Core Viewpoint - Lone Star Funds has signed a definitive agreement to sell SPX FLOW, Inc. to ITT Inc. for $4.775 billion in cash and stock, marking a significant transaction in the industrial and process technology sectors [1][4]. Company Overview - SPX FLOW, based in Charlotte, N.C., specializes in process technologies that include mixing, blending, fluid handling, separation, and thermal heat transfer, serving industrial, health, and nutrition markets [2]. - The company operates in over 25 countries and has sales in more than 140 countries, indicating a strong global presence [2]. Strategic Developments - Under Lone Star's ownership, SPX FLOW has focused on enhancing sales execution and operational efficiency, while prioritizing high-quality and innovative product development [3]. - The management team has successfully improved the commercial organization and executed growth initiatives, targeting new geographies and industries for expansion [3]. Transaction Details - The sale is seen as the culmination of efforts to streamline SPX FLOW's portfolio and enhance its business operations [4]. - The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close by the end of Q1 2026 [4]. Advisory Information - Citi and Jefferies LLC are serving as financial advisors to Lone Star in this transaction [5].

Summary of Bioventus Conference Call Company Overview - **Company**: Bioventus - **Industry**: Medical Technology (Med Tech) - **Annual Revenue**: Over $550 million - **Market Opportunity**: $6 billion across product categories [4][5] Core Business Segments - **Business Segments**: - Pain Treatment - Surgical Solutions - Restorative Therapies - **Market Position**: Category or growth leader in all segments [4] Financial Performance - **Growth Rate**: Expected to grow nearly 2X the weighted average market growth rate despite unfavorable comparisons in the first half of the year [5] - **EBITDA Margin**: Guidance for the year is just over 20%, representing a 100 basis points improvement from the previous year [6] - **Cash Flow Improvement**: Significant progress with cash flow expected to nearly double this year, driven by higher EBITDA, lower interest expenses, and efficient working capital [17][18] Growth Drivers Core Growth Drivers - **Hyaluronic Acid (HA) Therapy**: - Focused on knee osteoarthritis pain with Durolane as a leading product - Strong clinical differentiation and largest dedicated sales force in the space [7][8] - **Bone Graft Substitutes (BGS)**: - Focused on spinal surgery with high single-digit growth [8] - **Fracture Care**: - Restored to growth with double-digit growth in recent quarters, expecting mid-single-digit growth moving forward [9] Expansion Growth Drivers - **Ultrasonics Technology**: - Aimed at changing the standard of care for bone cutting in spine surgery, expected to drive significant growth [10][11] - **International Segment**: - New leadership and plans to aggressively pursue international opportunities, expecting double-digit growth [11] Emerging Growth Drivers - **Peripheral Nerve Stimulation (PNS)**: - Current market size of $200 million in the U.S., expected to exceed $500 million by 2029 [12] - Introduction of StimTrial and Talisman PNS system to enhance treatment options [13] - **Platelet-Rich Plasma (PRP)**: - Current market size of $400 million in the U.S., growing in high single digits, with exclusive distribution agreement for Excel PRP system [14] Strategic Focus - **Value Creation**: - Combination of above-market growth and peer-leading gross margin allows for margin expansion while investing in future growth drivers [16][20] - **Cash Flow and Debt Management**: - Expected leverage to drop below 2.5x, providing optionality for capital deployment [18][19] Conclusion - **Future Outlook**: - Bioventus aims to become a $1 billion high-growth, high-profit, high-cash flow company focused on patient recovery and quality of life [20]

Glencore's Strategic Priorities - Glencore aims to be among the world's largest copper producers, with approximately 1.4Mt of incremental long-life annual copper production progressing through planning and approval phases[20, 291] - The company focuses on long-term value creation for shareholders, with $25.3 billion in announced shareholder returns since 2021[23, 294] - Glencore is optimizing its operating structures to promote accountability and delivery[21, 292] Copper Production and Growth - Glencore targets approximately 1.6Mt of copper production by 2035[51] - The company's base copper portfolio aims to return to 1Mt by 2028[47] - The copper project pipeline includes projects with a total indicative capex of approximately $23.4 billion and an average LOM CuEq production of 1410ktpa[52] Financial Performance and Returns - Glencore has announced $25.3 billion in shareholder returns from 2021 to 2025, including base cash distributions, special cash distributions, and buybacks[241] - Approximately 1.6 billion shares have been repurchased, representing approximately 14% of current shares eligible for distributions[41, 243] - The company's copper business can self-fund its full indicative growth pipeline[234] Operational Efficiency and Portfolio Optimization - Glencore has sold or shut down approximately 35 assets since 2021[39] - The company has identified approximately $1 billion of recurring cost-saving opportunities across more than 300 initiatives, expected to be fully delivered by the end of 2026, with over 50% already locked in for 2025[41] - Glencore has streamlined its industrial operating structure, eliminating approximately 1000 roles[67]

