Seeking Alpha
  • Today - Tuesday, March 31, 2015

  • 7:16 AM
    • The offering of 16M shares will be from selling shareholders. J.G. Wentworth (NYSE:JGW) will not receive any proceeds from the sale.
    • The stock's lower by 22% since the November 2013 IPO.
    • SEC Form S-3
    | Comment!
  • 7:13 AM
    • Endurance Specialty Holdings (NYSE:ENH) agrees to buy Montpelier Re (NYSE:MRH) in a cash and stock deal valued at $1.83B based on yesterday's closing prices. Montpelier owners will receive 0.472 shares of Endurance plus $9.89 in cash for each share they own, or $40.24 based on ENH's close of $64.30 yesterday.
    • It's a 5.5% premium to MRH's Monday close, and 1.2x Dec. 31 book value.
    • A conference call is set for 8:30 ET.
    • Source: Press Release
    | Comment!
  • 6:54 AM
    • Citigroup (NYSE:C) has agreed to sell its Japanese credit card unit to Sumitomo Mitsui Trust Bank (OTCPK:SUTNY), as it trims its global operations to bolster profitability.
    • The price of Citi Cards Japan was not disclosed, but local media reported the deal valued at around ¥40B ($335M).
    • In December, Citigroup announced it was selling its Japanese retail banking operations to SMFG unit Sumitomo Mitsui Banking Corp.
    | Comment!
  • Monday, March 30, 2015

  • 11:25 PM
    • KCAP Financial (NASDAQ:KCAP): FY14 NII of $0.58 misses by $0.39.
    • Total investment income of $41.21M (+5.2% Y/Y) misses by $13.17M.
    • Press Release
    | Comment!
  • 6:15 PM
    • Blackstone Group (NYSE:BX) is down 1.8% in late trading as it's putting up $1.2B-plus to buy three hotels from a Paulson & Co. consortium, The Wall Street Journal is reporting.
    • The hotels -- the Ritz Carlton and J.W. Marriott in Orlando, Fla., and the J.W. Marriott in Scottsdale, Ariz. -- aren't small properties, with more than 2,500 rooms and 472K square feet of meeting space in total.
    • The sales consortium includes Paulson, Winthrop Realty Trust (NYSE:FUR) and Capital Trust (now the Blackstone Mortgage Trust, BXMT).
    • It's the dissolution of the CNL Hotels & Resorts portfolio that the group had picked up via foreclosure and distressed sales, and could mark a jump-start to transactions in the group-travel segment.
    | 1 Comment
  • 6:11 PM
    • Income Opportunity Realty Investors (NYSEMKT:IOT): Q4 EPS of -$0.08.
    • Press Release
    | Comment!
  • 6:09 PM
    • American Realty Investors (NYSE:ARL): FY'14 EPS of -$0.71 vs. -$2.07 in FY'13
    • Revenue of $79.41M (-1.7% Y/Y).
    • Press Release
    | Comment!
  • 6:06 PM
    • Transcontinental Realty Investors (NYSE:TCI): FY'14 EPS of $0.32 vs. -$0.50 in FY'13
    • Revenue of $75.85M (-1.9% Y/Y).
    • Press Release
    | Comment!
  • 4:41 PM
    • Medley Management (NYSE:MDLY): Q4 EPS of $0.21 misses by $0.06.
    • Revenue of $16.35M (-14.8% Y/Y)
    • Press Release
    | 1 Comment
  • 4:36 PM
    • Medley Capital (NYSE:MCC) and its JV partner - a U.S. provider of P&C insurance - form MCC Senior Loan Strategy JV 1 LLC. The two have committed to provide a total of $100M of equity to the venture, with MCC providing $87.5M.
    • The JV will invest in MCC's bread and butter - middle market and other corporate debt securities.
    • The JV is in discussions with another party about financing. It expects to make initial investments in May.
    • Source: Press release
    | 1 Comment
  • 4:28 PM
    • Legacy shareholders - the founder, management team, and certain others - have the opportunity to each year exchange a portion of their interests in Manning & Napier Group, LLC. As a result the company repurchased 3.161M Class A units for $11.49 each (a 5% discount to the average close the previous 15 days).
