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This Thursday, May 29, at 4 p.m. ET, Bill Cohan will join an off-the-record
Inner Circle call to dissect his recent reporting on the Saks Global
meltdown, and the bond market jitters in response to Trump’s “Big, Beautiful
Bill.”
You’re Invited: Inner Circle Call
Dear reader,
This Thursday, May 29, at 4 p.m. ET, Bill Cohan will join an off-the-record
Inner Circle call to dissect his recent reporting on the Saks Global
meltdown, and the bond market jitters in response to Trump’s “Big, Beautiful
Bill.”
These special calls are usually available only to Puck’s Inner Circle—our
highest tier of membership, which offers access to exclusive editions of our
weekly newsletters, Puck merch, and off-the-record discussions like this
one. We want to extend you a one-time offer to access this call if you sign
up for Puck’s 14-day free trial today.
Join now to sample the value of our $250 Inner Circle membership for free.
After signing up for a 14-day free trial of our annual subscription, you
will be sent a direct link to access the call.
JOIN TODAY
Saks Pistols
WILLIAM D. COHAN
The strife continues at Saks Global as the luxury retailer faces a $121
million interest payment due next month and a possible $100 million-plus
shortfall in August. Meanwhile, executives have questions about the art and
jewelry that Saks claims accounts for nearly a third of its $689 million of
inventory—and which the company is desperately trying to sell.
Read Now
Life Saks
WILLIAM D. COHAN
Pretty much everything that could go wrong at Saks Global has gone wrong.
Now, two firms best known for advising on restructurings have been engaged
amid growing doubts about the company’s future.
Read Now
No Saks in the Champagne Room
WILLIAM D. COHAN
Since Saks acquired Neiman Marcus Group for $2.7 billion, Wall Street has
been trying to figure out why the deal got done in the first place. A deep
dive into the 400-page bond prospectus reveals some very creative
accounting, including my new fave: “Pro Forma Run-Rate Adjusted EBITDA.”
Read Now
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Saks Global meltdown, and the bond market jitters in response to =
<strong>Trump</strong>=E2=80=99s =E2=80=9CBig, Beautiful =
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break-word; line-height: 32px;"><strong>JOIN =
TODAY</strong></span></span>
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class=3D"pad"><div class=3D"alignment" align=3D"center"><table =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
width=3D"100%" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td =
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style=3D"font-size:1px;line-height:1px;border-top:1px solid #bbb"><span =
style=3D"word-break: =
break-word;">=E2=80=8A</span></td></tr></tbody></table></div></td></tr></=
tbody></table></td></tr></tbody></table></td></tr></tbody></table><table =
class=3D"row row-3" align=3D"center" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table =
class=3D"row-content" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;color:#000;width:600px;mar=
gin:0 auto" width=3D"600"><tbody><tr><td class=3D"column column-1" =
width=3D"100%" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align=
:left;padding-bottom:5px;padding-left:30px;padding-right:30px;padding-top=
:5px;vertical-align:top"><table class=3D"image_block block-1" =
width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td =
class=3D"pad" style=3D"width:100%"><div class=3D"alignment" =
align=3D"center"><div style=3D"max-width:540px"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYRWtKTHVsSXFSRkVUU1B6MUlTYz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvbm=
