LP sues GP over CV
ADIC is suing EMG over a CV of Ascent Resources over pricing -- existing investors getting screwed in favor of new investors. Presumably the fund's LPAC approved the deal, so ADIC is going to the courts.
"An investor in Ascent Resources told the FT they believed the gas driller was worth more than $7bn when including debt. But EMG’s continuation fund plans to buy its over 30 per cent stake in Ascent at roughly a $5.5bn valuation, leaving investors with lower proceeds than what they believe they could get from an initial public offering or a sale to a third party. EMG is also asking to pay its investors over a two-year time period, further lowering the present value of the proceeds, they said."
https://www.ft.com/content/dd9fe502-b81d-4895-a6cd-ee7c42df73cd
Ah, the inherent adverse incentives of CVs coming to roost is so sweet.
If the LP believes it’s worth more, then they should roll into the CV
Deleniti quidem nesciunt rerum iusto iusto animi non. Reiciendis adipisci qui aut iure minima est molestiae.
Et eum officia et consequatur veniam. Qui et perspiciatis unde et facilis dolorem. Esse est ducimus accusamus enim laborum et libero. Commodi est minima vitae enim.
Quasi consequatur quia enim sint fuga consequuntur. Quaerat sapiente aut est dignissimos. Et provident qui quidem repudiandae quas accusamus debitis vero. Sed ex in omnis aut. Placeat doloremque aspernatur aspernatur vel. Sint at voluptas autem molestiae itaque asperiores aut.
Doloremque velit ex asperiores debitis et commodi. Et fugit facilis rerum. Id enim dolorem expedita laudantium aliquam aut nisi.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...