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    Bruce Monrad

    Research Analyst at Northeast Investors Trust

    Bruce Monrad is Chairman and Trustee at Northeast Investors Trust, where he also serves as portfolio manager specializing in high-yield and leveraged securities. He has managed the Trust’s investment strategy since joining in 1989, building a distinguished career focused on the high-yield bond market and regularly providing insights on credit market performance and recession trends. Previously a financial analyst at Prudential-Bache Securities, Monrad’s tenure includes over three decades of leadership driving returns in challenging fixed income sectors. He holds both an A.B. and an M.B.A. from Harvard and is recognized for his investment acumen, though specific third-party quantitative performance metrics and FINRA licensing details are not publicly disclosed.

    Bruce Monrad's questions to ICAHN ENTERPRISES (IEP) leadership

    Bruce Monrad's questions to ICAHN ENTERPRISES (IEP) leadership • Q3 2024

    Question

    Bruce Monrad of Northeast Investors Trust focused on the Food Packaging segment, questioning the sudden deterioration in performance after management had guided for higher EBITDA in May. He sought to understand the root causes of the issues, such as waste and product mix, why these problems were proving so intractable, and whether industry consolidation could be a solution.

    Answer

    Executive Ted Papapostolou attributed the Food Packaging segment's underperformance to a lower-margin product mix and a return to pre-pandemic price competitiveness. He explained that higher waste levels are partly due to aging machinery, which is difficult to maintain and leads to unexpected downtime. Papapostolou stated that a new capital plan to modernize equipment is necessary for significant improvement. He noted the mix issue was most pronounced in Europe and concluded by stating that while the company always looks at opportunities, no sensible consolidation options are currently available.

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    Bruce Monrad's questions to ICAHN ENTERPRISES (IEP) leadership • Q3 2024

    Question

    Bruce Monrad of Northeast Investors Trust questioned the sudden deterioration in the Food Packaging segment's performance, asking what changed between the positive guidance in May and the current results. He pressed for details on the intractability of the waste issues, the impact of product mix, and whether the industry could benefit from consolidation.

    Answer

    CFO Ted Papapostolou attributed the Food Packaging segment's underperformance to a combination of factors that materialized post-guidance. He cited a shift to a lower-margin product mix, particularly in Europe, and heightened price competitiveness returning to pre-pandemic levels. Papapostolou explained that persistent waste issues are partly due to aging machinery, which a future capital plan aims to address by modernizing equipment. He acknowledged that while management is firefighting the issues, a capital plan is seen as the most impactful long-term solution. Regarding consolidation, he stated that while opportunities are always evaluated, nothing currently makes sense.

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    Bruce Monrad's questions to PYXUS INTERNATIONAL (PYYX) leadership

    Bruce Monrad's questions to PYXUS INTERNATIONAL (PYYX) leadership • Q1 2025

    Question

    Bruce Monrad from Northeast Investors Trust followed up on several topics, asking for the stock price target for compensation, a pro forma cash interest expense run rate, and clarification on how intra-quarter debt balances compare to quarter-end balances. He also asked how a potential slowdown would impact working capital and for a year-end net debt target.

    Answer

    CEO J. Sikkel noted that equity targets for compensation are significantly higher than the current price and are detailed in the proxy. CFO Flavia Landsberg declined to give pro forma interest guidance but quantified annual savings from recent deleveraging at $12.9 million. She explained debt balances are seasonal, peaking in Q1/Q4. Sikkel stated the goal is to maximize shipments and reduce year-end inventory, reiterating that improving the undervalued stock price is a key strategic focus.

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    Bruce Monrad's questions to PYXUS INTERNATIONAL (PYYX) leadership • Q1 2025

    Question

    Asked follow-up questions about stock compensation price targets, a pro forma run rate for cash interest expense, the seasonality of debt balances, and the potential impact of a slowdown on working capital and year-end net debt.

    Answer

    Stock compensation targets are significantly higher than the current price and details are in the proxy. The company doesn't guide on pro forma interest but noted ~$12.9M in annual savings from recent deleveraging. Debt balances fluctuate seasonally with inventory needs. The company has an aggressive target to ship products and reduce year-end inventory, regardless of potential slowdowns.

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