 Multi-billion-dollar investment manager Luxor Capital Group, LP has issued an open letter expressing serious concerns about the proposed merger between Ritchie Bros Auctioneers Incorporated and IAA, Inc. Luxor Capital, which owns about 3.6 of Ritchie Bros outstanding common shares, said it intends to vote against the merger at the companys yet-to-be scheduled special meeting of shareholders. In its letter, Luxor wrote that Ritchie Bros risks the permanent destruction of billions of dollars in shareholder value, as evidenced by the 18 drop in the companys closing share price following the announcement of the merger on November 7, 2022. 