Mcoleman

[Spruce Point Capital @sprucepointcap]

$NVA now issues a going concern warning and notes a material weakness of financial controls... is it self-evident.... A $9.2m gain from operations in 2025 or a loss?

[Mcoleman @Mcoleman9221]

@MadThunderdome https://t.co/zoSUHeFaYW

[The Spread Thread @SpreadThread1]

Our first idea, we like shorting BDCs as a play on private credit markets, which we believe are highly at risk as the credit cycle (and economy) turns. Detail in the thread below.
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[Mcoleman @Mcoleman9221]

@Cannalorian They posted the October 2021 results on accident for 2022. cc @MichiganCRA pls fix

[Mcoleman @Mcoleman9221]

@petition @typesfast Any notable single exposures or just general theme?

[Mcoleman @Mcoleman9221]

@sindap Arctos Partners - mostly minority investments but still.

[Mcoleman @Mcoleman9221]

@ThomasWLamont Predators Ball - High Yield market / Michael milken origin story. And roots of people like Leon Black + more

[Mcoleman @Mcoleman9221]

@Biohazard3737 Creates value for the sponsors and that’s the name of the game after all

[Mcoleman @Mcoleman9221]

@HerbTabin Makes sense…
From the prospectus (boilerplate but still) $lmaca

[Mcoleman @Mcoleman9221]

@Biohazard3737 Insane that de-spac Cos get swept together by financial media. They range from high quality IB boutiques ($PWP) to major Tech darlings ($GRAB) to total shitcos ($DWAC). Guess you could argue that SPACs generally overpay but otherwise bucketing them based solely on vehicle is dumb

[Mcoleman @Mcoleman9221]

@Biohazard3737 “Compared with traditional IPOs, SPACs often provide higher valuations, less dilution, greater speed to capital, more certainty and transparency, lower fees, and fewer regulatory demands” - HBR. More certainty being the biggest value add in this market

[Mcoleman @Mcoleman9221]

@Biohazard3737 Agree 100%. $LMAC another great example. $250MM fwd purchase agreement. Insanely strong media ecosystem / network, resources, brand, and existing mgmt team.

[Mcoleman @Mcoleman9221]

@hmeisler @LogicPrevails_ @WSJ Omits the fact that retail investor gets shafted in traditional IPOs too and their performance in ‘21 was garbage…obviously sponsors get the lion share of the value from their deals at the expense of retail, but that’s not unique to SPACs.

[Mcoleman @Mcoleman9221]

@Biohazard3737 Still love (slightly) lesser known names like Liberty media, Elliott, MSD, Catalyst, Arctos, $LMACW, $EOCWWS, $MSDAW, $CPARW, $ANACWS if John Malone, Paul Singer, Gregg Lemkau, General Catalyst and Theo Epstein can’t find deals I’ll eat my fuckin hat.

[Mcoleman @Mcoleman9221]

@Biohazard3737 The incentives / economics for those sponsors to close deals reduces the likelihood they liquidate imo. Even if they have to cut promote + backstop PIPEs. Esp for the Tier 1 sponsors with only 1 or 2 vehicles, I think they find a way to get it done, esp once omicron subsides

[Mcoleman @Mcoleman9221]

@LogicPrevails_ @cashflow_free @cali_thc @stock_mj @GlassHouseBR Interesting - thanks!

[Mcoleman @Mcoleman9221]

@LogicPrevails_ @cashflow_free @cali_thc @stock_mj @GlassHouseBR Or is it more about this? Court can approve / potentially override creditors if they don’t approve sale? (Not sure why they wouldn’t, but curious if that was the primary reason for bk)

[Mcoleman @Mcoleman9221]

@LogicPrevails_ @cashflow_free @cali_thc @stock_mj @GlassHouseBR Why did they need BK protection to close this deal? was it just backstop in case GH fell through? or help them position in those sale negotiations (I.e if we don’t come to a deal we have fall back option to wipe out the debt and let the receiver run a process)

[Kenny Clark @KCBoutThatLife]

It’s almost Pro Bowl time @packers fans 🧀

Each RETWEET is a VOTE to help get me to this year’s game 🤘🏾

#ProBowlVote + @KCBoutThatLife

#GoPackGo

[AJ Dillon @ajdillon7]

What’s the record for most retweets on Twitter? Let’s beat it! Each retweet is a vote!

#ProBowlVote + @ajdillon7

Retweet to vote! #GoPackGo

[Mcoleman @Mcoleman9221]

@Young9244 @TaylorMadeGolf Winds not a problem when you drive 150 yards 2 feet off the ground.