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Ascena Retail Group, Inc., through its subsidiaries, operates as a specialty retailer of apparel for women and tween girls in the United States, Canada, and Puerto Rico. The company operates through four segments: Premium Fashion, Plus Fashion, Kids Fashion, and Value Fashion. It offers a range of merchandise, including apparel, accessories, footwear, and intimates; and lifestyle products comprising cosmetics and bedroom accessories. The company also offers casual clothing, career wear, dressy apparel, and active wear, as well as special occasion and classic apparel. Its principal brands comprise Ann Taylor, LOFT, dressbarn, Lane Bryant, Catherines, and Justice brands. The company also offers its products through its Websites, including anntaylor.com, LOFT.com, outlet.loft.com, louandgrey.com, dressbarn.com, lanebryant.com, catherines.com, and shopjustice.com. As of February 19, 2020, it operated approximately 2,800 stores. The company was formerly known as Dress Barn, Inc. and changed its name to Ascena Retail Group, Inc. in January 2011. Ascena Retail Group, Inc. was founded in 1962 and is based in Mahwah, New Jersey. On July 23, 2020, Ascena Retail Group, Inc., along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Eastern District of Virginia.

Ascena Retail Group

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What happened this week in the Crypto markets? Was Wednesday the Capitulation? This past week was a bit strange, even for the market. Ten days ago the market began to show some bullish signals that made it seem like the worst might be behind us after a brutal first week of the month, but crypto is never as it seems. Instead of moving higher or even simply stabilizing early in the week, we instead saw decisively negative price action over the entire first half of the week, culminating once again in a large selloff; this time on Wednesday morning. Many tokens reached new YTD lows, including the one-time market darling Ethereum (ETH). crypto But as quickly as the selloff began, it ended, and by Wednesday evening the whole market had recovered with some coins and tokens moving in a full 20% peak-to-trough-to-peak range. Somehow, when it was all said and done, the market was left basically unchanged week-over-week. There may have been a big short squeeze in ETH that led the move from $173/USD up to $220/USD in a hectic 48 hour span. But it wasn’t just ETH that bounced. Litecoin (LTC), which has historically traded at a fairly consistent percentage of between 1 and 2% of the price of BTC, had largely decoupled from in recent months. But LTC also bounced from $48/USD at the lows up to $58/USD in under 48 hours, outpacing BTC by a large margin. Bitcoin Ethereum (ETH) Chart — Wed 9/12/18 Litecoin (LTC) Chart — Wed 9/12/18 The Good, The Bad and the UNDER-Reaction Despite the heavy volatility, the news this week in crypto was positive. If this were a bull market, we would probably have been off to the races and reaching new highs. But in today’s market environment, we instead see fairly muted and delayed reactions. Let’s explore a few of these: First, there was a cloud of judicial and regulatory smoke that on the surface could have been interpreted negatively, but upon reflection, is actually quite positive for the future of crypto regulation. Tuesday’s rulings felt like a big step forward in the government’s efforts to clean up crypto. The fact that both the DOJ and SEC are not only upholding the rules established, but are actively seeking out bad actors, will ultimately help those firms operating strictly on the level. Basically, regulators and law enforcement are doing their jobs (protecting investors) while allowing the rest of the industry to continue to experiment and flourish. The DOJ in the Eastern District of NY charged a man in November 2017 on three counts of securities fraud in connection with two ICOs: “REcoin” and “DRC”. that, assuming all of DOJ’s allegations are true, REcoin & DRC are securities & the laws are not so vague as to be unconstitutional. In essence, the judge said that ICOs are securities, and securities laws must be followed. The judge ruled this week The SEC in two Swedish ETNs, CXBTF and, CETHF, which track the prices of BTC & ETH. The SEC cited confusion, as these are retail products and it wasn’t explicitly clear in the documents what type of securities they really were (ETFs or ETNs). halted trading The SEC then for misrepresentations of his fund, and also for allegedly selling ICOs without a broker/dealer license. charged a hedge fund manager charged an ICO advisor Wall Street also hopped on the news train, once again validating crypto’s potential and strengthening its staying power by announcing new product offerings for their clients. In our opinion, most of these products are probably not necessary and just demonstrate the traditional financial service sector’s lack of willingness (or ability) to produce value-add products that actually help their clients. Yet, the fact that they want to be perceived as having offerings in the crypto space is notable. Citigroup announced the ”, which will work much like ADRs, giving Fiat investors a synthetic way to own Bitcoin. launch of “Digital Asset Receipts Morgan Stanley announced “ ”, another synthetic vehicle that offers long and short exposure to Bitcoin without physically owning the asset. Bitcoin Swaps Bank of America also , though details remain murky. announced the launch of a Bitcoin investment product The Nasdaq is