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Within about 90 days, it became apparent to me that we had not done sufficient reversed duediligence on our acquirer. This idea of reversed duediligence is like they're asking a bunch of questions trying to figure out who you are and where you fit with cultures like all those things. We managed to still sign and close.
Blackstone told us "extensive pre-investment duediligence showed PSSI had industry-leading hiring compliance." But it seems, that diligence failed to find what was obvious to investigators watching a shift change in a parking lot. In 2007, Taylor won the $1.5M Mr. Taylor’s previous honors include the 2015 John W.
I published what’s called a comment, so like a very short one about this great tax law case with this guy who like won the lottery and then wanted to get his lottery winnings treated as capital gains. You know, it was all this like structuring and like tax and legal and accounting stuff. Matt Levine : 00:03:44 You know, I did.
And what I think distinguishes us at Wellington is that we’re able to utilize our public market investors in the duediligence process in helping us assess. I’m I’m thinking about the tax consequences of what you just said. And so we, we kind of stay very stealth when we’re in the duediligence process.
There were financial experiments where the borrower hadn’t been through duediligence. So we’ve, we purchased, and most of the homes were purchased one at a time, independent duediligence, independent construction management to get the home back up to current market standards. The LTV was very high.
Somehow no one in duediligence ever asked them about any of this. And not being able to tell them or show them makes it harder for them to do duediligence to understand how it may have behaved. Alternatives and alternative strategies tend to be less tax efficient, more opaque. I’ve never been introduced.
RITHOLTZ: So that’s really interesting because what I wrote down was tax efficiency is one of the drivers. DAMODARAN: If I can throw this out to my class, and the first thing they come up with is it more tax-efficient to do buybacks than dividends? DAMODARAN: Capital gains then were taxed with 28 percent. DAMODARAN: Right.
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