    • The company also announces the completion of previously disclosed repurchase of Class A units of the LLC, and it intention to issue 1.411M shares of restricted stock as part of a long-term incentive plan.
    • The result is a reduction in share count to 83.9M from 88.1M, with the management team owning about 12% of MN.
    • Source: Press Release
    | Comment!
  • 4:20 PM
    • Steve Boyle has been CFO of Banknorth since 2004. He'll join Ameritrade (NYSE:AMTD) in July and then take over the CFO role on October 1, replacing Bill Gerber who announced his retirement in January.
    • Source: Press Release
    | Comment!
  • 4:15 PM
    • The Omni Nashville Hotel is an 800-key property located across from the Music City Center. HFF (NYSE:HF) worked on behalf of the borrower to secure a fixed-rate note through Prudential Mortgage Capital.
    • Source: Press release
    | Comment!
  • 4:15 PM
    • Unico American (NASDAQ:UNAM): Q4 EPS of -$0.01
    • Revenue of $7.6M (-1.3% Y/Y)
    • Press Release
    | Comment!
  • 4:09 PM
    • CyrusOne (NASDAQ:CONE) announces a 12.2M share secondary with 1.83M greenshoe, with proceeds to be used to purchase the limited partnership interests in the company's operating partnership from two subsidiaries of Cincinnati Bell.
    • Upon completion, Cincinnati Bell expects to own about 24.8% of CyrusOne (or 22% if the underwriter option is exercised in full).
    • Source: Press Release
    • Shares -2.8% after hours.
    | Comment!
  • 3:44 PM
    • The 1K page report cites a number of issues with the bank's reforms and compliance procedures, and finds the pace of change inadequate. Bank execs reportedly engaged in shouting matches with the auditors, who claim documents were created after the fact to explain why alerts were dismissed.
    • As part of a $1.9B 2012 settlement, HSBC agreed to install a monitor, and his first full-year report was scheduled to be filed at the DOJ this January, with a summary to be made public this week.
    • “The idea that a company as big and vast and as far-flung as HSBC was going to be able to do this without powerful incentives for people at the top was probably a gaping hole in a settlement reached some time ago," says a law professor.
    • Source: Bloomberg
    | 5 Comments
  • 3:28 PM
    • After five years in the role, AIG (AIG +1.3%) Chairman Steve Miller intends to step down in July, report Joann Lublin and Leslie Scism. No replacement has been settled on, but the next chairman is likely to come from the current board, according to the duo's source.
    • Company guidelines say a non-executive chairman (of which Miller is one) should serve no more than fie years, and - with the company no longer in crisis mode - there's no compelling reason to extend the restructuring specialist's term, says the source. Miller will remain on the board.
    • Miller joined the AIG board in 2009 and became chairman in 2010.
    | 2 Comments
  • 3:06 PM
    • Berkley Re America and Facultative ReSources have been combined into a single operating unit under the Berkley Re America (BRAM) name.
    • Jonathan Schriber has been named chief underwriting officer of the Reinsurance Global segment, and Joseph Sullivan the president of BRAM.
    • Source: Press Release
    • WRB +1.5%
    | Comment!
  • 2:49 PM
    • Prem Watsa's Fairfax Financial (OTCQB:FRFHF) - along with Wilbur Ross - stepped into Bank of Ireland (IRE, OTCPK:IREBY) when it was teetering on failure in 2011, and has hired Deutsche to place 935M shares, which would whittle its stake in half to 2.9% of the lender.
    • Fairfax will be selling the stock for almost four times what it paid.
    • Ross and Fairfax sold about 2B shares in the bank about a year ago, and Ross exited his stake completely in June.
    | 1 Comment
  • 1:09 PM
    • Private equity has peaked? Maybe not just yet. Only four months after beginning fundraising, Blackstone (BX +1.1%) has closed the institutional portion of its latest real estate fund after securing $14.5B in commitments, reports the WSJ. The company plans to raise another $1.3B from retail investors, and expects to start making putting money to work within the next month.
    • The fund's name is Blackstone Real Estate Partners VIII.
    • Previously: Kessler: Glory days of P-E are over (March 30)
    | Comment!
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