to its Analytics Hub. The tools that the Nasdaq are hoping to incorporate will take data from a variety of sources and will be used by investors to make trading decisions. reportedly experimenting with adding information about digital assets And finally, the crypto world itself released some encouraging announcements of their own. A with the goal of educating and persuading government officials. This group is led by industry giants Circle, Coinbase, Digital Currency Group, and several others. Blockchain lobbyist group was formed Three new groups came out with . The Winklevoss Twins’ launched the first, called “Gemini Dollar”, while Paxos Group and CarbonUSD closely followed Gemini with products of their own. regulated Stable Token offerings All things considered, there is a reason to be optimistic about growth. That being said, the short-term path of least resistance may still be lower as there are some big overhangs (ICO selling, hedge fund redemptions, levered unwinds) that still need to be resolved before crypto assets can resume their ascent. We’ll be expanding on many of these themes in future releases. A More Realistic Outlook on Crypto One of the reasons we’re not rushing to anoint crypto as best in class is that it takes time for new technologies to reach their full potential. Let’s not forget that it took 14 years for the Nasdaq to get back to all-time-highs after the 2001 bubble popped. But once the Nasdaq moved passed the 2001 highs, it just kept going led by what we now call the FANG stocks (Facebook, Amazon, Netflix, Google). We may not see BTC reach the all-time-high of ~$20,000 for some time, but it is often difficult for crypto market participants to take a patient approach to long-term price appreciation. The “Lindy Effect” is a concept whereby the future life expectancy of some non-perishable things like a technology or an idea is proportional to their current age so that every additional period of survival implies a longer remaining life expectancy. As can be seen in the chart below, the crypto story is far from over. And the next steps are building a better understanding through education, better security and custodial solutions, and an easier user experience for the general public. There is little doubt that the long-term trend is higher — but let’s not rush expectations. For specific information about investing in the 3 private Arca Funds, click here . Notable Movers and Shakers Lately, there has been very little news that has impacted the markets. It’s been “student-body left” or “student-body right”. But in the past few trading days, we’ve seen a few tokens and coins outperform the rest of the market following positive developments, which is a very healthy sign. Stellar (XLM) gained 7% on the week, led by an 11% gain on Tuesday following news that the . Notably, Chain investors include Visa, Nasdaq and Citi ventures, who will remain clients of the new combined entity. Stellar Development Project, a for-profit subsidiary of Stellar, purchased Chain Tezos (XTZ) was the best performing token week-over-week, on news that they will be launching their much-anticipated mainnet on Monday. jumping 35% Tron (TRX) moved in line with the overall market this week, falling early but recovering Thursday to end the week unchanged. this month, and gave a positive operational update, which may lead to future advances. TRX announced that they will be listed on 5 new exchanges Waves (WAVES) jumped 45% in a day last week, and held onto most of the gains (+20%) week-over-week after . WAVES was one of the biggest gainers on the week for tokens with more than $200mm in market cap. announcing a new smart contract protocol What We’re Reading this Week Ray Dalio of Bridgewater spells out America’s worst nightmare Hint: He doesn’t explicitly tell you to buy Bitcoin, but he sheds light on how problematic the US Dollar is under the weight of $15+ Trillion of debt. How crypto will grow into an institutional asset class We’ve all heard about the hiccups that face institutional adoption of crypto, but Fortune does a nice job laying out some of the near-term solutions that could lead to renewed interest from the world’s largest investors. Canada approves Bitcoin Mutual Fund Canada was a leader in the legalization and financial listings of Cannabis companies. It is now offering accredited investors a chance to capitalize on Bitcoin. Bitcoin is extremely useful in these problematic countries Sometimes it’s difficult to see the true usefulness of Bitcoin when you spend all of your time in developed nations, but if you follow the currency crises in Argentina, Venezuela, South Africa, et al, you get a better sense for how important a global store of value is. Treasury selling and the implications for Ether (ETH) We’ve written previously about nefarious Corporate Treasury management by companies who have raised ETH via ICOs. This article does a nice job explaining the exact impact on the market, the overhang of ETH supply, and even dives into “negative Enterprise Value” (when companies have more cash than token market cap). Arca in the Press Arca’s CIO Steven McClurg and Arca’s Head of Research, Katie Talati, teamed up this week to release an . important and timely overview of the upcoming Bitcoin Cash (BCH) hard fork And That’s Our Two Satoshis! Thanks for reading everyone! Questions or comments, just let us know. - The Arca Portfolio Management Team Steven McClurg — Chief Investment Officer Jeff Dorman — Head Trader Sasha Fleyshman — Trader Katie Talati — Head of Research

