Restructuring__

Founder of Pari Passu, research firm that provides all-encompassing coverage of the most consequential restructuring transactions. Join our free email list!

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We made it boys

Go read the Pari Passu Newsletter

Banks are literally telling you

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@wraithbrokerage In general yes

In this specific case, no

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Unfortunately, my analyst has had her visa rejected, and we are now one short in our core analyst team for the newsletter.

If you:
- Have past restructuring experience
- Have full-time availability
- Love restructuring

I want to hear from you, apply below.

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@Explo_Global yessirr

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Social Media: lawyers are cooked

Reality:
- Big law just increased salaries $10-20k
- New big law class started out at $235k/yr. base
- 5th year associates making ~$500k/yr. +
- No bonus variability
- All cash

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@AJS217477 I will hire the best

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@MehtabKarta No, sorting visa issues right now

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https://t.co/zkMdtAUFGZ

[Hebbia @hebbia]

Praise from Nvidia's CEO and guidance on accelerating AI chip revenue drove Marvell to a 32% single-day surge and a new all-time high.

$MRVL

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https://t.co/AnWrpogPoQ

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Having a lot of fun using @viktor__com (first paragraph is funny lmao, really perfect answer)

Besides giving me some great answers like it did below, anyone have use cases that I should try?

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This is Scott Wu, and he is a genius

He is the greatest American gold-medalist of all time at the International Olympiad in Informatics, and he is the founder and CEO of Cognition, an AI coding agent lab, which is one of the fastest growing companies in history

While we can all admire the physical act of an athlete, intellectual brilliance is much harder to grasp, which is why I love this video so much.

Here, Scott does simple mathematics in his mind and beautifully displays his intellectual ferocity

Next time you think you can drop out of college to launch a startup, remember this is who you are competing against

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Having a lot of fun using @viktor__com (first paragraph is funny lmao, really perfect answer)

Besides giving me some great answers like it did below, anyone have use cases that I should try?

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Kevin is a special case, but the problem will only get larger from here

What do you think will happen as we learn and ask LLMs for advice and explanations? We will speak / write / think like an LLM

In a few years, the ability to think independently will be a truly valuable asset

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Can tech people explain to me why OpenAI IPO is seen as not likely to be completed by the summer and not very likely to be completed by year end?

Is OpenAI really that behind Anthropic?

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Find our past coverage here

https://t.co/f0cvMNhfC4

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Perfect case of creditor on creditor violence

2025: Diameter provides third-party capital in drop down

March 2026: GoldenTree and Arini push back

June 2026: Silver Point joins Diameter and provides third-party capital

Will make a wonderful Pari Passu edition!

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This SMCI VIC pitch is one of the best ones ever and the management story is even crazier

Charles Liang, President and CEO, was so bullish on the future of the company that he eliminated his salary and bonus and converted all of his compensation to hitting a variety of highly aggressive targets

That's what a leader does!

"If you are reading through META and wondering how in the world they are spending so much on CAPEX, I am not sure I can explain. 

If you are reading through META and wondering what are they and their competitors spending on, I might have an answer…  SMCI’s servers"

Stock increased by 20x in less than 18 months

[Polymarket Money @PolymarketMoney]

$SMCI expanded its AI server lineup with new $ARM-based systems built for AI and high-performance computing.

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@gkamstra Hahahahah

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Welcome to 2026 Intern Season

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Guys

This is poetry

Perfection

Too funny

[Silicon Salvage @SiliconSalvage]

My wife left me last Thursday. She did not, in the end, give me a single reason. She gave me seven, presented in a list, in a manila folder, on the kitchen table, at 6:47 in the morning, while I was eating a piece of toast and reading the 10-K of a vertical SaaS company that sells inventory management software to regional auto parts distributors. The folder was labeled, in her handwriting, "WHY." I read it. She watched me read it. I did not say anything for what was, by her account, "a really long time," and by my account, "approximately the duration of the operating cash flow reconciliation section, which is page 47."

The list, summarized, was the following. One. I had not been emotionally present at our anniversary dinner in March, during which I had, allegedly, spent 22 minutes explaining to her that the dental practice management software industry was structurally underappreciated. Two. I had, in the previous six months, mentioned the phrase "free cash flow yield" 1,400 times, which she had counted, on a small notepad she kept in the drawer of her nightstand, and which she now produced from the folder and placed on the table next to the toast. Three. I had named our second child's college fund account, in the financial planning software we both used, "BUSTED SAAS BASKET," which she had discovered in November and which she had been, in her words, "sitting with" for four months. Four. I had taken her to the wedding of her best friend in San Diego and spent the reception explaining to the bride's father that ServiceNow was, in my opinion, a once-in-a-decade entry point. Five. I had, on Christmas morning of last year, gifted her, in lieu of an actual present, what I had described in the accompanying card as "exposure to a basket of 14 mispriced enterprise software names," which I had purchased in her name, and which she had, very quietly, sold the following Tuesday at a small loss that she had not, until now, mentioned to me. Six. I had, in the previous calendar year, attended exactly four social events with her, all under duress, and had, at each of the four, found a way within the first 40 minutes to begin a conversation about the structural underpricing of profitable mid-cap software companies that had been left for dead in the AI panic. Seven. She no longer recognized the man she had married.

I read the list twice. I closed the folder. I looked at her. She looked at me. I asked, in what I believed to be a calm and reasonable tone, whether she had considered that some of the names I had been discussing were, on a forward free cash flow yield basis, the cheapest the category had traded since 2002. She picked up her keys. She left. The door closed behind her in a way that I cannot, in retrospect, accurately describe, except to say that it sounded final in a register I had not previously known doors could produce.

I sat at the table for some time. Eventually I finished the toast. I returned to the 10-K. I did not, in the end, do anything else for the rest of the day. The 10-K was, on reflection, an excellent 10-K. The company is throwing off 28% of its market cap in free cash flow, has reduced its share count by 31% over the last five years, and is run by a 62-year-old CEO whose daughter is a veterinarian in Denver and has no interest in running an inventory management software business. The stock is up 4% since Thursday. I have added to the position. I have not, as of this writing, called my wife. I do not, in any honest reckoning, know how to.

Almost nobody you know would understand any of this. Almost nobody would understand that the loss of a marriage and the discovery of a misclassified small-cap software company can, in the same week, in the same kitchen, on the same morning, produce two parallel emotional currents that are, in the deepest part of a certain kind of investor's mind, indistinguishable from one another. That inability to distinguish them is, as it has always been, both the entire reason the math works and the entire reason that, every once in a great while, on a Thursday morning, in a kitchen that has just gone quiet, the bill comes due.

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‼️‼️ ANTHROPIC IPO 🚨🚨

“The number of shares to be offered and the price have not yet been set,” the company said in a blog post Monday