| 作者 |
 看看这些金融大鳄是怎样赚钱的，他们的timing是一级棒！ |
 |
ceo/cfo
[博客]
[个人文集]
头衔: 海归中将
声望: 院士
性别: 
加入时间: 2004/11/05
文章: 12941
海归分: 491638
|
|
|
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
但是他们的股东们被 legally fleeced. 头都被剃得光光的！用英文讲就是， What a hair cut!!
2009年缺的是什么？投资者的信任！ 
By PETER LATTMAN
Two years ago the founders of Blackstone, Fortress Investment Group and Apollo Management were the toast of Wall Street. Now investors who bought into their vision know what getting toasted really means: Their shareholdings in the listed vehicles are down between 85% and 95%.
But not everyone is in the dumps. In 2007, the firms' key principals -- comprising just 11 men -- took $6 billion in cash off the table. The combined market value of those three firms today? Roughly
$6 billion.
Wesley Edens, chairman and CEO of Fortress Investment Group
Take Fortress. It came out of nowhere in February 2007 as the first U.S. listing of a private-equity and hedge-fund firm. The firm's five principals -- led by founder Wesley Edens -- cashed out just prior to the IPO, selling 15% of the company to Nomura Securities for $888 million. On top of the Nomura proceeds, the principals received an additional $409.2 million in distributions from the company just before listing.
That roughly $1.3 billion dwarfs Fortress's $620 million stock-market valuation -- with the stock down 95% since the IPO.
Blackstone's June 2007 initial public offering, meanwhile, yielded $2.6 billion in cash proceeds for three individuals. Co-founders Pete Peterson and Stephen Schwarzman banked $1.8 billion and $684 million, respectively, while President Hamilton James received $191 million. The firm's market value stands at about $4.5 billion, down 85% since the IPO.
Finally, Apollo's owners paid themselves a $987 million cash dividend before selling a chunk of their firm in 2007. They sold 17.8% to Calpers and the Abu Dhabi Investment Authority for $1.2 billion in July of that year. Just over $1 billion of that went to the three founders -- Leon Black, Joshua Harris and Marc Rowan. Then the firm listed on a private Goldman Sachs exchange. Investors who bought in are down 86%.
The private-equity chiefs all retained large stakes in their firms -- holdings that have plummeted in value alongside their shareholders'. The day after the IPO, for example, the "Fortress Five," who control 77% of the company, had combined stockholdings of about $10 billion. Today those are worth about $475 million.
The likes of Kohlberg Kravis Roberts missed the IPO window, and the chance to bank some of their gains. Going public likely won't be possible for years, if ever.
But the question now is whether the Fortress founders try taking the firm private again. Given the battered stock price that makes some sense: The shares are hardly attractive as an acquisition currency and the founders haven't enjoyed the public spotlight.
Even if they offered all their wounded shareholders a 100% premium, it would cost about $280 million. That would give them their company back and still leave them with plenty of change in their pockets.
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
|
|
|
| 返回顶端 |
|
 |
|
-
 看看这些金融大鳄是怎样赚钱的，他们的timing是一级棒！ -- ceo/cfo - (2970 Byte) 2009-1-29 周四, 10:05 (2113 reads)
|
|
|
|
您不能在本论坛发表新主题, 不能回复主题, 不能编辑自己的文章, 不能删除自己的文章, 不能发表投票, 您 不可以 发表活动帖子在本论坛, 不能添加附件不能下载文件, |
|
|
