In November 2025 Priority Technology's (PRTH, disclosure: long) chairman and CEO offered to take the company private at $6.00 to $6.15 a share, two days after a bad print knocked the stock from seven to five. Zack Buckley wrote a public letter opposing it. His sum of the parts gets to roughly $17 a share, a simpler multiple analysis gets to $19, and the June sale of a comparable payments business at 8.3x EBITDA implies $12 against a stock trading around $5.50. Ten months later the special committee still has not said a word.Zack walks through why the consolidated company is misread: over 90% of revenue is recurring or reoccurring, and 60% of it sits in Treasury Solutions, an 80%-plus EBITDA margin business built on the Finxera acquisition and CFTPay that has tripled EBITDA in four years. I push back on the payments-pocalypse, on the leverage, and on a Q2 that came in at the high end of the revenue guide and the low end of the EBITDA guide. Then we get to the part I actually care about: the 13D that says the chairman will not sell to a third party, the January 2025 secondary priced at $7.75 that the company said undervalued it, the $3 million of special committee legal costs added back in one quarter, and three straight earnings calls where nobody on the company side would say the word "process." I own the stock, so weigh all of it accordingly.Buckley Capital's public statement on the proposal: https://www.prnewswire.com/news-releases/buckley-capital-advisors-issues-statement-regarding-controlling-shareholders-take-private-proposal-for-priority-technology-holdings-inc-302620153.htmlThis episode is sponsored by Trata: https://www.trata.com. Two buy-siders hop on a completely anonymized call and discuss a stock they both actually own, or sometimes one is long and the other is skeptical. If you like this podcast, you will like Trata.Chapters:

Introduction and disclaimer

Sponsor: Trata

Welcome, and why I own this one

What Priority Technology is and why Zack thinks it is mispriced

The three segments, and why Treasury is the whole story

Finxera, CFTPay, and the enterprise distribution model

The payments-pocalypse: is this a melting ice cube?

The Q2 print, the guide, and the accounting complexity

Leverage and the balance sheet

November 2025: the chairman bids $6.00 to $6.15

A bad print, an illiquid stock, and a bid two days later

Ten months in: what takes a process this long?

The 13D that rules out a third party

The January 2025 secondary at $7.75

What dragged-out processes usually mean

Would a strategic pay up?

Three earnings calls and not one word on the process

How the earnings decks changed after the bid

Tuck-in M&A, cash building, and the standalone case