Return of CIMple Truths

Unqualified Opinions Season 3 masthead: the hand-lettered logo flanked by the Beer Money visor and an "FIB" cap saying "S3, huh?" in a speech bubble

If you’re a more recent Unqualified Opinions reader (and most of you are), CIMple Truths was a gag I pulled out on Fridays back during season one to highlight ridiculous things seen in deal teasers called Confidential Information Memorandums (abbreviated CIMs sounds like “sims”). I stopped doing it because as interest rates rose and deal flow slowed, people stopped making so many ridiculous claims (just not the Trump SPAC). But sufficient ridiculousness has accumulated since then that I thought I would run CIMple Truths out for a curtain call ahead of the weekend.

So without further ado, here are some things that recently made us scratch our heads.

Tech-forward organizations…

A redacted CIM excerpt describing the company's information technology infrastructure, listing Microsoft Windows and Microsoft Teams as its key systems

That is some cutting edge stuff.

Very humble brags…

A CIM excerpt headed "Top Highlights" with "Low barrier of entry for trade" highlighted in yellow as a selling point

Wait, is that a good thing?

Creative addbacks…

A CIM excerpt describing net working capital adjustments, with "Myanmar Coup EBITDA addback" highlighted in yellow

There’s probably a story there.

Non-core business…

A redacted profit and loss statement for a fencing company, with a line item for beef sales highlighted in yellow

Well, that was unexpected, but aren’t they all? Have a great weekend.

-Tim


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