“That’s our Two Satoshis” — Crypto Market Recap September 17, 2018

OmiseGO (OMG): Real Problems, Real Solutions — EVERYTHING You Need To Know & 8 Reasons To Buy…

Overview Ethereum’s fall from grace this year is a poorly guarded secret within the broader crypto and finance communities. The decline in Initial Coin Offerings’ popularity is one obvious factor, but of pertinence has been Ethereum’s proven inability to process transactions across its network in an efficient manner. In this post, I explore Ethereum transaction costs using data made available via Google Bigquery. This writeup assumes a basic understanding of the mechanics of proof-of-work blockchains (the core innovation upon which Ethereum and Bitcoin are based) and SQL. The ease with which one can track recent scalability inefficiencies across the Ethereum network offers a compelling test case in favor of blockchain’s promise of facilitating a more transparent economic sphere. The Big Picture At the height of crypto mania in December 2017 and January of 2018, billions of dollars worth in Ether was being transmitted across the Ethereum network on a daily basis. During these months, the promise of an open financial system felt on the verge of coming to fruition. If bitcoin would take the mantle as a 21st century form of gold, the Ethereum Virtual Machine was poised to become a 21st century Federal Reserve — albeit independent of vested machinations. Indeed, rather than have our monetary policy be dictated behind closed doors, from here on in we would place our collective trust in a virtual machine whose source code had been made available for all to scrutinize and whose 24-year-old wunderkid founder engaged in public intellectual debates via his twitter handle @ . Vitalik Buterin Ethereum Captures the World’s Imagination. The Fed? Not so much. With the future of finance being tied to public blockchain, and with Ethereum the most robust of these platforms, numerous founders rushed to build financial products on the Ethereum virtual machine; MakerDAO successfully launched a stable coin, Compound received funding from a number of prominent investors to develop a decentralized money market, DyDx constructed a platform for decentralized derivatives, and 0x designed a protocol for peer-to-peer exchange of myriad assets. Moreover, new financial instruments looked plausible via Ethereum — tokenized real estate and art or prediction markets as in Augur and Gnosis. Several months later, the picture for Ethereum and its associated ‘internet of value’ is starkly different. Though some distributed applications have gained traction amongst hacker types, few have managed to retain engagement from a broad user base. The dollar value of transactions transacted across the network has fallen to around $200 million daily on average in October 2018. Nonetheless, the upper limits of Ethereum’s throughput capacity are regularly tested. Ethereum’s proponents argue that this technology will be as foundational as the internet, but for such an outcome to be realized, the system needs to scale to handle millions, if not billions of complex transactions an hour. And scale it has not. The Problem Ethereum founder, Vitalik notes that distributed networks suffer from a trilemma: the security and decentralization of a system come at the cost of its scalability. As additional nodes are added to a PoW blockchain, so too does the amount of work required to process data across the entire ledger. To compensate the Ethereum network, a participant must pay cryptocurrency referred to as ‘gas’ for each transaction. During the early days of Ethereum these costs were negligible for participants, but as more numerous and complex computational tasks have been transmitted to the network, and as more nodes are added to the system, gas costs have similarly ascended. Pick Your Favorite Two While the PoW architecture renders the network more secure — more nodes reduce vulnerability to sybil attack — it does come at the sacrifice of efficiency. Whereas Visa can verify up to 56,000 transactions per second, Ethereum can handle roughly 15. Consequently, a proof-of-work based smart contract platform is ill-suited to process numerous computational tasks, and even worse suited to base an entire monetary system upon. If such a system cannot compete with the entrenched incumbents, it must evidently continue its downward fall to earth. Verifying Ethereum’s Scalability Issues with Queryable Blockchain Data As we’ve established the conceptual dilemma facing distributed networks like Ethereum, let’s next verify that Ethereum indeed suffers from a scalability problems, by showing the data. Average daily gas costs provide a useful proxy to gauge scalability bottlenecks, and such costs can be derived from data contained within each Ethereum block. Public blockchain advocates purport that tracking transactions across the ledger is easy and transparent. This has historically been false. Until recently, monitoring transactions across the Ethereum network required firing up a complete node and deep technical expertise to boot. No longer. Having uploaded the entireties of the Ethereum and Bitcoin blockchains Google’s BigQuery allows us to easily track Bitcoin and Ethereum blockchain data via SQL queries. Simply sign up for Google’s BigQuery via your Google Account. Next create a Sql instance and tie that to BiqQuery’s Ethereum dataset. BigQuery’s Ethereum dataset contains all relevant information since the Ethereum genesis block was launched, including each block’s timestamp, hash, parent hash, and all the transactions contained therein. With data being mapped to a traditional relational database structure, we can run a query like the one that follows: onto its cloud platform, SELECT 
