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Carl Joseph-Black
Carl Joseph-Black

The Dime๐Ÿ’ฐ - New York Times vs. Florida's State Pension

Say you and twelve friends pool money to buy a food truck๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ „‹๓ †“๓ …ถ๓ …ฌ๏ธ‰๓ …พ๓ …‹๓ „ฆ๓ …“๓ „ฝ๓ „ด๓ ‡Ÿ๏ธŠ๓ …—๓ „ซ๓ …ฌ๓ †ฌ๓ … ๓ …ˆ๓ †ธ๓ …ป๓ ‡‚๏ธˆ๓ …‚๓ ‡๓ ‡‘๓ …ท๓ †ฒ๓ †”๓ „—๓ …ž๏ธƒ๓ …ธ๓ „ช๓ ‡‹๓ †™๓ †จ๓ „œ๓ „ผ๓ ‡‡. You each own a piece๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ ‡ž๏ธ‰๓ …–๓ ‡ž๓ †ค๓ ‡๓ †ก๓ … ๓ …ฆ๓ ‡ฆ๓ … ๏ธ€๓ „ผ๓ ‡‹๓ …™๓ …‹๓ …ญ๓ „ ๏ธ๓ „ฝ๓ †‰๓ …•๓ „บ๓ †ป๏ธŽ๓ …ป๏ธŽ๓ …๓ ‡”๓ ‡Œ๓ „–๓ …™๓ …ฏ๓ „๏ธ†๓ …Ž๓ †ฆ๓ †‘๓ ††๓ ‡จ. You don't get to tell the cook how much salt goes on the fries, that's their job, and if you're being honest with yourself you'd probably make the fries worse๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ „™๓ †ฝ๓ †พ๏ธ‚๓ „—๓ „ฅ๓ †–๓ …ฌ๓ „•๓ †ƒ๓ „ซ๓ ‡ฏ๓ †ฏ๓ …‡๓ „ฐ๓ ‡๓ „Ž๓ ‡€๏ธˆ๓ „•๓ ‡‘๓ „Ÿ๓ …๓ ‡•๓ ‡›๓ †ก๓ „ข๓ „’๓ „ฏ๓ „๓ …‡๓ †™๓ „๏ธ€๓ …†๓ ‡Œ๓ †๓ ‡š๓ †‘๓ †Š. But the truck keeps a health code binder in the glovebox, and the whole business lives or dies on nobody getting sick๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †๓ ‡‚๓ ‡ฉ๓ „”๓ ‡๓ „ซ๓ †„๓ †ž๓ †™๓ …€๓ „ ๓ …Š๓ †ฌ๓ †ช๓ †ป๓ †–๓ †‡๓ …™๓ ‡ฏ๓ ‡Š๓ …ก๓ „›๓ †œ๓ „บ๓ „ ๓ † ๓ ‡ฉ๓ …ฑ๓ ‡ค๓ …‘๓ „•๓ †ต๓ …‹๓ …ต๓ …ข๓ … ๓ ‡๓ ‡๓ ‡Œ๓ …ƒ. Now imagine customers keep getting sick, the truck keeps issuing apologies after someone else points it out, and you hear the cook's assistant complained fifteen times and got told to stop being so dramatic๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ „‡๓ †ฝ๓ ‡ฅ๓ ‡ฃ๓ †ฒ๓ ‡˜๓ „ฃ๓ ‡ฉ๓ †š๓ „ฐ๓ …ซ๓ ‡’๓ †€๓ ‡Œ๓ ‡๓ „ฟ๓ …๓ …‹๓ †ต๓ †‚๓ †บ๓ „‡๓ †‹๓ ‡Ž๓ „ณ๓ † ๓ †ป๓ …ข๏ธ๓ †Œ๓ …น๓ …ฝ๏ธ‚๓ ‡ฆ๓ …‡๓ ‡ฎ๓ †ฌ๓ „ฎ๓ †ฅ๓ ‡Ÿ. The recipes can stay private๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ ‡๏ธŒ๏ธ๓ …‰๓ ‡†๓ †๓ …๓ ‡™๓ „๓ †ฟ๓ „๓ ‡๓ „ฒ๓ …€๓ „ฅ๓ ‡˜๓ „ฅ๓ †ฆ๓ ‡ญ๓ †ซ๓ †๓ …‹๓ ‡‰๓ …ฉ๓ ‡๓ „ป๓ …’๓ „ฅ๓ †ฃ๓ ‡–๓ „Ž๏ธŒ๓ †ฉ๓ ‡š๓ …จ๓ ‡ฉ๓ „€๓ ‡ค๓ „ช๓ …ฟ. You'd just want to know if anybody who runs this truck ever opens the binder๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ „๓ †ฆ๓ …‘๓ …ค๓ ‡๓ †•๏ธ๓ …ญ๓ „„๓ …ง๓ † ๓ „ง๓ ‡—๓ „ธ๓ …–๓ †š๓ „š๓ „๓ ‡—๓ …ฑ๓ †ฅ๓ …๓ †ฏ๓ †ž๓ …‰๓ …“๓ ‡๏ธŽ๓ †ด๓ „š๓ …ช๓ …—๓ „“๓ †ป๏ธ€๏ธ‚๓ „™๓ †ฏ๓ „ž๓ ‡œ.

That's the lawsuit Florida's pension fund filed against The New York Times in one paragraph๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ „Ÿ๓ „๓ ‡˜๏ธˆ๓ ‡ฆ๓ …จ๓ „‘๓ †’๓ †€๓ ‡’๓ …Ž๓ …‰๓ …๓ †ž๓ ‡ช๓ …ฐ๓ †ง๓ …‡๓ ‡›๓ †ง๓ …‹๓ „ป๓ †๓ ‡ก๓ ‡๓ ‡ฎ๓ „ณ๓ ‡š๓ ‡‘๓ †ง๓ „‹๓ „œ๓ ‡ข๓ ‡ง๓ …‹๓ ‡š๓ †Œ๓ …๓ …ž๓ „ž.

On Wednesday, September 23,

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Carl Joseph-Black
Carl Joseph-Black

