Andy Mitchell could be called a "doctor for business." His firm, Lantern Asset Management, buys up businesses in immediate need of cash and willing to sell at bargain-basement prices. Michael Lewis calls up Mitchell to get the "distressed asset" angle on the company at the center of Lewis's next book: the now extremely distressed crypto exchange, FTX. But along the way, we hear about other businesses on the skids, including the maker of Twinkies, and the Weinstein Company.
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07/11/23 • 35 min
5 Listeners
Against the Rules with Michael Lewis - On Background: Who Buys Distressed Assets?
Transcript
Pushkin. Hey, there, against the rules listeners, it's Michael Lewis here. You might have heard that I've been working on a new book about the crypto Exchange FTX and its founder, Sam Bankman Freed, and I'm still working on it, talking to experts on background here in this feed, and I'm finally able to tell you just a bit more about the book itself, like the title, for instance, and when it will be published. So here we go. My next book is going
On Background: Who Buys Distressed Assets? Top Questions Answered
How can FTX regain trust after its damaged reputation?
The speaker suggests that changing the exchange's name might be necessary for FTX to regain trust.
What valuable investments may have been made by Alameda, a fund associated with FTX?
Despite its failure, Alameda may have made valuable investments, as mentioned by the speaker.
What opportunities could arise from buying and stabilizing FTX's $5 billion venture portfolio?
Buying and stabilizing FTX's venture portfolio could present a promising opportunity, according to the speaker.
What is the speaker's view on their work in relation to being an opportunistic capitalist?
The speaker views their work as effective altruism, despite the perception of being an opportunistic capitalist.
What previous bankruptcy case does the speaker mention regarding Weinstein Company?
The speaker discusses their experience with the Weinstein Company's bankruptcy and purchase price reduction.
How did the company's success change after getting out of bankruptcy, according to the speaker?
The speaker cites successful movie releases and TV shows as examples of the company's success after exiting bankruptcy.
What challenges arise when valuing cryptocurrency assets, specifically in FTX's evaluation?
The difficulty of valuing cryptocurrency assets creates uncertainty in FTX's evaluation, as highlighted by the speaker.
How does the speaker emphasize the need to sell assets from FTX independently of its founders' stigma?
The speaker emphasizes the importance of separating assets from the stigma attached to FTX's founders.
What is the title of Michael Lewis's upcoming book about FTX and its founder?
Michael Lewis is working on a book called "Going Infinite: The Rise and Fall of a New Tycoon" about FTX and Sam Bankman-Freed.
What kind of troubled companies does Andy Mitchell from Lantern Asset Management specialize in rehabilitating?
Andy Mitchell specializes in rehabilitating distressed companies that have a reason to exist and a fixable problem.
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