William D. Cohan
@williamdcohan.bsky.social
Husband. Father. Best-selling author of, most recently, Power Failure. Founding partner, Puck. Air Mail writer-at-large. Occasional FT Op-Ed Writer.
Read my Puck articles: https://puck.news/author/william-cohan/
Read my Puck articles: https://puck.news/author/william-cohan/
Wall Street is more worried about Zohran than it is about war with Iran. Just saying
puck.news/wall-street-...
puck.news/wall-street-...
How Wall Street Stopped Worrying and Learned to Love the Bomb
In an informal survey of the lords of high finance, executives praised Trump’s strike on Iran, and said they won’t worry about the market until there are American boots on the ground. It’s the New Yor...
puck.news
June 26, 2025 at 4:18 PM
Wall Street is more worried about Zohran than it is about war with Iran. Just saying
puck.news/wall-street-...
puck.news/wall-street-...
Imagining the nightmare scenario for Shari Redstone if her deal to sell Paramount Global does not close by October. It ain't pretty...
puck.news/the-paramoun...
puck.news/the-paramoun...
The Shari Nightmare Scenario
It’s not at all clear where Shari Redstone would come up with the $550 million she would owe her creditors if the Skydance-Paramount deal falls through—and the consequences are mind-boggling.
puck.news
June 9, 2025 at 6:21 PM
Imagining the nightmare scenario for Shari Redstone if her deal to sell Paramount Global does not close by October. It ain't pretty...
puck.news/the-paramoun...
puck.news/the-paramoun...
What does Shari Redstone do if her deal to recapitalize Paramount Global doesn't close in October?
puck.news/what-happens...
puck.news/what-happens...
Another Day in Sharidise
So what happens if Shari Redstone can’t close her Paramount deal by the fall—as is becoming increasingly likely? A $300 million payment to the Ellisons, another $250 million to Byron Trott, the potent...
puck.news
June 5, 2025 at 12:25 PM
What does Shari Redstone do if her deal to recapitalize Paramount Global doesn't close in October?
puck.news/what-happens...
puck.news/what-happens...
Why did S&P Global downgrade the debt of Warner Bros. Discovery, instead of upgrading it? That's what I would like to know...
puck.news/sp-isnt-buyi...
puck.news/sp-isnt-buyi...
The Zaz Downgrade Debacle
For years, David Zaslav and henchman Gunnar Wiedenfels had been following the yeoman’s path of paying down Warner Bros. Discovery’s $55 billion debt, all in the service of exploding the value of their...
puck.news
June 2, 2025 at 6:38 PM
Why did S&P Global downgrade the debt of Warner Bros. Discovery, instead of upgrading it? That's what I would like to know...
puck.news/sp-isnt-buyi...
puck.news/sp-isnt-buyi...
Reposted by William D. Cohan
Hype Man: Marc Metrick's Saks is a cluttered closet full of discounts open.substack.com/pub/thedig/p... Thanks to @williamdcohan.bsky.social for sharing the prospectus with multiple sets of audited financials and auditors' opinions and some really wild-a$$ pro formas. #DeloitteToronto #EYDallas
Hype Man: Marc Metrick's Saks is a cluttered closet full of discounts
Selling deals is a hype game. Disclosure rules are loose and going to get looser. But gatekeepers — lawyers, investment bankers, and Big 4 global audit firms — win all the time.
open.substack.com
May 27, 2025 at 5:56 PM
Hype Man: Marc Metrick's Saks is a cluttered closet full of discounts open.substack.com/pub/thedig/p... Thanks to @williamdcohan.bsky.social for sharing the prospectus with multiple sets of audited financials and auditors' opinions and some really wild-a$$ pro formas. #DeloitteToronto #EYDallas
Partnerships of all stripes are going to get walloped by the Big Beautiful Tax bill unless the Senate takes action
puck.news/new-salt-rul...
puck.news/new-salt-rul...
Trump’s Wall Street Tax Glitch
While everyone’s focused on the fate of the SALT deduction in Trump’s tax bill, a similar but lesser-known provision could punish a range of businesses, from high-powered law firms and hedge funds to ...
puck.news
May 29, 2025 at 4:20 PM
Partnerships of all stripes are going to get walloped by the Big Beautiful Tax bill unless the Senate takes action
puck.news/new-salt-rul...
puck.news/new-salt-rul...
Will things get worse before they get better at Saks Global? My latest analysis.
puck.news/new-problems...
puck.news/new-problems...
Saks Pistols
More strife at Saks Global as the 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...
puck.news
May 22, 2025 at 8:28 PM
Will things get worse before they get better at Saks Global? My latest analysis.
puck.news/new-problems...
puck.news/new-problems...
It sure looks like Saks Global is heading toward a major debt restructuring now that both the company and its major creditors have hired bigtime legal and financial advisers.
puck.news/is-saks-glob...
puck.news/is-saks-glob...
