Irv Grossbeck
๐ค SpeakerAppearances Over Time
Podcast Appearances
in connection with their examination of tolling.
I remember my question to Kevin was...
But wait, most people belong to AAA.
And then when you buy a new car, if you do, you get free roadside assistance.
Why are they going to pay you for that?
And he and Jim had a list of reasons why that was going to happen, which included better service, broader service offerings, so forth.
In any event, I was not part of their search fund, either of their search funds, which they then combined.
I was not an investor.
They just were talking to me from time to time about what was going on.
My recollection is they pursued the acquisition of capital to buy Mr. Rescue.
And they came back and said, we're $300,000 short.
Would you want to put in $300,000?
I said, you know, really, that's not good for me.
It doesn't really work.
And they said, well, what would work?
And their capital structure, as you well know, was half debt and half equity.
And I said, well...
If that $300,000 would be divided 150 and 150, I said, I'd really like to get 500 of equity, but that doesn't sound like that works, so I'll help you find the other 300.
They came back a while later and they said, we've decided there's room for you to put in the amount that you specified.
And will you join the board?