Chris DeMuth's best idea for 2022 is $RENN

Chris DeMuth discusses his best idea for 2022, RENN. RENN was on a previous podcast pitched by Ian Bezek as a legal play; since then, RENN settled with minority shareholders for a record payout. However, in December, RENN's shares sold off massively as a judge rejected their proposed settlement with minority shareholders and ruled the payout should instead go to former shareholders; Chris explains why he thinks that ruling is wrong and likely to be overturned.

Podcast with Ian Bezek on RENN from April 2021: https://twitter.com/AndrewRangeley/st...
Chris's article on RENN: https://seekingalpha.com/article/4478529-renren-is-so-bad-its-good 

Chapters
0:00 Intro
1:50 RENN background
4:20 What's happened since the last RENN podcast
8:20 The settlement announcement in October
12:35 What happens in December / why the stock craters
19:45 Why are current shareholders appealing the judge's ruling?
24:00 What does a derivative suit mean and why is that important?
30:00 Were there any precedents for former shareholders getting the settlement payout?
35:30 Discussing the unique minority shareholder only payout
38:50 Could the settlement be recut to pay directly to the company?
44:50 What does the timeline going forward look like?
46:30 What happens to the "excess legal fees"?
54:30 Why a quick decision on the appeal could be good
57:35 What odds does Chris give for the appeal winning?
1:00:10 Bear push back: The Sprint / TMUS precedent
1:05:40 Closing thoughts

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