A bankruptcy concept that is often employed to obtain a Chapter 11 bankruptcy reorganization plan while there are still objections from one or more creditors. Cramdown allows the bankruptcy courts to modify loan terms subject to certain conditions in an attempt to have all parties come out better than they would have without such modifications. The conditions are mainly that the new terms are fair and equitable to all parties involved. The term "cramdown" comes from the idea that the loan changes are "crammed down" creditors' throats - they can either renegotiate the loan through a Chapter 11 reorganization, or lose everything through a Chapter 7.Secured creditors will often do better in a Chapter 11 reorganization than unsecured creditors, and are are usually the ones with objections. The unsecured creditor's best defense against an unwanted reorganization plan is usually to stay away from arguing whether the plan is fair and equitable and to instead challenge whether the debtor can meet the plan's obligations.During the financial crisis of 2008, cramdown was used to help troubled mortgage borrowers by allowing the bankruptcy courts to alter mortgage terms, subject to certain conditions, in an attempt to keep borrowers from foreclosure when one or more tranches of the mortgage did not agree to loan modification.
A measure, used in Canada, that refers to the amount of cash payments made to individual unitholders of a specified income trust, as designated by the Canada Revenue Agency. The ratio is calculated by taking the total amount of cash distributions divided by the total amount of unit shares issued. |||This useful ratio summarizes the amount that each single unitholder will receive as a trust payment (similar to a dividend for preferred shares). Trust payments are mandatory for income trusts as long as there are positive earnings for a particular period. The more income the trust earns, the more will be paid out in the form of trust payments. Some business analysts argue that the nearly 100% distribution of earnings before income taxes to unitholders is a negative thing for firms, as there is little money left over to re-invest into the business in order to stimulate growth.
In currencies, this is the abbreviation for the Malawi Kwacha. |||The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion.
The session price is the price of a stock over the trading session. However, it is sometimes referred to as the final price at the session’s close. Daily price data for a trading instrument usually includes the open, high, low and close prices. Because the session is not a singular point in time, the term is usually qualified: for example, "the opening session price", "the range of the session price" or "the session price was very volatile." The session price can be useful in establishing areas of support and resistance, and in identifying overall trends in a market.
1. A situation in which a creditor is forced to accept undesirable terms imposed by a court during a bankruptcy or reorganization. 2. A merger or acquisition with unfavorable terms, in which shareholders or debtors of the target company are forced to accept because no better option exists. This generally occurs when the target company is in a troubled financial state. The term "cram-down deal" can be used in several situations in finance, but consistently represents an instance where someone is forced to accept adverse terms because the alternatives are even worse. An example of a cram down deal would be where a bondholder is forced to take equity in a reorganized company in lieu of receiving cash.
A statistical theory that states that given a sufficiently large sample size from a population with a finite level of variance, the mean of all samples from the same population will be approximately equal to the mean of the population. Furthermore, all of the samples will follow an approximate normal distribution pattern, with all variances being approximately equal to the variance of the population divided by each sample's size. |||This statistical theory is very useful when examining returns for a given stock or index because it simplifies many analysis procedures. An appropriate sample size depends on the data available, but generally speaking, having a sample size of at least 50 observations is sufficient. Due to the relative ease of generating financial data, it is often easy to produce much larger sample sizes.
A class in a family of multi-class mutual funds. This class is characterized by a back-end load structure that is paid only when the fund is sold. Class B funds will generally have higher management expense ratios compared to front load funds within the same family. Fund companies attempt to increase their profits while the rear load is effective because it will normally decrease in value with time until no load is charged whatsoever. Not all fund companies follow this class structure, but it is the prominent method of distinction.
A key measure of business confidence in Australia, published monthly and quarterly by National Australia Bank. The NAB Business Confidence Index is a component of the bank's business survey, which covers hundreds of Australian companies to assess business conditions in the nation. The index is closely watched to gauge the overall condition of the Australian economy. |||The NAB Business Confidence Index is a lagging indicator of the Australian economy. The NAB also analyzes business confidence across the country's regions and industrial sectors. National Australia Bank is one of Australia's leading financial services organizations, with approximately 11 million customers and 39,000 employees.
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