MartinWhitman Posted February 20, 2009 Share Posted February 20, 2009 I cannot believe this a****** is really demanding 3,- EUR per share from the government for his shares that are de facto more than worthless. I mean, he was involved in this mess by financing long term investments with short term financing. So if there is any guy in the Private Equity world that really deserves to go broke, my vote goes to Chris Flowers, the smart ex-Goldman banker. http://www.reuters.com/article/euPrivateEquityNews/idUSTRE51I3FJ20090219 Link to comment Share on other sites More sharing options...
MartinWhitman Posted February 20, 2009 Author Share Posted February 20, 2009 http://www.bloomberg.com/apps/news?pid=20601100&sid=aiWFCwsU1Az8&refer=germany Link to comment Share on other sites More sharing options...
MartinWhitman Posted February 20, 2009 Author Share Posted February 20, 2009 According to the Financial Times Deutschland, Flowers is also playing hardball at HSH, another troubled german financial institution. There he threatens to vote against a rights offering which would dilute his shareholdings. This guy is probably very desperate, I wonder if he would behave like that in the US. in german : http://www.ftd.de/unternehmen/finanzdienstleister/:Widerstand-gegen-Kapitalerh%F6hung-Flowers-wagt-Machtprobe-bei-HSH/476662.html Link to comment Share on other sites More sharing options...
link01 Posted February 20, 2009 Share Posted February 20, 2009 totally agree with you on jcf. i was a shareholder of his enstar group for a while a year and a half ago, thinking that here was an attractive insurance runoff biz rum by a highly regarded, smart private equity guy witha tremendous record behind him of outsized returns (ref his original shinsei coup). it soon became clear, tho, that this was a guy who benefited from the unprecedented boom in the credit markets, not from any investment acumen or operational wizardry...like most PE guys...which, after all, are really LBO guys dressed up in new clothes & going by a more socailly acceptable name. i bailed when he made his $60 a share bid for sallie may. the financing scheme was brilliant, but the investment rationale was suspect no matter how you cut it! Link to comment Share on other sites More sharing options...
Partner24 Posted February 20, 2009 Share Posted February 20, 2009 He tries to play with taxpayers money. How can I qualify this behavior? I'll let each one of you do it yourself. Link to comment Share on other sites More sharing options...
MartinWhitman Posted February 24, 2009 Author Share Posted February 24, 2009 Obviously Flowers had to accept some dilution in the case of HSH. http://www.bloomberg.com/apps/news?pid=20601100&sid=a49JfXkbaAXs&refer=germany# Link to comment Share on other sites More sharing options...
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