Financial Limitations on Growth
Rural ISPs repeatedly cite financing caps as the primary barrier to expanding broadband, not a lack of willingness. Lenders impose strict borrowing limits based on cash flow, debt ratios, and broader market conditions, which many small providers cannot exceed. Grant funding often complicates loan eligibility because borrowers must satisfy both grant and bank requirements. Equity financing can provide capital but forces owners to relinquish control, making it an unattractive option for many community‑focused ISPs.
SpiceJet Q3 Loss Shrinks Despite Fleet, Rupee Woes
SpiceJet reported a Q3 FY26 net loss of Rs 2.68 billion, down from Rs 6.35 billion in Q2, as revenue jumped 77% to Rs 13.84 billion. The improvement came despite higher aviation turbine fuel prices, a weakening rupee and the loss of Pakistani airspace, which inflated...
State-Dependent Correlation Between the S&P 500 and the VIX
The episode examines how the correlation between the S&P 500 and the VIX is not static but varies across four distinct market regimes defined by levels of volatility (VOL) and volatility‑of‑volatility (VOV) risk. The authors propose a regime‑switching model that shows...
Willow Lane Acquisition Corp. II (WLIIU) Prices $125M IPO
Willow Lane Acquisition Corp. II announced pricing of its $125 million initial public offering, with units set to begin trading on Nasdaq under the ticker WLIIU on February 13, 2026. The SPAC, led by CEO B. Luke Weil, CFO George Peng and COO Marjorie Hernandez,...
Bringing End-to-End AP Automation Into Dynamics 365 Business Central: What Partners Need to Know
Mekorma and Continia announced a joint solution that delivers end‑to‑end accounts payable automation directly inside Microsoft Dynamics 365 Business Central for North American customers. Continia provides OCR‑driven invoice capture, approval routing, and document management, while Mekorma adds vendor onboarding, compliance validation,...
MSDW Podcast: Understanding 2026 Tax Changes with Avalara's Scott Peterson
Avalara released its 2026 Tax Changes Report, highlighting “off the charts” growth in U.S. transaction taxes. In a sponsored MSDW podcast, Avalara VP Scott Peterson explained how federal income‑tax reforms will affect state tax structures. He noted that many states...
RF Acquisition Corp. III (RFAMU) Prices $100M IPO
RF Acquisition Corp. III priced a $100 million initial public offering and will begin trading on Nasdaq under the ticker RFAMU on February 13, 2026. The SPAC is led by Chairman and CEO Tse Meng Ng and CFO Chee Soon Tham, with a...
New SPAC: BHAV Acquisition Corp. (BHAVU) Files for $100M IPO
BHAV Acquisition Corp. (ticker BHAVU) filed a Form S‑1 to launch a $100 million special purpose acquisition company (SPAC) IPO. The filing positions BHAVU to target strategic acquisitions in the technology and semiconductor sectors, with a particular focus on Intel‑related opportunities....
Where Do You Rank on Time-to-Pay, P2P, and O2C?
The episode examines how finance, credit, and treasury leaders can gauge their organization’s readiness for high‑level automation in Time‑to‑Pay, Procure‑to‑Pay, and Order‑to‑Cash, noting that over 75% agentic automation is the target within three years. It highlights findings from the North...
SEC Enforcement Division Director Assures of Continued Vigilance
SEC Enforcement Division Director Margaret “Meg” Ryan addressed concerns about a perceived lull in enforcement during a February 11, 2026 speech. She reaffirmed the division’s commitment to vigorously enforce securities laws, emphasizing transparent processes, a focus on case quality over...
VER’s Hedge Fund Portfolio Up Double Digits Again
The State Pension Fund of Finland (VER) generated an 11.3% return on its €1 billion hedge‑fund allocation in 2025, up from 10.9% in 2024. The outperformance was driven primarily by Asia‑focused and event‑driven managers, while CTA strategies lagged but still posted...
