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Ask HN: Sue after poorly managed SPAC?

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Re: Ask HN: Sue after poorly managed SPAC?

#51

Post by spac_throwawayy »

kolbe wrote: post #49
spac_throwawayy wrote: post #42

Earlier quoted context omitted.

Okay with you if your brokerage stops you from selling when your stocks are up?

That has happened to me literally hundreds of times in my life. The real difference is my stocks aren't SPAC scams, so I'm not playing some pump and dump game needing to sell at the perfect moment, and then crying foul when a scam within a scam didn't go my way. edit: I'm posting too fast. So my reply is here. You didn't orchestrate the game. I get it. But your moral compass is clear when your first instinct is to tr…

I’m just an engineer who got stock as compensation. I built real things. I wasn’t playing a pump and dump game. I just wanted a fair shot at selling my stock before insiders tanked it. I would’ve preferred a different type of exit but it wasn’t my choice.

Re: Ask HN: Sue after poorly managed SPAC?

#52

Post by ianbutler »

kolbe wrote: post #50
heliodor wrote: post #45

Earlier quoted context omitted.

He was legally hurt. You're talking about morals.

I don't think the phrase "I'm sorry you were hurt" is appropriate for people who weren't morally hurt. "I'm sorry you were hurt" is appropriate for the retail investors who were bilked out of their saving by his company.

That’s your opinion though. I think employees who are sold on the dream and who are largely compensated by RSUs are hurt morally by their management and investors who push a garbage stock. People are getting mortgages in places like Seattle calculated on RSUs because of how common a compensation scheme it is. You can have your opinion but I don’t think it’s well considered. Both the retail investors and employees are hurt by garbage spacs.

Edit: You're -> Your

Re: Ask HN: Sue after poorly managed SPAC?

#53

Post by kolbe »

ianbutler wrote: post #52
kolbe wrote: post #50

Earlier quoted context omitted.

I don't think the phrase "I'm sorry you were hurt" is appropriate for people who weren't morally hurt. "I'm sorry you were hurt" is appropriate for the retail investors who were bilked out of their saving by his company.

That’s your opinion though. I think employees who are sold on the dream and who are largely compensated by RSUs are hurt morally by their management and investors who push a garbage stock. People are getting mortgages in places like Seattle calculated on RSUs because of how common a compensation scheme it is. You can have your opinion but I don’t think it’s well considered. Both the retail investors and employees are…

Your timeframe on this is way off. He was not compensated at SPAC IPO price levels. The typical employee has been getting RSUs for years and years at valuations several times lower than their IPO level. No one took out a mortgage against stock that was valuable for less than two weeks.

The only part that I think makes him a victim is the idea that management pulled a scheme against his will and he got nothing for it while still having to incur the stigma of being a part of it.

Re: Ask HN: Sue after poorly managed SPAC?

#54

Post by wg4t3464y4 »

xwdv wrote: post #16

The downside is you will waste a lot of time and money and will ultimately accomplish nothing. Not what you want to hear but it’s the truth. SPACs are mostly scams and most have done very poorly. You got caught up in one, reap what you sow.

> SPACs are mostly scams and most have done very poorly. You got caught up in one, reap what you sow.

This. OP is more or less complaining that they weren't able to unload their bags fast enough to maximize their windfall benefit from their involvement in what amounts to a scam perpetrated on public markets by VCs. Hardly a sympathetic character.

Re: Ask HN: Sue after poorly managed SPAC?

#55

Post by yoav »

ianbutler wrote: post #52
kolbe wrote: post #50

Earlier quoted context omitted.

I don't think the phrase "I'm sorry you were hurt" is appropriate for people who weren't morally hurt. "I'm sorry you were hurt" is appropriate for the retail investors who were bilked out of their saving by his company.

That’s your opinion though. I think employees who are sold on the dream and who are largely compensated by RSUs are hurt morally by their management and investors who push a garbage stock. People are getting mortgages in places like Seattle calculated on RSUs because of how common a compensation scheme it is. You can have your opinion but I don’t think it’s well considered. Both the retail investors and employees are…

If you take out a loan on illiquid asset like RSU then your bank is the one taking advantage of you. Like the housing crises where banks gave out mortgages to people that couldn’t afford it and everything collapsed.

Gambling your house on the success of a single company is wildly irresponsible.

Re: Ask HN: Sue after poorly managed SPAC?

#56

Post by ianbutler »

yoav wrote: post #55
ianbutler wrote: post #52

Earlier quoted context omitted.

That’s your opinion though. I think employees who are sold on the dream and who are largely compensated by RSUs are hurt morally by their management and investors who push a garbage stock. People are getting mortgages in places like Seattle calculated on RSUs because of how common a compensation scheme it is. You can have your opinion but I don’t think it’s well considered. Both the retail investors and employees are…

If you take out a loan on illiquid asset like RSU then your bank is the one taking advantage of you. Like the housing crises where banks gave out mortgages to people that couldn’t afford it and everything collapsed. Gambling your house on the success of a single company is wildly irresponsible.

I'm not sure how to respond to this. I don't have or do any of these things and I'm not the person who would need to hear this. I do agree with your thoughts, I just still feel bad for the people who have done this, and I know about from reading about it.
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