The Dime๐Ÿ’ฐ - What the Paramount Settlement means for Creators

Thursday morning, a federal judge held a hearing on the settlement that lets Paramount buy Warner Bros. Discovery๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๏ธ‹๓ „ฎ๓ †ก๓ …‹๏ธŒ๓ ‡Ÿ๓ …ท๓ †–๓ …๓ „‰๓ „ช๓ …Œ๓ †๓ ‡…๓ †Ÿ๓ †ฐ๓ …†๓ ‡Ž๓ ‡ก๓ †Œ๓ ‡‹๓ …ˆ๓ …จ๓ †ค๓ „จ๓ …ฌ๓ … ๓ „ƒ๓ …‘๓ †ธ๓ „‹๓ „—๓ …ฏ๓ …ž๓ † ๓ ‡™๓ †˜๓ …’๓ …ฝ๏ธ. She opened by telling both sides the court isn't a rubber stamp, and said she wanted to be sure the deal came out of an arm's length process and not collusion๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ ‡๏ธ‡๓ ‡‰๓ ‡„๓ „“๓ …๓ ‡™๓ ‡€๓ …ด๓ †ฝ๓ ‡ซ๓ †จ๓ „ณ๓ …๓ †ฎ๓ „œ๓ „ญ๓ †”๓ ‡ฏ๓ „…๓ ‡ƒ๓ †พ๓ …ฏ๓ †ณ๓ †›๓ †Ÿ๓ „”๓ ‡ˆ๓ …“๓ „‹๓ †ช๓ …ต๓ †พ๏ธˆ๓ †ฐ๓ …˜๓ ‡จ๓ …–๓ ‡’๓ …–. She also gave outside groups until 12:01 a.m. on September 25 to file briefs๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ „ฟ๓ „ท๓ …ž๓ „‡๓ „Ž๓ ‡ซ๓ †ฆ๓ „€๓ „ฌ๓ ‡๓ „Ž๓ …จ๓ ‡๓ ‡˜๓ ‡ฆ๓ …ข๓ …พ๓ …ž๓ …ก๓ „‚๓ „ก๓ „‘๓ „Ÿ๓ †Œ๓ ‡ก๓ „ธ๓ ‡ช๓ „ณ๏ธŒ๓ …“๓ …พ๓ „Ž๓ †–๓ „ง๓ „ป๓ …–๓ „๓ †ป๓ „ฝ๓ ‡ฃ. So the ink isn't dry as of this writing๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ …„๓ …ฉ๓ †ถ๓ ‡ง๓ …๓ „ฎ๓ …ฏ๓ „ฝ๓ …‰๓ …ช๓ „ฒ๓ „‰๓ …พ๓ ‡—๓ †™๓ ‡ƒ๓ …š๓ …‡๓ †ท๓ „—๓ ‡™๓ ‡‡๓ …จ๓ …ซ๓ „‡๓ †บ๓ …ฝ๓ †€๓ „ข๓ „ง๓ †ฝ๓ †ฏ๓ ‡๓ „–๓ †Œ๓ „ข๏ธ‚๓ †ด๓ „‘๓ †พ. But the terms are public, I've read all 32 pages, and if you make things for a living (movies, TV, news, content of any kind), the document says a lot about the next five years of your career๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †๓ …ซ๏ธŒ๓ ‡ก๓ „ฒ๓ … ๏ธ๓ „„๓ ‡Ÿ๓ „บ๓ „’๓ …—๓ ‡‚๓ †จ๓ ‡‘๓ †ฌ๓ †ฌ๓ …ต๓ „ธ๓ „†๓ „ซ๏ธ‚๓ ‡๓ „ž๓ †Š๏ธ†๓ ‡ก๓ †บ๓ …๓ ‡›๓ †‹๓ …ฝ๓ ‡Ÿ๓ †ฝ๓ „ช๓ †Ÿ๓ „ด๏ธ‡๏ธŠ๓ †ฏ. So let's walk through it.

๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ „‘๓ …Ÿ๓ …น๓ †ƒ๓ †•๓ †ฐ๏ธ‡๓ †‹๓ …™๓ …ฉ๓ „†๓ „ฑ๓ †บ๓ …ป๓ „ฌ๓ „…๓ „–๓ ‡ค๓ „“๓ ‡ฎ๓ ‡’๓ ‡–๓ „ธ๓ †Œ๓ „™๏ธ‹๓ „’๓ „ถ๓ „ฒ๓ „ฌ๓ …ก๓ …„๓ „š๓ „ฎ๓ †’๓ …ฅ๓ …น๓ †Œ๓ †น๓ …Quick intro if you're new here๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †ก๏ธ‚๓ †”๓ „ถ๓ †ฏ๓ …ณ๓ „…๏ธŽ๓ †ฉ๓ „”๓ …๓ „Š๓ †ท๓ „‘๓ …ธ๓ „ผ๓ ‡™๓ †ฃ๏ธŽ๓ …ญ๓ † ๓ „ธ๓ …ต๓ †ญ๓ „ณ๓ †ฐ๓ †Ÿ๓ …ˆ๓ „‘๓ „ญ๓ …€๓ ‡…๏ธ‹๓ „ถ๓ †œ๓ …Š๓ ‡Ž๓ ‡๓ …ต๓ †ฅ. I'm Carl, by day I run Joseph Black Law PLLC, a New York law practice where I work on startup

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Carl Joseph-Black
Carl Joseph-Black

The Dime๐Ÿ’ฐ- There is Money in Bankruptcy

Jon Rahm signed with LIV Golf in December 2023 for a deal reportedly worth more than $300 million guaranteed๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ …ฌ๓ „ ๓ †ค๓ †™๓ „๓ …ค๓ †ท๓ ‡‡๓ „บ๓ †๓ …‚๓ …‚๓ ‡ฉ๓ „ฒ๓ †ˆ๓ ‡„๓ …š๓ „—๓ „€๓ ‡˜๓ ‡ก๓ …†๓ …‡๓ …–๓ †๏ธ‚๓ …ˆ๓ …ฅ๓ „๓ †‹๓ „€๓ „™๓ ‡Š๓ …๓ …ด๓ ‡๓ „‚๓ ‡“๓ „˜๓ „€. Bryson DeChambeau, Dustin Johnson, Cameron Smith, all left the PGA Tour on similar money, backed by a Saudi sovereign wealth fund that had already put more than $5 billion into the league๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †ง๓ …๓ …๓ †‚๓ „๓ †–๓ †‡๓ „จ๓ „‹๓ ‡’๓ ‡๓ „œ๏ธ€๓ †ฑ๓ †„๓ „‰๓ „พ๓ †ช๓ …บ๓ …ด๓ …ณ๓ …ป๓ „ก๓ „‡๓ „ด๓ …ˆ๓ †‡๓ …„๓ ‡ก๏ธ๓ ‡ฏ๓ †น๓ „•๓ †—๓ †ฑ๓ „น๓ „ป๓ „บ๓ ‡ƒ๓ …Ž. On September 8, 2026, LIV Golf filed for Chapter 11 bankruptcy in New Jersey, and those same players showed up on page eight of the petition as unsecured creditors, owed millions the league hadn't paid them๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ ‡‚๓ „ˆ๓ „๓ …˜๓ ……๓ ‡ช๓ †๓ „๓ „™๓ ‡ฃ๓ …•๓ ‡ฉ๏ธ‰๓ †—๓ …๓ „‡๓ †ฏ๓ „‡๓ „Ÿ๓ †ท๏ธ„๓ †ก๓ ‡Ž๓ „ป๓ „ˆ๓ †ฟ๓ …ฉ๓ †ฃ๓ …”๓ ‡ญ๓ …„๓ …‚๓ „‚๓ …š๓ …ฌ๓ …ฌ๓ †‡๓ ‡›๓ †ฆ๓ …œ. Jon Rahm's claim alone is $7.47 million๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †Ž๏ธŠ๓ …Ÿ๓ ‡…๓ „ถ๓ …บ๓ „ญ๓ ‡€๓ …ฌ๓ …Š๓ ‡ฃ๓ †ท๓ †จ๓ …Œ๓ …‰๓ ‡ค๓ †‰๓ †ˆ๓ …ƒ๓ …ข๓ „ข๓ ‡˜๓ †ฝ๓ …“๓ †๓ „…๓ †จ๓ †™๓ †ณ๓ …ฟ๓ ‡Ž๓ ‡ƒ๓ „๓ †ต๓ †๓ ‡š๓ ‡ž๓ „๓ …ฑ๏ธ‡. Golf's best-funded league spent five years outbidding the establishment for talent, and now its