Life Saks
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.
puck.news
May 17, 2025 at 5:54 PM
It sure looks like Saks Global is heading toward a major debt restructuring now that both the company and its major creditors have hired bigtime legal and financial advisers.
puck.news/is-saks-glob...
puck.news/is-saks-glob...
Has WarnerBros. Discovery finally turned the corner after first quarter earnings plus the success of Minecraft and Sinners? My latest...
puck.news/zaslav-pushe...
puck.news/zaslav-pushe...
Zaslav’s Spin Cycle
Days after NBCU announced the name of its SpinCo, David Zaslav kicked the rumor mill into overdrive by announcing that Warner Bros. Discovery, too, had successfully cordoned off its declining cable bu...
puck.news
May 12, 2025 at 12:44 PM
Has WarnerBros. Discovery finally turned the corner after first quarter earnings plus the success of Minecraft and Sinners? My latest...
puck.news/zaslav-pushe...
puck.news/zaslav-pushe...
Reposted by William D. Cohan
Former Apollo executive Leon Black faces another misconduct allegation—this time it’s an increasingly surreal case involving a client who’s been dropped by her lawyers and is now at war with their firm…
@williamdcohan.bsky.social has details:
@williamdcohan.bsky.social has details:
The Leon Black Legal Saga Ad Absurdum
The former Apollo executive has defeated all but one of the misconduct allegations against him—an increasingly surreal case involving a client who has been dropped by her lawyers and is now at war wit...
puck.news
April 29, 2025 at 2:01 AM
Former Apollo executive Leon Black faces another misconduct allegation—this time it’s an increasingly surreal case involving a client who’s been dropped by her lawyers and is now at war with their firm…
@williamdcohan.bsky.social has details:
@williamdcohan.bsky.social has details:
Reposted by William D. Cohan
Lazard C.E.O. Peter Orszag on whether Trump’s tariffs can actually work, America’s role as world leader, and the current market volatility.
Read his conversation with Puck’s @williamdcohan.bsky.social
Read his conversation with Puck’s @williamdcohan.bsky.social
Tuesdays With Orszag
Orszag and Lazard co-head of European investment banking, Jean-Louis Girodolle, discuss whether the tariffs can actually work, America’s role as world leader, and the current market volatility.
puck.news
May 3, 2025 at 4:37 PM
Lazard C.E.O. Peter Orszag on whether Trump’s tariffs can actually work, America’s role as world leader, and the current market volatility.
Read his conversation with Puck’s @williamdcohan.bsky.social
Read his conversation with Puck’s @williamdcohan.bsky.social
Reposted by William D. Cohan
Since Saks acquired Neiman Marcus Group for $2.7B, Wall Street has been trying to figure out why the deal got done in the first place. @williamdcohan.bsky.social's deep dive into the 400-page bond prospectus reveals some creative accounting:
No Saks in the Champagne Room
A deep dive into the 400-page bond prospectus reveals some very creative accounting, including my new fave: “Pro Forma Run-Rate Adjusted EBITDA.”
puck.news
May 5, 2025 at 10:48 PM
Since Saks acquired Neiman Marcus Group for $2.7B, Wall Street has been trying to figure out why the deal got done in the first place. @williamdcohan.bsky.social's deep dive into the 400-page bond prospectus reveals some creative accounting:
Reposted by William D. Cohan
In an increasingly nasty proxy battle, Paul Singer’s hedge fund, Elliott Management, is agitating for board seats at Big Oil’s Phillips 66, whose C.E.O. has chosen to dig in and fight.
@williamdcohan.bsky.social has the story:
@williamdcohan.bsky.social has the story:
There Will Be Blood
In an increasingly nasty proxy battle, Paul Singer’s hedge fund is agitating for board seats and what it claims is long-overdue change at Big Oil’s Phillips 66, whose chairman has chosen to fight.
puck.news
May 8, 2025 at 9:06 PM
In an increasingly nasty proxy battle, Paul Singer’s hedge fund, Elliott Management, is agitating for board seats at Big Oil’s Phillips 66, whose C.E.O. has chosen to dig in and fight.
@williamdcohan.bsky.social has the story:
@williamdcohan.bsky.social has the story:
There's one proxy fight worth watching this proxy season and pits Big Hedge Fund against Big Oil and boy is it a doozy!
puck.news/paul-singer-...
puck.news/paul-singer-...
There Will Be Blood
In an increasingly nasty proxy battle, Paul Singer’s hedge fund is agitating for board seats and what it claims is long-overdue change at Big Oil’s Phillips 66, whose chairman has chosen to fight.
puck.news
May 7, 2025 at 11:30 PM
There's one proxy fight worth watching this proxy season and pits Big Hedge Fund against Big Oil and boy is it a doozy!
puck.news/paul-singer-...
puck.news/paul-singer-...
We all know now how crazy the Saks-Neiman Marcus merger was, last December. Now I can reveal what the companies did to raise the $2.2 billion in junk financing, and it ain't pretty.
puck.news/saks-bond-a-...
puck.news/saks-bond-a-...