Part 4: Tax Structures, Legal Planning, and The Three Paths Forward
The article warns that relying on outdated tax and legal structures for inherited commercial real‑estate can trap heirs in inflexible, costly situations. While a step‑up in basis lowers capital‑gains tax, it does not address liquidity, governance, debt maturity, or asset...
Limited Risk Disclosure Updates Despite Political and Economic Volatility
Deloitte and USC’s Peter Arkley Institute released its fifth‑year analysis of S&P 500 risk‑factor disclosures, finding that average page counts rose to 14.3 and risk‑factor totals to 32. Despite SEC reforms aimed at trimming disclosures, 56% of firms added pages and 37%...
Nicolai Tangen: The $2 Trillion Mind
Nicolai Tangen, chief executive of Norges Bank Investment Management, steers the world’s largest sovereign wealth fund with $2.1 trillion under management—about 1.7% of every listed company. In a Knowledge Project podcast released Feb 17, he discusses how massive capital, rapid decision‑making, and...
XFLH Capital Corporation (XFLH.U) Prices $100M IPO
XFLH Capital Corporation priced a $100 million initial public offering, with its units set to begin trading on the NYSE under the ticker XFLH.U on February 12, 2026. The SPAC is led by CEO Yanzhe Yang and CFO Tianshi Yang, and its board...
US Budget Deficits: Spitting Into the Wind
The CBO’s 2026‑2036 outlook shows U.S. federal deficits as a percent of GDP climbing to levels not seen since the 2007‑09 recession. While the primary deficit is modestly declining, net interest costs are soaring, already surpassing defense spending and projected...
Stunning Resilience
The 10‑year Treasury yield slipped 8 basis points after a trio of surprisingly strong labor‑market releases, settling just below the 4.20% technical barrier. January’s payrolls added 130,000 jobs, far exceeding the 70,000 forecast, while the unemployment rate fell to 4.3%...
HG's Acquisition of OneStream
Hg has completed the acquisition of OneStream for $6.4 billion, paying $24 per share—a 31% premium to the prior market price. The deal positions Hg as a major player in corporate performance management (CPM) and business intelligence, leveraging its software expertise...
Infographics: Key Rates & Spreads In the Modern Repo Market
The episode breaks down the modern repo market by illustrating how overnight rates and dealer spreads vary across different repo segments—triparty, GCF, DVP, and NCCBR. It explains that dealers profit by maintaining a positive spread between the cost of borrowing...
Guest Post: Fiduciary Duty, Governance, and Minor League Baseball
The Third Circuit affirmed the dismissal of Sports Enterprises’ fiduciary‑duty claim against Marvin Goldklang, holding that Florida nonprofit statutes impose duties only to the organization, not to individual minor‑league clubs. The court emphasized that the league’s bylaws require directors to...
2026 E&C Program Effectiveness Report
LRN’s 2026 Ethics & Compliance Program Effectiveness Report, based on more than 2,500 respondents across 26 industries, reveals a widening gap between high‑impact and average programs. While AI and data‑analytics adoption is expanding, many firms lack the governance and measurement...
The Auditor as an Evangelist for AI
Internal auditors are expanding beyond traditional assurance to become AI evangelists, guiding organizations on responsible AI deployment. The article highlights how auditors historically added value by introducing tools and best practices, and now they can apply the same mindset to...
Bitcoin’s Exposure To Corporate Balance Sheets
The episode examines how corporate treasuries are influencing Bitcoin's market dynamics amid a prolonged bear phase marked by steady ETF outflows. It highlights that while institutional ETFs are withdrawing capital, public companies now hold significant Bitcoin on their balance sheets,...
Delaware Case Applying Indemnification Materiality Scrape Creates Risks for the Unwary
The Delaware Superior Court in JanCo FS 2, LLC v. ISS Facility Services clarified how a materiality scrape should be applied in M&A indemnity clauses. The court first inserts the full definition of “Material Adverse Effect” and then strikes materiality qualifiers, effectively expanding the...
