Just bought this €140 cap to support IMGRP 8 03/01/28. And I don’t take any credit for that

How much did French state lose on the recapitalisation of Orpea? €900mm. Paid by tax payers.

14 Elliott 15GoldenTree 16Monarch Alternative Capital 17Mudrick Capital 18Paloma Partners 19Sycamore Tree 20King Street 21Angelo Gordon 22Farallon 23Strategic Value Partners 24Z Capital Group 25Point72 26CastleKnight Management

Interesting article on Alcentra: bad performance leads to difficult fundraising. No matter how hot the asset class is, only $$ matters.

I have worked in both public and private debt investment. Comparing below a career in distressed/ HY bonds vs opportunistic private debt: ⁃Public: you can never always be right. Some of your investments will loose money. Need that risk taker mindset. Decisions are taken with imperfect information. Need to be fast in decision making. Constant dishonest dialogue between company and investors. Always need to distrust what management says. Interest are misaligned. Company will not hesitate to fuck bondholders. You can be an outstanding investor without talking to anyone and don’t need relationship / communication skills. You can geek behind the Bloomberg. Lots of blabla from sell side, not many people do the actual work of going through the financials. Covenants don’t exist in public. Reviewing covenants is a waste of time. You have to be ready to lead credit committee if you want to recover some of your $$. When market is expensive work can be boring if mandate does not allow for shorts. ⁃Private debt: relationship job coupled with technical credit skills. Structuring the investment is as important as the investment itself. Smartness in creating a deal that works for everyone is key. Most of the time, debt provider and company have their interests aligned. Control on the investment if things go wrong. Communication skills are important because company picks the people they want to work with. Meet with lots of interesting people looking for funding. Constantly with lawyers. Lots of zoom calls. Origination is paramount. That creates longer hours. More stable career, debt is marked at par even if high stress. All your investments can be profitable. Much more work than public bond investing. Takes longer to deploy money. Need to convince internal investment committee. No market hours. Lots of PowerPoint to convince committee.

And I’m saying that because Patrick is the neighbor of my neighbor

@Jam_invest As per absolute priority rule they should get zeroed if they do not provide NM. Reality is that Perps as a voting class will receive a tip for voting yes during accelerated safegarde. Price of the tip probably between 0.5 and 4 cents max.

I shazamed the intro music of the Casino shareholder meeting but I could not find it. That’s not the only thing I could not find about Casino. $COFP.

Sauvegarde then

CMA CGM made €23.5b profits in 2022. Not so long ago and before Covid, the now called CMACG 5 1/4 2025 bond had a 15% yield.