Graham and Doddsville -- Value Investing In The New Era Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: porcupine --''''> who wrote (839)	9/30/1998 10:38:00 AM
From: porcupine --''''>	Read Replies (1) of 1722

Buffett bid for LTMC would have ousted Merriweather (who was ousted for rigging Treasury Bond bids when Buffett ran Salomon) "AIG, Buffett made bid for ailing hedge fund - WSJ" NEW YORK, Sept 30 (Reuters) - Investor Warren Buffett, American International Group (NYSE:AIG - news) and Goldman Sachs & Co. offered last week to buy Long-Term Capital Management LP for $250 million, a newspaper reported Wednesday. According to this morning's editions of the Wall Street Journal, the Buffet bid would have required the ouster of Long-Term Capital founder John Meriwether. The hedge fund rejected the offer, and later that same day agreed to a huge rescue plan involving 15 banks including Goldman and also the Federal Reserve, the paper reported. Under the alternate bid, the fund's investors would have received 5 percent of the $4.6 billion their stakes were worth, the Journal said. The buyout group intended to put up another $3.75 billion to run the portfolio, the paper added, citing sources familiar with the deal. According to the paper Buffett was not available for comment and AIG, Long-Term Capital and Goldman Sachs declined comment.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next