Abrams Capital Management (David Abrams) - FilingSpy
Abrams Capital Management
David Abrams
David Abrams runs Abrams Capital Management, a Boston investment firm he founded in 1999. He drifted into finance almost by accident: he graduated from the University of Pennsylvania with a degree in history and has said he entered investing "unplanned," knowing little about stocks or bonds. He learned the trade in merger and risk arbitrage in New York before joining the Baupost Group in 1988, spending a decade there under value investor Seth Klarman, the mentor whose philosophy Abrams would carry into his own shop.
Abrams Capital is a deep value firm in the Klarman mold. Abrams favors a small number of concentrated, high-conviction positions in businesses he thinks others have mispriced or misunderstood, and he typically runs the book without borrowed money. He is known for patience, content to hold a small portfolio and do nothing for months — even park cash — when the right opportunity is not there. The firm keeps a deliberately low profile; Abrams has shrugged off the label of a "one-man wealth machine" while staying out of the spotlight.
The information set forth in Item 3 and Item 6 of this Schedule 13D is incorporated by reference into this Item 4.
The Reporting Persons collectively beneficially own an aggregate of 18,269,534 Shares, which represent 40.0% of the outstanding Shares (based upon the Issuer's outstanding shares as reported in the Issuer's Registration Statement on Form S-1, filed with the Securities and Exchange Commission on January 22, 2026, and after giving effect to the issuance of the additional Shares of common stock pursuant to the Rights Offering, Purchase Agreement and the Backstop Agreements).
The Reporting Persons acquired the securities described in this Schedule 13D for investment purposes in connection with the US Salt Acquisition, and they intend to review their investments in the Issuer on a continuing basis. Any actions the Reporting Persons might undertake will be dependent upon the Reporting Persons' review of numerous factors, including, but not limited to: an ongoing evaluation of the Issuer's business, financial condition, operations and prospects; price levels of the Issuer's securities; general market, industry and economic conditions; the relative attractiveness of alternative business and investment opportunities; and other future developments.
The Reporting Persons may acquire additional securities of the Issuer or retain or sell all or a portion of the securities reported herein, in the open market or in privately negotiated transactions. In its capacity as a stockholder of the Issuer with the right to representation on the board of directors of the Issuer, the Reporting Persons take, and intend to continue to take, an active role in working with the Issuer's management and the board of directors on operational, financial and strategic initiatives. The Reporting Persons may engage in discussions with management, the Board, and other securityholders of the Issuer and other relevant parties or encourage, cause or seek to cause the Issuer or such persons to consider or explore extraordinary corporate transactions, such as: a merger, acquisition, reorganization or take-private transaction that could in the future result in, among other things, a de-listing or de-registration of Shares; security offerings and/or stock repurchases by the Issuer; sales or acquisitions of assets or businesses; changes to the capitalization or dividend policy of the Issuer; or other material changes to the Issuer's business or corporate structure, including changes in management or the composition of the Board.
To facilitate their consideration of such matters, the Reporting Persons may retain consultants and advisors and may enter into discussions with potential sources of capital and other third parties. The Reporting Persons may exchange information with any such persons pursuant to appropriate confidentiality or similar agreements. The Reporting Persons will likely take some or all of the foregoing steps at preliminary stages in their consideration of various possible courses of action before forming any intention to pursue any particular plan or direction.
Other than as described above, the Reporting Persons do not currently have any plans or proposals that relate to, or would result in, any of the matters listed in Items 4(a)-(j) of Schedule 13D, although, depending on the factors discussed herein, the Reporting Persons may change their purpose or formulate different plans or proposals with respect thereto at any time and from time to time.
