Rohan

Everything has been breaking my way of late. Four blockbuster hit movies in theatres the past several weeks. Finally studios are giving us a 45 day exclusive theatrical window. Netflix taking Narnia to theatres too. And “my” 76ers, down 3-1, came back to win Game 7 in Boston. Before tonight, Boston won their playoff series 32-0 when up 3-1. Philly 0-18 when down 3-1. Born and raised in Philadelphia, I was CEO of the Sixers 15 years ago and a co-owner of the team for over a decade. The Celtics were a ferocious opponent. It won’t be any easier against the Knicks.

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THIS SHOULD BE ILLEGAL. A rental car company with $25 billion in debt just exploded 600% in a month because two investors own over 100% of the stock. Avis Budget Group $CAR hit a record high of $608.80 on Monday, surging 23% in a single day. Two hedge funds, SRS Investment and Pentwater Capital, control 71% of the shares but when including their cash-settled equity swaps, their combined holding exceeds the entire outstanding supply. This is a company that reported a $995 million net loss last year and has been struggling under a massive debt load for months. One technical ownership glitch changed everything. The supply mismatch is so extreme that short sellers are trapped in a mathematical impossibility. With zero shares left to borrow and the float effectively non existent, the market just gave a debt heavy rental company a 6x gain simply because the math broke.