V3LXByb2JsZW1zLWZvci1zYWtzLWdsb2JhbC1hbmQtaXRzLWRpc3RyZXNzZWQtYm9uZHMvP3V=
0bV9jYW1wYWlnbj1CaWxsK0lDK0NhbGwrLStBbGwrTEVBRFMrJTI4NSUyRjI3JTJGMjUlMjlc=
dTAwMjZ1dG1fY29udGVudD1CaWxsK0lDK0NhbGwrLStBbGwrTEVBRFMrJTI4NSUyRjI3JTJGM=
jUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG=
9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjo=
iZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMjAzOTE2fQ/8e64bf98f8f04b874=
95661d7d7c6947ab0f6b309c757b1317ec2f0d756835959" target=3D"_blank" =
style=3D"outline:none" tabindex=3D"-1"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1748012655062_Screenshot%202025-05-23%20at%2011.02.27%20AM_01JVYTRRQ3ZCK=
P1ZRF5C67CBGT.png" =
style=3D"display:block;height:auto;border:0;width:100%" width=3D"540" =
alt=3D"Saks" title=3D"Saks" height=3D"auto"/></a></div></div></td></tr>
</tbody></table><table class=3D"text_block block-2" width=3D"100%" =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:'Times New Roman',Georgia,serif"><div =
class=3D"" style=3D"font-size:14px;font-family:TimesNewRoman,'Times =
New =
Roman',Times,Beskerville,Georgia,serif;mso-line-height-alt:16.8px;col=
or:#000;line-height:1.2"><p =
style=3D"margin:0;font-size:14px;mso-line-height-alt:16.8px"><span =
style=3D"word-break: break-word; font-size: 30px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYRWtKTHVsSXFSRkVUU1B6MUlTYz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvbm=
V3LXByb2JsZW1zLWZvci1zYWtzLWdsb2JhbC1hbmQtaXRzLWRpc3RyZXNzZWQtYm9uZHMvP3V=
0bV9jYW1wYWlnbj1CaWxsK0lDK0NhbGwrLStBbGwrTEVBRFMrJTI4NSUyRjI3JTJGMjUlMjlc=
dTAwMjZ1dG1fY29udGVudD1CaWxsK0lDK0NhbGwrLStBbGwrTEVBRFMrJTI4NSUyRjI3JTJGM=
jUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG=
9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjo=
iZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMjAzOTE2fQ/8e64bf98f8f04b874=
95661d7d7c6947ab0f6b309c757b1317ec2f0d756835959" target=3D"_blank" =
style=3D"text-decoration: none; color: #d40000;" rel=3D"noopener">Saks =
Pistols</a></span></p></div></div></td></tr></tbody></table><table =
class=3D"text_block block-3" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:Arial,sans-serif"><div class=3D"" =
style=3D"font-family:Arial,'Helvetica =
Neue',Helvetica,sans-serif;font-size:12px;mso-line-height-alt:14.3999=
99999999999px;color:#000;line-height:1.2"><p =
style=3D"margin:0;mso-line-height-alt:14.399999999999999px"><span =
style=3D"word-break: break-word; font-size: 15px;"><strong>WILLIAM D. =
COHAN</strong></span></p></div></div></td></tr></tbody></table><table =
class=3D"text_block block-4" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:Arial,sans-serif"><div class=3D"" =
style=3D"font-family:Arial,'Helvetica =
Neue',Helvetica,sans-serif;font-size:12px;mso-line-height-alt:14.3999=
99999999999px;color:#000;line-height:1.2"><p =
style=3D"margin:0;mso-line-height-alt:14.399999999999999px">
<span style=3D"word-break: break-word; font-size: 16px;">The strife =
continues at Saks Global as the luxury retailer faces a $121 million =
interest payment due next month and a possible $100 million-plus =
shortfall in August. Meanwhile, executives have questions about the art =
and jewelry that Saks claims accounts for nearly a third of its $689 =
million of inventory=E2=80=94and which the company is desperately trying =
to sell.</span></p><p =
style=3D"margin:0;mso-line-height-alt:14.399999999999999px">=C2=A0</p><p =
style=3D"margin:0;mso-line-height-alt:19.2px"><strong><span =
style=3D"word-break: break-word; font-size: 16px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYRWtKTHVsSXFSRkVUU1B6MUlTYz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvbm=
