Dr. Hugh Akston
Hedge fund manager, long/short equity, value

AdCare Tender Offer Looks Improbable

Buying tickets to sporting events from scalpers is a guilty pleasure of mine. I'm not talking about tickets to the Super Bowl or Augusta; I'm talking about tickets to nondescript regular season games. The thrill of locking horns with a shady sidewalk entrepreneur in an attempt to claim value is as much of a sport as the game on the field. The goal of scalping tickets is simple: pay less than I think they are worth. Successful scalping requires a low (but somewhat reasonable) starting offer to get the negotiation going and then a willingness to act quickly once a mutually agreed upon price has been reached. It's important to have the cash on hand to complete the transaction immediately...

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