Elisha Tropper

📈🏢 Aby Rosen's RFR Holding is facing a staggering $2.5B debt bill as defaults pile up! 💥 🔎 According to a recent Bisnow article, RFR Holding, a prominent NYC real estate firm, is grappling with mounting debt and defaults. The company, led by billionaire Aby Rosen, has a portfolio of high-profile properties, including the iconic Seagram Building and Lever House. 🏢🏦 📊 The firm's debt load has surged to a whopping $2.5B, with $1.1B in loans maturing this year alone. 💸 The pandemic has hit the commercial real estate market hard, causing defaults to skyrocket. RFR Holding is no exception, with defaults on several properties, including the $200M mortgage on the Seagram Building. 📉 🗣️ "The pandemic has created a perfect storm for commercial real estate," said one industry expert. "Companies like RFR Holding are facing unprecedented challenges as they navigate this difficult time." 🌪️ 🔜 So, what's next for RFR Holding? The company is reportedly exploring options to refinance its debt and avoid further defaults. 💡 With the commercial real estate market showing signs of recovery, there's hope that RFR Holding can weather this storm. 🌞 Stay tuned for more updates on this developing story! 📰🔔 #RFRHolding #CommercialRealEstate #Debt #Defaults #NYCRealEstate

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Too many small and mid-sized businesses struggle with capital constraints out of fear and misunderstanding. Sourcing the capital required to remove those constraints is key to unlocking the value creation potential of these companies. https://lnkd.in/gRYTKEmN #smallbusiness #businesstransformation

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The Middleby Corporation has acquired JC Ford, a leading manufacturer of tortilla and chip production equipment, based in Columbia, Tennessee. JC Ford, founded in 1945, generates $70 million in annual revenue and specializes in automated solutions. The acquisition strengthens Middleby's position in the fast-growing snack food market, aligning with its Food Processing Group’s strategy. Middleby CEO Timothy FitzGerald highlighted the synergies and growth opportunities this acquisition offers, as JC Ford’s innovative solutions have become industry standards with a strong customer base and recurring revenue. Read More Here: https://lnkd.in/ebxE8zTA PerishableNews.com Branded Hospitality Ventures Hospitality Hangout Podcast #production #hospitality #automation #marketing Steve Spittle Scott Heim Timothy FitzGerald Sarah Tresser Jaime Nau Darcy Bretz Krishna R. Valerie Hanson, CFSP Shawn M. Lange

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The tide is turning. Companies that understand RISK is the only certainty are prioritizing #reshoring to diversify their manufacturing value chains. https://lnkd.in/eEyC--ED

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Great article on the founder-investor relationship—one that’s so critical to the success of any venture. Tough times are inevitable, and the true strength of a founder-investor partnership isn’t measured during the good times, but in how both sides show up when things go wrong. These moments test trust, alignment, and shared resilience. As founders, we’re expected to lead our teams through crises, rally, adapt, and navigate the storm. The best investors also show the same level of leadership and step up during challenging moments, offering guidance, empathy, and actionable solutions. It’s a collaborative effort, and I’ve been fortunate to witness how impactful it can be when investors show true leadership. One way to ensure this is to work with investors who’ve been in your shoes before—there’s nothing quite like operator investors to bring valuable perspective and support when it matters most.

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Have you ever noticed that the word Uber is both a noun and a verb? I have spent years studying shared economy, supply chain and logistics. The first and last mile space has proven profitable and lucrative but also fickle and unpredictable. And I love it. In the world of Yahoos and Googles, Ubers and AirBnBs, a person could argue that branding has very minimal impact on the potential success of a company. I have also spent years studying branding, marketing, product management and customer experience. People love all-inclusive. Sometimes when you're dealing with consumers, a little bit more goes a long way. In WebVans defense, while I'm sure they had the most advanced inventory management system, at the time, I'm sure they didn't have automated storage and retrieval, they didn't have the 5G ecosystem, they didn't have RFID and IOT, they didn't have shared economy and they obviously believed, like Jeff Bezos, that because they had figured out how to deliver a book to your door, they could innovate the entire supply chain. And I love the tenacity. They tried to create an all inclusive customer experience. But like, what happens when the name just kinda sucks? Is it possible that the plateau is being caused by a crappy name? Why would people think Cost Plus is a company that would give them a discount on pharmaceuticals? Why would people think WebVan or GoPuff is the best solution for getting things delivered? Branding is part of the customer experience. It's where the brand loyalty begins and creates the potential for evangelism. Don't forget that part.

