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KKR To Commence Trading On NYSE July 15, Follows Other Distinguished PE Fund Blackstone In Marking Market Top

Tyler Durden's picture




 

Just like Blackstone's IPO marked the market peak to the very day back in 2007, so the latest incarnation of the top tick indicator, KKR's commencement of trading on the NYSE is now scheduled for July 15. Mark your calendars appropriately. And for those who are dying to find out all there is about the KKR founders bank accounts and private net worth, the WSJ has done a good job of drilling down almost to bank account level detail for the Co-CEOs (who both got paid $250,000 in 2009).

 

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Tue, 07/06/2010 - 15:08 | 454975 Cognitive Dissonance
Cognitive Dissonance's picture

"the WSJ has done a good job of drilling down almost to bank account level detail for the Co-CEOs (who both got paid $250,000 in 2009)."

Correction, whose salaries were $250,000 each. From the WSJ.....

"Each executive owns 13% of KKR, according to a public securities filing Tuesday. That gives them a combined $1.65 billion stake in the firm, which is worth $6.35 billion as measured by KKR shares that trade in Europe. In 2009 the firm paid the two executives about $22 million each in total compensation, including a $250,000 salary."

The $250k is considered cab fare and pocket change for tips and other assorted gratuities.

Tue, 07/06/2010 - 15:23 | 455045 Baron Robber
Baron Robber's picture

And as you know CD, the vast majority of that $22 mil will be taxed at a 15% federal rate. Its called extortion and you won't hear the tea baggers talk about it.

Tue, 07/06/2010 - 15:35 | 455093 sgt_doom
sgt_doom's picture

Excellent point, and it should be taxed at the corporate rate of 35%, but instead it will be only 15% officially, even though much of their monies will avoid taxation via offshore funneling.

Interesting to note, that after Blackstone Group went publicly traded, they are still taxed at 15% capital gains, INSTEAD of the legal 35% corporate taxation they should now be taxed at.

Why?  Because they bought off specific crooked congressional whores.

Tue, 07/06/2010 - 15:09 | 454980 ZeroPower
ZeroPower's picture

Who's the bookrunner?

Tue, 07/06/2010 - 16:31 | 455288 AccreditedEYE
AccreditedEYE's picture

Weren't they going to try and go thru Fidelity when they tried this last year? (seriously) lol

Also, when they originally tried to do the deal in 2007, Morgan Stanley and Citi were supposed to lead. Not sure this time.

Tue, 07/06/2010 - 15:17 | 455018 russki standart
russki standart's picture

Personally, I would rather invest in the PPT, or short Obama.

Tue, 07/06/2010 - 15:19 | 455025 Leo Kolivakis
Leo Kolivakis's picture

Read between the lines: GET OUT OF PE WHILE YOU STILL CAN!

Tue, 07/06/2010 - 15:37 | 455100 sgt_doom
sgt_doom's picture

Good call, Leo.

I believe it's called all those PIK (payment-in-kind) notes coming due, with nothing to pay them with.

And all those CLOs coming due or turning over, with nothing to back them but numerous other securitized instruments leveraged on them.

Let's see....hot air, when added to hot air, equals.....

Tue, 07/06/2010 - 15:30 | 455073 oscar t. grouch
oscar t. grouch's picture

c'mon, this doesn't remotely resemble blackstone's selling the high.  these guys are just getting out while they can, but they're 2.5 years too late to be called top-tickers.

Tue, 07/06/2010 - 15:56 | 455188 OutLookingIn
OutLookingIn's picture

 

 With a 13% ownership each, they don't have to worry about the company tanking. They just take the net loss and reduce their tax burden on their remaining wealth - then laugh all the way to Grand Cayman Island!

Tue, 07/06/2010 - 16:13 | 455200 AccreditedEYE
AccreditedEYE's picture

So much for pulling the deal due to market conditions. I view this as 1 of 2: KKR believes things are about to get so bad, they will risk getting the deal done however they can just to get the money OR they believe we have hit a short term bottom and market will head higher. (putting their faith in Benny Bucks and HAL 9000)

Tue, 07/06/2010 - 16:17 | 455261 Translational Lift
Translational Lift's picture

+100....I vote for #1....they know the whole boat is about to turn turtle and they are getting out while the getting is good.........

Tue, 07/06/2010 - 16:48 | 455347 Remington IV
Remington IV's picture

Henry's been married to the economist  way too long ... time to cash out so he can divorce her

Tue, 07/06/2010 - 18:26 | 455605 bonddude
bonddude's picture

"Can I get that $250k on a Starbuck's card please?"

 

Yeah, we've seen this movie before.

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