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  "documentTitle": "SMART Global Holdings, Inc. (SGH)",
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  "presentationDate": "2019-09-25 00:00:00",
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  "notes": "The slide functions as a narrative-driven critique of private equity behavior, specifically targeting Silver Lake's exit strategy.",
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      "text": "You’re not leaning on smart money: you’re holding their bag.",
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      "text": "markets holding what's left. In 2013, SMART sold its solid-state drive (\"SSD\") business for $307 million... By the time SGH was preparing its IPO, its precarious financial state forced them to pay off their banker, Barclays PLC, with a line of turbo-charged lender warrants worth $17 million at the listing price. Since then, Silver Lake and associates have dumped a further $278 million of stock, and throughout the history of their investment they have been extracting fees: they were paid $15 million by SMART just for closing their own acquisition. And then there's the timing of the IPO: just as the WTO ramped up its scrutiny of Brazil's anti-competitive tax giveaway, critical to SGH's profits, Silver Lake moved to list SMART's husk and dump its stock on the public markets. SGH's executives have obscured the reality in Brazil while peddling their new sales-pitch of diversification; they have hidden key executives and their conflicts of interest; they have engaged in self-dealing in acquiring Inforce at what appears to be a ridiculous valuation; and along the way, they have been selling stock. You're not leaning on smart money: you're holding their bag.",
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      "text": "38 https://www.businesswire.com/news/home/20130702005530/en/SanDisk-Announces-Definitive-Agreement-Acquire-SMART-Storage\n39 SGH S-1/A, filed May 23, 2017, p. F-36",
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