Matt Levine

speaker

4,268 appearances 11 recordings 1 series first heard Jun 2026 last heard 3d ago

Matt Levine’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 11 in all, peaking in Jul 2026 with 5.

Appearances

newest first · ▶ plays the moment

Money Stuff: The Podcast · No Kiddie Pool · 31 Jul 2026 podcast

So, like, instead of, like, Ligan paying them cash for the expected value of the lawsuit, they get the upside and the downside of the lawsuit. voice-verified

And, like, the CVR is probably worth about five bucks, like, in expected value. voice-verified

And they agreed to sell themselves for those two things. voice-verified

And the merger closed on July 14th. voice-verified

And a few weeks before the merger closed, they put out a press release being like, the record date for the distribution of the contingent value rights is 5 p.m. voice-verified

on July 13th, which is the day before the merger closing date. voice-verified

And so you had this situation. voice-verified

Where if you owned the stock on July 13th, you got the CVR, which was worth about $5. voice-verified

And if you owned the stock on July 14th, you got the $39 in cash. voice-verified

Because that was the merger closing date. voice-verified

That was the merger consideration. voice-verified

That was the merger closing date. voice-verified

So if you owned the stock when the merger closed, you got the cash. voice-verified

Normally, if you own the stock when the merger closes, you get whatever you get, just cash or stock or CVRs or whatever. voice-verified

But for some reason, they put out an announcement saying that the CVR had a record date the day before the merger closed. voice-verified

And what that means, because stock trades settle T plus one, so if you buy a stock on Monday, you get the stock on Tuesday. voice-verified

What that means is that if you bought the stock on July 13th, which is the day before the merger closed, voice-verified

If you bought the stock on July 13th, the press release seemed to say you didn't get the CVR because you wouldn't settle until the next day. voice-verified

So you would get the $39, but you wouldn't get the CVR. voice-verified

It seems unfair and strange and not how mergers work. voice-verified

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