I know they've always had a bit of a reputation, but they seemed fairly legit ($20Bn+ in AUM , fairly high profile positions in distressed debt). Recently there's been a ton of news about them (lawsuits? management co filing bankruptcy? mass defections?) which would seem to contradict that notion. Anyone with the inside scoop or just juicy stories/rumors about them?
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Comments ( 31 )
Can confirm some of the rumors. Historically very strong name ($40bn+ at its peak) in credit that pioneered the CLO market but then blew up in the recession and never really recovered.
They've tried to pivot partially towards being a private equity shop (mostly healthcare), but the equity fund never raised much capital (
bump
They committed BK fraud. Those guys are toast especially on the CRE side. They changed their name to NexPoint thinking nobody would put 2 & 2 together. They mainly do CRE now. NexPoint has an awful reputation in CRE & an even worse one in Dallas. The reputation of the CRE guys is they are unemployable and have no ethics. The clowns who run the CRE platform have told so many lies around Dallas about how they are separate from the Highland Capital BK that I think they have started to believe it.
When we approached them about the separation issue and how they are not separate and a 1L could understand that. They then emphasized they were totally separate entities which turned out to be a giant lie. When we confronted them about it they got aggressive & ran away with their tail between their legs like Buffalo Bill in Silence of the Lambs. They said "we will never do business with you guys again how dare you question our integrity". We didn't really care and told them to enjoy prison and to not drop the soap. Hopefully they like eating cockmeat sandwich's for breakfast, lunch, & dinner.
The next day an article in the DMN came out about fraud & misappropriation of assets. My group & most our firm has blackballed them. We will not accept any offer they submit period it could be 300% of asking price.
They got one of our senior brokers in a ton of trouble and almost fired for leaking information on a building that was owned by the Highland BK trust. They made a bid on the building through NexPoint that was the exact asking price. I remember walking in hearing our director getting berated by senior individuals literally asking him if he wants to work here or go to Nexpoint and end up in prison were he will get fucked in the ass everyday because if so there is the fucking door. Guy was balling his eyes out about how he has kids and a wife and he needs this job.
No way they would have known this information without our broker leaking it and it was a deal not even in our group. This was the second time this broker leaked information to them the first was an office building they low balled an offer on & he admitted to leaking it.
Shocked he was not given walking papers. I would not have been as generous because he opened us up to some serious legal liability. Guy is still in deep shit around our office and lost all political capital in our firm. Pretty much relegated to the corner and we quit inviting him to work happy hours to this day because he might leak information again.
A client of mine interviewed an individual last month who currently is employed there on the CRE side. I guess he reiterated the legal issues, constant unethical behavior in the CRE group, and said all his coworkers are subpar and the firm is run by poor performing lawyers who are all unemployable anywhere else. Said the firm will be out of business in 5 years but wouldn't be shocked if it was tomorrow.
Wow that's some tea
Array
I've had some mild interactions with NexPoint all negative. Professionally IMO and other individuals I know who have done business with them tend to leave with the impression that they are 🐓 suckers.
I got the shame spiel from those schmucks "we are not highland totally separate" & "that was old Highland this is NexPoint our culture is totally different" along the best line "we have not been criminally charged only civil litigation." We got a vibe that just screamed "I'm sleezy do not trust me because I will try and find a way to fuck you later." We refused to look at any financing options for them and still refuse when it gets sent our way.
My one memorable interaction with them was from a mutual relationship. The guy I met from NexPoint was hammered running his mouth in the douchiest way talking about how much money he makes and his Lamborghini SUV. I left that interaction thinking what a dildo and there is no way this guy is a legitimate investor without having done some highly unethical things.
one google search and their legal issues pop up. We read the below at work and everyone in our office said they are beyond fucked.
http://www.kccllc.net/hcmlp/document/list/5015
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Learn moreIf the dbag you met is the same person I am thinking of then the assumption is correct that individual is a dbag. He is on a Grant Cardone dbag level. Same dbag whipped out a Louie Vutton wallet. No self respecting man uses a Louie Vutton wallet period. It just confirmed the tackiness and dbag level. The verbal interaction I had came off unintelligent and I was less than impressed.
This same dbag's exwife went around HPV during their divorce and spread their personal business. We will just say he needs to lay off the grandpas old cough medicine and should not have been dipping his is pen in other women's ink especially stripper ink. Guess he spent too much time getting private "dances" in the back room of titty bars hear he was spending some cash for beejays when he was telling his exwife he was "working late". She gave us a lot of cringy details especially about their personal life that made me embarrassed just to hear it. Another reason I would never do business with them I know too much about dbags shitty personal life and all the skeezy shit he does.
