Unstructured Finance

Can American Capital find a rich suitor?

November 2, 2009

More consolidation may be coming to the world of private equity lenders. Debt-laden Allied Capital solved its long-standing problems last week when it sold itself to Ares Capital. Rival American Capital, once an S&P 500 component but now struggling for survival, could be the next takeover target.

Hot Chocolate

September 23, 2009

How much sweeter will Kraft’s bid for Cadbury get? Chief Executive Todd Stitzer seemed to be telling investors — according to banker’s note we got hold of — that a 20 percent higher bid from Kraft, or about 12.2 billion pounds ($19.93 billion), would be a fair price. Investors don’t seem to have bought into his enthusiasm, having not bid the stock to anywhere near such a premium.

High-frequency trading: useless and manipulative?

September 18, 2009

Floor tradersThe explosion of interest in high-frequency trading has started to drag new faces to sometimes staid industry conferences. Traders who for years worked on algorithms and computer codes behind the scenes are stepping into the spotlight. They’re appearing on more and more panel discussions, feeling the need to defend their practice against the slings and arrows of politicians and regulators.

Energy asset on block at Blackstone?

May 6, 2009

USAOne intriguing remark that Blackstone COO Tony James let slip on today’s earnings call is that it could be gearing up to sell an energy asset. 
James explained that while opportunities to exit investments weren’t numerous, it had succeeded making a profit on the sale of pharmaceutical company Stiefel. 
“We have another company in our portfolio… in the energy sector, which had some very, very exciting results finding unbelievable amounts of hydrocarbons and… that might be something we’d look to exit,” James said on a call to the media. 
He didn’t identify the company so we’re doing the guessing ourselves — out of the current energy investments Blackstone lists on its website, we reckon Kosmos Energy, which has a significant oil field in Ghana, could fit the bill.

Customer to Venture Capitalists: Please, go out of business

April 30, 2009

rebecca-s-connollyEven in the depths of a recession, venture capitalists are relentlessly upbeat, but one of their big customers poured cold water on that Thursday, asking some members gathered in Boston for the annual meeting of the National Venture Capital Association to go out of business.