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• Case | HBS Case Collection | September 2020

  Blackstone: Crocs Investment

  Victoria Ivashina, John D. Dionne and Terrence Shu

  This case follows Prakash Melwani (HBS MBA '86), CIO of Blackstone's Private Equity Group, and his teams’ investment in the footwear company Crocs. Instead of a traditional secondary offering, Crocs opted for a unique deal structure by taking Blackstone's cash in a private investment in public equity (PIPE) deal. During the Blackstone investment, Melwani and his team drastically reworked Crocs’ strategy. The case offers insight into the operational initiatives undertaken to revitalize the Crocs brand.

  Citation:

  Ivashina, Victoria, John D. Dionne, and Terrence Shu. "Blackstone: Crocs Investment." Harvard Business School Case 221-023, September 2020.  View Details

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• Case | HBS Case Collection | August 2020

  NextView Ventures

  Jo Tango and Nori Gerardo Lietz

  Citation:

  Tango, Jo, and Nori Gerardo Lietz. "NextView Ventures." Harvard Business School Case 821-031, August 2020.  View Details

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• Case | HBS Case Collection | April 2017 (Revised August 2020)

  The U-Turns of National Truck Stops

  Nori Gerardo Lietz and Alexander W. Schultz

  Raj Makam had spent months trying to restructure a 2006 investment he had made in National Truck Stops, Inc. (NTS) as a senior member of Oaktree Capital Management’s (Oaktree) Mezzanine finance business within their Corporate Debt platform. It was the first time they had truly considered forcing a company into involuntary bankruptcy, which he clearly would prefer to avoid lest they risk losing their entire investment. As the company’s financial position worsened, Oaktree’s counterparties became increasingly difficult. It often seemed as if they were prioritizing their ongoing business relationships over the economics of their respective investments. Oaktree knew the cards were stacked in its favor legally, but did that really make a difference when the cost of perfecting its interests would be so expensive and difficult? Would this be a Pyrrhic victory?

  Keywords: mezzanine financing; corporate debt; bankruptcy; real assets; Financing and Loans; Borrowing and Debt; Insolvency and Bankruptcy; Restructuring; Private Equity; Cost vs Benefits; Atlanta; New York (city, NY);

  Citation:

  Lietz, Nori Gerardo, and Alexander W. Schultz. "The U-Turns of National Truck Stops." Harvard Business School Case 217-062, April 2017. (Revised August 2020.)  View Details

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