V3LXByb2JsZW1zLWZvci1zYWtzLWdsb2JhbC1hbmQtaXRzLWRpc3RyZXNzZWQtYm9uZHMvP3V=
0bV9jYW1wYWlnbj1CaWxsK0lDK0NhbGwrLStBbGwrTEVBRFMrJTI4NSUyRjI3JTJGMjUlMjlc=
dTAwMjZ1dG1fY29udGVudD1CaWxsK0lDK0NhbGwrLStBbGwrTEVBRFMrJTI4NSUyRjI3JTJGM=
jUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG=
9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjo=
iZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMjAzOTE2fQ/8e64bf98f8f04b874=
95661d7d7c6947ab0f6b309c757b1317ec2f0d756835959" target=3D"_blank" =
style=3D"text-decoration: underline; color: #d40000;" =
rel=3D"noopener">Read =
Now</a></span></strong></p></div></div></td></tr></tbody></table></td></t=
r></tbody></table></td></tr></tbody></table><table class=3D"row row-4" =
align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table =
class=3D"row-content" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;color:#000;width:600px;mar=
gin:0 auto" width=3D"600"><tbody><tr><td class=3D"column column-1" =
width=3D"100%" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align=
:left;padding-bottom:5px;padding-left:30px;padding-right:30px;padding-top=
:5px;vertical-align:top"><table class=3D"image_block block-1" =
width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td =
class=3D"pad" style=3D"width:100%"><div class=3D"alignment" =
align=3D"center"><div style=3D"max-width:540px"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYRWtKTHVsSXFSRkVUU1B6MUlTYz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaX=
Mtc2Frcy1nbG9iYWwtaGVhZGVkLWZvci1hLWZ1bGwtZGVidC1yZXN0cnVjdHVyaW5nLz91dG1=
fY2FtcGFpZ249QmlsbCtJQytDYWxsKy0rQWxsK0xFQURTKyUyODUlMkYyNyUyRjI1JTI5XHUw=
MDI2dXRtX2NvbnRlbnQ9QmlsbCtJQytDYWxsKy0rQWxsK0xFQURTKyUyODUlMkYyNyUyRjI1J=
TI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbW=
VyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY=
2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE5NzU2N30/33ca72d5c6d591a355ca=
4791b2ed6ac709e3862d6456566908ff8097585c8e88" target=3D"_blank" =
style=3D"outline:none" tabindex=3D"-1"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1747334990801_Screenshot%202025-05-15%20at%202.48.27%20PM_01JVAMG313S62A=
0MHQV3YKYM4N.png" =
style=3D"display:block;height:auto;border:0;width:100%" width=3D"540" =
alt=3D"Saks Global" title=3D"Saks Global" =
height=3D"auto"/></a></div></div></td></tr></tbody></table><table =
class=3D"text_block block-2" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:'Times New Roman',Georgia,serif"><div =
class=3D"" style=3D"font-size:14px;font-family:TimesNewRoman,'Times =
New =
Roman',Times,Beskerville,Georgia,serif;mso-line-height-alt:16.8px;col=
or:#000;line-height:1.2"><p =
style=3D"margin:0;font-size:14px;mso-line-height-alt:16.8px">
<span style=3D"word-break: break-word; font-size: 30px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYRWtKTHVsSXFSRkVUU1B6MUlTYz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaX=
Mtc2Frcy1nbG9iYWwtaGVhZGVkLWZvci1hLWZ1bGwtZGVidC1yZXN0cnVjdHVyaW5nLz91dG1=
fY2FtcGFpZ249QmlsbCtJQytDYWxsKy0rQWxsK0xFQURTKyUyODUlMkYyNyUyRjI1JTI5XHUw=
MDI2dXRtX2NvbnRlbnQ9QmlsbCtJQytDYWxsKy0rQWxsK0xFQURTKyUyODUlMkYyNyUyRjI1J=
TI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbW=
VyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY=
2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE5NzU2N30/33ca72d5c6d591a355ca=
4791b2ed6ac709e3862d6456566908ff8097585c8e88" target=3D"_blank" =
style=3D"text-decoration: none; color: #d40000;" rel=3D"noopener">Life =
Saks</a></span></p></div></div></td></tr></tbody></table><table =
class=3D"text_block block-3" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:Arial,sans-serif"><div class=3D"" =
