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VOICE ARCHIVE

Morgan Ricks

@morganricks1
13 posts
2023-05-02
(1) ~$40bn of uninsured deposits are being honored, yet the DIF is taking a $13bn hit. Since no systemic risk exception was invoked, shouldn't that loss have fallen on uninsured depositors instead of the DIF? Was this deal really “least cost” to the DIF, as required by law?
2023-05-02 View on X
Financial Times

The FDIC and California regulators say JPMorgan Chase plans to acquire most of First Republic Bank, which was a tad bigger than SVB and had $100B+ in outflows

now JPMorgan Chase's — uninsured depositors is Sen. Dianne Feinstein who, according to her latest financial disclosure, had between $1,000,001 and $5,000,000 in a First Republic ac...

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2022-11-30
As a great philosopher once said, “did you hear my covert narcissism I disguise as altruism” https://www.wsj.com/...
2022-11-30 View on X
Wall Street Journal

Sources detail Alameda's early years, starting in fall 2017, as SBF shrugged off concerns about risky investments, leading several employees to quit in 2018

‘We ended up not really knowing how much money we even had,’ one former employee says  —  Why FTX Picked the Bahamas, and What Happens Now to the Crypto Hub

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As a great philosopher once said, “did you hear my covert narcissism I disguise as altruism” https://www.wsj.com/...
2022-11-30 View on X
Fortune

In an interview, SBF claims he donated about the same amount to both parties in 2022 but the GOP donations were “dark” money, discusses Alameda, FTT, and more

Sam Bankman-Fried's donations to Democrats are well documented.  In an interview released Tuesday …

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2022-07-11
I continue to think the interesting question in the Twitter/Musk deal isn't whether Musk has any plausible contractual basis for getting out of the deal (of course he doesn't) but what a judge would/will decide to do remedy-wise.
2022-07-11 View on X
Bloomberg

Elon Musk's offer to buy Twitter likely was a joke, since he previously pretended he would take Tesla private, but he may not be able to get out of the deal

Good morning!  If you're looking to head to Bhutan anytime soon, we've got some news for you. Leigh Mc Gowran / Silicon Republic : What's going on with Elon Musk's Twitter deal? Ar...

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So anyway, this question — a judicial question not a contractual question — seems to me the most interesting one, and anyone's guess is as good as mine about what the court will do, if it comes to that. But I would be hard pressed to say Twtr is mispriced at $37.
2022-07-11 View on X
Bloomberg

Elon Musk's offer to buy Twitter likely was a joke, since he previously pretended he would take Tesla private, but he may not be able to get out of the deal

Good morning!  If you're looking to head to Bhutan anytime soon, we've got some news for you. Leigh Mc Gowran / Silicon Republic : What's going on with Elon Musk's Twitter deal? Ar...

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Like I've said before, equitable remedies aren't something the parties *invoke*, they're not a mechanical thing, they're up to the court. It's all well and good for parties to agree that specific performance will be available but it doesn't obligate the court to do anything.
2022-07-11 View on X
Bloomberg

Elon Musk's offer to buy Twitter likely was a joke, since he previously pretended he would take Tesla private, but he may not be able to get out of the deal

Good morning!  If you're looking to head to Bhutan anytime soon, we've got some news for you. Leigh Mc Gowran / Silicon Republic : What's going on with Elon Musk's Twitter deal? Ar...

View original
Last thing, a re-cut deal is very possible but its price will of course hinge crucially on the parties' estimates of the likelihood that the court would grant specific performance — negotiations will take place in the shadow of these predictions.
2022-07-11 View on X
Bloomberg

Elon Musk's offer to buy Twitter likely was a joke, since he previously pretended he would take Tesla private, but he may not be able to get out of the deal

Good morning!  If you're looking to head to Bhutan anytime soon, we've got some news for you. Leigh Mc Gowran / Silicon Republic : What's going on with Elon Musk's Twitter deal? Ar...

View original
How do you ensure the order is obeyed? I don't think this is a trivial thing, and for a judge the path of least resistance (monetary damages, which are capped) will hold a lot of appeal — and they're the standard remedy, equitable remedies in contract are extraordinary.
2022-07-11 View on X
Bloomberg

Elon Musk's offer to buy Twitter likely was a joke, since he previously pretended he would take Tesla private, but he may not be able to get out of the deal

Good morning!  If you're looking to head to Bhutan anytime soon, we've got some news for you. Leigh Mc Gowran / Silicon Republic : What's going on with Elon Musk's Twitter deal? Ar...

View original
It seems to me most judges would be of two minds — on on hand, you want to throw the book at people who breach egregiously and in bad faith, in part to deter future bad behavior by the breacher and others. On other hand,
2022-07-11 View on X
Bloomberg

Elon Musk's offer to buy Twitter likely was a joke, since he previously pretended he would take Tesla private, but he may not be able to get out of the deal

Good morning!  If you're looking to head to Bhutan anytime soon, we've got some news for you. Leigh Mc Gowran / Silicon Republic : What's going on with Elon Musk's Twitter deal? Ar...

View original
it's very daunting to order specific performance in a situation like this. There's external financing that has to be made to perform. And what if Musk flouts your order. It turns into a showdown over the court's jurisdiction and power — what happens at ground level?
2022-07-11 View on X
Bloomberg

Elon Musk's offer to buy Twitter likely was a joke, since he previously pretended he would take Tesla private, but he may not be able to get out of the deal

Good morning!  If you're looking to head to Bhutan anytime soon, we've got some news for you. Leigh Mc Gowran / Silicon Republic : What's going on with Elon Musk's Twitter deal? Ar...

View original
2022-07-10
it's very daunting to order specific performance in a situation like this. There's external financing that has to be made to perform. And what if Musk flouts your order. It turns into a showdown over the court's jurisdiction and power — what happens at ground level?
2022-07-10 View on X
Bloomberg

Elon Musk's offer to buy Twitter likely was a joke, since he previously pretended he would take Tesla private, but he may not be able to get out of the deal

Programming note: Ugh, here we are again, huh?  —  Oh Elon  —  I think it is helpful to start with the big picture.

View original
It seems to me most judges would be of two minds — on on hand, you want to throw the book at people who breach egregiously and in bad faith, in part to deter future bad behavior by the breacher and others. On other hand,
2022-07-10 View on X
Bloomberg

Elon Musk's offer to buy Twitter likely was a joke, since he previously pretended he would take Tesla private, but he may not be able to get out of the deal

Programming note: Ugh, here we are again, huh?  —  Oh Elon  —  I think it is helpful to start with the big picture.

View original
I continue to think the interesting question in the Twitter/Musk deal isn't whether Musk has any plausible contractual basis for getting out of the deal (of course he doesn't) but what a judge would/will decide to do remedy-wise.
2022-07-10 View on X
Bloomberg

Elon Musk's offer to buy Twitter likely was a joke, since he previously pretended he would take Tesla private, but he may not be able to get out of the deal

Programming note: Ugh, here we are again, huh?  —  Oh Elon  —  I think it is helpful to start with the big picture.

View original