Lockdown Leninist Leon Cooperman might nominate airline shares as the most batshit equity being bid up by rookie day traders with surfeits of both time and money, we here at Dealbreaker are sticking with Hertz. While no car rental agencies are doing much renting of cars these days, no other car rental agency has been forced into bankruptcy court, because even before the coronavirus’ killing of all business and leisure travel and hence all of a car renter’s business, Hertz was in bad enough shape to potentially cease to be. Here is a company whose business is renting cars that is literally advertising it no longer needs cars, and the stock market Stoolies can’t get enough of it.

Well, if people are willing to pay money for Hertz shares, Hertz is more than happy to provide them: $500 million worth of them. There’s just one thing it has to tell you about those shares, not that you’re likely to listen.

“Although we cannot predict how our common stock will be treated under a plan, we expect that common stock holders would not receive a recovery through any plan unless the holders of more senior claims and interests, such as secured and unsecured indebtedness (which is currently trading at a significant discount), are paid in full, which would require a significant and rapid and currently unanticipated improvement in business conditions to pre-COVID-19 or close to pre-COVID-19 levels.”

Hertz says it expects stockholders to lose all their money in filing for selling more stock [CNBC]
Leon Cooperman: Robinhood traders speculation in stocks like airlines will ‘end in tears’ [CNBC]
Looking to buy a car? Hertz is selling thousands of used cars in its fleet in bankruptcy at bargain prices [USA Today]
‘There’s absolutely no reason to own U.S. equities right now,’ strategist says, citing ‘an unholy speculative mix’ [MarketWatch]