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Carl Joseph-Black
Carl Joseph-Black

The Dime๐Ÿ’ฐ- Oura Farming

The first thing I do when I wake up in the morning is check my sleep score on Oura app๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ …ธ๓ …‘๓ „ฆ๓ †—๓ ‡๓ …ป๓ …‰๓ ‡จ๓ „ฏ๓ †ฌ๓ †‚๓ ‡‡๓ ‡ฎ๓ †ž๓ ‡“๓ …๓ …•๓ ‡Ÿ๓ …ฑ๓ „‡๓ „…๓ …ฑ๓ †’๓ †๓ …‹๓ †ˆ๓ „˜๓ „ธ๓ „ง๓ ‡๓ „†๓ †ง๓ †ถ๓ …ณ๓ ‡๓ † ๓ ‡ช๏ธ‹๓ †ฎ๓ †’. It's a habit I developed in the last year since a friend of mine gifted me an Oura ring๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †‘๓ †ฆ๓ †˜๓ †ง๓ „ฟ๓ ‡˜๏ธ‰๓ „˜๓ … ๓ †˜๓ †ˆ๓ ‡ข๓ …Ÿ๓ „ƒ๓ …›๓ ‡š๓ „ถ๓ †ต๓ ‡Ž๓ „ ๓ † ๓ ‡’๓ †ผ๓ „ก๓ †น๓ ‡š๓ …œ๓ …—๓ …†๓ ‡ฎ๓ ‡‘๓ †ฅ๓ †€๓ ‡Š๓ …ž๓ …‡๓ …ฏ๓ …‰๓ „ฐ๓ †ฒ. Prior to that I only knew how to communicate my sleep based on how I felt๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ …‰๏ธ‹๓ †ฟ๏ธ€๓ „ข๓ …บ๓ †€๓ ‡ ๓ …๓ „ฑ๓ …๓ ‡‘๓ …‰๓ ‡ก๓ †น๓ „ผ๓ „„๓ †๓ ‡–๓ …€๓ …œ๓ ‡๓ †ผ๓ †ผ๓ …œ๓ „ฒ๓ †ƒ๓ ‡๓ …จ๓ ‡ ๓ †•๓ „Œ๓ †ด๓ …ฉ๓ …๓ „ผ๓ …ญ๓ ‡›๏ธ๓ „œ. I'm assuming, for millions of people, that is now the same๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ „„๓ …ƒ๓ „ ๓ „ง๓ …บ๓ †ญ๓ „œ๓ ‡๓ …‰๓ ‡…๓ ‡จ๓ ‡‹๓ †…๓ ‡๓ ‡†๓ ‡•๓ …ฐ๓ ‡ฉ๓ †๓ †Œ๓ ‡›๓ †’๓ †ฃ๓ †ข๓ …๓ ‡ƒ๓ „ฃ๓ †–๓ ‡ฆ๓ „ ๓ …ง๓ …‘๓ „™๓ †Š๓ ‡จ๓ †‹๓ „ฎ๓ ‡ˆ๓ ‡๓ „พ. That's the business Oura built, and on August 20th a proposed class action filed in the Northern District of California argued that the number is closer to a guess than a measurement, and that Oura knew it.

๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †ฒ๓ †‘๓ „’๓ …™๓ …ก๓ …จ๓ †ฌ๓ …ซ๓ …ฃ๓ „ž๓ ‡ญ๓ …ง๓ †ข๓ „๓ …ข๓ ‡๓ „›๓ †๓ †ƒ๓ ‡€๓ ‡‹๓ ‡„๓ „ญ๓ „ฅ๓ †–๓ „…๓ †ฆ๓ ‡ฅ๓ †ญ๓ …’๓ †€๓ „‚๓ †ฎ๓ …ฑ๓ …ฝ๓ †น๓ „š๓ „Ž๓ „ด๓ …—The case is Surber v. Oura Inc., filed by the Clarkson Law Firm, the same shop behind a long run of consumer class actions against companies that make specific, quantified claims about what their products can do๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †พ๓ †Œ๓ †๓ „ท๓ …Ÿ๓ „†๏ธŽ๓ …ฎ๓ …๓ …„๓ …ก๓ …ค๓ †ฌ๓ ‡€๓ „™๓ †š๓ „ผ๓ …ฟ๓ …ˆ๓ …•๓ ‡ก๓ „๓ „–๓ …ผ๓ ‡๓ †น๓ ‡๓ †”๓ †ฑ๓ „ฟ๓ ‡œ๓ †ผ๓ „จ๓ ††๓ „ˆ๓ †Ž๓ „ฏ๓ ‡Ž๓ …ญ๓ †€. Madison Surber bought an Oura Ring 4

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Carl Joseph-Black
Carl Joseph-Black

The Dime๐Ÿ’ฐ - Fanatics is the biggest winner

Friday afternoon, a federal appeals court ruled that Nevada can shut down Kalshi, one of the biggest prediction market apps in the country, for operating what the court called sports gambling in disguise๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ ‡๓ †ฏ๓ „ด๓ „๓ …†๓ „€๓ …ซ๓ „ฏ๓ †ฟ๓ ‡…๓ †ป๓ „ณ๓ ‡‚๓ ‡™๓ „‚๓ ‡—๓ „ด๏ธŠ๏ธ๓ ‡ฏ๓ †ƒ๏ธƒ๓ …ฏ๓ „„๓ †ต๓ „Œ๓ „™๓ ‡๓ ‡ข๓ †๓ …ข๓ „ต๓ †บ๓ „จ๓ „ช๓ …•๓ ‡ง๓ …ฑ๓ ‡‘๓ …‘. If you don't follow this stuff closely, that sentence probably needs some unpacking๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ ‡ฌ๓ …“๓ „ฟ๓ ‡ช๓ „ง๓ †Ž๓ „ฌ๓ ‡—๏ธŒ๓ †„๓ ‡ฃ๓ …•๓ …Š๓ …ฎ๓ ‡๓ …†๓ „พ๓ …ฉ๓ ‡—๓ „ฅ๓ …‘๓ …’๓ †ฑ๓ „๓ †ถ๓ †ญ๓ ‡ฌ๓ ‡๓ †‰๓ †œ๓ „‚๓ ‡ฆ๏ธ„๓ …›๓ †ฑ๓ …•๓ „น๓ †ฟ๓ …ข๓ …ฅ. So let's back all the way up, because by the time we get to the end of this, I think you'll see why I believe this ruling, and everything sitting around it, adds up to one company walking away the outright winner of the entire sports betting era๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๏ธ‰๓ …ท๓ † ๓ „ฐ๓ „ป๓ †ช๓ „ณ๓ „บ๓ … ๓ …ฝ๓ „•๓ †•๓ …น๓ …ฆ๓ …ผ๓ „…๓ ‡๓ ‡ฌ๓ †ต๓ …ช๏ธ…๓ ‡˜๓ „€๓ „ด๓ …บ๓ †ก๓ „ป๓ †‘๓ †œ๓ „๓ …’๓ †‰๓ …Š๓ †„๓ ‡ญ๓ …ฟ๓ „ท๓ ‡‹๓ …ญ๓ …ก. That company is Fanatics.

๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †ญ๓ „๓ …š๓ †ซ๓ †œ๓ „†๓ ‡Œ๓ †Š๓ †ง๓ ‡…๓ „œ๓ †ฉ๓ …ฝ๓ …€๓ „˜๓ …ณ๓ …ฝ๓ †๓ ‡•๓ „Ÿ๓ „—๓ ‡‰๏ธ‰๓ …ƒ๓ „…๓ †ณ๓ „„๓ „†๓ „ซ๓ ‡๓ …›๓ ‡ค๓ …ฒ๓ …ก๓ …ก๓ ‡”๓ …๓ …ธ๓ „ค๓ …—Quick intro if you're new here๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ …ช๓ …š๓ †ฉ๓ †ฐ๓ …ฟ๓ †ถ๓ „ฎ๓ ‡ฏ๓ …บ๓ †Š๓ „ฎ๓ …˜๓ „“๓ „ƒ๓ …Š๓ „’๓ „‰๓ †ƒ๓ …œ๓ …ฌ๓ …™๓ ‡‹๓ †ฟ๓ …ค๓ †ˆ๓ †—๓ †น๏ธŠ๓ „‘๓ „•๓ ‡‚๓ †ฟ๓ …ก๓ ‡ฏ๓ …ซ๓ …ต๓ †ฆ๓ ‡‚๓ †–๓ „›. I'm Carl, by day I run Joseph Black Law PLLC, a New York law practice where I work on startup and venture capital transactions, entertainment, music deals, and investment fund structures๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ „Š๓ „ฟ๓ …ฐ๓ „ฟ๓ ‡ฎ๏ธ๓ „‘๓ …‘๓ †„๓ …ฉ๓ †๓ …‹๓ …๓ …”๓ †ˆ๓ …ญ๓ †Š๓ „ˆ๓ „‘๏ธ†๓ … ๏ธ๓ †ด๓ †ฏ๓ †›๓ „‡๓ „บ๓ ‡›๓ ‡ฎ๓ ‡”๓ †ฝ๓ ‡๓ †๓ †๓ ‡€๓ †ข๓ …ญ๓ †›๓ „จ๓ ‡Š. By night, and honestly during a lot of stolen lunch

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Carl Joseph-Black
Carl Joseph-Black

The Dime๐Ÿ’ฐ- Private Equity Is Now Your Lawyer

You know that feeling when you find out the last mom-and-pop shop on your block just got bought by the same guy who owns the car wash chain, the HVAC company, and the pest control outfit down the street๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ ‡•๓ …ฝ๓ †ผ๓ …Ÿ๓ „Š๓ „Ÿ๓ ‡•๏ธŠ๓ ‡ฎ๓ …Ž๓ †–๓ ‡‚๓ …พ๓ …€๓ „ธ๓ †Ž๓ ……๓ †ณ๓ ……๓ …พ๓ ‡…๏ธƒ๓ ‡ฏ๓ …Ž๓ …’๓ „ถ๓ …ช๓ †Š๓ …Ž๓ †™๏ธŽ๓ …ฝ๓ †ž๓ ††๓ †๓ ‡ค๓ „š๓ „Ÿ๓ ‡จ๓ ‡†? That's not a coincidence๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ ‡ž๓ „Ÿ๓ „™๓ †ˆ๓ ‡›๓ …„๓ …จ๓ …Ÿ๓ …พ๏ธ†๓ †›๓ ‡จ๓ †ฒ๓ ‡ฃ๓ „‰๓ …„๓ †บ๓ †พ๓ ‡Ž๓ †ธ๓ †ฅ๓ †๓ …ฆ๓ †Ž๓ †™๓ ‡ˆ๓ †ƒ๓ „ฎ๓ ‡ฏ๏ธ‚๓ ‡‰๓ „—๓ „ฟ๓ ‡‘๓ ‡‘๓ „•๓ „น๓ †ฌ๓ „ฌ๓ ‡œ. Private equity has spent the last fifteen years buying up every fragmented, boring, recurring-revenue business in America๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ …บ๓ †ญ๓ …ƒ๏ธ†๓ …ถ๓ †‚๓ „ณ๓ „ธ๓ „“๓ ‡‘๓ …ถ๓ …—๓ †ญ๓ …ซ๓ „๓ „ฐ๓ „Ÿ๓ †๏ธ๓ …ป๓ …—๓ †œ๓ …ฌ๓ ‡‡๓ …˜๓ ‡˜๓ „’๓ „ฒ๓ †ฆ๓ „ฐ๓ „ท๏ธ…๓ „„๓ †ฐ๓ …ก๓ †’๓ ‡จ๓ …›๓ …ณ๓ ‡“. Laundromats๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ …ƒ๓ …ถ๓ †ท๓ †ฉ๓ „ผ๓ †๓ †๓ „„๓ „ฐ๓ ‡†๏ธ‚๓ „ฒ๓ „ช๓ ‡Œ๓ …ƒ๓ …›๓ „™๏ธ‰๏ธ‚๓ ‡”๓ „ผ๓ †ง๓ …ป๓ …ผ๓ ‡—๓ †ฟ๓ „ข๓ †ซ๓ †ฅ๓ ‡ช๓ †ˆ๓ †ญ๏ธ…๏ธ‰๓ „น๓ †›๓ „๓ „ค๓ †พ๓ „ฏ. Veterinary clinics๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ ……๓ †”๓ †๓ †›๏ธ†๓ †ฑ๓ †–๓ …‘๓ „ด๓ „ฑ๓ „€๓ „ค๓ „‹๓ …ถ๓ †Œ๓ †ธ๓ †ง๓ „ ๓ …š๓ „ƒ๓ ‡ฌ๓ † ๓ †ˆ๓ …„๓ „บ๓ „ถ๓ …ผ๓ …ƒ๓ „‡๓ …ฒ๓ †˜๓ …Ÿ๓ „ฌ๓ ‡๓ ‡—๓ †š๓ „ƒ๓ …ต๓ †ซ๓ …“. Plumbing outfits๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †‡๓ …Œ๓ ‡€๓ „๓ †ช๓ ‡ฏ๓ †ฟ๓ „‡๓ †—๓ „ƒ๓ †ต๓ ‡‹๓ ‡˜๓ „ค๓ …ฎ๓ †˜๓ „ถ๓ …๏ธ„๓ ‡Œ๓ „Ÿ๓ †๓ …Š๓ ‡’๓ „ฅ๓ „พ๓ ‡•๓ †Š๓ †๓ „—๓ †€๓ ††๓ …ต๓ …๓ †ฌ๓ ‡ฉ๏ธ‹๓ †š๓ „›๓ …Œ. Roofers๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ ……๓ ‡š๓ „๓ ‡•๓ …ป๓ …–๓ †…๓ †–๓ †๓ …ท๓ †๓ …”๓ †ต๓ …น๓ „๓ †ถ๓ …œ๓ ‡Ž๓ „ฐ๓ „ฐ๓ ‡๓ †‘๓ ‡ฌ๓ … ๓ †ธ๓ ‡ฆ๓ …ฌ๓ †ถ๓ „…๓ …ฐ๓ „‚๓ ‡Š๓ …›๓ …๓ †„๓ †พ๓ †ˆ๓ †ƒ๓ „๏ธ€. The formula is always the same: find an industry where nobody owns more than a sliver of the market, buy a bunch of small operators cheap, bolt them together, and sell the whole platform for a much bigger multiple than you paid for the parts๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †๓ „๓ ‡™๓ „น๓ †ณ๓ „ค๓ ‡๓ †‘๓ „บ๏ธ„๓ ‡€๓ ‡‘๓ „†๓ …๓ †‹๓ …ณ๓ …Š๓ …ค๓ †š๓ „น๓ †ญ๓ „‚๓ …ก๓ …’๓ …œ๓ …š๓ ……๓ „ก๏ธ†๓ „’๓ …ก๓ „ต๓ ‡ง๓ „๓ †–๓ †–๓ †ฑ๓ †๓ …“๓ …. It works so๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๏ธŠ๓ „ป๓ „ง๓ †๓ †“๓ †ฎ๓ …ข๓ …ธ๓ ‡‘๓ …ข๓ „ฅ๓ †ฌ๓ †๓ „‰๓ …ผ๓ „ฒ๓ …Š๓ †‡๓ „‡๓ †ญ๓ „‹๓ ‡ญ๓ …‚๓ „ฅ๓ „ฅ๓ ‡‚๓ „บ๓ …Ž๓ ‡ญ๓ ‡ƒ๓ „Ž๓ †๓ ‡ฃ๓ …“๓ †พ๓ …ผ๓ …ฆ๓ „Ž๓ „๓ „ฟ well it has a name, the roll-up, and it's been the dominant strategy in lower-middle-market PE since the 2010s.

๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †ต๓ ‡–๓ ‡๓ ‡๓ †๓ ‡ˆ๓ ‡›๓ „‹๓ †ด๓ ‡ ๓ †“๓ „ช๓ „†๓ „๓ …ฟ๓ ‡˜๓ ‡Ž๓ †–๓ …๓ …ท๓ ‡ก๓ „๓ „‹๓ „ ๓ „ฝ๓ …ฒ๓ …—๓ †ฏ๓ †ท๓ „ถ๓ †ข๓ „‹๓ †‹๓ †๓ ‡‰๓ ‡ˆ๓ „๓ †๓ ‡ช๓ „ผBut there was always a wall PE couldn'

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Carl Joseph-Black
Carl Joseph-Black

The Dime๐Ÿ’ฐ - Turns Out Maximizing Shareholder Value Is Optional (Sometimes)

Here's a scenario. You run a music label. Business is decent, but you're a few weeks from missing a loan payment, and if you miss it, the bank can call the whole loan. Two of your biggest lenders, who already have equity in the label, step in with a rescue offer. Take our cash now, they say, or the label goes under. Only catch, if you don't pay us back by a certain date, the money you owe us converts into more equity in the label. Suddenly the two guys who lent you cash last Tuesday own most of your label, and everyone who had a piece of it before is stuck with basically nothing.

That, with a few more commas and a Delaware judge involved, is basically what happened to MPower Financing, and a court just ruled on whether the people who approved that deal did

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Carl Joseph-Black
Carl Joseph-Black

The Dime๐Ÿ’ฐ- Go Borrow The Money

Back in October of 2024, I wrote a piece called "You Asked For Money, Here It Is", walking through, step by step, how I personally pulled together $750,000 in financing without giving up a single point of equity. A lot of you used that piece as a blueprint. Some of you are still messaging me about it. So today's edition is a bit of a sequel, because the rules of the game just changed, and if you're a founder, operator, or small business owner who's been sitting on an SBA application, this affects you directly.

The Small Business Administration just did something it hasn't done since 2010: it raised the ceiling on how much government-backed capital a single borrower can stack. Go borrow the damn money. Hereโ€™s this weekโ€™s edition of The Dime๐Ÿ’ฐ.

Quick intro if you're new here. I'm

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Carl Joseph-Black
Carl Joseph-Black

The Dime๐Ÿ’ฐ - Why Joe Budden and Team Are Building A Technology Company

In late June 2026, with zero press release and zero fanfare, Joe Budden and Ian Schwartzman quietly launched joebuddencommunity.com, a fully owned membership platform built in-house rather than licensed from anybody. That sentence reads like a podcast update. It isn't. It's a technology story, and it's one that touches Patreon's fee structure, Whop's balance sheet, Apple's App Store cut, and eventually the $10 a month you're paying some creator right now without thinking twice about it.

Quick intro if you're new here. I'm Carl, by day I run Joseph Black Law PLLC, a New York law practice where I work on startup and venture capital transactions, entertainment and music deals, and investment fund structures. By night, and honestly during a lot of stolen lunch hours, I write The Dime๐Ÿ’ฐ.

The Dime๐Ÿ’ฐ exists for one reason: the most interesting financial

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Carl Joseph-Black
Carl Joseph-Black

The Dime๐Ÿ’ฐ - Sony Just Got A US License To Print Money

Before we get into Sony, a quick note๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ „Š๓ …•๓ †ช๓ „š๓ …‘๓ †‰๓ …ฎ๓ …”๓ ‡Š๓ …ฝ๓ ‡€๓ †ง๓ †œ๓ „ง๓ †ฉ๓ …•๓ ‡๓ …€๓ †๓ †“๓ †™๓ ‡…๓ …ฒ๓ …น๓ …จ๓ „„๏ธ๓ ‡ฎ๓ „ป๏ธ€๓ …ฆ๓ „๓ †ฉ๓ †๓ ‡‹๓ …–๓ †ด๓ ‡๏ธ๓ †ข. We're launching the Due Dilly Supper Club, an intimate evening with friends and supporters of this community๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ …ค๓ ‡ซ๓ …ฏ๓ …ฏ๓ „ฃ๓ …ฏ๓ †ณ๓ „…๓ …ฟ๓ „ผ๓ …ต๓ …บ๓ „ฉ๓ ‡‡๓ †ณ๓ †›๓ „š๓ „ˆ๓ „˜๓ „ฉ๓ „“๓ ‡ฎ๓ ‡™๓ †ท๓ †ฑ๓ „๓ „“๓ †ช๓ „‹๓ †ด๓ †ฅ๓ „”๓ „๓ †จ๓ …จ๓ ‡€๓ …จ๓ …ฑ๓ †ด๓ †ค. Think food, drinks, and real conversation in a private space in Brooklyn๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ „…๓ †น๓ …‚๓ ‡Ÿ๓ …ˆ๓ …ก๓ …๓ ‡ฏ๓ …๓ …ฌ๓ ‡€๓ ‡ซ๓ ‡‡๓ …‘๓ †๓ ‡๓ ‡ญ๓ „ฃ๓ ‡ซ๓ „€๓ †ž๓ …•๓ †Š๓ „ด๓ …น๓ †ฟ๓ „ ๓ „ ๓ …๓ „ˆ๓ …ƒ๓ …๓ ‡€๓ †ก๓ „ง๓ …ถ๓ ‡ก๓ ‡”๓ †‚๓ „ฑ. No big stage, no panel, just people who read this newsletter sitting around a table talking about money, culture, and everything in between๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ …ท๓ „บ๓ †‡๓ …”๓ †๓ ‡ฃ๓ †ต๓ † ๓ †ค๓ ‡จ๓ †ฝ๓ †„๓ „›๓ …ฐ๓ †Œ๓ …ฏ๓ …ฑ๓ …ฎ๓ ‡“๓ „œ๓ …ด๓ „๓ …ฝ๏ธ๓ „Š๓ …Š๓ „Š๓ „›๓ …จ๓ „‚๓ ‡Ÿ๓ „…๓ †€๓ †…๓ †–๏ธ๓ †“๓ ††๓ ‡…๓ ‡ข. First one goes down next week and tickets are $60๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †ซ๓ „€๓ ‡ญ๓ …‚๓ „ฅ๓ ‡”๓ …‹๓ …†๓ …ž๏ธƒ๓ ‡ข๓ ‡œ๓ „“๓ ‡‘๓ …›๓ …“๏ธ‡๓ ‡ฅ๓ ‡ซ๓ …ถ๓ …‚๓ †œ๓ …ฟ๓ ‡ช๓ †ถ๓ †™๓ „พ๓ ‡Ž๓ ‡ญ๓ †„๓ †œ๓ †ฑ๓ †ฌ๓ „”๓ …™๓ „›๓ „บ๓ ‡ƒ๓ ‡‘๓ „ฌ. Grab yours here๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ …ณ๓ † ๓ …ˆ๓ ‡จ๓ …ฅ๓ †ฆ๓ „…๓ „ฝ๓ „ฆ๓ …”๓ ‡œ๓ ‡Š๓ ‡๓ „ฐ๓ „ง๓ †ฆ๓ „ฅ๓ †š๓ „ ๓ †Š๓ †š๓ „ณ๓ „’๓ …ต๓ †ฟ๓ †ต๓ †ฒ๓ „ฑ๓ …Š๏ธˆ๓ „ถ๏ธ€๓ ‡ฌ๓ ‡‰๓ „ต๓ …ท๏ธŠ๓ „ฟ๓ †ƒ๓ †›. Space is very limited so don't sleep on it.

๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ …˜๓ †พ๓ „€๓ ‡™๓ ‡ซ๓ „น๓ ‡›๓ †๓ …ฅ๓ „ง๓ „Ÿ๓ „ผ๓ ‡๓ †ญ๓ „Ž๏ธŒ๓ „—๓ „ฝ๓ †ฃ๓ …„๓ †ฏ๓ †ถ๓ „ˆ๓ „ฅ๓ …ญ๓ „๓ …ž๏ธŒ๓ …พ๓ †“๓ †ฟ๓ „ญ๓ „š๓ „ฉ๓ „‹๓ ‡ฎ๓ „š๏ธ‡๏ธ€๓ „”On July 7, 2026, Sony Bank got word from Washington that most Sony shareholders never saw coming:the OCC handed it conditional approvalto stand up a national trust bank called Connectia Trust, whose entire job is issuing a dollar-backed stablecoin๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †ช๓ „๓ „ผ๓ …†๓ †—๓ †๓ …ญ๓ †‘๓ …ฏ๓ …ƒ๓ †–๓ ‡ ๓ „ช๓ †ฑ๓ †ฑ๓ †จ๓ …ฒ๓ ‡„๓ ‡–๓ …ƒ๓ „“๓ †‘๓ ‡ซ๓ „ฝ๓ †ถ๓ …„๓ …ž๓ ‡Š๓ ††๓ †ท๓ …ˆ๓ †…๓ „พ๓ ‡๓ ‡ฏ๓ …๓ †…๓ „ท๏ธ€๓ „Ž. That sentence reads like a banking trade story๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ „‡๓ †™๓ ‡’๓ „ญ๓ ‡“๓ †Ž๏ธƒ๓ …›๓ …น๓ …ฒ๓ †˜๓ †ˆ๓ …†๓ „ผ๓ †ง๏ธƒ๓ †€๓ †ฆ๓ „ฝ๓ ‡œ๓ †๓ †๓ †ฉ๓ „ฃ๓ „๓ …ฅ๓ †ฉ๓ ‡๓ …ฎ๓ †…๓ …ด๓ †ฅ๓ †ข๏ธ‹๓ …ฆ๏ธ‡๓ …ต๓ „Ÿ๓ …พ๓ ‡™. It isn't๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †‹๓ …š๓ …‡๓ …Ÿ๓ …†๓ †ถ๓ ‡๓ †๓ †ก๓ …ถ๓ …๓ „๓ ‡ค๓ „•๓ …Œ๓ …™๓ …œ๓ …Ž๓ …ฝ๓ „’๓ †จ๓ „ต๓ „ง๓ ‡‹๓ ‡จ๓ „“๓ ‡ƒ๓ „Ÿ๓ …š๓ ‡‹๓ †’๓ ‡„๓ ‡๓ †ฏ๓ …ด๓ ‡ง๓ „ท๓ ‡จ๓ „ฟ๏ธ…. It's an entertainment story, and it's one that touches PlayStation, anime,

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Carl Joseph-Black
Carl Joseph-Black

The Dime๐Ÿ’ฐ - Fenty's Future

We did a whole episode on beauty companies. Tap in.

Rihanna built a beauty empire with LVMH's money๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ „ธ๓ „š๓ „›๏ธ‰๓ „๓ „๓ ‡ญ๓ „‡๏ธŽ๏ธ‰๓ … ๓ …‹๏ธ…๓ †ฒ๓ „ผ๏ธˆ๏ธ‡๓ …Œ๓ „“๓ …Ÿ๓ „‘๓ †ฌ๓ ‡ฆ๓ „ฎ๓ †˜๓ „”๓ †ช๓ …ฉ๓ †๓ „˜๓ †ป๓ †จ๓ ‡ ๓ †ณ๓ …ฝ๓ ‡ก๓ ‡‹๓ ‡—๓ …”๓ ‡…. Now LVMH wants out, and the leading bidder is a firm co-founded by Jay Z๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ ‡”๓ †„๏ธ‰๓ …š๓ †œ๓ „’๓ …๓ …ต๓ †ฝ๓ „ฃ๓ …ง๓ †—๓ „๓ †น๓ ‡ซ๓ …Ÿ๓ †Š๓ „ท๓ †ท๓ †ฅ๓ …–๓ †ฑ๓ †๓ ‡…๓ …ค๓ …–๓ …ฟ๓ ‡ช๓ …ฎ๓ „–๓ ‡˜๓ „™๓ …ต๓ †ฆ๓ †ฏ๓ „๓ ‡๓ „จ๓ ‡„๏ธ‰. You can't make this stuff up.

๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †ท๓ ‡€๏ธŒ๓ †ธ๓ †ณ๓ …๓ †ฎ๓ …ฏ๏ธŠ๓ †๓ †š๓ ‡ค๓ ‡‹๓ …Ž๓ …ฅ๓ ‡ˆ๓ „‚๓ †“๓ „ข๓ „ž๓ …ฃ๓ † ๓ †ƒ๓ …Ž๓ …ถ๏ธ†๓ …ถ๓ †ธ๓ †‡๓ „ฝ๓ †ต๓ …ฃ๓ …€๓ …‘๓ …พ๓ …ฅ๓ …ถ๓ …๓ …ฆ๓ „ฆLet's break down what's actually happening, who MarcyPen Capital Partners really is, and the number everybody is dancing around: the discount.

๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †œ๓ „œ๓ „ฟ๓ …‹๓ †–๓ †ผ๓ †ฏ๓ …๓ ‡‚๓ …ฑ๓ „ ๏ธŒ๓ …Š๓ …ค๓ †ท๓ ‡˜๓ ‡ก๓ …ท๓ ‡Ž๓ „†๓ ‡๏ธ…๓ …ฐ๓ „•๓ „—๓ ‡…๓ † ๓ …Œ๓ „ฎ๏ธŒ๓ „‡๓ …ž๓ ‡“๓ …ฝ๓ …ช๓ „จ๓ „Š๓ „ท๓ …ท๓ „žQuick intro if you're new here๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ ‡‰๓ …ง๓ ‡Œ๓ …ก๓ …ฉ๓ …›๓ …Ÿ๓ …ต๓ …ฌ๓ †‚๓ „ผ๓ …˜๓ …Œ๓ †บ๓ „ฟ๓ †ป๓ †š๓ †œ๓ …ฅ๓ ‡›๓ …œ๓ „ช๓ †ฒ๓ …”๓ †ด๓ ‡๓ …ฅ๓ „๓ „—๏ธ๓ …ต๓ †ง๓ …ฌ๓ †˜๓ ‡‰๓ †ท๓ ‡จ๓ …†๏ธˆ๓ …ข. I'm Carl, by day I run Joseph Black Law PLLC, a New York Law practice where I work on startup and venture capital transactions, entertainment and music deals, and investment fund structures๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ ‡ซ๓ „ฑ๓ ‡ˆ๓ ‡’๓ †ฅ๓ ‡™๓ „Ÿ๓ †ˆ๓ †ฉ๓ †„๓ „จ๓ „ก๏ธ‰๓ ‡“๓ ‡š๓ …›๏ธ๓ ‡˜๓ †ฌ๓ † ๓ †Š๓ †„๓ …๓ …•๓ ‡™๓ …ฎ๓ „๓ †ƒ๓ ‡›๓ „ค๏ธ๓ ‡ซ๓ †“๓ …ช๓ …ฑ๓ †๓ …ผ๓ ‡‹๓ „๓ „บ. By night, and honestly during a lot of stolen lunch hours, I write The Dime๐Ÿ’ฐ.

๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ „…๓ †ฆ๓ †•๓ …Œ๓ „Ž๓ ‡ฉ๏ธ‹๓ „™๏ธ‹๓ †›๓ ‡‰๓ †ธ๓ „ฑ๓ †ถ๓ †ต๓ †ท๏ธ๓ „๓ …ฌ๓ †˜๓ „ญ๓ …‘๓ …ก๓ …„๓ †ฅ๓ …๏ธ๓ „‘๓ †ธ๓ „ด๓ †Ÿ๓ …ˆ๓ ‡ฆ๓ „‹๓ †ž๓ … ๓ …ณ๓ …ญ๓ ‡˜๓ †กThe Dime๐Ÿ’ฐ exists for one reason: the most interesting financial stories in America run through culture, and almost nobody covers them with both the spreadsheet and the source material open

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Carl Joseph-Black
Carl Joseph-Black

The Dime๐Ÿ’ฐ- The Jalen Brunson Effect

In the summer of 2024, Jalen Brunson signed a four-year, $156.5 million extension with the Knicks๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ … ๓ „‡๓ †€๓ ‡‘๓ ……๓ ‡ญ๓ „ก๓ …ซ๓ …“๓ „“๓ †„๓ …ฏ๓ ‡ฅ๓ „™๏ธŒ๏ธ‹๓ †›๓ „ฝ๓ …•๓ †๓ …ซ๓ ‡ค๓ „ฎ๓ „ถ๓ †—๓ †ท๓ …”๓ ‡Ž๓ …ธ๓ …ฐ๓ †—๓ †œ๓ †ฝ๓ †ฅ๓ „๓ …€๓ …Ÿ๓ …‹๓ †ฏ๓ „ช. On the surface that sounds like a lot of money๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ „จ๏ธ†๓ …ฌ๓ ‡๓ „ฎ๓ …˜๓ …“๓ ‡š๓ …ฝ๓ †™๓ „Œ๓ …‘๓ ‡€๓ „ญ๓ †ต๓ …๓ … ๓ †‹๓ ‡ž๓ ‡ฅ๓ † ๓ …๓ …ช๓ „๓ †ฉ๏ธ๓ … ๓ †Œ๓ †ต๓ „“๓ „ฝ๓ ‡ ๓ †ฎ๓ ‡“๓ †ข๓ ‡Š๓ …ญ๓ „…๓ ‡š๓ †. And it is๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ …Œ๓ †ช๓ „ฑ๓ …ถ๓ …—๏ธ๓ …ฟ๓ ……๓ „Š๓ …๓ †ช๓ „†๓ ‡Š๓ ‡œ๓ †ฎ๓ „Š๓ „š๓ „ฌ๓ †Ÿ๓ …ˆ๓ ‡ž๓ †จ๓ „ˆ๓ …€๓ „ฉ๓ … ๓ …ƒ๓ ‡ฆ๓ …๓ …จ๏ธŠ๓ „ง๓ †ฝ๓ ‡†๏ธ„๓ ‡†๓ „Š๓ …„๓ †๓ †ถ. But context matters here๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ …‘๓ †ซ๓ „ธ๓ „ฆ๓ ‡๓ …ท๓ †ฒ๏ธŽ๓ †ด๓ ††๓ …พ๓ †ฐ๓ „ฑ๓ „ข๓ †ญ๓ ‡ฆ๓ ‡œ๓ ‡ฌ๓ „ฌ๓ ‡๓ †„๓ …๓ …ฐ๓ ‡„๓ †›๓ …ถ๓ „”๓ †Ÿ๓ …Ÿ๓ …พ๏ธ๓ „ˆ๓ „ฉ๓ †ผ๓ „จ๓ ‡—๓ ‡Ž๓ „ญ๓ ‡•๏ธŠ. He was eligible for a five-year, $269 million max deal the following offseason๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ …‹๓ …ฑ๓ „ƒ๓ „ฐ๓ …ž๓ …ฌ๏ธ‰๓ ‡†๓ „ฌ๓ „จ๏ธ๓ „๓ †ผ๓ ‡ฌ๓ †–๓ ‡œ๓ ‡ž๓ ……๓ ‡ฃ๓ …ญ๏ธ‹๓ …‰๓ †ฏ๓ †ฃ๓ †ฒ๓ †Š๓ †๓ ‡ง๓ ‡๓ †ž๓ …‡๓ …ฏ๓ …ฃ๓ „Œ๓ …”๓ „‘๓ †ฏ๓ ‡œ๓ †ฌ๓ ‡Ž. He walked away from it๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ ‡„๓ „ธ๓ †๓ …ณ๓ †จ๓ †—๓ †บ๓ ††๓ ‡ฉ๓ „’๓ †‚๓ †ฅ๓ …๓ †™๓ …ผ๏ธ‚๓ †๓ †ก๓ †ˆ๓ „’๓ †Œ๓ „ผ๓ „„๓ …ข๓ …‚๓ …ฏ๓ …บ๓ …บ๓ ‡˜๏ธ…๓ „Ž๓ „ป๓ †ฆ๓ ‡•๓ ‡ง๓ †”๓ …“๓ †ค๓ ‡จ๓ ‡. Voluntarily๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ …ค๓ …”๓ ‡‚๓ „…๓ „ญ๓ …ญ๓ …ป๓ …›๓ †š๓ ‡ž๓ ‡Ÿ๓ „™๓ †ฏ๓ …๓ ‡ฉ๓ …ถ๓ ‡ช๓ †š๓ „๓ †น๓ …Ÿ๓ „œ๓ …Œ๓ †š๓ …๓ †ƒ๏ธ๓ …ฏ๓ …ฒ๓ ‡œ๓ …ฝ๏ธŠ๓ „ฎ๓ „ƒ๓ „ด๓ †๓ „ž๓ „น๓ …ฉ๓ ‡–. That is a $113 million headline gap, or roughly $37 million in real near-term dollars when you account for the fourth-year player option he kept๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ ‡„๓ …‡๓ ‡”๓ …„๓ ‡Ÿ๓ …ฐ๓ …๓ ‡”๓ …‚๓ …š๏ธ‰๓ …ฝ๓ †„๓ ‡•๓ †ฅ๓ …Ž๏ธˆ๓ „’๓ …Ÿ๓ …ฆ๏ธ‰๓ …ง๓ †ต๓ „•๓ †ธ๓ „ด๓ ‡Ÿ๓ „‰๓ ‡ก๓ „™๓ „ช๓ †ฉ๏ธ€๓ …€๓ …๓ †ฉ๓ „†๓ †ฅ๏ธ†๓ …’. Either way you cut it, no NBA star does this.

๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ …˜๓ †๓ …Œ๓ ‡“๓ …ธ๓ „„๓ „ ๓ …ท๓ †ท๓ ‡„๓ ‡ฃ๓ †‹๓ „๓ …ญ๓ †ฅ๓ †จ๓ ‡ก๓ „ช๓ †›๓ …Ÿ๓ …™๏ธ‚๓ „•๓ …ง๓ †—๓ †Œ๓ „๓ †ฎ๓ ‡š๓ †ป๓ ‡จ๓ †š๓ ‡™๓ „…๓ …ถ๓ „บ๓ …Ž๓ …•๓ „•๓ …ปThe reason he gave๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †ก๓ …•๓ …–๓ …‡๓ †‹๓ …ญ๓ …‡๓ †ช๓ …†๓ … ๓ …ฟ๓ ‡™๏ธ‚๓ †ข๓ ‡‘๓ †ฅ๓ „ˆ๓ „–๓ ‡ค๓ „ฎ๓ ……๓ …š๓ „ก๓ ‡ฃ๓ †ฉ๓ ‡Ž๓ …„๓ †ง๓ ‡Œ๓ „’๓ …ฝ๓ †น๓ …ข๓ †ป๓ ‡๓ ‡Ž๓ „ฑ๓ …๓ „ธ๓ †“? He wanted to win๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ „ซ๏ธ‚๓ †ด๓ ‡œ๓ „ฌ๓ ‡‚๓ †๓ †‚๓ „ฐ๓ „š๓ …‰๓ „š๓ ‡จ๓ ‡’๓ …ฉ๓ ‡Ÿ๓ †‚๓ „๓ ‡๓ „ฆ๓ †Œ๓ „พ๓ †–๓ ‡ก๓ ‡Œ๓ „ด๓ †๓ …ฅ๓ „ฆ๓ ‡…๓ …ˆ๓ …ค๓ „ƒ๓ †ฉ๓ †บ๓ ‡ƒ๓ „•๓ …๓ ‡๓ „Œ. And he was honest about the psychology of it too๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ …‡๓ „ถ๓ …ถ๓ …ช๏ธˆ๓ †Ž๓ …š๓ ‡Ž๓ …Ÿ๓ „๓ „š๓ †Š๓ „›๓ …ณ๓ …ถ๓ †ฅ๓ †”๓ „ฆ๓ „๓ †ค๓ „‘๓ †Ÿ๓ †ด๓ „…๓ …ฟ๓ ‡Ÿ๓ †ฅ๓ ‡†๓ „ต๓ ‡ซ๓ ‡๓ †ž๓ †›๓ „ช๓ †ค๓ †น๓ …ฅ๓ …‹๓ „ผ๓ †ฌ. Playing without a contract hanging over his head freed him up mentally๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ ‡š๓ †ค๓ ‡ก๓ …ฌ๓ †ด๓ …œ๓ „ฉ๓ …Œ๓ ‡†๓ †Œ๓ ‡’๓ †ธ๓ ‡ช๓ …˜๏ธ๓ †Œ๓ …Ÿ๓ …ธ๓ „ƒ๓ …ฑ๓ „๓ „ช๓ „ ๓ ‡‘๓ †•๓ †น๓ ‡›๏ธ๓ †ซ๓ ‡”๓ †ง๓ ‡ซ๓ …Š๓ „™๓ …ธ๓ …ฒ๓ …ง๓ †ธ๓ †‰๓ „ช. No pressure to perform for a paycheck๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ ‡๓ †ซ๏ธŠ๓ …ฃ๓ †ƒ๓ …ฃ๓ „ซ๓ ‡๓ „ท๓ …™๓ „ฐ๓ „’๓ …Œ๓ †˜๓ …ข๓ ‡‡๓ ‡ฆ๓ „˜๓ ‡—๓ „ณ๓ „•๓ …–๓ „ˆ๓ „๓ †ฎ๏ธŽ๓ †‹๓ „ค๓ ‡Š๓ †ข๓ „ฆ๏ธ…๏ธŒ๓ ‡‚๓ †๓ …ž๏ธ‰๓ ‡๏ธ๓ †ค. Just basketball๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ †‰๓ ……๓ …ฆ๓ †ป๓ …—๏ธ‹๓ …๓ †˜๓ …•๓ …ฉ๓ „ฎ๓ ‡‹๓ †˜๓ …๓ †น๓ ‡‹๓ †€๓ ‡ฎ๓ …‡๓ ‡ช๓ „š๓ …ฃ๓ †ž๓ …๓ „ฏ๓ ……๓ „’๓ †Œ๓ „Ž๓ ‡‘๓ ‡•๓ …๓ …ฃ๓ ‡จ๓ „“๓ †ท๓ †„๓ †๏ธ…๓ …€. That mindset showed up in his game and it showed up in the Knicks' results๓ ‡Ÿ๓ ‡ ๓ ‡ก๓ ‡ข๓ ‡๓ …ˆ๓ „‘๓ „ญ๓ †‚๓ †”๏ธˆ๓ ‡ฆ๓ †ฟ๓ „ฝ๓ „ผ๓ …ž๓ ‡ฎ๓ …ฆ๓ „บ๓ †š๓ …ฉ๓ ‡ญ๓ ‡ค๓ ‡ฏ๓ …ƒ๓ …ข๓ „‘๓ „œ๓ „ค๓ …ซ๓ …—๓ ‡๓ …‹๓ „ฉ๓ †ฅ๓ ‡ฅ๓ „€๓ …™๓ „ฒ๓ „ญ๓ „‘๓ †ค๓ ‡›๓ †‰. Here's this week'

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