2024-02-08 06:00:00 ET
Summary
- MRC has an unimpressive track record as a public company and some unhappy owners, and for those reasons I believe the company will be sold.
- MRC wants to refinance a loan but Cornell Capital has blocked its efforts to date.
- MRC’s expressed strategy of continued mergers and acquisitions is unfeasible given the risks of ongoing litigation with Cornell Capital and MRC’s high cost of capital.
The following segment was excerpted from this fund letter.
MRC Global ( MRC )
Another recent addition to our portfolio is MRC Global, a distributor to oil & gas drillers, natural gas utilities, and other industries-think fittings, valves, pipes, and the like....
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For further details see:
Alluvial Capital - MRC Global: Continued M&A Unfeasible Given Ongoing Litigation Risks