The Ledger
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Collins: Seawolf shorted First Republic, SVB, Signature, and Silvergate to zero
“We saw pretty clearly what was happening at First Republic and Silicon Valley and Signature and Silvergate, and we were short all those essentially to zero.”
Falls: SVB faced a liquidity crisis while First Republic faced insolvency
“So in one case, it's probably more of a liquidity crisis, too much reliance on short-term funding, and in the other, it may have been more of a solvency crisis, real loan impairment.”
Active venture capital fund entities have quadrupled from 1,000 to 4,000
“Samir over, he's running his own shop now, but when he was at First Republic, he used to track the number of funds that were out in the market. And it used to be A thousand. Like, that was always the number. Like, NVCA, National Venture Capital Association, al…”
Sub-$200M Businesses Reliant on Cheap Bank Debt Risk Rapid Insolvency
“Having a business that is entirely reliant on dirt cheap, consistent debt financing from a bank is really risky and particularly risky if you are sub two hundred million dollar market cap. So a small gust of wind, a small hiccup, and we saw this with SVB and F…”