Brilliant work, one addition to your last point. EIG and ROSE aren't playing poker but blackjack, the lawyers and Jefferies are the house, and have been over-serving the table for years; now that everyone is too drunk to count cards, the house has gotten back all its chips (sadly, OPM).
Fair point on MGMT, $10MM of annual cash G&A is a worth comped stay at least. Chapter 22 could be in the cards, but I'd put my money on the casino moving all the remaining players to one table, raising the minimum bet, and having security discretely escort the drunks back to their room as soon as everyone else is having a good time (aka "Trash Compacter" or "Shit Co").
Brilliant work, one addition to your last point. EIG and ROSE aren't playing poker but blackjack, the lawyers and Jefferies are the house, and have been over-serving the table for years; now that everyone is too drunk to count cards, the house has gotten back all its chips (sadly, OPM).
Love the analogy! Our guess is this management will stay on until the next bankruptcy, should they then be considered a player or part of the house?
Fair point on MGMT, $10MM of annual cash G&A is a worth comped stay at least. Chapter 22 could be in the cards, but I'd put my money on the casino moving all the remaining players to one table, raising the minimum bet, and having security discretely escort the drunks back to their room as soon as everyone else is having a good time (aka "Trash Compacter" or "Shit Co").
Indeed $10MM pa for 31 employees is not a bad way to make a living.
Neither is 2% on $22Bn...