Right of first refusal

It's just exceedingly rare that companies are accommodating in that respect.

And, and to that, to that point as well, at some of the larger names, a lot of times the company will actually exercise their ROFR there to, to buy back the shares when they're offered.

So there may be that opportunity to sell it privately, but that does not mean that the ultimately in the finance suite of an and or an anthropic or et cetera, et cetera, they will allow that transaction to occur because they may see that as an opportunity to buy back the shares.

So that is one of the places where I've seen families have that opportunity to go and direct because they have some special relationship to do so relative to getting on cap table.

Curious to see if you're picking up whether that is further exacerbating utility opposition.

I know they've got concerns about the ROFR language.

There's stuff in here that I love on VPPs that really I think will help further FERC 2222.

I'd like to note I'm not the first person to bring it up this podcast.

Um, are there any private companies that you would want to hold in the public markets?

I've been, I've been trying to buy Chainalysis shares for the past year and a half, and I keep getting ROFR'd by some investor.

Interesting.

Yeah.

I think two, uh, at this point I'm capitulating on it.

Yeah.

Um, uh, and two, I think that, uh, they are like one of three reasonable companies that if you assume crypto continues to matter more in the world and cybercrime continues to inflect at a really steep rate, which I do, um, uh, very long cybersecurity generally, um, they have like a right to win, and they have some sort of ROFR on both narratively the crypto security-

Mm-hmm

Yeah, I think something similar happened to private as well.

I mean, I think in the secondary market, there's still ROFR and stuff, but it's becoming more liquid.

But if equities end and those guys, assuming they have APIs, even if they don't with browser use, I think somebody today could build a successful, fully automated VC that focuses on trading secondaries because it feels liquid enough.

I'm going to go ahead and just say that I think it's possible.

Well, let's get down to business here, Andy, and in today's show, we talk about three things primarily.

That is what the mouse bought back last month and right of first refusal, average sales prices, and inventory.

Believe it or not, these three things are more interrelated than I'd like to admit.

The prices get too low, the mouse tends to swoop in.

Where can you double your money?

Yeah, to me, that makes sense as well.

But right of first refusal, if you guys don't know, is if I were to sell you, the listener, my contract, Andy would write it up.

He would broker our deal for the price between the, we're gonna come back in and negotiate all the terms.

Always check the Grundbuch.

Encumbrances, neighbors' rights of way, and ancient rights of first refusal, known as Vorkaufsrecht, can endure for centuries and severely restrict what you can do with your own property.

And our final story may force a rewrite of Austria's most famous tourist joke.

Almost everyone has seen the popular souvenir t-shirts declaring, no kangaroos in Austria.

They will never let self-metering take place unless there is someone willing to fight them, and that, uh, the only person who would be willing to do that would be Tom Tiffany.

Well, you know, and obviously we talked about this a little bit with, uh, ROFR, right of first refusal.

You know, it, it's certainly something where the utilities, they wanna have the, the no bid contracts for, you know, basically charging rate payers.

But look at this.

This bill, uh, makes them take advantage of that, which is good 'cause that's good for the consumer and good for the grid.

Um, on the policy side, even though this bill, um, does... would put in place a moratorium on ROFRs for interregional transmission planning.

By ROFR I mean right of first refusal laws.

Um, what those laws do is they ensure that incumbents get first crack at any transmission line, uh, that is proposed, even if they're not, uh, the most cost effective or efficient person to build that line.

It's also big enough to be meaningful so that, so that it's actually, uh, there's a, there's a benefit and a, and, and a return from deploying that kind of capital.

Um, Wheaton Precious Metals own the only royalty that there is on Blackpine, um, at half a percent, but they also have a ROFR on, um, any other, um, stream-type product.

And so we're in discussions with them about what would that mean, what would a stream look like.

Uh, and they've thus far expressed a lot of interest in talking to us, and so those conversations I think are just starting to kick off.

And so, um, but, you know, by the same token, I think the independents were, uh, fighting an upward, an, an uphill battle all the way.

Uh, and, and I say that mostly on the basis of FERC's rules and regulations that inherently sort of favored the incumbents in terms of building new generation and new transmission, and new gas pipelines for that, that matter, right? We had the ROFR [laughs] rights of first refusal on siting and building new generation.

I mean, that has been going on for, for years, and FERC has taken a very shaky, tenuous position on, on rights of first refusal.

I mean, that's an enormous barrier to entry.

Right

... new entrants came in, but there's been an awful, awful lot of, uh, consolidation in, in that sector as well.

So we talked about ROFR the last time.

We- we- we've, we've brought it up again.