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Microcap & Penny Stocks : Qurate Retail

QVCGA 11.23

+3.0%

Oct 29 3:59 PM EDT

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To: Sean Collett who wrote (43)	8/9/2025 11:19:52 AM
From: Sean Collett	Read Replies (1) of 83

One last point on this too that I forgot to mention yesterday (I am obsessive so apologize and have a need to understand as much as possible). The entire premise from the Substack post is built on the idea that QVC leveraged section 1.10 for a limited condition transaction. Not arguing there could be something there. Counter argument is that we know for certain QVC hired Evercore & Kirkland and has Roger on board to advise them. We know they have been working on some deal with bond holders. So we hear the hooves, yeah? Why think zebras in a complex LCD when it's likely a horse; i.e., the credit facility syndicate allowed them to draw $975M in prepetition without triggering a technical covenant because when QVC files they pre-negotiated to convert this debt into DIP financing giving the syndicate super priority over even senior holders thus protecting themselves even further. This would benefit QVC by giving them the war chest I wrote about but would then also benefit the banks by protecting them as they now sit above senior holders. This would in effect make it more difficult for value to upstream from OpCo (QVC, Inc) -> HoldCo (Liberty Interactive) and then even more difficult to get value to ParCo (QVC Group). It is likely if I am correct then it makes the LITNA debt even less likely to see recovery via conversion to equity but no telling what senior holders may throw as a bone to get buy-in. Anyway, I am seeing the Substack analysis being passed around and taken as a gospel of sorts and thus more folks are loading up on QVCGA, but I offer this as a counter. Looking for a zebra in Delaware may not be best use of ones resources, but to each their own. -Sean

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