Ann: Datt Capital Statement to Members, page-46

OpenMarkets was wanting to IPO not too long ago, which is normally at a high multiple. That got derailed by Superhero leaving them (from memory).

The article mentioned some financial issues for OMG. I assume they did lots of hiring due to COVID, and now COVID volumes have pulled back.

So OMG was planning to get a high multiple by IPO. SWF is currently trading relatively low. OMG probably didn't want to come down to a realistic multiple for a merger. So no deal, or SWF would have very high dilution.

For conflicts of interest - OMG already had that conflict of interest, by starting their own retail broker, which was annoying for SWF, but it didn't take off too exceptionally. But SWF may not want that conflict of interest on their books.