Paritosh's Feed
Nov 30, 2011

Financial strain, trauma for Olympus ex-CEO

NEW YORK (Reuters) – A six-week-long fight with Olympus Corp in one of Japan’s biggest corporate scandals ever is taking its toll on the whistleblower — former CEO Michael Woodford.

Woodford, 51, who said he had been getting only a few hours of sleep a night since the Olympus scandal broke last month, told Reuters the fight proved to be emotionally traumatizing for him and his family, and had significantly strained his finances.

Nov 21, 2011

Alleghany near $3.4 billion Transatlantic deal: source

NEW YORK (Reuters) – Property and casualty insurer Alleghany Corp (Y.N: Quote, Profile, Research, Stock Buzz) is nearing a deal to buy Transatlantic Holdings Inc (TRH.N: Quote, Profile, Research, Stock Buzz) for about $3.4 billion, a source familiar with the matter told Reuters, in the latest twist in a drawn-out battle for the reinsurer.

Alleghany is expected to pay $59 per share to $60 per share in cash and stock for Transatlantic, the source said, adding a deal could be announced as soon as Monday.

Nov 21, 2011

Alleghany near $3.4 bln Transatlantic deal-source

NEW YORK, Nov 21 (Reuters) – U.S. property and
casualty insurer Alleghany Corp is nearing a deal to buy
Transatlantic Holdings Inc for about $3.4 billion, a
source familiar with the matter told Reuters, in the latest
twist in a drawn-out battle for the reinsurer.

Alleghany is expected to pay $59 per share to $60 per share
in cash and stock for Transatlantic, the source said, adding a
deal could be announced as soon as Monday.

Nov 9, 2011

Regions reopens Morgan Keegan sale talks with Stifel

Nov 9 (Reuters) – Regions Financial Corp has
re-opened talks with rival Stifel Financial Corp to
bolster the unit’s auction, sources familiar with the matter
said.

Regions resumed talks with Stifel after bids from two
potential private-equity groups came in lower than expected
amid tight financing markets and challenging operational
environment for Morgan Keegan, the sources said.

Nov 4, 2011

KKR bouyed by fees, beats Q3 estimates

By Greg Roumeliotis and Paritosh Bansal

(Reuters) – Private equity firm KKR & Co (KKR.N: Quote, Profile, Research, Stock Buzz) on Friday reported a smaller-than-expected third-quarter loss thanks partly to its second-best quarterly fee-related performance since it went public.

Like buyout competitors Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz) and Apollo Global Management LLC (APO.N: Quote, Profile, Research, Stock Buzz), KKR has suffered from a slump in the value of its private equity funds as weak financial markets drag down asset valuations.

Nov 3, 2011

Flowers sees 2.5 times return on Encore-source

Nov 3 (Reuters) – J.C. Flowers & Co, which may lose money
in the MF Global Holdings Ltd bankruptcy, is set to
reap a 2.5 times return on another investment — Encore Capital
Group Inc , a source close to the private equity firm
said.

Encore — which buys bad consumer debt and then tries to
recover the money — said on Thursday it priced an underwritten
public offering of 3.61 million shares by J.C. Flowers at
$24.35 per share.

Nov 3, 2011

Flowers sees 2.5 times return on Encore-source

Nov 3 (Reuters) – J.C. Flowers & Co, which may lose money
in the MF Global Holdings Ltd MFGLQ.PK bankruptcy, is set to
reap a 2.5 times return on another investment — Encore Capital
Group Inc (ECPG.O: Quote, Profile, Research), a source close to the private equity firm
said.

Encore — which buys bad consumer debt and then tries to
recover the money — said on Thursday it priced an underwritten
public offering of 3.61 million shares by J.C. Flowers at
$24.35 per share.

Oct 31, 2011

NY Fed suspends MF Global, deal on future nears

NEW YORK, Oct 31 (Reuters) – MF Global Holdings Ltd
was suspended from conducting new business with the New York
Fed on Monday, and its shares were halted, as the troubled
brokerage run by former Goldman executive Jon Corzine neared a
deal on its future.

MF Global scrambled through the weekend to find buyers for
all or part of the company, and it hired restructuring and
bankruptcy advisers, according to sources familiar with the
situation.

Oct 31, 2011

MF Global seen near asset sale, bankruptcy for holding company

NEW YORK (Reuters) – Troubled brokerage MF Global Holdings Ltd (MF.N: Quote, Profile, Research) was nearing a deal late on Sunday night to file for bankruptcy protection and sell assets to Interactive Brokers Group (IBKR.O: Quote, Profile, Research), media reports said.

As per a tentative plan, MF Global’s holding company would file for bankruptcy protection and derivatives trader Interactive Brokers would buy the assets, the Wall Street Journal and the Financial Times reported.

Oct 31, 2011

MF Global seeks sale, hires restructuring advisers

NEW YORK (Reuters) – MF Global Holdings Ltd was in talks on Sunday with possible buyers with the goal “squarely” of doing a deal, though all options remained on the table as the firm hired restructuring and bankruptcy advisers, sources familiar with the situation said.

Sullivan & Cromwell’s restructuring and mergers teams have joined the long roster of those advising MF Global, one source familiar with the situation said.