“We went from $300m a day in revenue to $10m a day.” said Barry Diller, Chairman of Expedia. Read more
May.4th, note holder gives the company an extension until May.22nd
May.22nd: they file for bankruptcy
June.2nd, 2020, at 4:15pm ET, court calls the stock worthless 19 times..(yet share price somehow rises 331.39% 3 days later).
Icahn ownership 3/12/20
(SC 13D/A’ on 5/27/20) “I have been an investor and supporter of Hertz since 2014. Unfortunately because of Covid-19 which has caused an extremely rapid and substantial decrease in travel, Hertz has encountered major financial difficulties and I support the Board in their conclusion to file for bankruptcy protection. Yesterday I sold my equity position at a significant loss, but this does not mean that I don’t continue to have faith in the future of Hertz. I believe that based on a plan of reorganization that includes new capital, Hertz will again become a great company. I intend to closely follow the Company’s reorganization and I look forward to assessing different opportunities to support Hertz in the future.”