I’m back from vacation after navigating some bears*Here’s an update of some things I’m researching at the moment. This smorgasbord is not intended as personal advice.You’re responsible for position sizing, strikes, and so on.YMMV and do your own DD.I’ll be back later in the week with a lotto ticket that could pay 7X that I decided to do as a separate article :)Thanks for reading Triple S Special Situations Investing! Subscribe for free to receive new posts and support my work.SSPSource: Andrew Walker, Yet Another Value Blog (premium)E.W. Scripps controls local network affiliates in several markets across the U.S.It’s a dwindling business in a consolidating industry, and those household cap merger restrictions that used to exist are now gone at the FCC, following an “unbiased” vote.Sinclair already acquired roughly 10% of Scripps on the open market and has made a proposal to merge for $7.00 a share.The board installed a poison pill and refused to take a meeting. The poison pill expires in November.In March, the CEO and directors bought shares on the open market, some for the first time in their entire careers. The CEO’s stock also vests if a deal is done.The capital structure is a huge risk.About $2.5B of debt and $750m of preferred + unpaid accrued (Berkshire owns the prefs) against a sub $350 m equity stub.You are buying a stub to place the bet on a deal, while the company is trying to delever, before it goes bankrupt from being too greedy.I own stock with covered calls. TIG.LSource: Price to Tangible BruceTeam Internet is a three business AIM company at 42.7p, roughly £105m of market cap.Google’s policy changes broke the Search segment in 2025 and EBITDA there went from $56.4m to $9m in one year. That is the whole reason it is cheap.The two other parts that still work are Domains, Identity & Software at $21.4m of 2025 EBITDA and Comparison at $12.3m.DIS is the one for sale, and the board has now said four separate times, in four separate announcements, that they expect a transaction materially above £120m.£120m of proceeds against a £105m market cap.The stock ran up on this new, but since then has come down after the annual meeting as the chairman seemed less confident of a deal.The company originally guided to an outcome in early Q3. That is now.Silence is not a great sign, and if it slips you are probably waiting until year end, if a deal gets done at all.MNROSource: Special Sits DigestMonro has 1,115 stores and sales of around $287 million in the last reported quarter. The company is valued overall at $359 million.Monro is a company I have mentioned before, and these recent quarter’s numbers are horrible, hence the huge stock price drop. Icahn and Gabelli have a combined 1/4 share ownership and can easily create problems for the board.The board has stated that they have formally begun a process of reviewing strategic alternatives that includes selling the company.On July 21st, Icahn sold Pep Boys to Mavis Tire for $700 million cash.That was $700 million for approximately 800 service locations of Pep Boys, and Icahn kept the real estate, so Mavis paid for the operations.Pep Boys and Monro are not the same businesses. However, somebody wrote a big check for a competing company.Conflict of interest was always a concern since Icahn owned a direct competitor. No more. The company did implement a poison pill that expires on November 6, 2026.At the annual meeting that occurred on August 11, about 10.3 million withheld votes against the chairman and approximately 15.2 million were cast for him.The trade is as follows:Buy January 2027 $10 MNRO call for ~$2.30Sell January 2027 $15 MNRO call for ~$0.70The net cost is around ~$1.60 for a $5.00 spreadYou get a 3:1 on this and end up owning shares as long as the stock stays above $10 (if the strategic review is not completed). Sadly, you don’t get a dividend with this strategy.This also protects you from the business completely shitting the bed if it goes below $10 by next year.DOVSource: Hugo Navarro, Undervalued and UndercovereddoValue is the biggest capital light credit servicer in southern Europe. It manages about €136bn of gross book value for banks and funds.#1 in Italy, #1 in Greece, and now Germany through coeo.Fortress, Elliott and Bain are all involved. I pay attention when those names are in a business together. Net leverage peaked around 3.1x pro forma when coeo closed in April.Company guidance is 2.2x by YE2026, against a 3.0x cap.The business is profitable but complicated.If you want to get into this one, I suggest you just read the article as the business is rather complicated.INTRSource: A friend, who does not write publiclyInter & Co is a Brazilian digital bank listed on Nasdaq, at ~$5. It dropped from $10.So, it is sitting on the low, which is usually where I start paying attention.In January the board approved discontinuing its sponsored Level II BDR program on B3 and deregistering the company with the CVM.Holders of the Brazilian receipts get a 30-day window to elect: cancel the BDR and take the Nasdaq common, roll into a new unsponsored Level I program, or sell.A meaningful amount of that Brazilian holder base is retail. Take away the registration and some of them cannot hold it, some of them do not want the tax and custody issues surrounding a foreign share, and some of them simply won’t do the paperwork.So what do they do? They sell.That is not a fundamental problem with the bank.The bank itself is profitable and growing. Besides this issue, the market has been a bit spooked by NPLS.Given the current stock price, it seems a decent time to get involved.I own stock with covered calls.MOLY (TSX)Source: Jason, The ShadowfeedGreenland Resources owns 100% of Malmbjerg, a permitted primary molybdenum deposit,in eastern Greenland.