DOCSLIB.ORG

CORPORATE RESTRUCTURING Fall 2006

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
CORPORATE RESTRUCTURING Fall 2006 Tuck School of Business Dartmouth College CORPORATE RESTRUCTURING Fall 2006 Professor Karin S. Thorburn Assistant Woodbury 311 Beth Perkins Phone: 646-2061 Woodbury 203 [email protected] 646-3412 Office hours: by appointment [email protected] Course Content and Objectives This course exposes students to a broad range of financial restructuring techniques that can be applied to improve business performance. Case discussion and visitors help illustrate how various corporate restructuring approaches may be used to increase firm value and highlight characteristics of potential candidates for different restructuring techniques. The case analysis provides ample opportunity to practice the application of standard corporate valuation methods. Students will gain a basic understanding of corpo- rate governance, with particular focus on agency problems and executive compensation issues. The first part of the course deals with financial restructuring techniques aimed at strengthening the firm’s competitive situation. Such restructurings can be initiated as a response to poor business performance caused by e.g. changes in technology or customer demand, or to avoid a takeover threat. Topics include divestitures, spinoffs, splitoffs, equity carveouts, tracking stock, leveraged recapitalizations, and leveraged buyouts. The second part focuses on the restructuring of financially distressed firms. Since bank- ruptcy provides a threat point for any distressed restructuring, the legal framework of the U.S. bankruptcy code is examined. The topics of this section are private workouts, pre- packaged bankruptcy filings and restructuring in bankruptcy. We will discuss the impor- tance of market mechanisms in resolving bankruptcy, including the role of distressed investors and difficulties in valuing bankrupt firms. The course is intended for students with an interest in learning about the financial, strategic, and business issues surrounding corporate restructuring. It will be useful for a range of various careers, including investment banking, commercial banking, turnaround Corporate Restructuring, fall 2006 Professor Karin S. Thorburn 1 (10) management, general management, strategy consulting, securities analysis, and in- vestment management. Visitors The class will be visited by the following speakers: David J. Breazzano Co-founder and Principal DDJ Capital Management, LLC James B. Flaws T’73 Vice Chairman and CFO Corning Incorporated Richard H. Fleming T’71 Executive Vice President and CFO USG Corporation John E. Foley T’96 Partner Wayzata Investment Partners Michael E. Koester T’99 Managing Director Goldman, Sachs & Co Mark W. Peterson Senior Vice President and Treasurer Cincinnati Bell, Inc. Course Materials The materials for the course consist of a number of cases and readings contained in the course packet. Additional material and assignments will be distributed in class. Supplementary Books For students interested in additional readings, the following books are held on reserve at Feldberg: Altman, E., and E. Hotchkiss, “Corporate financial distress and bankruptcy: Predict and avoid bankruptcy, analyze and invest in distressed debt,” 3rd ed., Wiley Finance, 2005. Baker, G. and G. Smith, “The new financial capitalists: Kohlberg Kravis Roberts and the creation of corporate value,” Cambridge University Press, 1999. Burrough, B. and J. Helyar, “Barbarians at the gate: the fall of RJR Nabisco,” Harpercollins Publisher, 1990. Miles, J., and R. Woolridge, “Spin-offs equity carve-outs: Achieving faster growth and better performance,” Financial Executives Research Foundation, Inc., 1999. Corporate Restructuring, fall 2006 Professor Karin S. Thorburn 2 (10) Moyer, S., “Distressed debt analysis: Strategies for speculative investors,” J. Ross Publishing, 2005. Rosenberg, Hilary, “The vulture investors,” John Wiley & Sons, 2000. Weston, F., M. Mitchell and J.H. Mulherin, “Takeovers, restructuring, and corporate governance,” 4th ed., Prentice Hall, 2004. Written Assignments and Grades Class participation is a strictly individual effort and accounts for 50% of the total grade. The two projects, which together account for the remaining 50% of the grade, are group assignments that should be analyzed in teams of 4 students enrolled in the same section. A. Class participation - 50% of grade