Sphere 3D Corp. (ANY)

[Hugodrax]

While retail investors can be forgiven for falling for too-good-to-be-true stock pumps, there is no excuse for the muppets at places like Clinton Group and Cyrus.

Cyrus is VERY interesting. It certainly seems like the whole thing has been 7 year hole digging from an awful loan they made to Tandberg which went bankrupt.

There's an old saying - your first loss is usually your best loss. Cyrus kept digging - taking control of Tandberg via bankrupty, then loaning money to Overland to effectively force a merger of the two, then doing the same again with ANY.

My understanding is that Cyrus owns the ANY investment (in debt and equity) in DIFFERENT funds - I suspect much of the older money is in common shares, and the newer funds own more of the debt. It reeks (IMHO) of potentially throwing good money after bad and potentially using new investors to bail out old investors.

I'd be particularly interested in how they have been marking the debt on their books - my guess is par, even though I think they may very well end up taking a big haircut on it.

The "good" news for Cyrus now is that there is less of a conflict - their equity is basically worthless now so they really only need to focus on the debt they have.

I don't think they'll want to take lumps this month, but IMHO all bets are off in Jan when that bridge loan starts coming due.

IMHO the company is being run for the creditors now.

Just my speculation and guessing, of course.