Vivendi settled with Liberty early this month for $775M for hidings its financial difficulties 13 years ago when negotiating a deal with Liberty. This settlement will result in after tax proceeds of close to $440M for Liberty Media (~4% of market cap). When we had done our thesis on Liberty, we had chalked down this settlement to zero and thought of it as a real option on Liberty Media’s stock. Once in a while, it is fun to see a real option play out. For link on the settlement news, click here
For our prior thesis on Liberty Media, click here
Beowulf Capital 