Private Equity
1 min read · 19 October 2009
Resilient Wreckers: Despite being accused of "fashioning the wrecking balls and training many of the demolition crews that have wreaked such havoc in the economy over the past two years," business schools have been pretty resilient. (Economist) Legal Troubles: Solaia Capital isn't going to let Patriot National Bank slip off the hook he'd baited with $50 million. (News Times) Have You Read Carl Icahn's Letter to CIT Yet? He called CIT's new restructuring plan "a bad-faith attempt to buy votes," saying it was "reminiscent of the old Tammany political machine's vote-getting tactics." Say what you will, the man writes a good letter. (Reuters) Why Birthdays Are Important in the New Facebook Redesign: "The "gifts" feature is also currently the center of the fledgling e-commerce plans that Facebook has been bouncing around for quite some time now." (CNET)
2 min read · 19 October 2009
Absent a stalking horse bidder, control over a bankrupt company is given to its debtholders. That's always seemed counter intuitive to me, since the debtholder population usually consists of varied species of hedge funds, lenders, and investors, none of which have a specific mandate or know-how to run a company. It's a curious situation which often results in a rapid sell-off. Sometimes buyout firms are hesitant to invest in a bankruptcy-bound company's debt, or as a stalking horse bidder, but wait till this moment to bid. I spoke with Jennifer Feldsher, partner in the restructuring group at Bracewell Giuliani, about advantages of waiting versus diving in early. When will the LBO-backed busts which have fallen into the arms of their lenders come to market? In my experience so far, the traditional lenders aren't interested in holding equity after restructuring and want a very quick exit. Those companies end up ...
3 min read · 19 October 2009
1 min read · 19 October 2009
The divestitures market is poised for a higher level of activity in the next twelve months, especially among corporate buyers, according to findings from a PricewaterhouseCoopers’ (PwC) Transaction Services survey on divestitures released today. You can download the entire report here.
5 min read · 19 October 2009
Here's a look at the past week of scoops, opinions and analysis from the peHUB blogging team. Read ‘em before they go behind our subscriber paywall... Laundry Room Chronicles: CalPERS and Pay-to-Play BDCs Are Going For SBICs Airborne Puts Drama Behind It With (Brand) New Owners $700 Million is the New $1 Billion in Fundraising Maybe Fundraising Isn't Dead. Here are Six New Funds in the Market Catterton Raising Top-Off Fund; New Fund Coming "In The Future" CalPERS Launches Placement Agent Review When a Sweet Loan-To-Own Deal Turns Sour You Can't Separate Government from Venture Capital Jurvetson Delivers Lecture at Stanford Six Questions with VC-Triathlete David Jones Jr.
2 min read · 17 October 2009
1 min read · 16 October 2009
With equity values stabilizing and debt markets returning to life, companies face a rare window of opportunity to do mergers and acquisitions that will reshape industries and create new leaders, says a new report by The Boston Consulting Group (BCG). For those with the financial wherewithal, current conditions offer a “once-in-a-lifetime opportunity,” say the authors of Be Daring When Others Are Fearful: Seizing M&A Opportunities While They Last. Download the full report, which includes a "Predator-to-Prey Matrix" (for whatever that's worth), below.
1 min read · 16 October 2009
3 min read · 16 October 2009
Dechert's monthly private equity newsletter addresses the implications of the Obama bill on private funds and unregistered adviser, share transfers when a partner leaves, PE opportunities in health care, PIPEs in Hong Kong, and the SEC's proposed "pay-to-play" rule.
1 min read · 16 October 2009