style=3D"font-family:Arial,'Helvetica =
Neue',Helvetica,sans-serif;font-size:12px;mso-line-height-alt:14.3999=
99999999999px;color:#000;line-height:1.2"><p =
style=3D"margin:0;mso-line-height-alt:14.399999999999999px"><span =
style=3D"word-break: break-word; font-size: 15px;"><strong>WILLIAM D. =
COHAN</strong></span></p></div></div></td></tr></tbody></table><table =
class=3D"text_block block-4" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:Arial,sans-serif"><div class=3D"" =
style=3D"font-family:Arial,'Helvetica =
Neue',Helvetica,sans-serif;font-size:12px;mso-line-height-alt:14.3999=
99999999999px;color:#000;line-height:1.2"><p =
style=3D"margin:0;mso-line-height-alt:14.399999999999999px">
<span style=3D"word-break: break-word; font-size: 16px;">Pretty much =
everything that could go wrong at Saks Global has gone wrong. Now, two =
firms best known for advising on restructurings have been engaged amid =
growing doubts about the company=E2=80=99s future.</span></p><p =
style=3D"margin:0;mso-line-height-alt:14.399999999999999px">=C2=A0</p><p =
style=3D"margin:0;mso-line-height-alt:19.2px">
<strong><span style=3D"word-break: break-word; font-size: 16px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYRWtKTHVsSXFSRkVUU1B6MUlTYz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaX=
Mtc2Frcy1nbG9iYWwtaGVhZGVkLWZvci1hLWZ1bGwtZGVidC1yZXN0cnVjdHVyaW5nLz91dG1=
fY2FtcGFpZ249QmlsbCtJQytDYWxsKy0rQWxsK0xFQURTKyUyODUlMkYyNyUyRjI1JTI5XHUw=
MDI2dXRtX2NvbnRlbnQ9QmlsbCtJQytDYWxsKy0rQWxsK0xFQURTKyUyODUlMkYyNyUyRjI1J=
TI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbW=
VyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY=
2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE5NzU2N30/33ca72d5c6d591a355ca=
4791b2ed6ac709e3862d6456566908ff8097585c8e88" target=3D"_blank" =
style=3D"text-decoration: underline; color: #d40000;" =
rel=3D"noopener">Read =
Now</a></span></strong></p></div></div></td></tr></tbody></table></td></t=
r></tbody></table></td></tr></tbody></table><table class=3D"row row-5" =
align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td>
<table class=3D"row-content" align=3D"center" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;color:#000;width:600px;mar=
gin:0 auto" width=3D"600"><tbody><tr><td class=3D"column column-1" =
width=3D"100%" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align=
:left;padding-bottom:5px;padding-left:30px;padding-right:30px;padding-top=
:5px;vertical-align:top"><table class=3D"image_block block-1" =
width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td =
class=3D"pad" style=3D"width:100%"><div class=3D"alignment" =
align=3D"center"><div style=3D"max-width:540px"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYRWtKTHVsSXFSRkVUU1B6MUlTYz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvc2=
Frcy1ib25kLWEtZGVhbC10aGF0LW5ldmVyLXNob3VsZC1oYXZlLWdvdHRlbi1kb25lLz91dG1=
fY2FtcGFpZ249QmlsbCtJQytDYWxsKy0rQWxsK0xFQURTKyUyODUlMkYyNyUyRjI1JTI5XHUw=
MDI2dXRtX2NvbnRlbnQ9QmlsbCtJQytDYWxsKy0rQWxsK0xFQURTKyUyODUlMkYyNyUyRjI1J=
TI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbW=
VyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY=
2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE4NzMzOX0/5898d2444b711614f6c0=
d065a000bf9b57ae732d00952dc1ddc04e6a764bdc7c" target=3D"_blank" =
style=3D"outline:none" tabindex=3D"-1"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1746735255229_Screenshot%202025-05-08%20at%204.13.25%20PM_01JTRRHKTJHBDV=
B77CED724H1W.png" =
style=3D"display:block;height:auto;border:0;width:100%" width=3D"540" =
alt=3D"Saks Bond" title=3D"Saks Bond" =
