Brian Kennedy will make offer to buy Gers - Express

[craig 5,199]

I like this guy. I may be naive, but he comes across as genuine. He is also the first to say he isn't phased by the big tax case.

 

I agree. But many of us "liked" Whyte too because he said all the right things.

 

Hoepfully D&P do better due diligence that Dodgy Dave on the prospective new owner(s)

[metlika 0]

Changing the subject slightly. They say The Blue Knights offer is subject to winning the big tax case - a concern.

 

They also mention middle east interest! Is it not far east we've previously been told about?

 

Yeah that means anything from, China, Vietnam, Thailand etc.

[Zappa 0]

Maybe they got it wrong (made a woopsy), but middle east interest would suggest Dubai, Qatar etc... ie - the Arab nations.

[metlika 0]

Maybe they got it wrong (made a woopsy), but middle east interest would suggest Dubai, Qatar etc... ie - the Arab nations.

 

I doubt it as Middle east and Far east are easily distinguished unless the administrators don't know their geography.

[BrahimHemdani 1]

Ellis had Middle East backers until they found out it wasn't QP Rangers; maybe someone should tell these guys.

[BrahimHemdani 1]

Yeah that means anything from, China, Vietnam, Thailand etc.

 

That's the Far East and Asia.

[Zappa 0]

Fortress http://www.fortress.com/

 

Again this is one of these where the figure stated as "assets" of 27 billion is a misleading number. It is "Assets under management" which is VERY different from "assets".

 

Assets under management = assets which they are actively managing for clients.

Assets = the companies own assets.

 

What I will say though is that having 27 billion quid (is 44 billion USD) is a lot of assets under management so they will be generating sizeable flat fees and performance fees.

 

Their ticker symbol on the NYSE is FIG and it would appear that the market considers them a "buy" generally. Currently trading at $3.74 with a market capitalisation of $710.24 million.

 

Slightly disconcerting is that in one paragraph the article states that Edens is 50, then in the next paragraph it states he is 51 - that type of info shouldnt be too hard to work out...

 

Also, rather interestingly they state their personal wealth from 2007 and 2008..... anyone care to guess what happened in those two years ? Especially in the financial markets ? These guys are hedge fund operators... so people like Edens and Kauffman took a massive bath on their personal wealth during that time..... And especially Edens who was heavily into investing in mortgages... anyone heard of Fannie Mae or Ginnie Mac ? US nationalised mortgage guarantors, Edens was heavily involved in that, and lost a ton as their values plummetted.

 

They may not be the billionaires they are made out to be. Hard to tell as it is hard to see what wealth they have actually accumulated over time - they both came from very strong trading backgrounds (Edens, a partner from BlackRock who are MASSIVE and Kauffman who was an MD for UBS) so I am sure they amassed a considerable fortune each.... but how much of that did they invest bck into their own funds when they joined Fortress ?

 

And given it is supposedly Fortress that are interested.... what relevance does their personal wealth have ?

 

Freddie Mac Craig.

[craig 5,199]

Freddie Mac Craig.

 

Theres a Ginnie too, although admittedly it is a "Mae" and not a "Mac" which Freddie Mac is of course. All of which are effectively nationalised mortgage guarantors.

 

Worse is that I really should have spotted that myself as I have just finished two sets of audited financials in which we make disclosures about all 3, as we are invested in MBS through all 3.....

 

Cheers for the correction

Edited March 14, 2012 by craig

[Bears 0]

Yeah that means anything from, China, Vietnam, Thailand etc.

 

Thailand and Vietnam are'nt in the far east

[Bears 0]

This is the most refreshing news i've read yet (i know to take it with a pinch of salt) but the quotes seem fairly honest. Basically we have a safety net now meaning we aint gonna go into liquidation.

 

Wonderful