Qurate Retail Preferred Is A Bargain That Has Plenty Of Outs [Seeking Alpha]
Qurate Retail, Inc. - Series A (QRTEA)
Last qurate retail, inc. - series a earnings: 2/25 04:30 pm
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Source: Seeking Alpha
The collateral currently at Q more than covers the current market price. Q has plenty of outs to move more assets to the box, thus greatly increasing potential recovery value. NASDAQ: QRTEP (also referred to as the QRTEA 8.00% Cumulative Preferred Shares) are arguably one of the most misunderstood securities within the Qurate structure. What I want to accomplish today is to break down the various assets and claims that go into QRTEP to establish a valuation for these shares. Let's first start by addressing the structure. The top box is Qurate Retail Inc , this is where the QRTEP baby bonds sit. QRI (which is referred to as simply "Q" on all the earnings calls, so as to avoid confusion, we will also refer to it as "Q") is the parent entity. Beneath Q sit Liberty Interactive LLC ("LI") which is a holding company for QVC Inc ("QVCI") , the main producing asset in this entire structure. Outside of this, there is also Cornerstone Brands Inc. ("CBI") , a separate, smaller produci
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