Low Net Exposure Offers Little Shelter for Colosseum
Colosseum Global Alpha entered 2026 with a modest 12% net exposure, a level that usually limits market sensitivity. In January the fund slumped 14.2%, driven primarily by short positions that were caught in extreme price swings. Shares of SanDisk and...
What Goal Should You Set for Your Finance Team?
The article argues that a finance team’s true purpose is to improve decision quality and protect profitability, not merely to keep the books compliant or produce reports. It explains why accuracy and compliance are foundational but insufficient for strategic impact....
Debevoise Discusses Third Circuit Decision on the Limits of the Best Price Rule
The U.S. Court of Appeals for the Third Circuit affirmed that the Best Price Rule applies only to shares actually taken up and paid for in a tender offer, not to shares the offeror cannot lawfully acquire. The ruling arose...
Allied Properties REIT Takes Over KING Toronto Project From Westbank
Allied Properties REIT announced it has taken full operational control of the KING Toronto mixed‑use development, assuming the development manager role and converting its existing loans to equity, positioning it to own 100% of the project by 2027. The report...
Lee Touts Digital Subscriptions Strategy as Subscribers Churn; Co. Gets Debt Reprieve
Lee Enterprises reported a 10% drop in total operating revenue to $130 million for Q4 2025, while digital subscription revenue grew 5% to $22.7 million. Despite the revenue boost, the company’s digital‑only subscriber base shrank from 728,000 in March to 609,000 by year‑end,...
Iconic Bourbon, Vodka Brands Spared From Chapter 7 Liquidation
A Texas bankruptcy judge ordered Chapter 11 trustees to take over Stoli USA and its bourbon affiliate Kentucky Owl, halting a planned conversion to Chapter 7 liquidation. The move followed objections from senior lender Fifth Third Bank and a negotiated settlement among...
Corruption Index: Yep, Things Are Bad
Transparency International released its 2025 Corruption Perceptions Index, showing the global average score slipping to 42 and 122 of 182 countries falling below the 50‑point threshold for widespread public‑sector corruption. Only five nations now score above 80, a sharp decline...
Investing: Underwriting the Searcher
The blog explains why underwriting the searcher— the entrepreneur‑operator— is critical in search‑fund investing, where small businesses rely heavily on leadership grit. Unlike private‑equity deals that focus on scale and industry, search funds often lack seasoned CEOs, making operator quality...
Clayton On FCPA Enforcement
Jay Clayton, former SEC chair and U.S. attorney, reiterated his long‑standing criticism of the Foreign Corrupt Practices Act (FCPA), arguing that aggressive U.S. enforcement can unintentionally boost corruption abroad. He cited the act’s high compliance costs as a driver for...
Board of Director Compensation Practices in the Russell 3000 and S&P 500
Board director compensation across the Russell 3000 and S&P 500 showed modest growth in 2025, with total pay up 2% in the Russell 3000 and flat in the S&P 500, keeping median compensation near $250,000. Shareholder‑approved caps are now in...
Climate Disclosure and the Transformation of Gatekeeping
The SEC’s proposed 2024 Climate Rule would require large accelerated filers to disclose Scope 1 and Scope 2 greenhouse‑gas emissions and obtain third‑party assurance, mirroring EU sustainability mandates. Under Section 11, underwriters remain liable for non‑expertised portions of registration statements, shifting risk when...
Q&A: How to Prepare for AI-Powered Investigations While Managing Your Own AI Risk
The Department of Justice (DOJ) is openly deploying AI tools—such as cryptocurrency tracing, financial anomaly detection, travel‑pattern analysis, and intake triage—to boost white‑collar investigations. At the same time, the DOJ’s enforcement agenda warns that companies must govern their own AI...
JOSS Realty REIT (JOSS) IPO Deck
JOSS Realty REIT announced its initial public offering in a February 2026 investor deck. The REIT will acquire and actively manage multi‑tenant office assets located in the United States' top‑25 metropolitan areas. Its strategy centers on driving value through aggressive leasing,...
