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Sunday, November 8 2009  |  05:25 PM EDT  | 
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  • 4:31 PM Northrop's (NOC) TASC sale speaks to the return of the LBO of a new ilk. Four banks - Barclays (BCS), Royal Bank Of Canada (RY), Deutsche Bank (DB) and a lending unit of the Canada Pension Plan - are providing senior debt of well under $1B to fund the buyout, a figure that would have been a rounding error for one bank during the credit boom. 1 Comment
  • 4:21 PM Berkshire Hathaway (BRK.A): Q3 net income of $3.24B vs. $1.06B last year. Operating income $2.06B vs. $2.07B last year. Book value +10.1% from Q2 to $81,247/share. Derivative gain of $1.13B vs. -$819M last year. Was required to post $50M of collateral vs. $650M in Q2; could be required to post another $1.1B if its credit ratings are downgraded. (PR, 10-Q) Comment!
  • 4:07 PM Sources say Northrop Grumman (NOC) will sell its TASC consulting unit to a pair of private-equity firms - KKR and General Atlantic - for $1.65B. TASC unit provides engineering and consulting services to the U.S. military and state governments. Welcome home LBOs. Update at 4:25: Confirmed. Northrop expects the sale to generate net cash proceeds of $1.1B, which it will use to repurchase shares. 1 Comment
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