MDC

CLOs by day, moonlight as a special sits/event-driven investor by night over at Clark Street Value

[MDC @ClarkinM]

@YetAnotherValue Best of luck Andrew

[MDC @ClarkinM]

@UnicusResearch Why?

[MDC @ClarkinM]

@stoked_on_waves @theotheraharon Not for 10ish years, I only owned it coming out of the spin, worked really well

[MDC @ClarkinM]

@stoked_on_waves Why cash? GDOT closing?

[MDC @ClarkinM]

@MWPutters Yeah, to copy his My Day. He was a Titleist pro, but always used the Ping version

[MDC @ClarkinM]

@jarodhitchcock I loved those pro set cards, collected them all

[MDC @ClarkinM]

@Kaladin_LLP I imagine everyone in media has talked to each other about a combo at this point

[MDC @ClarkinM]

I know next to nothing about media, but given proposed spin date and two year tax safe harbor, seems like a long time to speculate on a NBCU combination? Isn’t time of the essence here? My guess is this doesn’t get spun and gets sold instead (not up to speed on their tax basis)

[MDC @ClarkinM]

Talking 2030 or 2031 before any combination would close

[MDC @ClarkinM]

@CFAs4CFPs @UnicusResearch No, not close to that one

[MDC @ClarkinM]

@stoked_on_waves That said, kinda love it here. Independent board, great assets, hotel REITs are having their moment in the sun, why won’t someone lob a bid in when this closes in a month?

[MDC @ClarkinM]

@stoked_on_waves Yeah no chance, can’t believe the Remington for preferred stock deal too, wild how Monty has played public markets

[MDC @ClarkinM]

@ValueRelease Maybe for Al Shams, but not for me

[MDC @ClarkinM]

$BHR internalizing management after paying Monty his termination fee, how is this better for shareholders? Seems designed to get Monty his $ without a shareholder vote that would come with a sale

[MDC @ClarkinM]

@theotheraharon Have you ever seen a 12x termination fee? Standard (still egregious) is 3x, incredible maneuvering

[MDC @ClarkinM]

@basilialukos Ha I don’t have time or money for that

[MDC @ClarkinM]

@dematropic See the 8-K issued this morning, mentions the Company Sale Fee is triggered

[MDC @ClarkinM]

It’s better than the status quo, remaining hotels should trade closer to NAV. Better governance structure should ultimately lead to a full sale, plenty of synergies for an acquirer given this will be subscale