Tags: Berkshire Hathaway, Blackstone Group, Clarium, Hedge funds, Northern Rock, Peter Thiel, Porn, Richard Branson, Warren Buffett
Video:
Northern Rock Fallout
Tags: Credit Crunch, Northern Rock
Tags: Credit Crunch, Northern Rock
That’s Chancellor Alistair Darling making the announcement, a major embarrassment for him and the British government. (We’re told that the above video is now just a string of headlines. Here’s a link to the Darling’s video statement on the BBC; they don’t allow embedding)
Shareholders probably won’t be faring well. They’re likely to be completely wiped out, and are gearing up to sue but it sounds like they have an uphill battle….
Here are more headlines:
Tags: Credit Crunch, Northern Rock
Tags: Banks, Credit Crunch, Northern Rock
Tags: Banks, Credit Crunch, Distressed, Northern Rock
Northern Rock characterizes the proposals they’ve received so far as
"preliminary in nature" and will be mum til there’s something
concrete; the company is "developing further options". The
Virgin Group is looking to add a heavyweight industry insider to act as chairman
of the bank if they buy it. They’re also looking for more investors to add
to the list that includes Wilbur Ross, and First Eastern Investment Group.
None of the bidders for NR are expected to offer much of the green stuff to shareholders.
Likewise, the Virgin Group won’t be making a cash offer, but would inject cash
and assets into the company in exchange or a larger stake. As a result, the stock got beaten up.
Tomorrow NR
senior managers will get grilled before the Treasury select committee.
Tags: Banks, Credit Crunch, Distressed, Northern Rock
A new Northern Rock bidder has emerged, in the form of the Virgin Group. The
bank borrowed £2.3bn more from the BOE bringing the total to a whopping £13bn.
Treasurer Keith Currie is said to have been away for two weeks, sick from
stress, according to the Daily Mail. Bank Chancellor Alistair Darling’s
mortgage is with NR — no wrongdoing is alleged, but he failed to disclose it
earlier.
Tags: Banks, Credit Crunch, Distressed, Northern Rock
Citi maybe taking on the role as NR’s knight in shining armor. Northern
Rock will get ‘breathing room’ in a deal with the Bank of England which will buy
it time to cobble a rescue deal together. Buyout firm Lone Star emerges as
another possible suitor. More egg on the face of the FSA: they admit they
didn’t see the NR crisis coming.
Tags: Banks, Credit Crunch, Distressed, Northern Rock
Sounds like the list of suitors for Northern Rock is getting longer as Apollo
and Blackstone are said to have expressed interest; However, NR may try to
go it alone with the help of a big Citigroup loan; if that’s the case, the
board of directors might be keeping their jobs; NR prices itself out of
many mortgage deals by offering sucky terms; If NR is sold junior bondholders could
take a hit
Tags: Apollo, Banks, Blackstone, Citigroup, Credit Crunch, Distressed, Northern Rock
Hoping to prevent a fire sale, Northern Rock’s charitable foundation hired independent corporate finance firm Europa Partners to advise it; JC Flowers and Cerberus are contemplating separate bids for the company in addition to two other bidders, all of which leave little for the common stock holders; Merrill Lynch is advising NR along with Citigroup. Citi is expected to provide a financing package to prospective bidders; NR dramatically reduced the number of mortgage products it’s offering from 213 to 70; State Street Global Advisors, RAB Capital Plc and Artemis Investment Management Ltd are betting on NR stock
Tags: Banks, Credit Crunch, Distressed, Northern Rock
Shares of Northern Rock rise as the company hires Citigroup for advice; The
Flowers group reportedly secured around £15bn of funding
Tags: Banks, Credit Crunch, Distressed, Northern Rock
The UK Treasury gave the OK for JC Flowers and Cerberus, potential bidders, to talk with Northern
Rock. Lloyds may also bid; The stock is tumbling in anticipation that any deal price would be at a big discount; The rush to close accounts caused £100m
in penalty withdrawal fees; NR is accused of not treating its debt laden customers
very well…
Tags: Banks, Credit Crunch, Distressed, Northern Rock
13F Charts AIG Amaranth Autos Bank of America Bankruptcy Banks Barack Obama Barclays Bear Stearns Ben Bernanke Bernie Madoff Blackstone Bonuses Carl Icahn Charts Citigroup CNBC Compensation Credit Crunch Distressed Economy Fed GM Goldman Sachs Hedge funds Henry Paulson Hookers Insider Trading investment banking Jamie Dimon JPM Chase JP Morgan Lawsuit Legal Lehman Brothers Merrill Lynch Morgan Stanley Politics Private equity Real Estate Revolving Door SAC Capital SEC TARP
WP Cumulus Flash tag cloud by Roy Tanck and Luke Morton requires Flash Player 9 or better.
Contact us / send tips: wsf@WallStreetFollyDOTcom
Follow us on Twitter: twitter.com/WallStreetFolly
Receive our posts via email:
Subscribe in a reader
