Adam McMichael

real estate investments and development. music, especially jams. go tigers. i’ll never get out of this maze.

[Adam McMichael @adammcmichael]

@mattyglesias Possibly, but most likely due to the 2016 results when Hilary was thought to also have a lead going into Election Day.

[Adam McMichael @adammcmichael]

@MHaas2020 CRED iQ

[Adam McMichael @adammcmichael]

It’s the circle of life. The owners cashed out at the right time. The PE investors are the big losers (and leaseholders) who over looked the drastic change in demand for these stores. Meanwhile, the PE mgmt team collected some fees along the way.

[Robert Sterling @RobertMSterling]

CVS breaking up the company after a 20-year deal spree is a great example of how M&A—if not done strategically and intelligently—often benefits executives and service providers (bankers, lawyers, consultants, Big Four accountants) far more than it does shareholders.

Over the past two decades, CVS went on one of the largest M&A binges in corporate history, rolling up not just pharmacies, but in-store health clinics, primary care centers, and even a major insurance company:

> Oak Street Health ($10.6B) — 169 primary care centers

> Signify Health ($8B) — home health service company

> Aetna ($69B) — insurance provider
Target’s pharmacies — 1600+ pharmacies and retail clinics inside Target stores

> Omnicare ($12.7B) — pharmacy services for long-term care facilities

> Longs Drugs — 541 stores

> Caremark Rx ($21B) — merger with major pharmacy benefit manager

> MinuteClinic — retail health clinics

> Eckerd — 1,268 drug drug stores

With each subsequent transaction, the company paid tens of millions of dollars in fees to:

> Investment bankers providing guidance on structuring, financing, and valuation

> Lawyers conducting legal diligence and drafting thousands of pages of contracts (those $1000-2000/hour invoices add up fast, especially with dozens of attorneys supporting a deal 12+ hours per day)

> McKinsey/Bain/BCG consultants providing guidance on post-closing strategy (aka producing slides for the CEO to show the board to get them to approve the deal)

> Big Four accountants producing quality of earnings reports and providing guidance on tax optimization

> Other consultants advising on everything from HR to IT to PR

As the company explores options to divest assets and spin out non-core subsidiaries, guess who will be there to do the same work all over again, for another round of massive invoices?

Don’t get me wrong, these are all really smart people, doing world-class work (biglaw M&A attorneys are some of the sharpest people I’ve met in my career, as are the tax attorneys the Big Four firms hire for their transaction advisory teams).

But, at the end of the day, they make their money when the deal closes (and, oftentimes, even when it doesn’t). Shareholders, on the other hand, hold onto the bag and have to hope the deal results in additional value for them. And we all know how that usually works out.

[The Daily Show @TheDailyShow]

Jon Stewart unpacks how Trump supporters' perception of their candidate doesn't quite match up to the reality of who he is

[Adam McMichael @adammcmichael]

@NeemaHodjatNFL @BillSimmons It’s the worst o-line in the history of lines.

[Adam McMichael @adammcmichael]

@amanda_1815 @35Pwoo @wachfox @ClemsonFB Peter Woods is built like a brick house 👀

[Charlotte Shadow Mayor @CLTdevelopment]

Dropping some truth 💣s this morning.

We will regret building so little when it is all complete.

[Adam McMichael @adammcmichael]

This!

[Open New York @OpenNYForAll]

This may seem new, but Obama has been saying this for years: “The most liberal communities in the country aren't that liberal when it comes to affordable housing"

[Adam McMichael @adammcmichael]

@solomonmissouri Ms Beverly. She was upstairs in the kitchen smoking cigarettes and me and a few other toddlers were downstairs crawling around all day. Wild times.

[Adam McMichael @adammcmichael]

@alexwohlbruck Let’s take it to Charlotte Motor Speedway while we’re at it.

[Adam McMichael @adammcmichael]

What’s that sound?… every acquisition analyst frantically downloading the latest SOFR curve to improve their proforma. 😂

[Adam McMichael @adammcmichael]

@LauraLoomer Show me the tape.

[Adam McMichael @adammcmichael]

@conorsen I agree it should’ve been signaled and the first cut was warranted to happen today. At this point though, I think there’d be serious panic if they cut today - and that seems very different than Powell’s typical process of guiding his moves.

[Adam McMichael @adammcmichael]

@seandsweeney You choose great brick.

[Adam McMichael @adammcmichael]

@jayparsons Thanks for the explanation, Jay. Is there a summary of the locations?

[Adam McMichael @adammcmichael]

Every year something like this cracks me up 😂

[Joe DeLeone @joedeleone]

I finished in last place in fantasy football, and tomorrow I have to do my punishment.
I have to sit on a McDonalds for 24 hours unless I can eat my way out of it. Here’s the key I was given by a league mate for what I can eat to shorten my time ⬇️

[Adam McMichael @adammcmichael]

@mwgarbett @WhatIsAtlanta What would you change?

[Adam McMichael @adammcmichael]

@DragonflyJonez Without a doubt. Maybe the last great dominant superstar in college basketball. Throw in a couple of senior guards from Nova, but the NCAA changed soon after his fame at Duke.