Core Insights - Andersen Group has gone public on the New York Stock Exchange, marking a significant milestone two decades after the criminal conviction of its predecessor, Arthur Andersen, was overturned [1][5] - The company priced its initial public offering (IPO) at $16 on December 16, and the stock is currently trading at approximately $25, resulting in a market value of $2.8 billion, which is about 3.5 times its revenue for the previous four quarters [4] Company Structure and Financials - Andersen Group operates under a complex corporate structure that prioritizes pre-IPO insiders over public shareholders, with insiders holding 89% of the company through a holding entity called Andersen Aggregator [3][6] - The firm has acknowledged weak internal accounting controls, which raises concerns about its operational integrity [3] - The business model primarily relies on hourly billing, which may face challenges from advancements in artificial intelligence [3] IPO Details and Tax Structure - The IPO raised approximately $188 million in net proceeds and utilized an Up-C structure, which is designed to provide tax benefits and cash flow primarily to existing insiders [7] - Insiders are set to receive 85% of the cash savings from tax deductions related to the exchange of partnership units for shares, with potential claims on future cash flows amounting to $486 million [8] - Concurrently with the IPO, AT Umbrella issued $350 million in promissory notes to insiders, representing an additional financial benefit to them [8]