MSP Recovery was short of cash, so it stuck its advisers with an IOU, Bloomberg reports.
MSP Recovery was valued at almost $33 billion prior to going public last month, making the healthcare-litigation company the most expensive US SPAC deal ever, at least on paper. The excitement didn’t last.
MSP is now worth a more modest $4.3 billion after the shares collapsed more than 85% since its blank-check merger closed (with Lionheart Acquisition II) and regular trading began, and the drama didn’t end there. Just days after listing, MSP warned its ability to continue as a going concern was in substantial doubt. Nomura Holdings and Keefe, Bruyette & Woods (a Stifel Financial subsidiary) accepted $45 million in promissory notes in lieu of their advisory fees, because MSP lacked the capital to pay them. Read more.
