Dick Smith is the Greatest Private Equity Heist of All Time

Want to know how to turn $10m into $520m in less than two years? Just ask Anchorage Capital. The private equity group has pulled off one of the great heists of all time, using all the tricks in the book, to turn Dick Smith from a $10m piece of mutton into a $520m lamb. Having spent the morning poking through the accounts, we can show how they used the company's own assets to pay for the acquisition and then dressed it up for a half a billion dollar float. We also show how all of that window dressing is coming home to roost, leaving the company and its shareholders in a precarious position (VIEW LINK)


Steve Johnson
Founder & Chief Investment Officer
Forager

Steve began Forager Funds in 2009, and now manages approximately $470m across two funds. Offering a listed Australian Shares Fund (FOR) and an unlisted International Shares Fund, Steve focuses on long-term investing in undervalued companies.

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