Excerpts: “Memorial Remarks for Robert Pirie.” Bob Pirie and I met only five or six times a year, even more rarely for one-on-one conversations. Yet he was a friend of a very special kind—ever more important during the summing up phase of my life. We go through life, it has been said, looking for hidden […]
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Excerpt: Energy Future Holdings: Valuation Issues Hover Over Bankruptcy Proceedings What is EFH – and more specifically its subsidiaries TXU Energy, Luminant and Oncor – worth? That’s the $42 billion question. At issue are EFH’s three distinct business units: (i) Luminant which is the merchant power unit; (ii) TXU Energy which is the retail electric
Restructuring Watchlist: EFH Moves Off, In Largest Default
Excerpts: Restructuring Watchlist: EFH Moves Off, In Largest Default Energy Futures received S&P’s speculative-grade default rate in November, 2009, and was downgraded to SD on account of a distressed exchange. All this came in the wake of the $45B LBO of TXU, engineered by KKR, TPG, and GS — the largest LBO deal in history was
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Energy Future Owners KKR, TPG Investments Almost Erased
Excerpts: Energy Future Owners KKR, TPG Investments Almost Erased Energy Future Holdings Corp. owners KKR & Co., TPG Capital and Goldman Sachs Capital Partners, which took the company private seven years ago in a record leveraged buyout, will have their investments almost erased under a proposed bankruptcy reorganization plan. Apollo Global Management LLC, Oaktree Capital
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Excerpts: Energy Future plan may wipe out KKR, TPG, Goldman unit A plan being discussed to reorganize Energy Future Holdings Corp will all but wipe out owners KKR & Co, TPG Capital and Goldman Sachs Capital Partners, Bloomberg reported, citing three people with direct knowledge of the negotiations. The private-equity firms may accept as little
Son of Embattled Entrepreneur Lists Historic Seaside Mansion
Excerpts: Son of Embattled Entrepreneur Lists Historic Seaside Mansion Former MIT professor turned entrepreneur, John J. Donovan Sr. made hundreds of millions during the dot-com bubble, but has been embroiled in high-drama family infighting ever since, battling four of his five children for control of trusts and estates worth millions. According to public records, the
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Portfolio Advisors Recommends PSERS Invest $100MM into Trilantic Capital Partners V
Trilantic Capital Management LLC (“Trilantic” or “the Firm”) is seeking commitments of $2.0 billion for Trilantic Capital Partners V (North America), L.P. (“Fund V” or “the Fund”). Fund V will represent Trilantic’s first independent fundraise following the Firm’s spin-out from Lehman Brothers in early 2009. Trilantic’s prior fund was closed in 2007 with $1.9 billion
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Excerpts: Aurelius Capital Management: The hedge fund that’s keeping Tribune in bankruptcy Tribune Company, which owns the Los Angeles Times, has been in bankruptcy for…well, years. And according to recent reports, it won’t be coming out of Chapter 11 any time soon. So what’s the holdup? Basically, it’s two very large lenders versus an incredibly
Excerpt: Morgan Stanley Real Estate Fund Said Likely to Win New Deadline Morgan Stanley’s $4.7 billion real-estate fund, known as MSREF VII, will probably win approval to extend the deadline for finding new investments into 2013, a person familiar with the discussions said. Investors in Morgan Stanley Real Estate Fund VII have indicated they will
Excerpts: Morgan Stanley Misses Deal Harmony With Colm Kelleher – Paul Taubman Clash Colm Kelleher and Paul J. Taubman, co-heads of Morgan Stanley’s biggest business, work on opposite sides of an ocean, disagree about strategy and share an enmity that has become the subject of company jokes. Neither Kelleher, 54, a gregarious former fixed-income salesman,