Core Insights - FTI Consulting has appointed four senior hires to enhance its Transformation practices in London, focusing on operational performance and transformation capabilities for Private Equity and Financial Services clients [1][2] Group 1: New Appointments - Jan Timmermann, Malvinder Singh, Rakhi Williams, and Irina Bakanova have joined FTI Consulting, with Timmermann and Singh as Senior Managing Directors and Bakanova as a Managing Director [1][2] - Timmermann brings over 25 years of experience and has led more than 80 private equity assignments, specializing in operational and carve-out due diligence [2][3] - Singh has extensive experience in technology and operational transformation projects for private equity firms, focusing on post-deal value creation [4][5] - Williams has led transformation programs for private equity and listed companies, focusing on value creation and operational performance [6][7] - Bakanova has expertise in strategy and digital transformation within financial institutions, previously serving as Head of Strategy at Zing, a fintech of HSBC [7] Group 2: Strategic Focus and Goals - The new hires will enhance FTI Consulting's capabilities in financial, operational, carve-out, and technology due diligence, positioning the firm to better support clients throughout the investment cycle [2] - Timmermann will lead the expansion of integrated operational due diligence solutions and post-deal value creation services for private equity clients [3] - Singh aims to help clients leverage advanced digital technologies to improve operational performance [5] - Williams will focus on expanding transformation and value creation solutions for private equity portfolio companies in the consumer and TMT sectors [6] - Bakanova's role will involve driving strategy and innovation within financial institutions [7] Group 3: Company Overview - FTI Consulting is a leading global expert firm specializing in crisis and transformation, with over 8,100 employees in 32 countries as of September 30, 2025 [8] - The company generated $3.70 billion in revenues during fiscal year 2024 [8]

Core Insights - FTI Consulting has appointed four senior hires to enhance its Transformation practices in London, focusing on operational performance and transformation capabilities for Private Equity and Financial Services clients [1][2] Group 1: Appointments and Expertise - Jan Timmermann, Malvinder Singh, Rakhi Williams, and Irina Bakanova have joined FTI Consulting, bringing complementary expertise in deal execution, transformation, and value creation [2] - Mr. Timmermann has over 25 years of experience and has led more than 80 private equity assignments, specializing in operational and carve-out due diligence [2][3] - Mr. Singh has extensive experience in technology and operational transformation projects for private equity firms, focusing on post-deal value creation [4][5] - Ms. Williams has led transformation programs for private equity and listed companies, focusing on value creation and operational performance [6] - Ms. Bakanova has expertise in strategy, innovation, and digital transformation within financial institutions, previously serving as Head of Strategy at Zing, a fintech of HSBC [7] Group 2: Company Growth and Strategy - FTI Consulting aims to enhance its capabilities in financial, operational, carve-out, and technology due diligence to better support clients throughout the investment cycle [2] - The firm generated $3.70 billion in revenues during fiscal year 2024, indicating strong financial performance [8] - FTI Consulting employs over 8,100 staff across 32 countries, showcasing its global reach and operational scale [8]

Societal Perception of Wealth - Society increasingly views being "not rich" as virtuous, potentially driven by high-profile cases of wealth acquired through luck or illicit means [1] - This perspective represents a dangerous epistemic error by focusing on extreme cases rather than the median [1] Economic Principles - Markets remain one of humanity's least worst ways of keeping score, implying that financial success often reflects value creation [1] - Not making money is not inherently a virtue, nor is refusing to create value while upholding principles [1]

