This post is for smart people (@Ziggy @Rocket River , 99ers ), I posted some of the article to educated the dummies (fake fans, espn fans, lin fans) https://www.forbes.com/sites/antoin...ign=sprinklrForbesMainTwitter&sh=54a56e9370d7 If you want to see the future of so many of the special purpose acquisition companies currently flooding the market, look to the recent past. Nearly five years ago, Landry’s Seafood billionaire Tillman Fertitta took Landcadia Holdings public to the tune of $345 million. No matter that, true to the SPAC “blank check” model, there was not yet any operating business—dozens of hedge funds piled into its $10-per-unit IPO. In May 2018, Landcadia finally located its target: a budding online restaurant delivery service called Waitr that would merge with the SPAC in exchange for $252 million in cash. Fertitta touted the fact that the Louisiana startup, with $65 million in revenue, would now have access to 4 million loyalty members of his restaurant and casino businesses, and a new partnership with his Houston Rockets NBA franchise. Two years later, though, you very likely have never heard of Waitr. As such, its stock recently traded at $2.62, down more than 70% from its IPO price (the S&P 500 has climbed 76% over the same period).
Great, so Fertitta lost a lot of wealth on a bad stock market gamble too, just like Les. Why can't any real billionaires ever own the Rockets?
make the Rockets public so real Houston fans can own the team. Elon would move the Rockets to Mars, Bezos would make turn the Rockets into a Esports team.
You are on to something. These barely-billionaires are just the kids who scrape up the table crumbs from the real super rich. But we'll never know who they are outside of the Koch bros and the British Royals.
The article goes on to say the IPO for Landcadia made a ton of money early on, so Fern t*** could absorb the loss in stock price because his hedge funds did so well. Waitr was a disaster for pretty much anyone who bought the stock early. But the hedge funds that purchased Landcadia’s IPO units did just fine. Virtually all recouped their initial investment, with interest, and many profited by exercising warrants in the aftermarket. “SPACs are a phenomenal yield alternative,” says David Sultan, chief investment officer at Fir Tree Partners, a $3 billion hedge fund that bought into Fertitta’s Landcadia SPAC IPO—and pretty much any other it could get its hands on.
Fertitta made free money on these SPACs. lol. He floated a 3rd SPAC recently in Landcadia Holdings III. Pile in, y'all.
I started reading this thread thinking I would learn something. What I learned was I'm stupid and very lost...
What can you say about someone who thinks the fact he got a "B" omg! in an econ course shows how smart he is? I haven't paid much attention to tinman, but can I also assume he is Trump supporter?
I don’t think in two dimensions like you do But if you think I support Paul over John or Ringo You can There’s only one group I can tell you I’m a real supporter of The 99ers