The Digital Yuan and the New Geography of Monetary Power
The episode examines how China’s digital yuan (e‑yuan) reshapes the internationalization of the renminbi by focusing on usage rather than ownership. It explains that traditional barriers were convertibility and capital controls, which limited the ability to sell or move RMB...
Gibson Dunn Discusses SEC Corporate-Finance Division’s Helpful Updates to Guidance
On January 23, 2026 the SEC’s Division of Corporation Finance released a suite of updated Compliance and Disclosure Interpretations covering proxy filings, executive compensation in spin‑offs, tender‑offer mechanics, lock‑up agreements, and securities‑offering integration. The revisions eliminate voluntary PX14A6G filings for...
The Cost of Fragmentation: A Comparison of State Affordable Housing Finance Governance Systems
The Terner Center released a new series of resources that examine how U.S. states govern affordable‑housing finance, highlighting the costly fragmentation of multiple agencies and programs. An interactive map and a landscape scan of all 50 states reveal which entities...
U.S. Treasury Rates Weekly Update for February 6, 2026
U.S. Treasury yields slipped across the board for the week ending February 6, 2026. The benchmark 30‑year rate fell 0.02 percentage points, while the 10‑year yield dropped 0.04 points to 4.22 %. The 3‑year Treasury rate settled at 3.57 %, reflecting a modest broad‑based decline. These...
The ASC Sale-Leaseback Opportunity
Ambulatory Surgery Center (ASC) owners are increasingly using sale‑leasebacks to unlock the equity tied up in their buildings. By selling the property to an investor and signing a 10‑15‑year triple‑net lease, physicians retain operational control while converting real‑estate assets into...
Income Investing Beyond Dividends: Incorporating Options Into Your 2026 Yield Plan
The episode explores how income investing has shifted from relying solely on dividends to incorporating options strategies like covered calls and cash‑secured puts to generate cash flow, especially from non‑dividend‑paying growth stocks. It explains the mechanics of these strategies, their...
Pagaya Technologies (PGY): Q4 2025 Earnings Review
The episode dissects Pagaya Technologies' Q4 2025 earnings, highlighting revenue of $335M (slightly below estimates) and a record GAAP net income of $34M boosted by one‑off tax benefits. Management explained a deliberate slowdown in growth to protect profitability, cutting exposure...
Let’s Review the IIA’s Guidance on Communicating Audit Results
The Institute of Internal Auditors (IIA) released a new Global Practice Guide on communicating audit results, updating the 2009 guide. The author praises the emphasis on stakeholder needs but criticizes the guide’s requirement to conclude on governance, risk management, and...
Amazon: 2026 Update
The author has refreshed his proprietary Amazon valuation model using the company’s latest 10‑K filing, projecting financial performance through 2026. The update incorporates recent trends in e‑commerce, cloud services, and advertising revenue streams. Detailed assumptions and calculations are hosted behind...
Guest Post: Low-Float IPOs and Pump-And-Dump Risk
Recent securities class actions against Charming Medical, PomDoctor, China Liberal Education Holdings, and Picard Medical illustrate a growing litigation focus on low‑float IPOs and social‑media‑driven pump‑and‑dump schemes. Plaintiffs allege that thin public floats, concentrated insider ownership, and inadequate IPO disclosures...
Financial Crises: New Insights
Professor Eric Hilt’s 2026 paper traces the evolution of financial crises over two centuries, highlighting how regulatory regimes and banking structures shaped their frequency and character. Early crises were often sparked by banking panics, while the post‑World War II regulatory era...
Delaware Supreme Court’s Earnout Decision Reinforces Primacy of Contract and Illustrates the Limits of the Implied Covenant
The Delaware Supreme Court issued an en banc opinion in Johnson & Johnson v. Fortis Advisors, affirming and partially reversing a Chancery ruling that awarded former Auris Health shareholders over $1 billion in an earnout dispute. The decision is the first...