Cliff Sosin

And if your documents are written, you can do that the right way. If it's written the right way, you can do that. And they were. Um, and so they ended up negotiating this new secured loan structure and people converted their debt into new debt, which is safer, uh, more higher priority at a discount.

And if your documents are written, you can do that the right way. If it's written the right way, you can do that. And they were. Um, and so they ended up negotiating this new secured loan structure and people converted their debt into new debt, which is safer, uh, more higher priority at a discount.

Um, and that whole exchange happened in the, in the summer of 23 and a lot of sort of the retelling of the stories. And by virtue of that exchange, they like saved the business. By that point, the data I was looking at said that everything was great. Um, that was just kind of like... you know, the cherry on top because that saved them a ton of money in terms of interest expense and debt.

Um, and that whole exchange happened in the, in the summer of 23 and a lot of sort of the retelling of the stories. And by virtue of that exchange, they like saved the business. By that point, the data I was looking at said that everything was great. Um, that was just kind of like... you know, the cherry on top because that saved them a ton of money in terms of interest expense and debt.

But it was not by any stretch the thing that turned the business.

But it was not by any stretch the thing that turned the business.

There are stupid questions. I would have sold all of it at the peak and bought all of it.

There are stupid questions. I would have sold all of it at the peak and bought all of it.

I knew the issues they were having logistically in Q1. Like I could see it. And when I say I could see it, like we look at a lot of data on the website. So I knew that Omicron was an issue. And so the disappointing surprise was that as Omicron kind of cleared up, you know, it was like I was waiting for like some units to come out of the system. I was like, why are they not selling any units?

I knew the issues they were having logistically in Q1. Like I could see it. And when I say I could see it, like we look at a lot of data on the website. So I knew that Omicron was an issue. And so the disappointing surprise was that as Omicron kind of cleared up, you know, it was like I was waiting for like some units to come out of the system. I was like, why are they not selling any units?

It was kind of clear there was a problem, but then the stock had thirted. And it went down, the first sort of most of that thirting was because things were really bad during Omicron. But until you realize that there was a deep demand problem, that seemed like the sort of thing that happens in markets when you have a short-term operational hiccup. And it was only once demand didn't

It was kind of clear there was a problem, but then the stock had thirted. And it went down, the first sort of most of that thirting was because things were really bad during Omicron. But until you realize that there was a deep demand problem, that seemed like the sort of thing that happens in markets when you have a short-term operational hiccup. And it was only once demand didn't

kind of recover, that you're like, uh-oh, something's wrong. But by then, prices go down so much, you're kind of like, well. I didn't actually buy any the whole way down to there. And the reason was just, it was a big position, and I generally don't buy more of things that are over a certain amount of the fund. And I was sort of waiting.

kind of recover, that you're like, uh-oh, something's wrong. But by then, prices go down so much, you're kind of like, well. I didn't actually buy any the whole way down to there. And the reason was just, it was a big position, and I generally don't buy more of things that are over a certain amount of the fund. And I was sort of waiting.

It was kind of like, well, if it gets below that, I'll buy more. If it doesn't, it's fine. And then I bought a bit more after that. But by then, something was off, so I kind of didn't buy a lot. And then they came out with this operational plan and they did this issuance at 80. And I thought, okay, they'll fix this. This is it. So I bought a bunch more.

It was kind of like, well, if it gets below that, I'll buy more. If it doesn't, it's fine. And then I bought a bit more after that. But by then, something was off, so I kind of didn't buy a lot. And then they came out with this operational plan and they did this issuance at 80. And I thought, okay, they'll fix this. This is it. So I bought a bunch more.

And then the stock went all the way down to 20. And in that intervening period, I'd gone out to visit them again and I'd gone through the whole operational plan with them and tried to basically do a blank sheet of paper underwriting. And I convinced myself that this would work. No, Clifford, you weren't a moron. Yes, the stock was down 95%. But this was okay and they'll be fine.

And then the stock went all the way down to 20. And in that intervening period, I'd gone out to visit them again and I'd gone through the whole operational plan with them and tried to basically do a blank sheet of paper underwriting. And I convinced myself that this would work. No, Clifford, you weren't a moron. Yes, the stock was down 95%. But this was okay and they'll be fine.

They're going to sort it out. But I realized at that point that... There were more kind of deep operational fixes in the business than I'd realized. And so my thinking at the time was like, they should be fine. I'll buy half now and I'll buy half when I can see it turn.

They're going to sort it out. But I realized at that point that... There were more kind of deep operational fixes in the business than I'd realized. And so my thinking at the time was like, they should be fine. I'll buy half now and I'll buy half when I can see it turn.