RE: If you haven't28 Jul 2024 06:02
Irwin's main contribution appears in episode 2. Although most people are familiar with the BreX scandal, there are many interesting observations about how people conducted their dd, particularly WI.
For example, the process which revealed the scam was when Freeport, as part of their dd, drilled holes adjacent to the holes which BreX had claimed contained the stellar grades of gold. The results yielded no gold and the game was up.
I'm sure many of you already knew this is what happens, but I didn't, although I was aware WI reported that various parties in the data room had done it at Cascabel. Clearly, the results stacked up.
Despite his dd Irwin still went ahead and invested, but escaped by the skin of his teeth. He bought at $18 per share and sold at $220, making a multi-million dollar return.
I thoroughly recommend this podcast, it really is a great piece of journalism and is a fascinating story.