The Minutes of Bill Gurley on deal structure https://minutesof.com/bill-gurley/on/deal-structure/ Everything Bill Gurley has said on deal structure: 8 verbatim quotes between October 2010 and January 2025, each with a timestamp and a link to the… en Sun, 30 Aug 2026 16:22:00 +0000 Gurley says Stargate will be a property-owner and operating-company structure with one owning and the other le https://minutesof.com/q/df4f224d-99fa-44a3-a351-2c11e7f42795/ https://minutesof.com/q/df4f224d-99fa-44a3-a351-2c11e7f42795/ “People are telling me it's gonna be a prop co op co structure, which I didn't even know it was twenty four hours ago, but it's it's like a one person owns the property.” — CNBC Television Fri, 24 Jan 2025 21:30:16 +0000 deal structure Gurley says the Stargate project will use a property-operating company structure he just learned about. https://minutesof.com/q/2499819a-2c9b-4621-ae61-6e857ffd9ba7/ https://minutesof.com/q/2499819a-2c9b-4621-ae61-6e857ffd9ba7/ “People are telling me it's gonna be a prop co op co structure, which I didn't even know it was twenty four hours ago,” — CNBC Television Fri, 24 Jan 2025 21:30:16 +0000 deal structure Gurley questions why SoftBank would participate in a private credit pool given their typical investment approa https://minutesof.com/q/81c331d7-883b-4be3-b6d3-dca222ea49d1/ https://minutesof.com/q/81c331d7-883b-4be3-b6d3-dca222ea49d1/ “And this this I have three observations if all those things are true. One, I'm curious why SoftBank would wanna be part of a private credit pool. It's not what they've typically done.” — CNBC Television Fri, 24 Jan 2025 21:30:16 +0000 deal structure Gurley says propco-opco structure would add major lease liability to OpenAI's already complex cap structure. https://minutesof.com/q/047f13f6-0153-46f4-82fe-55466c8f5643/ https://minutesof.com/q/047f13f6-0153-46f4-82fe-55466c8f5643/ “if it is a prop co op co structure, this represents a big lease liability or the equivalent of a lease liability for OpenAI.” — CNBC Television Fri, 24 Jan 2025 21:30:16 +0000 deal structure Gurley notes OpenAI already has the most complex cap structure ever seen, now adding lease liability. https://minutesof.com/q/af226d26-b704-4747-a086-b0e51f5732a1/ https://minutesof.com/q/af226d26-b704-4747-a086-b0e51f5732a1/ “So this company already had probably the most complex cap structure of any company like it that we've ever known,” — CNBC Television Fri, 24 Jan 2025 21:30:16 +0000 deal structure Gurley says the Microsoft-OpenAI deal with $90 billion profit rights is one of the most complex ever. https://minutesof.com/q/d83902d8-ceb0-4c5f-a5f3-199363ca33f5/ https://minutesof.com/q/d83902d8-ceb0-4c5f-a5f3-199363ca33f5/ “The deal between Microsoft and OpenAI, as it's been reported, once again, I've never seen it. Sounds like one of the more complex deals of all time. They have profit rights up to, like, $90,000,000,000.” — CNBC Television Fri, 24 Jan 2025 21:30:16 +0000 deal structure Gurley notes public mergers avoid the 10-15% escrow typical of private acquisitions. https://minutesof.com/q/a46fd433-862f-48f4-a223-af0e65e90ea1/ https://minutesof.com/q/a46fd433-862f-48f4-a223-af0e65e90ea1/ “And one last thing most entrepreneurs probably don't know, when you do a public merger, there's no escrow.” — TechCrunch Fri, 01 Oct 2010 23:16:15 +0000 deal structure Gurley points out that public mergers have no escrow while private ones typically hold 10 to 15 percent in esc https://minutesof.com/q/06d2c8b2-6989-4350-a64d-32ce5d2142f0/ https://minutesof.com/q/06d2c8b2-6989-4350-a64d-32ce5d2142f0/ “And one last thing most entrepreneurs probably don't know, when you do a public merger, there's no escrow. And most private ones have 10 to 15% escrow,” — TechCrunch Fri, 01 Oct 2010 23:16:15 +0000 deal structure