height=3D"auto"/></a></div></div></td></tr></tbody></table><table =
class=3D"text_block block-2" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:'Times New Roman',Georgia,serif"><div =
class=3D"" style=3D"font-size:14px;font-family:TimesNewRoman,'Times =
New =
Roman',Times,Beskerville,Georgia,serif;mso-line-height-alt:16.8px;col=
or:#000;line-height:1.2"><p =
style=3D"margin:0;font-size:14px;mso-line-height-alt:16.8px"><span =
style=3D"word-break: break-word; font-size: 30px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYRWtKTHVsSXFSRkVUU1B6MUlTYz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvc2=
Frcy1ib25kLWEtZGVhbC10aGF0LW5ldmVyLXNob3VsZC1oYXZlLWdvdHRlbi1kb25lLz91dG1=
fY2FtcGFpZ249QmlsbCtJQytDYWxsKy0rQWxsK0xFQURTKyUyODUlMkYyNyUyRjI1JTI5XHUw=
MDI2dXRtX2NvbnRlbnQ9QmlsbCtJQytDYWxsKy0rQWxsK0xFQURTKyUyODUlMkYyNyUyRjI1J=
TI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbW=
VyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY=
2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE4NzMzOX0/5898d2444b711614f6c0=
d065a000bf9b57ae732d00952dc1ddc04e6a764bdc7c" target=3D"_blank" =
style=3D"text-decoration: none; color: #d40000;" rel=3D"noopener">No =
Saks in the Champagne =
Room</a></span></p></div></div></td></tr></tbody></table><table =
class=3D"text_block block-3" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:Arial,sans-serif"><div class=3D"" =
style=3D"font-family:Arial,'Helvetica =
Neue',Helvetica,sans-serif;font-size:12px;mso-line-height-alt:14.3999=
99999999999px;color:#000;line-height:1.2"><p =
style=3D"margin:0;mso-line-height-alt:14.399999999999999px">
<span style=3D"word-break: break-word; font-size: 15px;"><strong>WILLIAM =
D. COHAN</strong></span></p></div></div></td></tr></tbody></table><table =
class=3D"text_block block-4" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tb=
ody><tr><td class=3D"pad" =
style=3D"padding-bottom:5px;padding-top:5px"><div =
style=3D"font-family:Arial,sans-serif"><div class=3D"" =
style=3D"font-family:Arial,'Helvetica =
Neue',Helvetica,sans-serif;font-size:12px;mso-line-height-alt:14.3999=
99999999999px;color:#000;line-height:1.2"><p =
style=3D"margin:0;mso-line-height-alt:14.399999999999999px">
<span style=3D"word-break: break-word; font-size: 16px;">Since Saks =
acquired Neiman Marcus Group for $2.7 billion, Wall Street has been =
trying to figure out why the deal got done in the first place. A deep =
dive into the 400-page bond prospectus reveals some very creative =
accounting, including my new fave: =E2=80=9CPro Forma Run-Rate Adjusted =
EBITDA.=E2=80=9D</span></p><p =
style=3D"margin:0;mso-line-height-alt:14.399999999999999px">=C2=A0</p><p =
style=3D"margin:0;mso-line-height-alt:19.2px">
<strong><span style=3D"word-break: break-word; font-size: 16px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdYRWtKTHVsSXFSRkVUU1B6MUlTYz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvc2=
Frcy1ib25kLWEtZGVhbC10aGF0LW5ldmVyLXNob3VsZC1oYXZlLWdvdHRlbi1kb25lLz91dG1=
fY2FtcGFpZ249QmlsbCtJQytDYWxsKy0rQWxsK0xFQURTKyUyODUlMkYyNyUyRjI1JTI5XHUw=
MDI2dXRtX2NvbnRlbnQ9QmlsbCtJQytDYWxsKy0rQWxsK0xFQURTKyUyODUlMkYyNyUyRjI1J=
TI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbW=
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d065a000bf9b57ae732d00952dc1ddc04e6a764bdc7c" target=3D"_blank" =
style=3D"text-decoration: underline; color: #d40000;" =
rel=3D"noopener">Read =
Now</a></span></strong></p></div></div></td></tr></tbody></table></td></t=
r></tbody></table></td></tr></tbody></table><table class=3D"row row-6" =
align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
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