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November 24, 2008 - Under current market conditions, hedge funds are likely to be more conservative and have less access to debt. But should you, as a financial officer, be concerned about activist hedge funds? The answer is “yes.'
November 17, 2008 - It's time for some new blood on the Street, so we're pleased to offer this year's version of IDD's '40 Under 40'--our take on some of the best and brightest on Wall Street who are making their mark relatively early in their careers. As always, we'll point out that this list is in no way intended to be all-inclusive; such a list would be impossible to compile because, despite the impression often given by Washington and the mainstream media, there's a huge swath of talent that calls the capital markets home, and the vast majority are doing good work.
November 17, 2008 - These days, corporate treasurers have little to cheer about, but for some of them--especially those with non-cyclical, investment grade companies--selling debt may have gotten a little less expensive. Just how long that slight reprieve in borrowing costs may last is uncertain, however.
November 10, 2008 - The credit crisis has left small, development-stage companies in the life-sciences sector short of capital and dreading the prospect of failure.
November 3, 2008 - Live auctions may work well for cattle, art and foreclosed homes, but corporate acquirers and private equity investors tend to prefer a more relaxed setting for M&A. That is, of course, unless going down the public-sale path results in a bargain for the buyer or provides a quick resolution for a bankrupt company, in which case, let the bidding begin.
October 27, 2008 - Goldman Sachs and CIC Partners, a Dallas private equity firm, have teamed up with two of the biggest names in sports, the New York Yankees and the Dallas Cowboys, to start up a company that will run catering, concessions and retail merchandising enterprises for major sports facilities.
October 27, 2008 - A few months back, Archway & Mother's Cookies Co. and Sleep Innovations were focused largely on selling cookies and mattresses to customers across America. However, both wound up declaring bankruptcy earlier this month. Enter Traxi, a boutique advisory firm that the creditors committees of both companies hired to serve as an advisor during Chapter 11 proceedings.
October 27, 2008 - With the US economy in a tailspin and financial markets paralyzed, few US companies will readily find lenders, forcing them to opt for some sort of restructuring in or out of a bankruptcy court. The workout business has not been very active since the last bankruptcy wave of 2000-2002 that came on the heels of the dotcom bubble burst. But, it promises to be a source of fees for Wall Street firms that have seen some important sources of revenue falter amid the credit crisis.
October 27, 2008 - Globalization has fueled the drive for businesses to seek global synergies and value. This trend is continuing largely unabated, despite currency fluctuations, commodity shortages and geopolitical tensions. In fact, the hyper-competitive nature of today's economic climate may only serve to provide further incentive for strategic mergers and acquisitions worldwide.
October 20, 2008 - Anthony Gramza, a Penfield, NY-based mortgage broker specializing in commercial real estate such as shopping malls and restaurants, was recently asked to find a loan for a restaurateur whose business overlooked Lake Ontario. However, ground has not been broken on the Great Lake's shoreline because no one is willing to lend. Gramza is not alone. Now that the credit crisis has seeped out beyond Wall Street, many banks are reluctant to lend for construction of commercial properties or finance purchases of commercial real estate.
October 13, 2008 - Sperry Mitchell, a husband-and-wife boutique formed by Paul Sperry and Beatrice Mitchell, has four letter-of-intent proposals from private equity firms, which, considering the frozen state of the credit markets, isn't an insignificant accomplishment. Yet, it's the selling of family-held businesses that has epitomized the strong cross-border interest the M&A boutique has garnered from European strategics this year.
October 13, 2008 - IDD recently turned to Standard & Poor's managing director Diane Vazza to better understand the stress being felt by high-yield debt and how issuance in the high-yield market has dramatically slowed amid the credit crisis.
October 6, 2008 - Moelis & Co. executives are proud of what the investment bank has achieved in its short lifespan. Just don't call their firm a boutique.
September 29, 2008 - Domestic dealmakers may still occasionally garble the pronunciation of Tata Group, but the Indian conglomerate has nevertheless made a name for itself in US M&A circles. Other Indian multinationals are doing the same, as Mahindra, UB Group, Wipro Technologies, Essar Group and Reliance Group, among others, are fast becoming familiar names in state-side auctions. The difficulty for sellers, however, is that it can be impossible to precisely pinpoint the motivations of these buyers.
September 29, 2008 - Private equity investors are typically split between the generalist and the specialist camps. One side is marked by opportunistic funds that will back a company in nearly any sector or field, while the other is niche-driven, relying on industry contacts and sector familiarity to source transactions and spot market dislocations. Increasingly, however, there is a category of investor that might fit somewhere in between, as a number of so-called generalists have worked to build up their qualifications in various industries.
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