Departing Dallas Dispatches
Greetings from Hotel Crescent Court in Dallas -- one of the nicest establishments in which my corporate overlords have voluntarily boarded me. A bunch of quick hits before I catch a flight back to the Bay State. *** Just asking: Secondary private equity firms are licking their lips over the discounted assets in market, but aren’t many of those same firms in hot water for assets they bought in 2006 and early 2007? A source told me over dinner last night (steak - how deliciously stereotypically Dallas) that secondary firms were, on average, still paying premiums until around Q2 of last year. That means they’ve got lots of stuff on their books that today they wouldn’t touch anywhere north of 60 or 70 cents on the dollar. If you’re a secondary firm that blew through cash in 2006 and 2007, that’s got to be some heavy baggage. *** Speaking of secondaries, I heard the following anecdote from someone
