Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Pan-Asia Catalysts/Events

Pershing Square (PSTH) Turns a Tontine to an Everlasting Gobstopper

Quiddity Advisors

Event-Driven

Pershing Square Tontine Holdings / Event-Driven

Pershing Square Tontine Holdings (PSTH US)

<p>Pershing Square Capital Management and <a href="https://www.smartkarma.com/entities/pershing-square-tontine-holdings-a" target="_blank" data-smartkarma-citation="entities:33390:1" rel="noopener">Pershing Square Tontine Holdings-A (PSTH US)</a> announced on 4 June a deal which was at a time complex, and self-perpetuating. The "Tontine" which made the name "cute" became a deal SpinCo, and a RemainCo, and rights to yet something else. The obvious conclusion was that the next deal would allow them to raise capital, and leave a remaining listed rights situation, which would then become the rights to the next DealCo, and this would self-perpetuate as long as there were deals to be done. I called it...</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/219/218/original/Screenshot+2021-07-19+at+3.22.51+PM.png?1626679386" class="editor-image img-responsive" data-smartkarma-image-id="219218"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/219/215/original/Everlasting+Gobstopper+Gif1.gif?1626677288" class="editor-image img-responsive" data-smartkarma-image-id="219215"></figure></section><p>Kids love 'em. </p><p>The thing is, as every kid who has ever sucked on an Everlasting Gobstopper knows, they can easily get stuck in your throat. </p><p>Pershing Square was adamant that this deal, while complex, would pass the NYSE and SEC rules for a business combination. </p><h3>But today, PSTH <a href="https://pstontine.com/wp-content/uploads/2021/07/Letter-to-Shareholders-from-PSTH-CEO-Bill-Ackman.pdf" target="_blank" rel="noopener">announced</a> it had choked on its gobstopper. </h3><p></p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/219/217/original/Screenshot+2021-07-19+at+2.58.18+PM.png?1626677924" class="editor-image img-responsive" data-smartkarma-image-id="219217"></figure></section><p>That's not a great look. </p><p><em>But what are the opportunities?</em></p><p>More below the fold.</p>

Pershing Square Capital Management and Pershing Square Tontine Holdings-A (PSTH US) announced on 4 June a deal which was at a time complex, and self-perpetuating. The "Tontine" which made the name "cute" became a deal SpinCo, and a RemainCo, and rights to yet something else. The obvious conclusion was that the next deal would allow them to raise capital, and leave a remaining listed rights situation, which would then become the rights to the next DealCo, and this would self-perpetuate as long as there were deals to be done. I called it...Kids love 'em. The thing is, as every kid who has ever sucked on an Everlasting Gobstopper knows, they can easily get stuck in your throat. Pershing Square was adamant that this deal, while complex, would pass the NYSE and SEC rules for a business combination. But today, PSTH announced it had choked on its gobstopper. That's not a great look. But what are the opportunities?More below the fold.

Pershing Square Chokes on Its Everlasting Gobstopper