$DPC prices tonight. Books are closed. 10x oversubscribed. The one critique I've heard: management collects $255M in management incentive plan (MIP) payments -- cash compensation built into the 2020 debt restructuring as the price for operators willing to rebuild a distressed business -- with CEO Mike Quinn taking $78M. Here is the full picture: In 2020, lenders took control of Doncasters from a collapsed private equity firm. Revenue was $365M. EBITDA margins were mid-single digits. Equity was effectively worthless. The implied enterprise value at restructuring was roughly the remaining debt. Today the company prices at a ~$4B enterprise value. This Management Team created roughly $3.8B of value from near zero. The $255M total MIP paid to the whole team -- Quinn, CFO David Egan, COO Ma
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