If I were a purely cynical speculator, I might argue that Sutter Hill limited partners Michael L. Speiser, Samuel J. Pullara, III, Stephan A. Dyckerhoff, Jeffery W. Bird, James N. White and of course Tench Coxe — the head honcho of Sutter Hill, and a Mattersight board member… worked out a deal at some point last week, wherein it looks like Mr. Coxe (as the driver of the bus) has agreed to make the remaining five limited partners listed above “whole” — at least back up to about $3.65 per share — for their most recent (until now, paper only) losses.
No way to prove it, but this could be a “prior to filing suit” sort of settlement, one that might otherwise sound in federal securities fraud, all handled quietly under the guise of a “ordinary” internal funds reorganization. I will await additional evidence — as I hear from other potential institutional investors seeking the same sort of a (partial) make-whole.
Y A W N….
A series of four or five late evening June 2, 2017 SEC Forms 4 tell us that the volume of late is mostly… artificial. It is generated by internal Sutter Hill transfers — as that major investor re-arranges its deck chairs, allocating an inflated transfer price for the shares (compared to the $2.60/share closing price on Friday), to one of its own internal vehicles. Dull. This allocates and fixes a capital loss in those shares, to one Sutter Hill affiliated pocket, while showing an inflated sale price, in one other pocket of Sutter-Hill affiliated vehicle(s). Mind numbing.
The footnotes to these SEC filed Forms 4 disclose this:
“…In connection with the Liquidation, SHV entered into an agreement with the Limited Partner to repurchase 203,543 Distributed Common Shares from the Limited Partner at a purchase price equal to the average of the mean between the closing bid and ask prices over the ninety (90)-day period ended March 31, 2017…”
Whatever folks. Whatever. The company is still sucking wind, post the Craig Hallum confab.