Ex PE with a background in real assets, investing for my personal account using a value approach. Not investment advice.
London, UK
Joined August 2024
- Tweets107
- Following119
- Followers239
- Likes59
To my knowledge this is the first public statement confirming that the litigation finance tax proposal is being challenged under the Byrd Rule (but so far no decision made). $BUR budget.senate.gov/ranking-me…
$BUR I understand that, in order to survive the reconciliation process, the provision must be "Byrd-Rule" compliant. That means the budgetary effect of the provision cannot be merely incidental to the policy. That appears to be the key uncertainty here as 1/
$BUR I understand that, in order to survive the reconciliation process, the provision must be "Byrd-Rule" compliant. That means the budgetary effect of the provision cannot be merely incidental to the policy. That appears to be the key uncertainty here as 1/
1/
Anyone wondering why $BUR is down 12% today:
Burford just flagged a tax threat buried in the Senate’s latest reconciliation bill.
Here’s what’s happening — and why it matters 🧵
Link to PR: prnewswire.com/news-releases…
the policy (as drafted) would have a targeted, punitive effect on a specific industry, while raising relatively little revenue. If not Byrd compliant, this cannot remain in the budget bill, unless 60 Senators vote in favour. 2/
$HHH Out with the cost of capital discount and in with the Trump-bootlicker discount?
Just saw @BillAckman on Bloomberg and he actually mentioned egg prices... What a joke.
This is an embarrassing outcome. Shame on the "independent" committee.
$HHH Looks like something is happening? Company just fired President and amended remaining management's employment agreements with reference to a "Transaction" - defined as a shareholder crossing the 40% ownership threshold...
Full Contact Research retweeted
Some observations on $HHH:
1. Ackman’s proposal is weak. The board knows it and he knows it. He posts engagementbait during market hours that is borderline MNPI, driving the stock up and then down on announcement. @SECGov should look into that.
2. He is part of the problem. He has been the de facto sponsor of $HHH since inception. Yet, he conveniently omits that fact when talking about his track record. He oversaw the expensive blunder at Seaport (and Teravalis), initiated share buybacks at a premium and forced company to issue stock as a result of a COVID. Overall, his track record de facto managing $HHH has been horrendous. $HHH is his only real investment where he has had control— this is his true PE style track record.
3. The board ran a process with Centerview in 2019, when stock was over $120(!). Now it’s five years later and at $75. The company HAS NOT run a process since. The only process is a process Ackman did, outside of the boards duties, with Jefferies to help finance his own bid. Given his track record, who would want to co-invest in that structure? Probably had fees too. I can’t imagine Blackstone or Brookfield would want to work with him in that way.
4. The @HowardHughesHQ board needs to run another process— without Ackman. Full strategic alternatives. If there is no good bid for the whole company, sell off parts. Take the proceeds and deleverage and/or pay a dividend.
5. His attempt to create an investment company in the US failed. $PSTH trades at a big discount. Layering on a fee stream on an asset shareholders already own makes no sense.
It is morally irresponsible and unethical to conduct this public campaign without the board’s blessing when he’s a quasi insider of the company. Really sad to see such a disgraceful, and transparent attempt to take over a public company for one’s own personal enrichment.
Cc: @Carl_C_Icahn @DavidOReillyHH @CNBC @BillAckman
Full Contact Research retweeted
Below is a link to the Boyar Value Group’s Response to @BillAckman's January 13, 2025 Takeover Proposal for Howard Hughes Holdings.
hubs.ly/Q032wSWL0
$HHH #investing #valueinvesting #stockmarket
Some thoughts on Pershing Square's proposal to $HHH. @BillAckman's tweet from last night was tantalising, but the letter this morning was sobering.