No Saks in the Champagne Room
A deep dive into the 400-page bond prospectus reveals some very creative accounting, including my new fave: “Pro Forma Run-Rate Adjusted EBITDA.”
puck.news
May 6, 2025 at 6:43 PM
We all know now how crazy the Saks-Neiman Marcus merger was, last December. Now I can reveal what the companies did to raise the $2.2 billion in junk financing, and it ain't pretty.
puck.news/saks-bond-a-...
puck.news/saks-bond-a-...
Ever wonder how the European business community is grappling with the Trump Tariff mishegas? So did I. My conversation, in Paris, with two of the leaders of Lazard.
puck.news/lazard-ceo-p...
puck.news/lazard-ceo-p...
Tuesdays With Orszag
Orszag and Lazard co-head of European investment banking, Jean-Louis Girodolle, discuss whether the tariffs can actually work, America’s role as world leader, and the current market volatility.
puck.news
May 1, 2025 at 7:35 AM
Ever wonder how the European business community is grappling with the Trump Tariff mishegas? So did I. My conversation, in Paris, with two of the leaders of Lazard.
puck.news/lazard-ceo-p...
puck.news/lazard-ceo-p...
Is the Saks/Neiman Marcus deal already in trouble, just four months after closing? It sure looks that way. I explain all here.
April 28, 2025 at 7:18 PM
Is the Saks/Neiman Marcus deal already in trouble, just four months after closing? It sure looks that way. I explain all here.
What a pleasant surprise! @LHSummers
with the guts to keep speaking Truth to Power. He tells it like it is to me during this recent interview. Massive praise to him.
puck.news/best-compari...
with the guts to keep speaking Truth to Power. He tells it like it is to me during this recent interview. Massive praise to him.
puck.news/best-compari...
Dirty Larry Comes Out Firing
Larry Summers, the former Treasury secretary and N.E.C. director, goes “Full Larry” on the economic fallout under Trump II—capital flight, lost exports, violent deleveraging, declining competitiveness...
puck.news
April 25, 2025 at 3:03 PM
What a pleasant surprise! @LHSummers
with the guts to keep speaking Truth to Power. He tells it like it is to me during this recent interview. Massive praise to him.
puck.news/best-compari...
with the guts to keep speaking Truth to Power. He tells it like it is to me during this recent interview. Massive praise to him.
puck.news/best-compari...
Reposted by William D. Cohan
The high-stakes roll-up of Saks and Neiman Marcus is straining under the weight of its junk-bond financing—and fast becoming a cautionary tale.
From @williamdcohan.bsky.social puck.news/can-the-saks...
From @williamdcohan.bsky.social puck.news/can-the-saks...
Saks’ $2.2 Billion Fire Alarm
The high-stakes roll-up of Saks and Neiman Marcus is now straining under the weight of its junk-bond financing. Facing spiking yields, vendor unrest, and now Trump’s trade war, Richard Baker’s bold be...
puck.news
April 21, 2025 at 7:56 PM
The high-stakes roll-up of Saks and Neiman Marcus is straining under the weight of its junk-bond financing—and fast becoming a cautionary tale.
From @williamdcohan.bsky.social puck.news/can-the-saks...
From @williamdcohan.bsky.social puck.news/can-the-saks...
Is @saks going down the tubes? Or does it just seem that way because its bonds are yielding 20%?
My thoughts.
puck.news/can-the-saks...
My thoughts.
puck.news/can-the-saks...
Saks’ $2.2 Billion Fire Alarm
The high-stakes roll-up of Saks and Neiman Marcus is now straining under the weight of its junk-bond financing. Facing spiking yields, vendor unrest, and now Trump’s trade war, Richard Baker’s bold be...
puck.news
April 21, 2025 at 12:07 AM
Is @saks going down the tubes? Or does it just seem that way because its bonds are yielding 20%?
My thoughts.
puck.news/can-the-saks...
My thoughts.
puck.news/can-the-saks...
The @NEWSMAX
IPO was one for the ages, a rollercoaster ride without precedent. What the heck happened and why did @ChrisRuddyNMX's wealth get as high as $9.2 billion before crashing out?
puck.news/newsmaxs-apr...
IPO was one for the ages, a rollercoaster ride without precedent. What the heck happened and why did @ChrisRuddyNMX's wealth get as high as $9.2 billion before crashing out?
puck.news/newsmaxs-apr...
Newsmax’s April Fools’ Flash Crash
When the Fox wannabe’s stock popped (and then plunged) after its I.P.O. earlier this month, the billionaires got out in time and retail investors got burned. Same as it ever was…
puck.news
April 17, 2025 at 7:08 PM
The @NEWSMAX
IPO was one for the ages, a rollercoaster ride without precedent. What the heck happened and why did @ChrisRuddyNMX's wealth get as high as $9.2 billion before crashing out?
puck.news/newsmaxs-apr...
IPO was one for the ages, a rollercoaster ride without precedent. What the heck happened and why did @ChrisRuddyNMX's wealth get as high as $9.2 billion before crashing out?
puck.news/newsmaxs-apr...
