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#The Loveable Mr Waislitz
stale
Added 9 months ago

There are a number of posts on Strawman on Thorney Opportunities (TOP), highlighting the management fee rip-off scams Mr Waislitz has been running for many years at TOP (and TEK, and anywhere else regular investors have been unlucky enough to encounter him).

Maybe spend your time more usefully and don’t read all the following AFR article. However in summary the article points out how the delightful Mr Waislitz is currently involved in legal action with Nic Bolton (“corporate raider”), Tim Gurner (Melbourne property developer) his future sister-in-law and his ex wife Heloise Pratt.

Alex Waislitz on Thorney, the Pratts, Nick Bolton and Tim Gurner

What was interesting was in relation to Mr Waislitz and his dispute with his ex-wife, the article says

"Its’s an investment he (Waislitz) has turned into $1.6 billion and is now at the heart of an ugly court dispute with Heloise, which threatens the control of his business, the Thorney Investment Group.  The couple split in 2015, but the divorce is still being finalised. The details are messy but in essence, Waislitz says Heloise left the running of Thorney to him. Heloise says she legally owns half and was deliberately excluded.

There are fears on the Pratt side that Waislitz could counter-claim for a share of Heloise’s fortune, estimated to be $4.84 billion by the Financial Review’s Rich List team.”

So Heloise is worth $4.8 billion, but clearly must be running a little short on cash and is now going ex-hubby another billion or so.    Wow, what sort of a world do these people live in.   

No wonder she is just referred to as “Hel” by many.   As for Mr Waislitz, as we used to say when we were younger: “It could not have happened to a nicer bloke”. 

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#Bear Case
stale
Added 2 years ago

$TOP annual report out and the clown show rolls on... In the past 5 years the fund is down $163k and Management have been paid $22.7 million.96117436da648d8a9df4c17aa63cc419140426.png

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Valuation of $0.700
stale
Edited 4 years ago

Valuation at 10% discount to NTA. Current discount over 30% based on the end of Feb 22 NTA report. A number of key long-term holdings in the portfolio released good half-year results from TOP's point of view. NTA also increased because of an increase in the carrying value of the unlisted Australian Community Media holding.

I am using a 10% discount to NTA as the valuation due to the high management costs of the LIC.

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