While many banks are looking to the FDIC to help them snap up troubled institutions on the...


While many banks are looking to the FDIC to help them snap up troubled institutions on the cheap, investor Gerald Ford, among others, doesn't want to wait on the paperwork of loan guarantees. “We’re trying to do this one sooner rather than later,” he says of his $500M investment in California's Pacific Capital (PCBC -26%).
Comments (2)
  • Jake Huneycutt
    , contributor
    Comments (1422) | Send Message
     
    I'm surprised the sell off hasn't been more dramatic. Didn't Ford essentially get his shares at 25 cents a piece? That's still a 550% premium to the current price. And he now owns a 91% stake, so we're talking about extreme dilution here.

     

    Not sure what it's worth at this point ... but I can't imagine it being worth more than 75 cents per share now --- and even 75 cents is probably kind.
    30 Apr 2010, 01:29 PM Reply Like
  • JoeChase
    , contributor
    Comments (140) | Send Message
     
    Everyone must be betting he is going to turn it around as he did after the S&L crisis
    30 Apr 2010, 01:52 PM Reply Like
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