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Former hedge fund manager and judicially-designated thief, liar and not nice person Dan Kamensky is probably going to jail. This is because he tried to browbeat his bank into not making a bid on something he wanted for more than he wanted to pay, while at the same term serving on the creditors committee whose constituents would be very well served, indeed, by someone other than Kamensky’s Marble Ridge Capital paying more for those things.

All of that being said, Kamensky sure was right to fight for a piece of Neiman Marcus’ e-commerce business. This may be a vindication even hollower than Bill Ackman’s vis-à-vis Herbalife, but it’s a sort of vindication all the same.

Mytheresa Group GmbH, the European luxury e-commerce platform and former Neiman Marcus Group Ltd. subsidiary, went public Wednesday at a $2.2 billion valuation…. With Neiman struggling in 2019 with coming debt maturities, its private equity owners agreed to split up ownership of Mytheresa in a broad settlement with its creditors. But Mr. Kamensky and some others held out for more….

Mytheresa’s strong IPO, however, is a win for other Neiman creditors who took part in the settlement Mr. Kamensky pushed for, as well as for Ares and CPPIB.

So, you know, in the big picture, Kamensky really did have his fellow creditors’ best interests in mind. On the other hand, he wasn’t right about everything, as Mytheresa went for a good deal more than he expected, and several orders of magnitude more than the 20 cents per share Kamensky was willing to pay.

The initial public offering far exceeded the $1 billion value expected by Marble Ridge Capital LP and its founder Dan Kamensky….

Mytheresa shares started trading Thursday at $35.85, and ended their first day at $31, up 19% from the offering price on the New York Stock Exchange.

Maybe he should have just paid the 30 cents and avoided the alleged felonies.

Mytheresa IPO Nets $2.2 Billion Value, Vindicating Neiman Marcus Holdout [WSJ]
Mytheresa IPO Is Less Fashion-Forward Than It Looks [WSJ]



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