Ira Gluskin has been disappointed with Newton Glassman for some time. A few folks on Bay Street have known about any of it. Mr. Gluskin is thinking to have kept his tongue about the matter in public configurations. That changed earlier this summer, when Mr. Gluskin informed an investment meeting that he was “a disappointed investor who’s waiting around to get my cash back” from Mr. Glassman’s money.
That was one of lots of choice feedback he made about the situation, getting the dispute between the two men into the open. Some history is to be able. Associates Inc.. Though he long ago retired as the company’s main investment officer, he retains his reputation as a guy with pointed thoughts and the sharp tongue to provide them. Glassman is a private-equity fund supervisor behind Catalyst Capital Group Inc. and its own majority-owned public company, Callidus Capital Corp.
Like Mr. Gluskin, he is known to have a pugnacious side. The Glassman operation has raised billions through the years from investors, but it offers seen better times. 14 a talk about has suffered a meltdown. 485-million. Week on the Toronto STOCK MARKET Callidus stocks closed at 44 cents last. A number of its portfolio companies, acquired by the business after initial loans went unpaid, are struggling, Callidus said at its July 2 annual meeting.
Catalyst’s private money is tied up with Callidus. The funds own more than 70 per cent of the collateral and have lent Callidus money, too. 35-million more if Callidus continuing to struggle. Meanwhile, Mr and Catalyst. Glassman attended under scrutiny for several reasons beyond the performance of Callidus. One is their aggressive use of litigation.
In one of these, Catalyst involved in a protracted round of lawsuits in an attempt to prove the firm was unfairly treated in the auction of Canadian cellular company Wind Mobile (which is currently Freedom Mobile). Attendees of the function thought Mr. Gluskin may, in true Canadian fashion, describe the transaction more circumspectly.
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But he then used Mr. Glassman’s name and offered some pointed characterizations of Mr. Glassman’s approach to investor relations. I witnessed it and have a recording of it. Glassman with a series of questions, posting Mr. Gluskin’s remarks, and received a response from Howard W. Winkler of the statutory lawyer Winkler Dispute Quality.
“These statements of and regarding Mr. Glassman are on their face, outrageous, false, and defamatory. The categorical nature of the statements is obviously indefensible, and they do not call for a response,” he wrote. The use of litigation against critics is a continuing work for Mr. Glassman. His companies have filed suit against several investors who engage in the short-selling of stocks and shares and journalists who released articles on Callidus and Catalyst. They are “wolfpack conspirators,” Mr. Glassman’s companies argue. The claims are without merit, the defendants have argued. Mr. Winkler’s response to my questions can provide some evidence of why there has been such silence.
That’s only logical, since very high real yields can be produced by a weakly-growing economy hardly, whereas a strongly-growing economy, such as we had in the past due 1990s, can produce very positive real produces on a number of asset classes. The existing degree of real yields in the relationship market is constant with real financial development rates that are approximately 2%, which is what we’ve seen on the recent business cycle expansion.
17 shows that nominal yields on 5-yr Treasuries are unusually low given the current level of primary inflation. This reinforces the fact that stronger real, financial growth would lead to substantially higher nominal Treasury yields necessarily. As should be apparent from the last two charts, Treasury yields are very low compared to where they might probably trade if the economy was to prove much more powerful than currently expected as a result of tax reform. Last but not least: the rally in equity prices is evidence that the marketplace is pricing in the passage of tax reform. However, the continued low level of real and nominal Treasury produces is proof that the marketplace has yet to price in the stronger economic development that is likely to result from taxes reform.
Even so, there are examples of problems and inefficiencies due to its volatile prices. One of such is Steam, a gaming platform behemoth, removing Bitcoin as one of its payment methods citing reasons of high transaction costs. The symptoms where people are turning to cryptocurrencies as an instant way to riches are also stressing.