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Nathan Thornberry releases report on Spruce Point's Porch Opinion: "It is 100% Inaccurate"

Nathan Thornberry of Residential Warranty Services

Nathan Thornberry, CEO Residential Warranty Services

Spruce Point Capital Management's picture of a clown on a Porch

Spruce Point Capital Management's portrayal of Porch is inaccurate.

Nathan and Nick Gromicko

Nathan Thornberry with Nick Gromicko

Industry Expert Nathan Thornberry debunks, line by line, Spruce Point Capital Management's opinion on Porch and it's brutal.


Don't ever count Matt Out.”
— P. Nathan Thornberry, CEO
CARMEL, IN, USA, April 14, 2021 / -- P. Nathan Thornberry, Real Estate Industry Expert and the foremost expert on Porch (outside of Porch), published a full analysis debunking every line of Spruce Point Capital Management's "Research Opinion" on Porch (NASDAQ:PRCH).

"It's just total nonsense" says Thornberry, who has had first-hand experience in dealing with Porch and CEO Matt Ehrlichman. "It's a speculative stock play, like so many, and everyone is aware of that. Spruce Point Capital's opinion they put out was not only 100% inaccurate and full of misleading statements, they went so far as to suggest that Porch should be delivering financials that go beyond the compliance requirements we even hold Banks to. This document from Spruce Point Capital Management is the equivalent of yelling fire in a movie theatre, but if fire didn't even exist."

The full text of the lengthy, well cited rebuttal can be found at , posted on one of the largest and most traveled websites in Real Estate that Thornberry owns and operates.

"The level to which Spruce Point's hit job focuses on the irrelevant is fairly severe. At one point in the 60+ page document they put out, they complained that Porch didn't put Google and Amazon in their presentations to investors as part of the competitive landscape. Neither are even close to the same planet so far as business models are concerned, Spruce Point just got this one wrong and should walk it back.," said Thornberry, who hopes that other firms focusing on Shorting stocks take this debunking to heart and are more responsible when it comes to launching conjecture documents at all and certainly avoid using the word "research" when referring to something with no facts.

Nathan Thornberry makes no actual predictions when it comes to the outcome of the much discussed and recent player in the SPAC market, but rather sent out his own warning to investors: "Don't ever count (Matt) out."

Read the full document here:

It's important to note that Nathan Thornberry nor any of his companies are invested in PRCH and have no intention to be.

P. Nathan Thornberry is the CEO and sole shareholder of Residential Warranty Services, Inc., Residential Warranty Home Protection of California, RWS of Canada, Breeze Products, NXT Inspekt, PriorityLab, InspectorSHOP, Inspection Call Center, The Inspector Services Group, and a proud partner of thousands of hard working home inspectors throughout the United States and Canada and supporter/sponsor of every Association, Education Provider, Chapter, and Conference Host in the industry. Learn more about Nathan Thornberry at and learn more about inspection offerings at

P. Nathan Thornberry
Residential Warranty Services