Fascination with the U.S. cosmetics maker has pushed its shares up by more than 300% since it filed for bankruptcy 11 days ago
Even for a veteran meme stock trader like Mike Minutelli, Revlon Inc is a wild bet.
Retail investors who bought Hertz shares after it filed for bankruptcy in May 2020 ended up with handsome profits when a group of investment firms offered $6 billion a year later to take over the car rental firm. Hertz suffered a major blow at the onset of the COVID-19 pandemic when travel shut down and demand for its cars plummeted. But by the time the company exited bankruptcy a year later, vaccines had become available and travel was re-opening.
The investors hope these problems will go away by the time its bankruptcy protection ends in April 2023, and that someone will swoop in to buy Revlon and deliver them a windfall. USC Gould School of Law professor Robert Rasmussen, a bankruptcy expert, said he was skeptical that Revlon’s fortunes could turn substantially to put the meme stock investors in the black.
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