Cruise ship pirates: how $OSW's management plundered their shareholders
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Yesterday I saw perhaps the strangest (financial) press release I've ever seen. OneSpaWorld (OSW) issued a press release applauding Stifel for publishing a research report that acknowledged OSW did not have enough cash to pay down their revolver and remain solvent. It's hard to emphasize enough how strange that press release is. Normally, if an investment bank comes out with a report that suggests a company is facing a liquidity crisis or is insolvent, the company is going to respond with full out nuclear war. Literally everything is on the table: an immediate conference call to rebut the analyst report is a near given, but things like threatening to sue the analyst and their bank are absolutely in play, and refusing to work with the analyst's bank ever again is par for the course as well. So OSW doing the exact opposite and issuing a press release to applaud Stifel for that report was a real curiosity. It raised a bunch of red flags for me. Seriously, why would a company
Cruise ship pirates: how $OSW's management plundered their shareholders
Cruise ship pirates: how $OSW's management…
Cruise ship pirates: how $OSW's management plundered their shareholders
Yesterday I saw perhaps the strangest (financial) press release I've ever seen. OneSpaWorld (OSW) issued a press release applauding Stifel for publishing a research report that acknowledged OSW did not have enough cash to pay down their revolver and remain solvent. It's hard to emphasize enough how strange that press release is. Normally, if an investment bank comes out with a report that suggests a company is facing a liquidity crisis or is insolvent, the company is going to respond with full out nuclear war. Literally everything is on the table: an immediate conference call to rebut the analyst report is a near given, but things like threatening to sue the analyst and their bank are absolutely in play, and refusing to work with the analyst's bank ever again is par for the course as well. So OSW doing the exact opposite and issuing a press release to applaud Stifel for that report was a real curiosity. It raised a bunch of red flags for me. Seriously, why would a company