The Bear Cave #339
Welcome to The Bear Cave! Our last premium articles for paid readers were “ When AI Eats the Moat ” and “ Problems at Tenable (TENB) .” Our next special investigation comes out this Thursday, August 20. Subscribe now New Activist Reports Viceroy Research published on Blue Moon Metals (NASDAQ: BMM / TSX-V: MOON — 670 million CAD), a miner whose flagship is the Nussir copper project in Norway. Viceroy argues the project’s tailings-disposal permit is effectively dead after Norway’s Supreme Court voided a near-identical permit under EU environmental law, with the court finding such permits “cannot… be repaired retrospectively.” Viceroy says management concealed the exposure while raising $156 million through paid stock promotion. The report reads: “In our view, it is an ideal short: a company centered around a hastily acquired pipe dream, haphazardly held together by a flimsy permit on the brink of folding, and promoted to Canadian retail investors via paid stock promoters who almost exclusively represent shit businesses.” White Diamond Research published on ZenaTech (NASDAQ: ZENA — $190 million), a cash-burning roll-up that sells drone software. White Diamond alleges a classic related party scheme: A CEO-controlled shell, Epazz, does ZenaTech’s R&D and then sells it back to the company at a huge markup. Notable Recent Resignations or Apparent Departures President and Chief Strategy Officer at Salesforce (NYSE: CRM — $161 billion) disappeared from the company’s leadership page with no announcement. It’s the newest in a rush of apparent senior exits, on the heels of the Chief Engineering & Customer Success Officer’s abrupt departure roughly a week ago. Executive Vice President, Chief Financial Officer and Treasurer of Kilroy Realty (NYSE: KRC — $4.2 billion) is leaving via a termination without cause, roughly two years after signing his employment agreement in July 2024. Executive Vice President and President, Central Laboratories and International at Labcorp (NYSE: LH — $25.8 billion) resigned after about two years in the role, effective early September. GM of Firefly at Adobe (NASDAQ: ADBE — $105 billion) lasted only eight months before slipping out to launch an “AI-native film studio.” It was one of several fast exits, with the retail and consumer-goods GM gone around the one-year mark and an SVP of AI out earlier this year. President and Chief Operating Officer of Addus HomeCare (NASDAQ: ADUS — $2.2 billion) left the company on August 7 after roughly eleven months in the role. A longtime insider was named interim COO the same day. Unannounced departures courtesy of Canary Data . News of the Week “So, What Exactly Is Mark Walter’s Deal?” ( The Ringer ) “The short answer is that it just seems to be Deals, like the way Ken’s job is Beach. [Guggenheim CEO] Walter owns insurance companies and holds holding companies and accumulates big stakes in enterprises like Carvana (huge red flag!) and Beyond Meat… He has a stake in Chelsea football and helped launch the Cadillac (née Andretti) Formula One team. Last spring, through his holding company TWG Global—which he began in 2024 with a guy named Thomas Tull, who founded Legendary Pictures and thinks we might have a shot at resurrecting the dodo bird—he partnered with Palantir to explore opportunities in the realm of AI.” Tweets of the Week Until Thursday, The Bear Cave New? Sign Up Here Got Feedback? Just Hit Reply The Bear Cave is Not Investment Advice. See Full Disclosures Here . Twitter: @BearCaveEmail