Wes Edens is a successful businessman based in New York City. He graduated from Oregon State University in 1984 and, armed with a bachelor’s degree in finance and business administration, decided to enter the financial industry. His career started at Lehman Brothers and he stayed there for six years. Before he left he was a managing director as well as a partner of this firm. In 1993 he left to join BlackRock where he worked in their BlackRock Asset Investors division, focusing on private equity.Along with some business partners Wes Edens established Fortress Investment Group in 1998. This is a globally diversified investment firm which is pretty well known in the industry for making contrarian bets and building up the companies they acquire. He is currently a principal of this company, a Co-CEO, and is on the Management Committee. His role at this company is to manage its private equity investments and also manage its alternative investment transactions.
Fortress Investment Group was sold to SoftBank Group Corporation, a giant Japanese company, at the end of 2017. The deal was for $3.3 billion and Wes Edens made about $512 million from this sale. Additionally, he earned $11.4 million that year from bonus dividends and another $1.4 million that he garnered from unvested shares he owned. He and the rest of the management team stayed in their positions after this sale concluded.In 2014 he decided to branch out his business activities to sports. Along with Marc Lasry he bought the Milwaukee Bucks NBA franchise for $550 million. They had promised at the time to keep the team in Milwaukee and had pledged to build a new arena.
This was followed through on and the Bucks will start playing later this year in the Wisconsin Entertainment and Sports Center. This stadium cost $524 million and will be used for much more beyond basketball, such as conventions and concerts. Over the last four years the value of this team has increased to $1.075 billion.Wes Edens is also now an owner in the esports arena. He bought the Cloud9 Challenger’s League Championship Series for $2.5 million. This also included the contracts for four of the teams that play in this series. He is the fourth owner of an NBA franchise to invest in esports leagues joining Rick Fox, Peter Guber, and the ownership group behind the Houston Rockets.
The Kodak Eastman Company has been on the verge of a financial crisis for years and Sahm Adrangi thinks they will soon be declaring bankruptcy. This comes after he and Kerrisdale Capital, a company that he founded and is currently the chief investment officer of, published a negative report on the company’s future. A few months ago, Kodak announced that they would be releasing two new products that they insist will change how photographers get paid for their work. Unfortunately for Kodak, Sahm Adrangi does not agree.
Sahm Adrangi has made a large part of his fortune by predicting the failure of shady companies and arranging short sales of their stocks. This is essentially betting against a company instead of for like traditional stock investments. If Sahm Adrangi’s predictions about Kodak Eastman are correct, he and his investors stand to make a lot of money with this short sale attack.
These two new products that Sahm Adrangi doesn’t see even completely making it to market are being called KodakCoin and KodakOne. KodakCoin is a digital currency that is an attempt by Kodak to capitalize on the cryptocurrency craze that is sweeping the world. KodakOne, a concept that Sahm Adrangi considers a flat out “silly” idea, promises to compensate photographers for their work that is being used without a license. Supposedly, KodakOne will use blockchain technology to identify the images that are being used unlicensed and then contact the company or individual who is using them in order to request payment. While there are several legal and technical issues that Kodak will face in the development of this product, one of the biggest hurdles is one of the simplest ones. KodakOne would pay the photographers whose images are being used without permission with their new cryptocurrency KodakCoin. It’s highly unlikely that anyone would prefer this payment method to traditional currency.
For Kodak Eastman Company, their years of attempting to operate on a capital structure that just isn’t sustainable may finally be catching up to them. While KodakCoin and KodakOne may be exciting to investors now, it’s only time before they fizzle out.
Adam Milstein recently wrote an article on JNS entitled, Unlikely Radical Alliances Fan the Flames of Anti-Semitism Worldwide. In this article he names the radical alliances as Radical Islam and the Far Left. Calling out no other than Linda Sarsour, Imam Siraj Wajjah, Rasmea Odeh and then added a throwback: Ayatollah Khomeini the leader of the Iranian Revolution. In regard to the far left Adam Milstein named: Senator Bernie Sanders, Jeremy Corbyn, and Paul Eisen.
In any of these kinds of arguments there is always going to be some semblance of truth and the rest is a Salem Witch Hunt. It groups anyone who speaks out against your branch of oppression as being anti-something else. Like what the far right did to Colin Kaepernick. He took a knee during the National Anthem to protest police brutality on black Americans. The far right said he was disrespecting the flag. Same kind of thing here, some of the people Adam Milstien calls out have done anti-Semitic things. Denying the Holocaust, calling for the complete eradication of Israel, that’s real high on the anti-Semitic spectrum. Where Milstein loses grip with reality is when he puts Linda Sarsour, “my friend in my head” and Imam Siraj in this group.
Adam Milstein says Imam Siraj, is an unindicted co-conspiratorof the World Trade Center Bombing. What is a unindicted co-conspirator? That sounds like code for innocent but still reaching. I’ve visited Imam Siraj Masjid in Brooklyn and I’ve never once heard him speak negatively about any religious group.
Linda Sarsour is a Social Activist Badass! She is a Brooklyn native and unapologetic ally dope. She is also Palestinian -American and there is no way you can be Palestinian and pro-Zionist. Honestly, there’s no way you can be a decent human being and be pro-Zionist but I digress. There is a difference between being against the illegal Israeli Occupation of Palestine and being anti-Semitic. In the same way that Kaepernick taking a knee was not about being anti-America but being for the fair treatment of black people by the police in America is the same way being against Israeli troops murdering innocent Palestinian citizens is not the same as being Anti-Semitic. Unless, Adam Milstein views murdering the innocent as some version of Judaism I’m not aware of.