The JNJ loss in the 3rd circuit ki-ls 3Ms last chance to avoid chapter 11.
Smart investors and retirees should:
ST. PAUL, Minn., Feb. 7, 2023 /PRNewswire/ -- The 3M Board of Directors (NYSE:MMM) today declared a dividend on the company's common stock of $1.50 per share for the first quarter of 2023. The dividend is payable March 12, 2023, to shareholders of record at the close of business on Feb. 17, 2023.
The dividend will not be cut, but raised to $1.50 per share quarterly. Lowered earnings guidance is still more than enough to cover a $6 annual dividend. Shareholder dividends and stock buybacks are top priority. Management is confident in their legal strategy, so no need to cut the dividend and hoard cash. Just stick to the playbook and keep winning.
What is the general prediction for timing of first dividend cut from the "inevitable bankruptcy" crowd here? Will the first cut be Q1'23?
I stand by my prior estimate and reasoning. About a 1 chance in 3 (33%) of main/parent 3M bankruptcy in 3 years.
Hearing alone won't do it. PFAS alone won't do it. Both have to hit and hit relatively hard, a very real but not assured possibility.
I agree with the J&J ruling. A company should not be able to spin-off liability into bankruptcy protection without claiming a full bankruptcy and all that comes with it.
So if bankruptcy is allegedly inevitable for 3M - then won’t the hearing loss litigants end up in the same boat -dealing with a bankrupt company that can’t pay ? It seems it would be in everyone’s best interest to reach a settlement that doesn’t destroy the goose that’s laying the golden eggs.
Unfortunately this is correct. These court cases will bankrupt 3M for sure. It is going to zero. Lots of opportunities to short though or buy puts. We KNOW it is going bankrupt within 3 years.
No
My GESPPbis in deep loss now (-30%) despite holding for >10 years. It certainly feels very painful to cut loss now. Any chance it might get back to $150 right before the spin off?