Citadel Investment Group up 30% in '07

you are right bt, my concern would be e-trade defaulting, but thats the chance.

thanks for your help and my apologies for closed mind,

bgp
 
Quote from bgp:

you are right bt, my concern would be e-trade defaulting, but thats the chance.

thanks for your help and my apologies for closed mind,

bgp
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bgp, my greatest respect! Does not happen often on ET people are following an ARGUMENT...:)
 
thanks. when out of line it's best to admit wrong. i am just overly concerned about our consumer economic situation.

bgp
 
Quote from nazzdack:

The Christmas Party must have been good. At this rate, Griffin ought to become wealthier than Buffett in several years time.
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My girlfriend works there and she brought me to the Christmasmas party...nee xxx-mas party. It was over the top in more ways than you can imagine. Think luda-xmas, and you'll only have half the image. they spent truckloads of cash on that party, even more on the semi-private after parties. I'm still trying to piece that evening/morning together...
 
i would think that you probably went to the last one of those my friend! once they go public, thats going to be a big no no. no way you can justify "luda christmas party" on the balance sheet!
 
Quote from bt116:

also, you seem to be having a hard time getting your hands around this etrade deal. they didn't buy etrade stock. they are not an etrade owner, they are a creditor, and a creditor that has significant pull as to who they route their orders through. i am very convinced that you have not read the deal, because all you keep giving as your reason for not liking it is the stock price. look at the deal PLEASE!
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Under the terms of the Citadel transaction, E*TRADE will receive $2.5 billion in cash, of which $2.4 billion will fund today. The terms include:

-- E*TRADE will receive $1.6 billion of capital in exchange for 12.5% senior unsecured notes and common stock.This includes a contribution of capital by investment funds managed by BlackRock, Inc.

-- Citadel has acquired E*TRADE's entire ABS portfolio, including CDOs, for $800 million in cash.

-- Upon final closing, it is expected that Citadel will invest an additional $150 million in exchange for 12.5% senior unsecured notes and common stock.

-- The amount of common stock expected to be issued by E*TRADE is approximately 19.99% of current outstanding common stock.

-- Citadel will nominate one representative to E*TRADE FINANCIAL's Board of Directors.


https://investor.etrade.com/releasedetail.cfm?ReleaseID=279066
 
A lot of KG's gains are unrealized and he wants his to get money out of there. Its cashing out pure and simple. Nothing wrong with it, but he knows at some point things will change and the environment could get very hairy for the HF community. Nevertheless they have had a great year and the company and employees should have be celebrating.
 
Quote from atticus:

Under the terms of the Citadel transaction, E*TRADE will receive $2.5 billion in cash, of which $2.4 billion will fund today. The terms include:

-- E*TRADE will receive $1.6 billion of capital in exchange for 12.5% senior unsecured notes and common stock.This includes a contribution of capital by investment funds managed by BlackRock, Inc.

-- Citadel has acquired E*TRADE's entire ABS portfolio, including CDOs, for $800 million in cash.

-- Upon final closing, it is expected that Citadel will invest an additional $150 million in exchange for 12.5% senior unsecured notes and common stock.

-- The amount of common stock expected to be issued by E*TRADE is approximately 19.99% of current outstanding common stock.

-- Citadel will nominate one representative to E*TRADE FINANCIAL's Board of Directors.


https://investor.etrade.com/releasedetail.cfm?ReleaseID=279066
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Two things of interest, when is the stock issued to Citadel? Here would be a good deal for one or both parties.


Hedge fund guy on the board, does he get to cherry pick the retail trades? psst here comes Larry with his two lot, let's sell a million shares against his postion.
:p
 
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