• 12 Aug 2010 at 3:30 PM

Ackman/Tilson’s Poker Game For The Kids: Results

Last night was Bill Ackman and Whitney Tilson’s big poker tournament to benefit their charity, REACH, which gives inner-city high school students academic support and scholarships for passing AP exams. Some of the kids were there to tell their stories, which was adorable, and the event raised money for a great cause, which is nice. Humanity and whatnot. But enough about that. Who won big (prizes — and would’ve taken home cash were the evening not about the children)?

Alas, it was not David Einhorn’s night, which he should (and may have already) blamed on the fact that he was not wearing his lucky sweatshirt). It wasn’t Mrs. Einhorn’s night either (the misses played at the Greenlight Capital table, apparently has some formidable skills, and may or may not have taught her husband everything he knows about cards and gold). Luck was not on the side of Tilson or Ackman, though those would’ve certainly been amusing acceptance speeches. Repping for the Lederer family was Howard and Annie Duke’s sister, Katy, who also went home empty-handed, as did Duke’s boy-toy, Joe Reitman, along with 2002 WSOP main event winner Rob Varkonyi. I’m running out of names I can recall here and am sure you are on interest so let’s cut to the chase: the winner, beating out 200 participants, was Mudrick Capital founder and noted H.P.O.A Jason Mudrick!

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Comments (9)

  1. Posted by Anonymous | August 12, 2010 at 4:03 PM

    “……And now, everyone, here is little 10 year old Timmy Martin who, by way of our charity, helped his neighborhood raise money for new school playground equipment with some “financial advice” from some of our Wall Street friends. Take it away, Timmy:”

    “Uh, thank you. My name is Timmy Martin. We raised a lot of money for our school with some new things we learned. We learned that our lemonade stand was an “asset” and that we could sell our “asset” to a banker at a price we thought was fair. So we thought about it and we sold our asset and then we were to lease it back. We did that and used the cash flow from the sale to make a pitchbook thing which we showed other grownups and they liked our 25 year pro forma thing and we sold it to them at 20 times EBITDA. Our grown up guy at the bank said we could monetize those anticipated earningsfrom the lemonade stand now so we did and we all got $100,000 for our “asset-light” business. Then we said that the money from the one time sale was “earnings from continuing operations” and that made our parents double our allowances. We took the allowance money and did a factor thingy with one of the banker guys and got most of it up front. We think the next group of fourth gradersrunning the lemonade will have a challenging environment like the banker guy said but , hey, I’d rather have aall my money and be hated than having to mow lawns next summer.

    Thank you.”

  2. Posted by Anonymous | August 12, 2010 at 4:30 PM

    After a quick refresher on Mudrick Capital, I don’t recall Jamie Frenkel being on the IR dimes page. I can’t be bothered to go back to the article and confirm this (and perhaps it’s just a good picture) but she looks like an absolute rocket…

  3. Posted by Anonymous | August 12, 2010 at 4:31 PM

    “I will see your investor gate and add two side pockets”

  4. Posted by Anonymous | August 12, 2010 at 4:40 PM

    @2 – nice pull, Frenkel is a rocket

  5. Posted by Anonymous | August 12, 2010 at 5:11 PM

    @2 i was thinkin the same but I was too busy doin private equity shit to comment an hour ago

  6. Posted by anon | August 12, 2010 at 9:47 PM

    @1 WaaayTLDFR. Somebody tell me. Was it funny?

  7. Posted by Anonymous | August 12, 2010 at 11:19 PM

    @6, mildly but not worth the time spent reading it and it comes off as a piper jaffrayish LSO wannabe

  8. Posted by Anonymous | August 13, 2010 at 12:01 AM

    Thank you DB, Jamie Frankel is the new gold standard….HB or not….

  9. Posted by buy oem software | May 3, 2012 at 3:01 AM

    kcEQL4 Fantastic article. Fantastic.