Mar. 1 at 11:04 PM
[4]
$KKR $BX $OWL $APO $ARES There are opportunistic investors (bka, retail retards) who claim OWL is gonna survive all this. Look, just take one look at OWL's balance sheet. The only assets worth anything are: cash, net working capital, PP&E & LT investments. The intangibles and other BS assets are worth zero. Let's try marking these tangible assets to market. Let's be generous here, since OWL hasn't declared bankruptcy yet, and mark them at 100% for all of the above. But the more likely scenario is that some of the NWC, PP&E and LTI are impaired, particularly LTI. When OWL goes into distress, all of them will be marked down, even working capital and PP&E, since the buyers are vulture investors and no one will buy at BV. But let's assume, no bankruptcy yet, so no discount: total BV of assets worth anything=
$1.8B. Now divide that by shares outstanding=
$1.55B. Plausible liquidation value =
$1.18. Current Price=
$10.59. Upside = -88.8%. There you go: now do the same for KKR BX ARES, etc