I have never seen dirty laundry aired out like this on WSO ... OP i salute you
Holy crap I actually interviewed there for role not that long ago. The pay fucking sucked balls I was under the impression they paid well but damn I would make more working at La Bare. I brought up some of the issues in the news in my interview and was given a skeezy answers.
During one of my last interviews the interviewer told me not to take the job and asked me if my current firm is hiring hahaha huge red flag. He said the place is a disaster internally and all his coworkers are worthless.
What role and what did they offer?
The lowest performer in my peer group went to NexPoint. If NexPoint hired this individual you know the talent is subpar this guy was one notch below bottom feeder at our firm. He reached out a few weeks ago inquiring coming back stated the obvious firms in peril along with lack of professionalism that exudes through the firms culture. He's never seen a firm that lacks individual accountability and accepts mediocrity daily and everyone is paranoid.
Back in 2011 they were trying to poach attorneys under the Highland brand.
Sounds about right. Whole firm was so paranoid about stating the obvious or speaking out about dumb ideas. Nobody wants to say the king has no clothes and lives in a house of cards. Whole firm is drenched in gasoline and there are lit matches not far off. Guys that could stand up and say this is a dumb idea won't do it because they are cowards and morally inept.
My take on the whole firm is the varsity left and the Freshmen team thinking they are pros stepped in and hired less capable people in order to keep their spot. Had a little luck with this last bull market but had nothing to do with any skill they brought in they just rode the multi market value add boom that every unsophisticated investor has been peddling the last 15 years. Class B, paint the walls, add a trash valet and jack up rents. Probably the most warn out investment strategy to date.
Based on my observation the freshmen team have a my shit don't stink attitude because they are incapable of adding anything of substance when talking with clients who are seasoned professionals. They can read their their BS and lack of experience. The amount of times we would send over investment materials and people would read their bios and call me and laugh was astonishing. "Come on this is a joke right…where at the real professionals?" They will not fare well in this bear market and I expect them to lose a lot of money and doubt they will ever recover from it. I not only speak for myself but many former employees who look forward to the firm closing doors and seeing certain employees losing everything.
I would not hire anybody who is still employed today there regardless of their role. Everyone internally knows there is something off with the platform & management. At least the remaining employees have experience giving BJs so they will be fine on the job front when they are on the street corner.
Treat employees poorly do not expect any empathy from them when you fail and expect them to root against you and laugh and kick you as hard as they can when you are down. That day is coming and soon!
Former NP wholesaler. Firm is the run by morons and mismanaged at all levels. Sales desk management is worthless. Culture is the most toxic I have ever seen. We got kicked out of the Crescent and moved to City Place only to move back to the Crescent.
The "real estate" team all ride the short bus who spent too much time giving each other HJs and BJs instead of doing actual work. They treated wholesalers like we were beneath them but if you look at all their backgrounds most are unimpressive. Considering we were raising their money you would think they would maintain a level of professionalism and gratitude.
They hired a new head of development which senior management was not happy about because "he was one of Jim's pet projects and they all fail." If I was them I would be concerned about my job because from my understanding this guy was hired to fire and rebuild the whole real estate team. I know in my conversation with the guy he was less than impressed with management on the real estate team.
Sorry, RE n00b here, what's NP wholesaler?
Not sure if you were around with some of my running crew who worked there, but everything you laid out is almost word for word what they told me about the firm. The famous quote "dodged a bullet" comes to mind looking back at even thinking of applying to work there.
Anyone know what the deal is with Mark Okada's new firm, Sycamore Tree Capital Partners? I see they've raised a CLO but wonder if have been successful raising $ otherwise / attracting talent
They poached an associate from my firm, can't say more than that.
Looks like they're hiring a credit analyst
Interviewed for credit research internship. Really liked the pm I spoke with.
We killed a deal from them after reading this post
Lol ... was it an investment sales deal?
https://news.bloomberglaw.com/banking-law/ubs-sues-highlands-dondero-over-1-billion-it-won-in-long-fight
Looks like UBS is suing Dondero & their former GC for over $1b?!? Jesus how does this loser sleep at night knowing he is about to screw over his whole firm and wreck his whole life? Scheming for years….how is this guy even in business?!
After they just ran that BS article in the Dallas Morning News about a development that will never happen. I do not think the guys who work there realize their careers are about to get wrecked with the scarlet letter.
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