Archive - Feb 16, 2009
Ultra Luxury Watches the Next Shoe To Plunge
Submitted by Tyler Durden on 02/16/2009 22:49 -0500
A little over two years ago, Los Angeles-based private equity group Leonard Green acquired luxury watch distributor Tourneau, best known for its 57th street and Madison flagship New York store, in a $355 million going private transaction, which repre
Jefferies In Trouble, Receives Madoff Subpoena
Submitted by Tyler Durden on 02/16/2009 18:42 -0500Looks like the list of independent investment banks may soon be one less. U.S. Trustee Irving Picard, who is liquidating the Bernie Madoff estate, has issued a subpoena to middle-market advisory boutique Jefferies. As Jefferies is mostly a high yield trading platform it is a little odd that it is the the first company to feel the wrath of the trustee. The 2004 examination order was sent on February 13 and made available by New York bankruptcy court today. The scope of the investigation was not disclosed in the subpoena form.
February 16 Links
Submitted by Tyler Durden on 02/16/2009 18:04 -0500- Latest: S&P Futures down 10.3 bps, Yen at 91.83
- GM told by administration to address bankruptcy option as part of Feb 17 report (WSJ)
- Krugman on the biggest Ponzi of the past 10 years, the U.S.
If Sirius Files, Karmazin Fired Creditors Threaten
Submitted by Tyler Durden on 02/16/2009 16:28 -0500A group of disgruntled Sirius creditors has threatened to fire Mel Karmazin and other senior execs if the company does not cut a deal with EchoStar or John Malone (who has offered to provide bridge financing) and instead files for bankruptcy. Edward Weisfelner, a lawyer with Brown Rudnick was quoted as saying:
Game Over for GM?
Submitted by Tyler Durden on 02/16/2009 02:57 -0500Just out on Bloomberg
*ADMINISTRATION WON'T NAME AN `AUTO CZAR, PEOPLE FAMILIAR SAY
*GEITHNER, SUMMERS TO HEAD PANEL ON U.S. AUTO RESTRUCTURING
Link to full NYT article.
pretty much means Chapter 11 most likely done deal. At least Rattner's wife's DWI news will be burried for ever.
Volkswagen Soap Opera Continues: New Disclosure May Lead to Recoveries for Hedge Funds, Pain for Porsche
Submitted by Tyler Durden on 02/16/2009 01:55 -0500Luxury automaker Porsche, which in October briefly became the world's largest hedge fund after it disclosed stock and derivative holdings in fellow car maker Volkswagen, prompting a massive short squeeze, and propelling Volkswagen to the status of largest company in the world by market capitalization, may be in some deep trouble after brand new disclosures by Porsche CFO Holger Härter.
California Fails to Close Budget Gap, Faces "Financial Armageddon"
Submitted by Tyler Durden on 02/16/2009 01:40 -0500
In what could be the final blow to California's crumbling economy as it faces a $42 billion budget deficit, the WSJ reports that a vote to reach a complex plan to close the budget was unsuccessful by 1 vote.




