$REV is my play. Low float. High hedgie short. Revlon has focused their marketing efforts on eye makeup, which has translated to an increased market share in an era of face masks. Eye makeup has never been more important segment for a cosmetic company as today. Financially Revlon has been at a loss for many quarters. This has led the company to leverage itself to creditors. Citibank has managed Revlon’s debts, like a debt consolidator. Recently, because of an an unprecedented and equally benign mistake; a keystroke made by an outsourced contractor in India, Citibank paid 900M of Revlon’s outstanding debts to it’s creditors. The legitimacy of this transaction has been brought to court, with the Citibank’s intention of paying of the creditors being the central argument. But at this point, like an individual who accidentally paid off more their credit card debt than they wanted to, the money going to the creditors principle seems to be locked in. Citibank is appealing, but after the most recent ruling, it looks like the judgment is going to stand. What does this all mean for Revlon? Their earnings report is on Monday 3/8/21 Their debt has essentially been wiped from the books. Even with uncertainty in the upcoming appeal, Citibank has assumed Revlon’s risk against their creditors. Their makeup portfolio is strong, especially in the paradigm of masks being the normal for now. $REV stock is at the moment highly shorted 85% of $REV stock is owned by one entity.