David Rosenthal: evaluation

Transcript context

…It’s the only thing where they actually had an edge from Howard’s access to deal flow, because They certainly didn’t have an edge in the global currency markets. I think perhaps in part because of the trading losses, James Ax starts to get a little disillusioned too, and he tells Jim that he wants to move out to California with Sandor Straus, who started working with them at this point—Sandor was another Stony Brook alum that joined them—and the two of them want to move out to California and do trading out there. Jim says, sure, fine. I’m here with Howard. I’m doing venture capital stuff. Why don’t you go move out to California? You can start your own firm, which they do—it’s called Axcom—and we’ll contract with Axcom to run what’s left of the trading operations here for RenTech. It’s this interesting arm’s length thing where Jim strikes a deal where he’s going to own a part of Axcom in exchange for this very favorable contractual relationship where they’re going to hire them to be the manager for this pot of money that Renaissance has raised. But it’s technically not Renaissance. It’s Axcom.…

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