TSX:FEC - Post Discussion
Post by
kcac1 on Apr 13, 2024 10:45am
Why did de Alba start fresh in Florida?
It seemed rather odd to me that after 22 years, that Gabriel de Alba would move to FL starting his own similar fund in 2021 with no fanfare, with no mention of Newton Glassman, who in theory is his longtime boss/partner. With some easy digging with Google these articles likely reflect at least in part, Why.
The good news is that FEC appears to be the only company in the Catalyst portfolio worth a legit $Bil x ? that is not drowning in debt and it is producing strong income from multiple sources with a PE of less than 3. Now it has been restructered so it can be sold in pieces. Hopefully, de Alba is concentrating on getting top $ out of the Frontera Group in order to recoup some of Catalyst's many losses in their other very under-preforming investments. He still is the #2 guy at Catalyst and a founding shareholder and being Chair at FEC and in control of the board, still controls everything FEC/CGX.
These articles show why these companies are labeled Vulture Capitalist. For your weekend reading, they are like reading a white collar crime novel. Even with ex Mossad agents involved.
Canadian private equity star's picks shine -- until cash-out time (reuters.com)
Newton Glassman And Other People's Money (valuewalk.com) Newton Glassman's Legacy Of Ashes (valuewalk.com) Missouri plan claims fiduciary lapse, misconduct at Catalyst Capital | Pensions & Investments (pionline.com)
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