Inspirato (ISPO) Faces Stoney Lonesome Opposition: Activist Investor Warns of Value Destruction in Proposed Buyerlink Deal

Stoney Lonesome HF LP, Inspirato’s largest minority shareholder, opposes the proposed reverse merger with Buyerlink, calling it value-destructive, self-dealing, and unfair to minority investors. The fund argues that CEO/Chairman Payam Zamani is enriching himself through preferred dividends, board control, and related-party deals like California.com, while Inspirato shareholders are left with less than 13% of the combined entity despite stronger revenues. It criticizes the rushed and conflicted approval process, lack of majority-of-the-minority protections, selective disclosure, and Zamani’s poor track record at AutoWeb, concluding that the merger creates a nonsensical conglomerate with high debt and little synergy, and pledges to vote against it