I was not meaning anyone specific. But typically blame will be put on someone.
When I was the marketing director of Litespeed (ABG) an advertisement was proposed by an ad agency with a possum that had been run over by a bicycle tire and the tag line "too fast". I said that we should not use anything along those lines as it was in bad taste. The owners laughed about me and called me too liberal, and then gave that ad the go ahead.
When the shit hit the fan with angry letters from animal rights concerned folks the owners blamed me and pointed fingers at me.
Not who you think, but yes! Any institutional portfolio manager or analyst who bought this SHOULD get fired, and at least a few will. There's a chance the cap markets group at underwriting banks feel some heat, but we don't really know what was going on behind the scenes there. There's a chance WANDA insisted on going ahead against underwriter advice. An IPO like this certainly isn't good for their overall business though.
As of others have said, with 1bln+ of debt and negative working capital, there really could be no floor to this one. At a certain point the option value may be worth it though. May spend some time really reading and analyzing offering documents at some point and share my humble thoughts.
When I was the marketing director of Litespeed (ABG) an advertisement was proposed by an ad agency with a possum that had been run over by a bicycle tire and the tag line "too fast". I said that we should not use anything along those lines as it was in bad taste. The owners laughed about me and called me too liberal, and then gave that ad the go ahead.
When the shit hit the fan with angry letters from animal rights concerned folks the owners blamed me and pointed fingers at me.
lschaan wrote:
Herbert wrote:
The question is - will someone or a few folks get fired?Not who you think, but yes! Any institutional portfolio manager or analyst who bought this SHOULD get fired, and at least a few will. There's a chance the cap markets group at underwriting banks feel some heat, but we don't really know what was going on behind the scenes there. There's a chance WANDA insisted on going ahead against underwriter advice. An IPO like this certainly isn't good for their overall business though.
As of others have said, with 1bln+ of debt and negative working capital, there really could be no floor to this one. At a certain point the option value may be worth it though. May spend some time really reading and analyzing offering documents at some point and share my humble thoughts.