MorrisAnderson, a Chicago-based turnaround advisory, has promoted Kenneth Yager from managing director to principal and and equity owner. He joined the firm in August 2005.
2 min read · 14 December 2008
Happ Controls LLC, a portfolio company of Pfingsten Partners, has acquired the Chempower Ohio Precision Sheetmetal and Owens Precision Fabricators divisions of Holiday Properties Acquisition Corp. It had previously acquired Holiday Properties' Technibus unit. No financial terms were disclosed for any of the transactions, which were initiated by McGladrey Capital Markets.
3 min read · 14 December 2008
2 min read · 14 December 2008
Neil Aaronson has been named CEO of Hilco Real Estate, after having served as executive vice president of the group's parent company Hilco Trading LLC. He succeeds Mitchell Kahn, who is leaving Hilco.
2 min read · 14 December 2008
3 min read · 14 December 2008
NEW YORK (Reuters) - Jim Rogers, one of the world's most prominent international investors, on Thursday called most of the largest U.S. banks "totally bankrupt," and said government efforts to fix the sector are wrongheaded. Speaking by teleconference at the Reuters Investment Outlook 2009 Summit, the co-founder with George Soros of the Quantum Fund, said the government's $700 billion rescue package for the sector doesn't address how banks manage their balance sheets, and instead rewards weaker lenders with new capital. Dozens of banks have won infusions from the Troubled Asset Relief Program created in early October, just after the Sept 15 bankruptcy filing by Lehman Brothers Holdings Inc. Some of the funds are being used for acquisitions. "Without giving specific names, most of the significant American banks, the larger banks, are bankrupt, totally bankrupt," said Rogers, who is now a private investor. "What is outrageous economically and is outrageous morally is that normally in times like this, people who are competent and who saw it coming and who kept their powder dry go and take over the assets from the incompetent," he said. "What's happening this time is that the government is taking the assets from the competent people and giving them to the incompetent people and saying, now you can compete with the competent people. It is horrible economics." Rogers said he shorted shares of Fannie Mae (FNM.P: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.P: Quote, Profile, Research, Stock Buzz) before the government nationalized the mortgage financiers in September, a week before Lehman failed. Now a specialist in commodities, Rogers said he has used the recent rally in the U.S. dollar as an opportunity to exit dollar-denominated assets.
3 min read · 12 December 2008
1 min read · 12 December 2008
1 min read · 12 December 2008
1 min read · 12 December 2008
Babson Capital, a unit of MassMutual, has closed its third mezzanine and private equity fund with $1.58 billion in capital commitments. It plans to invest in companies with enterprise values of less than $200 million.
3 min read · 12 December 2008
