In yesterday’s - Tues., 14 July 2009 - Wall Street Journal was an article titled ''Fortress Clashes on Both Sides of Talks’’ - about how the Fortress Investment Group, LLC wants to refinance/ extend a critical $1.6 Billion loan on/ to Florida East Coast Railroad / Industries, Inc. by a July 27th maturity date when the FEC has to repay the money - but apparently Fortress itself is also one of the lenders.
Unfortunately, only the introductory paragraph-and-a-half are presently available on-line at the WSJ’s website at - http://online.wsj.com/article/SB124753130321435941.html#articleTabs%3Darticle - but I do have the entire article at home. If I have time to read it in the next day or two I’ll try to post anything significant to the membership at large here - such as, if it would likely affect the operations or management in a significant way, etc. Or, you could just find that issue of the WSJ at your local library, or subscribe to the on-line edition, etc.
When big corporations start arguing with themselves do you call a mediator or a psychiatrist? [?][:D]
AgentKid
Nowadays I’d call a forensic accountant.
A former boss of my owned several thousand dollars of stock in a small charter airline that was acquired by a large financial corporation in a stock deal that disadvantaged minor shareholder in favor of the family ownership of the majority of the shares. Since he wasn’t getting the same deal for the same class of stock, he sued. While the suit drug on for about 7 years, over the last 3 years through a variety of rulings on a variety of issues, he was in the position that the Financial corporation had to sue it’s self on my boss’s behalf in a class action. While the suit did get settled before trial, the settlement was in the 7 figures and my boss was the only remaining party in the class. One could say he was a hard headed Pole.
How can Fortress Group (or any group/individual) be both the lender and the borrower? and if this situation does exist, as I’m sure it does, seems to me that this is one of the many ills of today’s banking/investment/financial industry. Just my two cents worth there.Thanks for listening to my little rant. Bill