Gerry Sullivan

Calling a Turn in Blackstone Group

Blackstone has little debt on its balance sheet because it is an asset manager. Blackstone's deals do need large amounts of debt to work.

Think about the Hilton Hotels buyout that was done last year.
BX paid $26 billion for Hilton and borrowed more than $20 billion.

Last month, Lex, a writer in the Financial Times, suggested that the
Blackstone equity in Hilton was now worthless.