At first blush, it looks like Newton Glassman, Canada’s distressed debt king, capped a forgettable 2019 with two massive wins.
Catalyst has owned Gateway Casinos & Entertainment Ltd., one of Canada’s biggest gaming companies with 25 properties, since 2009. After at least two looks at going public, it filed for an initial public offering in November 2018, targeting a total valuation of as much as $2.5 billion , a person familiar with the matter said at the time.
Sweeter BidOn the proposed Hudson’s Bay deal, Glassman scored a major win for minority shareholders by prompting a higher bid from a group led by Chairman Richard Baker. Catalyst accumulated shares over the summer, amassing a 17.5 per cent stake to fight for a better price, while appealing to the Ontario Securities Commission for a delay in the shareholder vote.
The Catalyst representative said that “should the transaction be completed, the return will be materially higher than what Bloomberg’s calculation attempts to show.” He said the calculation is missing several key data points. In numerous court filings over the years, Catalyst has blamed Callidus’s woes on a systematic attack by dozens of Bay Street short-sellers, dubbing them the “Wolfpack conspirators.” Callidus said in a recent regulatory filing that the shorts sought to “materially impair” its business, which hurt its ability to originate new loans and raise financing.
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