Short seller Marc Cohodes now bets against Exchange Income Corp.
Jonathan Ratner, 05 July 2017
Exchange Income responded, calling the attack a “short and distort campaign” aimed at undermining the value of the company’s shares. “The short report was deliberately released immediately following the end of the company’s second quarter when EIC is in a quiet period, and is based on a number of statements, assumptions and opinions with which we strenuously disagree,” Exchange Income said in a press release. Cohodes said the company has increased its debt load by $427 million over the past five years, and issued more than $230 million of shares to fund its roughly $700 million deficit.
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Short seller Cohodes targets yet another Canadian firm: Exchange Income
Jennifer Ablan, 05 July 2016
Short seller Marc Cohodes, who has famously bet against the shares of six Canadian-based companies including Valeant Pharmaceuticals International Inc and Home Capital Group Inc, said on Wednesday that he is targeting yet another Canadian firm – Exchange Income Corp.
Cohodes told Reuters that Exchange Income – a Winnipeg-based company focused on opportunities in aerospace and aviation services and equipment, and manufacturing – does not generate enough cash to pay the juicy dividend it provides investors. At about C$33 per share, Exchange Income commands a market capitalization of $1 billion.
Cohodes, who worked at a short-selling hedge fund but now raises chickens in California and invests his own money, has targeted Valeant, Intertain Group Ltd, Concordia International Corp, Home Capital, Equitable Group Inc and Badger Daylighting Ltd. Cohodes told Reuters last month that he is keeping his short position on the Canadian lender Home Capital despite a capital infusion from Warren Buffett’s Berkshire Hathaway Inc .
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