chest forward. Running down it were a pair of suspenders. They were broad and black, these suspenders, and even at the other end of...

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For-Profit EDU: The Career College Crisis of Summer 2014; Checks Suggest Continued Weakness in Fundamentals – Where...

July 28th, 2014

“The cheaters usually get caught--just never soon enough. Plenty more heads will roll.” Anonymous executive in the for-profit education space Given our longstanding bearish stance on...

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ESI: In a Shock to No One PEAKS Is Finally Being Consolidated, Now ESI Attempts to Thread the Needle on Financial...

June 25th, 2014

In a surprise to no one at this point, ESI disclosed in an 8-K filing yesterday that the company’s Audit Committee in concert with the SEC Office of the Chief Accountant determined that the...

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ESI: What Is the Value of a Higher Education Company with Private Student Loan Default Rates in Excess of 75%?

May 22nd, 2014

Rather than give you our usual initial diatribe, we’re going to present you with some quotes from ESI management over the past few years...

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ESI: College Portfolio Buyer Agrees to Purchase a Real Estate Portfolio From ESI, Wait Who?

May 14th, 2014

After the close today, ESI announced that the company has reached an agreement with College Portfolio Buyer LLC for a sale leaseback transaction.  College Portfolio Buyer will purchase 24 ITT Tech locations for approximately...

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For-Profit EDU: Don’t Expect to See Any “Greenshoots” In the Space This Spring

April 23rd, 2014

Here we are on the eve of another earning season in the for-profit education space and it appears that all of the challenging trends the group faced for the Winter term still remained firmly entrenched during the Spring enrollment...

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ESI: Desperate Times Call for Desperate Measures… ESI Attempts to Access the Only Source of Incremental Capital It...

April 11th, 2014

For more than a year now, we have been arguing that ESI might need to raise capital to shore up its liquidity position in light of the company’s deteriorating operating fundamentals and...

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Current Ideas

EXPI

SELL/SHORT

$4

HUSQ.B

SELL

$50

UFPI

SELL/SHORT

$45

TREX

SHORT

$18

PRDO

SELL/SHORT

$5

STRA

SELL/SHORT

$42

CWH

LONG

$75

OSTK

LONG

$128

CM

SELL/SHORT

$50

RY

SELL/SHORT

$50

ARC

LONG

$5.50

AYI

SHORT

$50

BIG

SHORT

$28

WWE

LONG

$65

XOXO

LONG

$37

RLGY

PAIR TRADE

$10

RDFN

PAIR TRADE

$30

BCO

LONG

$35

ING.PA

SHORT

$35

TRUP

SELL/SHORT

$10

CTC

SHORT

$101

ATGE

SHORT

$15

HCG.TO

SHORT

$0

RON.TO

SHORT

$9

ESI

SHORT

$0

BGG

PAIR - LONG BGG/SHORT TTC

25%

TTC

PAIR - LONG BGG/SHORT TTC

25%

Z

SHORT

$14.00

NA.TO

SHORT

$22

ZU

SHORT

$15

TRLA

SHORT

$20

MCRS

SHORT

$31

APOL

SHORT

$35

OPEN

SHORT

$30

KNL

PAIR - LONG KNL/SHORT MLHR

25%

CSGP

SHORT

$100

GCA

LONG

$8

IPSU

LONG

$20

MLHR

SHORT

$22

LOOP

PAIR - LONG CSGP/SHORT LOOP

40%

THQI

LONG

$35

WPO

SHORT

$275

COCO

SHORT

$0

HNI

SIG

RGR