Just saw Solas Capital loaded up on Kyndryl back in Q4 - grabbed 407k shares for around $10.8 million. That's a solid chunk of their portfolio, about 6% of their AUM at the time. Makes sense on the surface, right? It's that old IBM infrastructure business spun off, and the stock was actually hitting record highs in early 2025 before things started falling apart.

But here's where it gets rough. The filing came in February, and by then Kyndryl had already tanked like 50% from the start of the year. Then the company announced accounting issues, their CFO bounced, and suddenly they're talking about data sovereignty problems and friction with IBM on partnerships. Classic case of buying the dip and watching it keep dipping.

Kyndryl's down 67% over the past year now, massively underperforming the market. So the question is - did Solas Capital hold, sell the bag, or throw more money at it? Their next 13-F filing will probably be interesting to watch. This is exactly why people always say diversify, I guess.