Financial Data and Key Metrics Changes - For the fourth quarter ended September 30, 2025, revenue was $802,000 compared to $935,000 in the prior year quarter, reflecting the conclusion of citrus operations [15] - The net loss attributable to Alico common stockholders was $8.5 million, or $1.11 per diluted share, an improvement from a net loss of $18.1 million, or $2.38 per diluted share in the prior year quarter [15] - For the full fiscal year, revenue was $44.1 million compared to $46.6 million in fiscal 2024, with a net loss of $147.3 million primarily due to non-cash charges related to the strategic transformation [16] - Adjusted EBITDA for fiscal 2025 was $22.5 million, exceeding the $20 million guidance target [16] - The company ended fiscal year 2025 with $38.1 million in cash, significantly up from $3.2 million at the end of fiscal 2024, and reduced net debt to $47.4 million from $89 million [16] Business Line Data and Key Metrics Changes - The final major citrus harvest was completed, marking the end of capital-intensive citrus production operations [4] - Land sales generated $23.8 million from 2,796 acres sold during fiscal 2025, surpassing the $20 million target [17] - Approximately 5,250 acres have been leased to third-party citrus growers, with strong interest from other agricultural sectors [9] Market Data and Key Metrics Changes - The establishment of the Corkscrew Grove Stewardship District was approved by the Florida Legislature, validating the development strategy [7] - The entitlement process for the Bonnet Lake property is progressing as expected, with four near-term real estate development projects maintaining an estimated present value of between $335 million and $380 million [8] Company Strategy and Development Direction - Alico has transitioned from a traditional citrus producer to a diversified land company, focusing on sustainable long-term value creation and conservation [4] - The company aims to optimize agricultural operations and advance residential and commercial development projects, particularly focusing on securing final approvals for Corkscrew Grove Villages [12] - Alico's approach balances high-value development projects with diversified agricultural operations, with 25% of land identified for development and 75% remaining for agriculture [9] Management's Comments on Operating Environment and Future Outlook - Management emphasized the successful execution of the transformation and the elimination of citrus agricultural volatility, unlocking value in the land portfolio [18] - The company believes it is well-capitalized and strategically focused, with multiple catalysts for value creation in the coming years [19] Other Important Information - Alico has returned over $190 million of capital to shareholders since 2015 through dividends, share repurchases, and debt reduction [10] - The company has a market capitalization of approximately $240 million, with a net debt of $47.4 million, indicating a significant valuation disconnect compared to the estimated land portfolio value of $650 million to $750 million [19] Q&A Session Summary Question: What is the expected cadence of the land sales in the next 12 months? - Management has not provided guidance on additional land sales for fiscal year 2026 [22]

Core Insights - The company is presenting an update on its Retirement Services Business for 2025, emphasizing a narrative of long-term success, profitable growth, and consistent value creation [2] Group 1 - The session aims to provide transparency and leading disclosure in areas of market interest, reflecting the company's commitment to educating stakeholders [2] - The update includes tactical business discussions from the current year while continuing a broader strategic narrative [2]

RT Andrew Tate (@Cobratate)Anyone complaining about Elon’s pay package has never created a single thing of value for the world.Creation is so foreign to them,That they cannot imagine how someone can have something without stealing it from someone else. https://t.co/ggDxuFI0D0 ...

Core Insights - Curative Biotechnology Inc. is implementing significant strategic changes to enhance its clinical program for metformin-based eye drops aimed at treating degenerative eye diseases, which includes establishing partnerships and revising its capital structure [1][2][3] Strategic Developments - The company is pursuing a manufacturing and/or full product development sublicense agreement for its metformin-based eye drops, with negotiations expected to conclude by year-end [3] - The focus will also expand to canine degenerative eye diseases, specifically Central Progressive Retinal Atrophy (CPRA) and Progressive Retinal Atrophy (PRA), leveraging preclinical data from human trials for regulatory approval [4][5][6] Capital Structure Changes - The company has withdrawn its S-1 registration statement and approved a revised reverse stock split ratio of 150-to-1, aimed at aligning its capital structure with the new strategic direction [7][17] - This restructuring is intended to de-risk operational execution, ensure a reliable supply chain, and provide non-dilutive funding through milestone payments [7] Market Potential - The veterinary ophthalmic drug market is estimated to be between $1.5 billion and $2.0 billion annually, with both CPRA and PRA representing significant unmet medical needs [6] Future Plans - Following the execution of the strategic sublicense agreement and the reverse stock split, the company plans to apply for uplisting to the OTCQB Venture Market [10]