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DIP financing, the turnaround rule nobody likes, and an honest update on our own stuck real estate.
Deals on the Go
• DIP financing 101 — court-approved loans that rank ahead of everyone so a stalled company has the capital to change
• Sapphire Global’s DIP on Sirona Pharma: $2.5M to stabilize, stay creditors, get relicensed — business now being sold
• New client: a stalled $100M+ real estate development where a small DIP relaunches it and creates huge value
• Lenders — the onus is on you to create these deals. Reach out
Lesson Learned: Capital Won’t Fix a Refusal to Change
• Rule #1 of every turnaround: accept the need to change — before capital
• The over-advance trap — we’ve seen a book 90% in over-advance, an equity-risk lender at debt rates
• Equity version: throwing good money after bad — a client about to write off hundreds of millions
• Don’t advance more without a price, and the price is change. Boots on the ground can’t be replaced
Struggles: Living the Problem I Solve
• Liquidity tied up in three key assets — two are environmentally-affected real estate
• Both under firm contract; both buyers failed to close — now in litigation
• The exact problem we solve for clients — just living the hard version ourselves
What I’m Thinking About: Go Where the Energy Is
• 1-minute first-principles videos — ~50k views each, ~200k in two months, big engagement
• Not partisan — my concepts in a framework. Canada needs winning momentum
• The Inner Circle is coming back — relaunch soon
#DIPFinancing #BusinessTurnaround #PrivateCredit #Restructuring #DistressedDebt #RealEstate #SinclairRange #WinningMomentum
