Dear @BillAckman,

now, for the second time in 24 hours we are writing a statement, yesterday's was to encourage you to promote UMG's solid fundamentals and bring the deal closer to the broader market.
The release (scheduled for tonight) never happened after the recent events unfolded.
We don't need to emphasize how disappointing today's news was for us, for retail investors who invested their hard-saved money and that of their families in PSTH, trusting in the statements...
...you made.
You looked tired, which suggests to us you are also having sleepless nights and we have no doubt that your team has been working flat out on a deal and will continue to do so.
You have to make decisions under uncertainty and unforeseen events can occur that cause things not to go as planned. After all the ‘ifs’ and ‘whens’, the worst situation actually occurred.
After options- and warrant-holders suffered a virtually total loss, which was not least due to the inaccurate, not to say misleading guidance (Q1, unicorn, short dated options, short-term gains) and a strange restructuring of the vehicle without informing the investors, now...
...holders of common shares are also suffering heavy losses. In addition, trust has been lost, as many of your statements could not be met. However, there are a few points that give the current situation a stale taste. We are particularly troubled by the way you are dealing...
7) ...with the disappointment. Let’s try to structure this:

The SEC has only done what it is obligated to do by virtue of its mandate. @AndrewRangeley posted a great article on this. It's not the SEC's fault that your SPAC doesn't meet legal requirements.
It is your team's responsibility to ensure that the new structure created is legal, if you see fit to implement it. Instead you published an announcement for an admittedly good deal and gave an investor presentation for it without making sure it can actually be consummated.
A classic case of not doing the homework (building a house without planning permission is probably the best metaphor for this).
The reason for the poor price action was not due to short term reddit investors, but the fact that the broader market did not understand the deal (the UMG potential), considering this company more akin to a dinosaur and not appreciating the new opportunities for...
...monetization combined with the increased penetration of smartphone markets etc. Maybe next time it would be wise to advertise the deal broadly and not exclusively to people who are already long PSTH.
It seems strange to us, why after the news about the SEC rejection you give in without a serious attempt to alleviate the situation in favour of PSTH investors after only a few days between the SEC cancelling the proposed structure.
13) Obviously, you did not try to use your otherwise so creative spirit to find a solution, how we PSTH investors could still be part of the deal. Combined with the previous statement that you would have loved to buy more UMG, the fact that there was apparently no effort...
14) ...on the part of PSTH management (and that includes all directors) to let us retail investors in particular enjoy some of the fruits of your labour leaves a comical feeling, especially considering that the entire UMG transaction could very well be done with the current...
15) ...SPAC if PSH were to pass.

Apparently, your success is measured mainly by PSH performance, which makes PSTH investors feel like second class investors these days. We're practically dispensing with any kind of benefits to ensure the rich PSH owners get their deal.
One thing in particular stands out: this morning you raised the possibility of downsizing PSTH if the size of the target company is not compatible with the current stock of cash reserves. Why is this not possible as part of the current transaction?
Is it because PSH ‘would have loved to buy more UMG’? Why is it not possible to distribute, say, some kind of SPARC rights related to the UMG shares to PSTH investors? If not all investors are happy with the deal, PSH could take their place.
Alternatively, would it be possible to provide the funds through PSH and manage the shares as a proxy to distribute them later to PSTH investors without having to use the trust?
These ideas are certainly not mature, but it took me 20 seconds to come up with solutions that could have been the starting point for a brainstorming session that you and your team would have held yesterday had you acted in the interest of your PSTH investors and...
...not just accommodated PSH millionaires.

Herewith PSH grabs the prize and the most important aspect of your SPAC, the interest alignment is therefore no longer existent. You and your team are heavily invested in PSH, so success for PSTH seems to be secondary.
After all, the institutions have a cost basis of $20, so retail is probably footing the bill for ‘other people's summers in the Hamptons’. Or is compensation planned? Will we be reimbursed for the opportunity cost and absolute losses?
Where is the interest in loyalty and what is actually happening to SPARC? Have we lost the technology?

It would have been nice if all these questions had been explained in today's interview. Instead, promoting the great UMG deal for its profiteers took up a lot...
...of the air time.

Many of us don't have deep pockets. We don't get bailed out when the money is gone. College tuitions, life savings, and sick leave funds are at stake.
We hope you realize the impact the investment has on us and that there is more on the line than the reputation of a top-notch hedge fund in New York. We would be happy if we could maintain a communication and the future dialogue would not be restricted to students...
...of Ivy-League universities.

We wish you every success in the negotiations. We believe you can find a solution that leads to a good outcome for all. We know you as a philanthropist and a person who acts responsibly.
We do not understand how what ended up on our plates today can be reconciled with this perception. Therefore, we hope that you will reflect on your innermost motivation for your actions, because even if the current situation does not cast a good light on PSTH:
When you make a turn it is that more rewarding.


Your PSTH Support Group

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