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We’reTexas

Certifiably Surly
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Everything posted by We’reTexas

  1. Those who graduated law school 2010-2011 had a really roughy start getting off the ground, but everyone after was fine (in Texas, at least). To hit the point of this thread, I’d say a defining aspect of millennial lawyers in biglaw is (a) a deep appreciation of actually having a job after having experienced the recession and (b) a total lack of faith in equity partnership.
  2. Rent control in Texas is an interesting issue I’ve wondered about. It’s a legacy from ‘70’s progressive movements in blue coastal cities and I think most recognize the disastrous effects it has had on housing markets, but nonetheless live with it because there’s no painless way to transition out. Progressives, of course, still advocate rent control along with many other strict tenant protections. Austin may be a liberal city, but I have tough time seeing voters stomach rent control or measures to severely curtail evictions. Also, I’m seeing census data from 2019 indicating 45% of Austinites are homeowners (which seems surprisingly low) and recent articles citing studies that the figure is 75% - anyone have and idea what the actual number is?
  3. If I hear another person above the age of 60 tell me that rates are still at historic lows…
  4. Well, to be clear, SF has terrible public schools and a catastrophe of a public transportation department, and I only raise that to point out that this is because of the Prop 13 system, which starved municipalities of property tax revenue and put the burden on the state and an ever-dwindling number of new homebuyers. I think rate adjustments and an income tax could make sense for Texas, but the California model would be a disaster.
  5. Yeah I was pretty surprised that I devoured that po boy after snacking all day, that gravy was fantastic. For sno balls, did the pretty baby (nectar cream and vodka) and green goblin (absinthe, lime and Cointreau).
  6. Went to check out Breakaway’s since Ian McNulty has been raving about it. Had the daube po boy with garlic fries and crawfish fritters - pretty great. It’s in the Marigny in the old Lost Love Lounge spot (RIP), so pretty hipster, but I welcome seeing a new place doing elevated New Orleans cooking, a rarity nowadays. Oh, and they do boozy sno-balls too.
  7. Pre-Irma yakamein.
  8. They’ve done really well - have a spot on Mag too now. Softshell crab YYR.
  9. Jesus, good luck. We were thinking about looking but the rate hike has made buying unfeasible.
  10. Frankie and Johnny’s for red beans, because Monday. HH crawfish at Tracey’s.
  11. Clancy’s. Crabmeat salad and shrimp remoulade are non-negotiable. Gumbo and speckled trout for entrees. And there was an ice box pie for dessert.
  12. Saint Germain. Fried chili shrimp (incredible) and hangar steak, with Lopez de Heredia Tempranillo. Lots of tourists now with the James Beard nom, but still an easy bar spot.
  13. Well I guess it makes sense Cawthorn’s a bottom.
  14. Fessin’ with crawfish Monica and a cochon au lair po boy (Kermit Ruffins in the background). Damn I’ve missed Jazz Fest.
  15. Yes, but I experienced heavy coastal elitism when I had just graduated and was trying to get my foot in the door on the Hill (granted, this was also during the recession when kids were flooding the Hill looking for internships/jobs). It was the only time I’ve ever wished I’d gone the east coast private route.
  16. Well, to be clear, that new option tranche has a five-year lockup. It’s not in itself a near-term source of liquidity. That said, without looking at Tesla’s policy if assume the underlying shares could be pledged, thus allowing him to pledge other shares. The margin call collateral numbers will be determined at funding, and while there will be a minimum LTV level I’d imagine something gets worked out.
  17. Lol, did Elon seriously push for a shareholder vote when a tender would be faster?
  18. Hell if I know. I wouldn’t disagree that there’s a lot of bloat at public tech companies. But my point wasn’t that they had any issue with Elon, just that if Twitter isn’t competitive with all-cash comp folks will leave.
  19. Oh yeah, I saw that too. His point was irrelevant. Directors have a fiduciary duty to shareholders and they take it seriously, and there are always strike suits in these deals. I can guarantee you that when Twitter received the bid their outside counsel promptly read them in on their duties and liabilities. My earlier concerns about SL were that sponsors tend to not give a shit about formalities and that they would dig in to protect their own position.
  20. ? Twitter has minimum stock ownership guidelines for this reason, which is a standard corporate governance practice. But in general boards should be comprised of independent directors, and they are rarely going to have a material stake in the company. FWIW one of their largest holders literally has a board seat.
  21. Elon would be personally on the hook for $1B annually for his margin loans. Half of the bank debt will ultimately need to be raised on the HY markets, but that’s looking like $1B too. And yes there’s obviously risk with the margin loan, but keep in mind the secured bank debt will have liens on Twitter shares as well.
  22. Comp won’t be an issue for senior management but I wonder if Twitter as a whole will be able to stay competitive from a talent perspective without a broad-based equity comp program. Talent competition is fierce right now and my friends there just say they’ll take their equity acceleration and peace out. I certainly wouldn’t go to a private Twitter.
  23. Escoda, imo
  24. Got it, thanks both. 25-30% wouldn’t be an issue, but damn with rates right now not looking like a feasible idea.
  25. How much more are secondary/investment rates looking than primaries?
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