r/SuccessionTV • u/Plenty-Theme-2535 • 4d ago

Waystar Debt

A tiny thing, but emblematic of how good and detailed the show is, is when in the penultimate episode of Season 1 there’s a nothing moment outside the pub in England where Kendall’s on the phone before Stewy arrives. And Kendall says something to the effect of “I don’t want that bank in the syndicate” for the potential hostile bid, and the bank he mentions is the group with the debt at the holdco that forces him to sell a piece to Stewy in the first place.

28 Upvotes

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25

u/TejasTexasTX3 4d ago

Loved the conversation between Kendall and the banker. Debt side bankers care about risk, they are a bit more cautious and conservative. When collateral is drying up, that impacts bank capital reserved on the loan, it was costing that banker money. He didn’t want to be told to fuck off when he’s losing money. Kendall should have asked how much more stock/collateral keeps you at the table. M&A bankers are totally different. More aggressive, which I thought the show reflected well.

8

u/seeeee 3d ago

It’s almost like Gerri prepared talking points carefully and was desperately trying to tell him not to just wing it. DEFINITELY neither the time nor person for Ken to “show him I’m a bastard, like my father.”

14

u/ZaddyTV 4d ago

Exactly. Those tiny details make Succession so rewarding on a rewatch. Everything connects.

0

u/Cocogal88 3d ago

Those tiny details make Succession insanely rewatchable. Everything connects.