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We need pharmaceuticals controlled by state regulations and out of the lobbies' grip in Washington DC. Shifting control of pharmaceuticals from federal oversight to state regulation and reducing lobbyist influence in Washington could indeed address many issues, such as drug pricing and access. The influence of pharmaceutical lobbyists in shaping policy has long been criticized, as these companies have often prioritized profits over public health, resulting in skyrocketing drug prices and limited access to necessary medications for many Americans. A more effective economic development authority that employs locals with community first and lobbyists not invited and draining money for middle man money changers. Moving to a state-controlled regulatory framework for pharmaceuticals could mean that states set their standards for drug pricing, approval, and distribution. This decentralization might encourage competition, drive down costs, and foster innovation as states try different models. Additionally, it could increase transparency by allowing for more localized and responsive systems, potentially holding pharmaceutical companies more accountable.

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Big news in grocery retail M&A: Albertsons Companies has officially called off its USD 25 billion merger with Kroger, more than two years after announcing the deal. The decision follows rulings from state and federal judges blocking the transaction on antitrust grounds. In response, Albertsons has reaffirmed its standalone strategy and - for good order - filed a lawsuit against Kroger alleging the company failed to use "best efforts" and take "all actions necessary" to get the deal over the antitrust line. It's not uncommon for parties to get litigious when deals fall apart, but Albertsons (and its shareholder Cerberus Capital) seems pretty peeved about this one, having spent "hundreds of millions of dollars" 😨 seeking approval for the merger. A key nuance lies in the merger agreement's language: all the antitrust-related performance obligations in the agreement are based on a "reasonable best efforts" standard *except* for the clause relating specifically to Kroger’s obligations, which are held to the stronger "best efforts" standard—a small but significant distinction. It's unlikely this situation will be resolved anytime soon, but it will be interesting to see how it develops.

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Thanks, Axial, for your findings. I'd rank the Management Team high in the business description. As investors, we are buying their core competencies, track record, market position, and strategic fit. #privateequity #buyout #independentsponsor #growthequity #food #beverage #CPG #healthwellness

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It seems like 2025 is poised to bring significant changes from a manufacturer's perspective. Many manufacturers, regardless of size, engage in both importing and exporting products. The looming disruptions in this landscape are undeniable. Amidst this uncertainty, the focus shifts to the potential opportunities that will arise. While some may remain unknown, directing attention towards these possibilities becomes crucial. #Manufacturing #Opportunities #2025 #Uncertainty

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Coatue’s 2024 EMW Conference https://buff.ly/4bHR4XR by @coatuemgmt overview of the macroeconomic landscape that helps guide our view on both the public and private markets. Of course… AI continues to present a new vector of investment opportunity! #rafAIgual #AI #state #markets

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🌟 Join Our Panel Discussion on Licensing vs. Manufacturing: Are you navigating the decision between licensing and manufacturing for your software, hardware, or physical product? I'll be speaking from the US Government Patent and Trademark Office (USPTO) today at 11 AM virtually: 🔗 Event Link: https://lnkd.in/g3VTnCvq What you'll learn: - Pros and cons of licensing vs. manufacturing - What companies need to see to license your product - What can and cannot be licensed - What you need to know to manufacture Thank you Larry Udell for organizing this wonderful event! #Engineering #Entrepreneurship #Innovation #USPTO #IntellectualProperty

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"Things that were once the case about public markets no longer hold true.” This week's Alt Goes Mainstream AGM Weekly dives into the new world order of investing and the spotlight that Apollo Global Management, Inc.'s recent Investor Day presentation shines on what's next. The game on the field has undeniably changed. Features of public markets - namely, indexation and correlation - have created a retirement issue even before the "Silver Tsunami" begins its crest in earnest. Alternative asset managers appear to be ready to meet the moment. As definitions of risk, return, and liquidity are questioned, a re-architecting of portfolio construction is being implemented. New strategies, new portfolio construction frameworks, new thinking, and new asset management businesses are needed in this new era. Read this week's Alt Goes Mainstream Alts Weekly for a deeper dive into this new era. I also discuss the evolution of GP stakes based on a conversation we had earlier this week hosted at Capricorn Investment Group and Partner William Orum with TPG Next's Managing Partner Pamela Pavkov and Blue Owl Capital's MD Mark O'Sullivan and include a good overview of the middle market GP stakes landscape from Crest Capital Advisors Ryan Weisenberg, MBA Candidate and team. This week's AGM Alts Weekly, brought to you by bunch, covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 🗞️ AGM News of the Week, this week covering: 📌 PitchBook's Olivia Fishlow on J.P. Morgan's push into direct lending via both balance sheet investing and through partnerships with private credit firms. 📌 Institutional Investor's Michael Thrasher on Fidelity Investments raising its first VC fund, with comments from Fidelity's Global Head of Private Equity Karin Fronczke. 💻 Who is hiring: Senior-level positions from companies Blackstone, Apollo Global Management, Inc., iCapital, KKR, StepStone Group / StepStone Private Wealth, Fidelity Investments, Hamilton Lane, Blue Owl Capital, Ultimus Fund Solutions, Neuberger Berman, bunch, The Carlyle Group, Capricorn Investment Group, Hightower Advisors. Subscribe👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream.

