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THE LATEST ARTICLES
William D. Cohan
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April 29, 2026
Heavy Medallia
The highly levered software company is becoming a morality tale for this inflection point in the private-credit journey. How will Thoma Bravo, Blackstone, Apollo, KKR, and Antares Capital interpret this moment?
William D. Cohan
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April 26, 2026
S.B.F. Alternate Histories & Ellison “Ticking Fee” Fears
Even as he withdrew his latest plea, Sam Bankman-Fried has been pushing another argument in the court of public opinion: that if FTX hadn’t been forced into bankruptcy, his biggest investments would be worth some $114 billion by now. Plus, notes on Zaslav’s golden parachute—and how a state antitrust intervention could sweeten the deal.
William D. Cohan
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April 22, 2026
The Great Train Bankruptcy
A rare, privately owned U.S. rail line between Miami and Orlando is proving popular with riders, but a $6 billion debt pile is pushing Brightline and its hedge fund owners toward a likely restructuring reckoning.
William D. Cohan
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April 19, 2026
The Wall Street Iran Bounce
The economy is slowing and the Middle East is on fire, but the Big Five banks are printing record profits and stock markets keep hitting new highs. Is this the last song before the music stops, or were the bears wrong all along?
William D. Cohan
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April 15, 2026
Ackman Family Values
Amid his double-I.P.O. roadshow and latest attempt to buy Universal Music Group, Bill Ackman has gone public with a bizarre personal drama at Table, his family office—with the lofty goal of teaching other billionaires that it’s better to fight their legal battles on X than settle in the shadows.
William D. Cohan
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April 1, 2026
Leon Black From the Ashes, Part III
The erstwhile Apollo executive has more to say about his entanglements with Epstein, Ron Wyden, and his latest foe, The New York Times.
William D. Cohan
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March 25, 2026
The Curious Case of Warner’s Eleventh-Hour Bidder
Just as Paramount was finalizing its offer to steal WBD from Netflix, a mysterious Singaporean company suddenly offered to top both bids with $32.50 per share. Was the whole thing a fraud?
William D. Cohan
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March 22, 2026
Wall Street’s Iran “Bear Trap”
Markets are pricing in a wide range of Iran war scenarios, from a quick bounceback to a prolonged global recession. Even professional contrarians warn that investors may be sucked into a bear trap if Trump abruptly changes course. But as the Mooch observes, hubris is one hell of a drug.
William D. Cohan
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March 18, 2026
The Walls Are Closing in on Sam Bankman-Fried
The FTX founder’s appeals for a new trial have fallen on deaf ears, and his mother’s intervention appears to have backfired. Now, with the Justice Department going nuclear and Republicans lining up to ensure Trump doesn’t issue a pardon, S.B.F. may be running out of chances to escape his fate.
William D. Cohan
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March 15, 2026
What Happens if a $40 Trillion Bubble Bursts?
There’s been a simmering anxiety since the fall that trouble is brewing in the private-credit market, and high-profile redemption requests have only added to the panic. There may be cockroaches in the system, but Wall Street superstars Marc Rowan and Jon Gray insist it’s all just a bunch of bad actors on the periphery.