  sum(transactions.value/POWER(10,18)) as value, AVG(gas_price*(receipt_gas_used/POWER(10,18))) AS avg_gas_cost, date( blocks.timestamp) as date
FROM 
  `bigquery-public-data.ethereum_blockchain.transactions` AS transactions,
  `bigquery-public-data.ethereum_blockchain.blocks` AS blocks
WHERE TRUE
  AND transactions.block_number = blocks.number
  AND receipt_status = 1
  AND value > 0 
GROUP BY date 
HAVING date >= '2017-10-16' AND date <= '2018-12-31'
ORDER BY date, value This query offers three outputs: dates in ascending order, the total amount transacted in Ethereum across the network on that date, and average Ethereum transaction cost denominated in Ether on the same day. From Google’s Biquery, one can export a csv file to Excel and multiply average daily average transaction costs in Ether by daily average price of Ether to derive the average cost per Ethereum transaction on a given date in dollar terms: Ethereum Hits a Bottleneck In late December of 2017, Ethereum’s first hit dApp, Cryptokitties clogged the network [Some transaction went unconfirmed for hours on end, while costs of running simple contracts rose precipitously]. For a system intended as the bedrock of an open source ‘internet of value,’ that folks simply sending (adorable) digital cats over Christmas time could test the network’s throughput capacity served to undermine the promise of a distributed financial system. This wasn’t the first, or even the most dire crisis to confront the Ethereum ecosystem. In 2016, the DAO hack would result in a hard fork. Prior to the Dao Hack, smart contracts had not been battle-tested. The hack demonstrated a need for heightened security around smart contracts, the applications built on top of Ethereum. Suddenly, the need for safer, more scalable distributed ledgers became apparent to the world. In July, despite falling dollar costs of Ether, gas prices again spiked. This time around the culprit was a new feature launched by Chinese exchange, FCoin. Fcoin used poorly programmed smart contracts to allow participants to vote on new tokens to issue to its exchange. Ethereum clearly needs scalability solutions to update its platform. Someone is salty.. The best solution will safeguard public blockchain’s best features (i.e. security, transparency, and immutability) while eliminating those features that make it ill-suited for global commerce such as excessive energy consumption, poor user interface, and throughput concerns. The View from Earth Some predictions on the future of Ethereum and Public Blockchains going forward are as follows: ‘Store of value’ cryptocurrencies like Bitcoin and Monero will maintain proof-of-work consensus mechanisms, but the leading smart contract platforms will need to transition to alternative consensus mechanisms. These protocols will place a higher barrier to entry on participating nodes, diminishing the decentralization of such systems. This is a good thing, as in reality PoW blockchains haven’t been truly decentralized since Bitcoin’s early days. Though all nodes must process transactions in a PoW system, in reality the same game-theoretic mechanisms that reduce the chance of a sybil attack in a PoW system are at play in PoS system (it minimizes token value and hence the payout for all nodes when a blockchain’s decentralization is jeopardized by a sybil attack; . Scalability and Security will be prioritized above Decentralization. preventing dishonest behavior from ≥ 51% of the nodes of a distributed system is thus a cryptoasset’s nash-equilibrium) Ethereum will aim to integrate scalability solutions such as the proof-of-stake consensus mechanism and sharding. However, other platforms like EoS and Tezos that have already implemented Delegated Proof of Stake and are therefore already scalable will become smart-contract market leaders beforehand. Other Smart Contract Platforms will become market leaders. . Our Western democratic political systems are mostly transparent, the outcomes of elections immutable. Moreover, similar to public blockchains, democratic political systems benefit from oppositional forces at play in a public sphere. Some protocols like EoS have established mechanisms that serve to mimic the division of powers found in democratic institutions. Those parties operating nodes containing vital economic information will need to operate transparently. It will therefore depend on public internet forums to hold the guardians of such smart-contract platforms accountable. Transparency and Immutability of blockchain will be threatened In conclusion: the ability of public blockchains to allow us to collectively and transparently track economic inefficiencies in real-time rather than ‘ex post fact’ renders this technology worth being patient with. A system that incentives participation and invites criticism is why even as speculators flee the market, developers continue to build applications on top of Ethereum, and a generation brushes up on some of the more mundane topics of cryptography and computer science. A more transparent economic system for all to analyze, for all to critique, will be the prize.

ASCENA RETAIL GROUP

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Since 2011

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ASCENA RETAIL GROUP

ascenaretail.com

10K+ employees

Since 2011

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ASCENA RETAIL GROUP

EVERGREEN INDEX #1190

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