~C$180m of market cap with no debt.China dominates primary production and processing of molybdenum.China implied export controls on certain molybdenum products in February 2025.Molybdenum is used in many civilian and defense applications.Europe consumes it aggressively and produces none.Greenland Resources was chosen as a priority investment from 44 applicants by RESourceEU along with one other project. It also has financial backing provided by Finnish, Swedish, Danish, and Canadian export credit agencies, as well as $275M mandate provided by EDC and a $7M NRCan grant.The offtake agreements are done, and the largest deal is a 10-year contract at an estimated US$1.6B with Outokumpu, and price floors and ceilings are set at approximately US$160M annually at current prices.The feasibility study points to a billion-plus NPV for Malmbjerg, with total initial and sustaining capital around US$1.0bn, capex of roughly US$820m on the current plan, and a payback of roughly 2–3 years depending on price assumptions.This is a critical metals project Europe is not going to let fail.THX (AIM/TSXV)Source: The Oak BlokeThor Explorations is not really a special situation. It is just cheap.Q2 2026: 19,000 oz produced, US$77 m of revenue, and roughly US$220m of net cash/bullion on that C$713m company. Debt free. AISC of $1,262.I don’t particularly like the jurisdictions.Segilola in Nigeria and 2026 guidance is 75,000 to 85,000 oz as it transitions to underground.Then there is Douta in Senegal, which is another gold project with a sub one year payoutThis is part of my gold basket. If it was located anywhere else, I would load the boat with the shares given the quantity and quality of this gold. POW.LSource: The Oak BlokePower Metal Resources is a mine incubator that takes stakes in early-stage resource projects and sells them with a £14.7m market cap They turned £1.9m into £22.8m on Guardian Metal across two sales, an 11.8x on cost.The last chunk was a £13.6m block sold to the Duquesne family office at 55p in August 2025. They booked £4.2m of profit in the 15-month in 2024 & £3.2m in 2025.Per management in May, the cap structure is roughly £8m cash, £2m listed, £21m unlisted.£14.7m (market cap)− £10m (cash and listed holdings)= £4.7m for £21m of unlisted assetsWe have no way of knowing if their analysis of unlisted asset value is accurate, so that is an obvious risk.VZLASource: A FriendPanuco in Sinaloa is one of the best undeveloped silver-gold assets anywhere. The 2025 Pre-feasibility study showed a post tax NPV5 of US$1.8 billion with a 111% Internal Rate of Return and a payback period of seven months at an average price of gold and silver that was way lower than current.The initial capital cost is estimated at US$239 million, with a net capital cost after the recoupment of preproduction revenue of US$173 million.They finished 2025 with over US$450m of cash after a US$300m convertible in November.Macquarie has a mandate for up to US$220m on top of the cash they don’t need.So the stock is cut in half from its high while silver has done nothing but go up. Why?Well, to start with, Sinaloa. You should know what that means. In January this year, ten mine workers were abducted by armed men from the mine.Some of the workers have been confirmed dead and are presumed to have been killed by Los Chapitos cartel, while others are presumed to still be missing. Mine operations have since been halted.Separately, they are still waiting on the MIA environmental permit, which was guided for mid-2026 and is still not in hand.You know how I feel about Mexico.Mexico is very good at letting you spend the money and then deciding it would rather you hadn’t.I own stock with covered calls.CLPTSource: Jam_investClearPoint Neuro is a sympathy play on Qure (which I have added reverse put spreads on)Large molecule therapies cannot cross the blood-brain barrier, so somebody has to physically put them in the right spot inside your skull under live MRI. Brain surgery isn’t done based on feels. ClearPoint’s navigation system is what most of the gene therapy players use to do it, including uniQure with AMT-130 for Huntington’s.If uniQure gets an approval, ClearPoint gets paid on every procedure, forever, with no clinical risk of its own.Each AMT‑130 treatment requires tens of thousands of dollars of single‑use ClearPoint disposables.They have a large number of other partners besides Qure, but it’s the most well known. I mostly sold puts on this name.FLLSource: Old Rope ResearchFull House Resorts is a bit of a disaster in that it keeps promising to refinance its debt but never does.The main story is American Place in Waukegan, the temporary Chicago facility that is already the biggest earner in the portfolio.The company needs to make it a permanent facility but lacks the money.As of mid‑2026, they have about $450m of senior secured notes due 2028 and roughly $25 to 30m drawn on the revolver, and they’re trying to bolt the permanent American Place financing onto a full bond refinance, while the temporary casino license has just been extended to February 17, 2029. They finally broke ground on the permanent facility in June, targeting Second Half 2028.I think this company is going to hang around its current share price until it solves its issues, so I bought some stock with covered calls.NOKSource: Special Situations ResearchNokia has become a bit of a meme ai stock, but there may be a US investment coming into the company soon which may moon it.Two days ago Nokia closed their China R&D center Then following that this was reported:“The CEO of the U.S. International Development Finance Corporation (DFC) has never before made an official trip to Finland. Now Donald Trump’s appointee Ben Black explains what he is doing in Finland and why he considers Finland an attractive investment destination.“I am looking forward to meeting with Nokia representatives today,” Black says.As of Friday morning, Black had not disclosed what projects he was scheduled to discuss with Nokia. He says that not all of the topics for discussion had even been finalized. However, Black appears to see Nordic companies as playing an important role in advancing U.S. strategic interests.“We are being asked about AI and data centers everywhere. We want the future to be built on Western-friendly technology. Reliable telecommunications companies are the foundation.”“We help finance companies and make sure that Nokia or Ericsson is involved in building the Western-friendly technology stack,” Black says.Black also emphasizes that DFC’s objective goes beyond financial returns:“In addition to the productivity of our investments, the success of our allies is enormously important to us. When the industry of an allied country grows, that country becomes a better ally. That is better than pursuing quick profits.”And regarding Finnish companies:“Cooperation with Finnish companies has been excellent. The open and honest discussions and willingness to participate in the dialogue have been excellent. DFC sees Finnish companies as phenomenal partners.””Maybe too much connecting the dots, but it seems too tied together to be coincidental.If you enjoyed this write-up, please like and restack.I don’t get paid to do this, so consider that my reward.Substack seems to throttle free article writers, which makes attracting new readers difficult. I do not want to charge for this substack, but the algorithm may end up requiring it. I am trying to avoid this, so please spread this substack if you can.Also, if you have other ideas I should write about, my DMs are always open on Substack and Bluesky :)All writeups are subject to our TOS*Bear in question