Weston 448

CEO Compensation: Most Overpaid?

I wonder if it isn't fair to distinguish between "salary" and "dividends". In the case of Schwartzman, e.g., he has quite a modest salary. Maybe $350,000? The vast, vast majority of his "compensation" comes from his ownership of Blackstone units. As it happens, I share in that revenue stream on a pari passu basis on the number of units that I earn.

FDIC's Crisis Mode Pressures Blackstone

Nicely done. I agree with all of the analysis other than the assumption that Bx's trading in the last week or so is soley attributable to the intrusive FDIC measures. The trading pattern is consistent with what has been occurring for some time now.
I do, however, believe that Bx is an attractive long-term buy now.

Blackstone Earnings: Mixed Results

Dear Zach:

Nice job. Re the $.30 1stQ dividend. Doesn't the following excerpt from the Earnings report mean that only the public units will participate in this quarterly distribution, not the converted partnership interests? Blackstone management holds most of the shares (or units), but they do not participate in the "preferred allocation" up to $1.20/yr and perhaps not at all in this 1st Q distribution. Note the last paragraph.
'The Blackstone Group L.P. has declared a quarterly distribution of $0.30 per common unit to record
holders of common units at the close of business on May 29, 2009. This distribution will be paid on
June 12, 2009.
Public common unitholders will continue to receive a priority distribution ahead of Blackstone personnel
and others through 2009, but the amount of those distributions in respect of 2009 will be based on the
amount of Adjusted Cash Flows from Operations generated in 2009 available for distributions and could
fall below $1.20.
No distributions will be paid in respect of the first quarter of 2009 to Blackstone personnel and others
with respect to their Blackstone Holdings partnership units.