Company: TIPT
Filing Date: 2025-11-12
Form Type: SCHEDULE 13D
Source: 0001193125-25-276183
Chunk: 0

Company: TIPTREE INC.
Filing Date: 2025-11-12
Form: SCHEDULE 13D
Chunk 0
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 $1 billion in transaction proceeds for as-yet-undisclosed purposes and, presumably, allowing Issuer management to continue to collect compensation. This description of the Press Release is qualified by reference to the full text of the Press Release, which is attached as Exhibit B to this statement.                                                                                                                                                                                                                                                                                                                                                                                                                                             
 Over the course of its investment in the Issuer, the Reporting Persons have had discussions from time to time with the management teams of the Issuer and Fortegra regarding Fortegra's business and operations, strategies, capital structure and other matters relating to Fortegra and the Issuer to enhance their respective values.  Between November 2024 and July 2025, Alexander Vezendan, Principal of Veradace, held numerous conversations with Mr. Michael Barnes, Executive Chairman of the Issuer, and other members of Issuer management, in which the parties discussed the possibility of a Fortegra IPO and in which Mr. Vezendan expressed Veradace's willingness to invest through affiliated entities $50 million to $75 million in such an IPO to help support a successful placement.  Although some contemporaneous discussions with other parties regarding alternatives to the Fortegra Transaction were included in the Background of the Merger section of the Issuer's definitive proxy statement with respect to the Fortegra Transaction, the discussions with Mr. Vezendan were not disclosed to shareholders. The Reporting Persons intend to bring this exclusion to the attention of the SEC.                                                                                    
 On November 7, 2025, prior to issuing the Press Release, Mr. Vezendan sent a letter to the Issuer's independent directors (the "Veradace Letter"), Ms. Goldwasser, Mr. Friedman, Ms. Mielle, and Mr. Smith, that asked for a discussion regarding Veradace's concerns with respect to the Fortegra Transaction. Mr. Vezendan's letter specifically invited the independent directors to address why: (i) the Issuer's management and Executive Chairman ignored Veradace's repeated offers to help backstop an IPO of Fortegra, when that could have been a more favorable result for Issuer shareholders, (ii) the Issuer's management did not structure the Fortegra Transaction as a sale of the Issuer or in another tax-efficient manner, instead of as a sale of Fortegra shares, (iii) the Issuer's management did not appear to explicitly instruct its financial advisor to run a process to explore a sale of the Issuer, (iv) the Issuer's Board of Directors