In Case You Missed It....

Three somewhat important news items that might have slipped under your radar last week...

First, the deadline for implementing the Red Flag Rules was again pushed back. This time from May 1 to August 1.

Second, as Ward's predicted, Sonic Automotive Group did renegotiate its $105 million debt last week with bondholders (it was due May 7), agreeing to a higher interest rate in exchange for more time.

Finally, the top selling Porsche dealership, Champion Motors (FL) filed for Chapter 11 bankrptcy last week. I had lunch with the owners in Las Vegas a few years ago. Bright guys, but seemed a little young and a little too polished. Hopefully, they'll be able to emerge with a little more seasoning and much wiser.