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On Aug 2, NTIA and Verisign exchanged letters regarding the .com cooperative agreement (https://lnkd.in/e7bqBVZf). These letters are very telling, especially in light of the House Commerce Committee letter sent July 25 from Commerce Committee Chair Cathy McMorris Rodgers, and Subcommittee Chairs Bob Latta and Morgan Griffith requesting information about “NTIA’s Internet domain name registry agreement with Verisign, Inc.” (https://lnkd.in/exr5GJC9). The House Commerce Committee letter raised serious concerns about the last amendment to the cooperative agreement, Amendment 35, and how "Monopolistic elements and excessive domain name price increases stifle the ability of potential .com registrants to conduct business online." It is not shocking that NTIA states in its letter to Verisign its "intent to renew” its Agreement with Verisign. NTIA has no choice but to renew, as Verisign has stated publicly. That is because the language in Amendment 35 states the following: “Notwithstanding anything in the Cooperative Agreement to the contrary, the Department and Verisign agree that: (i) upon EXPIRATION or TERMINATION of the Cooperative Agreement, neither party shall have any FURTHER OBLIGATION to the other and NOTHING shall prevent Verisign from OPERATING the .com TLD pursuant to an agreement with ICANN or its successor.” In other words, if NTIA does not renew, Verisign will get .com with no Dept of Commerce oversight and zero price restrictions. What is even more troubling, and captured in the NTIA letter to Verisign is the statement: “We appreciate Verisign’s commitment to work together toward mutually agreed solutions.” The reason for that language is that Amendment 35 includes this provision, “neither party may amend the Cooperative Agreement without the mutual written agreement of the other” (https://lnkd.in/edKpK4Dq). So Amendment 35 not only gave Verisign an automatic, no-bid renewal of .com with an “up to 7%” automatic price increase with no economic justification but Amendment 35 cannot be changed unless mutually agreed to by both DoC and Verisign. So the reality is that DoC has no real leverage to make any substantive changes to the Cooperative Agreement that are in the best interest of the American people but only changes that Verisign believes are in the best interest of Verisign and its stockholders. The Cooperative Agreement is not for Verisign's benefit to maintain its 57% net profit margins but for the benefit of the American people. Although the price of .com is important, the fundamental relationships between NTIA, Verisign, ICANN, and the other contracted parties like GoDaddy, NameCheap, ISOC, are very troubling, and the House Commerce Committee needs to investigate. I hope Congress will use its oversight power to help safeguard the ICANN multistakeholder process from being dominated by the Internet Plumbing Monopolies. I and many others are waiting and willing to help.

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Why Buying Your First Business is the hardest & Financing The Fear is Being seen as too risky by lenders and investors. The Solution: Prepare a solid business plan with detailed financial projections. Work with a financial advisor to enhance your credibility. Consider alternative financing options like SBA loans or seller financing.

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The “long-term hold” strategy is one that has received an increasing amount of attention within the #ETA ecosystem of late: Instead of selling a company within 5-7 years of acquiring it, why might you choose to hold it for a much longer period of time? Why not hold it indefinitely?   To unpack the long-term hold thesis, I could think of no guest more appropriate than Zac Carman: Zac acquired ConsumerAffairs.com in 2010, and has been its CEO for the past 14 years. In our discussion today, among many other things, we unpack Zac’s long-term-hold strategy and discuss the extent to which it was deliberate or emergent, how he has managed liquidity requirements for both himself and his investors, the commercial and personal reasons why a long-term hold strategy makes sense for him, and if he thinks it makes sense for an entrepreneur to target a long-term hold strategy before acquiring their first company.   Please enjoy! https://lnkd.in/gZujiyxD

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For PE portco's, vision ≠ financial targets. What's more likely to inspire and motivate the team in your port-co? → Target: "Achieve $100m revenue and $25m EBITDA by 2025." OR → Vision: "Heal and transform 100k lives by 2025." Ask yourself: does your value creation plan spell out the vision for the company? ▶️ #PrivateEquity #Vision #ValueCreation

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Raising $$? Ever wonder if there was a better way? Paul Hickey has your answer. Paul is a great friend and business partner. I was fortunate, he let me review the draft and Wow! Finally a straight forward, no-nonsense review of options for founders and VCs on IPOs vs. venture capital. This book clears the the fog and is based on real experience, not some ivory tower approach loaded with academic blathering and self aggrandizement. It’s well known that only the most intelligent people deliver complex concepts such that all are edified and Paul delivers. #fundraising #VCvsIPO #VentureCapital #IPO #StartupFunding #ExitStrategy #PrivateEquity #Investing #Entrepreneurship #MarketAccess #PublicMarket #fundinground #liquidity

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