I posted yesterday about Myler Disability being sold to a much larger company that plans an initial public offering (IPO). Here's some information about the Myler Companies recent financial status from the IPO document (S-1) filed with the Securities and Exchange Commission.
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By the way, the purchase price for Myler Disability was $88.2 million. Page 74 of the S-1. Not bad for an entity that was losing money.
I keep thinking of Binder and Binder. The owners sold out to a private equity firm. Binder and Binder later ended up bankrupt. There probably won't be a repeat in this case but it's hard not to think of that history.
3 comments:
Did they opt-out of phone hearings hoping to make more money?
Wrong. Binder got basically too big for its britches and could not meet payroll. https://www.law.com/newyorklawjournal/sites/newyorklawjournal/2017/10/11/binder-binder-winding-down-after-bankruptcy-to-lay-off-190-employees/?slreturn=20220004160014
The downturn in getting winning cases paid caught him slipping around 2008-10. It was inevitable. That is why I got out from there around 2008ish going to Myler.
Bradford Myler was smarter. He cashed out last year with Rich Blaser so no bankruptcy needed. Myler and Dan Bott are forming a team with Vet Comp and Pen. Now called Trajector disability.
We will see how it works. But it will be interesting pending when the IPO hits the Wall Streets dudes to put a price on it. I believe this may be the first disability law firm ever in the U.S. to go public.
https://www.renaissancecapital.com/IPO-Center/News/89930/Benefit-eligibility-platform-Trajector-withdraws-$100-million-IPO
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