Tuesday, June 06, 2017
First Capital keeps falling apart. Here is an InvestmentNews article on the most recent round of layoffs at the wannbe product sponsor. The employees no longer on the First Capital "journey" should be grateful. I bet the First Capital journey won't appear on resumes. Neither of First Capital's two public programs have filed financial statements, although the InvestmentNews article quotes First Capital's CEO Suneet Singal saying "We plan to have all filings current in short order." Right. The DI Wire reported a week ago that the third party firm that provided First Capital's BDC with a chief financial officer and chief compliance officer has terminated its contract with First Capital, leaving the BDC without a CFO or a COO. This is quite the horror show, but I can't look away.