Former hedge fund manager and court-appointed thief, liar and not nice person Dan Kamensky is likely to go to jail. This is because he was trying to get his bank not to bid on something he wanted for more than he wanted to pay while at the same time serving on the committee of creditors whose voters are actually being served by someone else as very good Kamensky’s Marble Ridge Capital would be paying more for these things.
Still, Kamensky had rightly fought for a piece of Neiman Marcus’ e-commerce business. This may be a justification that is even more hollow than Bill Ackman’s to Herbalife, but it’s kind of a justification nonetheless.
Mytheresa Group GmbH, the European luxury e-commerce platform and former subsidiary of Neiman Marcus Group Ltd., went public on Wednesday with a value of 2.2 billion US dollars. As Neiman struggled with the debt maturities imminent in 2019, its private equity owners agreed to split ownership of Mytheresa in a full settlement with its creditors. But Mr. Kamensky and a few others were looking for more …
However, Mytheresa’s strong IPO is a win for other Neiman creditors who were involved in the settlement requested by Mr. Kamensky, as well as Ares and CPPIB.
So you know, by and large, Kamensky really did have the interests of his creditors in mind. On the other hand, he was wrong about everything, since Mytheresa was far more than expected and several orders of magnitude more than the 20 cents a share Kamensky was willing to pay.
The IPO far exceeded the $ 1 billion expected by Marble Ridge Capital LP and its founder Dan Kamensky.
Mytheresa shares traded at $ 35.85 on Thursday, ending their first day at $ 31, up 19% from the offering price on the New York Stock Exchange.
Maybe he should have just paid the 30 cents and avoided the alleged crimes.
Mytheresa’s initial public offering is valued at $ 2.2 billion, confirming Neiman Marcus Holdout [WSJ]Mytheresa’s IPO is less fancy than it looks [WSJ]