All students are expected to attend every class. You should come to class prepared to dis- cuss your analysis of the case, using key insights from the readings, and to show your calculations. I strongly encourage voluntary participation, but I may also cold call on any student to discuss the assignments. I grade class participation after each session on a scale from 0-3 (0 being the lowest grade) and compute a final grade based on the total class participation score. If you have to miss a session, you get a score of –1 for that day. B. Project I: LBO case study – 20% of grade Students are asked to value an LBO candidate and to analyze issues related to LBO trans- actions. The project is based on a real buyout transaction and uses current market conditions. A bid letter and write-up of the analysis in two copies are due at 3 pm on Wednesday 10/11. You should be ready to present your analysis to Michael Koester, Goldman Sachs, on Thursday 10/12. C. Project II: Term project – 30% of grade Students will analyze the financial, operational, and governance implications of a recent or potential corporate restructuring transaction. The company and topic should be selected by you, but is subject to my final approval. A one-page description of the term project should be handed in or emailed to me by Thursday 10/19. The final report is due before the presentations in class on Friday 11/10. Honor Code Class participation is a strictly individual effort. Students are, however, encouraged to work in groups when preparing for class. You may not use notes or other material from any previous offering of this or a similar course, or discuss the material with students who have already taken the course. This restriction extends to case-related information obtained from other sources. Laptops Laptops may not be used in class. Make sure to bring print-outs of any calculations that you may want to refer to in the class discussion. If I see a laptop screen open during class, you will get a class participation score of –3 for that session. Corporate Restructuring, fall 2006 Professor Karin S. Thorburn 3 (10) Course overview, Corporate Restructuring fall 2006 Session Date Day Topic Visitor Case 1 9/14 Thu Divestitures Nova Chemical 2 9/15 Fri Spinoffs and equity carveouts Cytec Industries 3 9/20 Wed Splitoffs DuPont/Conoco 4 9/21 Thu Tracking stock USX 5 9/27 Wed Breaking up Corning James B. Flaws 6 9/28 Thu Leveraged recapitalizations Sealed Air 7 10/4 Wed Restructuring Cincinnati Bell Mark W. Peterson 8 10/5 Thu Leveraged buyouts Wisconsin Railroad 9 10/11 Wed Technology buyouts Seagate Technology Buyout 10 10/12 Thu LBO case presentations Michael E. Koester Lubrano Can 11 10/18 Wed Financial distress: workouts and prepacks Loewen 12 10/19 Thu Bankruptcy: valuation and negotiation Flagstar No classes week of October 23-27 (2nd-year recruiting) 13 11/1 Wed Bankruptcy and distressed investors Finova 14 11/2 Thu Distressed investing David J. Breazzano 15 11/8 Wed Identifying opportunities in distressed debt John E. Foley 16 11/9 Thu Taking USG through bankruptcy twice Richard H. Fleming 17/18 11/10 Fri Student term project presentations Corporate Restructuring, fall 2006 Professor Karin S. Thorburn 4 (10) SCHEDULE Corporate Restructuring Fall 2006 1. Divestitures Thursday 9/14 Case: Nova Chemical Corporation, HBS 9-290-059 Case questions: 1. Should the company divest its Industrial Products Division (IPD)? 2. Is the offered price of $160 million acceptable? Do a DCF valuation of the IPD division. What is the lowest bid Nova should accept? 3. Why did the offer for IPD come as a surprise to management and the board of directors? 4. What implications would a divestiture of the IPD division have for Nova’s future financ- ing needs? Do the financing options have any implication for the decision to sell/not to sell IPD? Readings: Fruhan, W., “Corporate Raiders: Head’em off at value gap”, Harvard Business Review (July- August), 62-68, 1988. Chapters 11 and 12 (p.288-327) in Weston, F., M. Mitchell and J.H. Mulherin, “Takeovers, restructuring, and corporate governance,” 4th ed., Prentice Hall, 2004. 2. Spinoffs and equity carveouts Friday 9/15 Case: Cytec Industries’ spin-off (A): sink or swim? HBS 9-897-053 B-case, HBS 9-897-054, will be distributed in class. Case questions: 1. Why did American Cyanamid spinoff Cytec? Was it a good idea? For whom? Why a spinoff instead of an equity carveout or a divestiture? 2. If you were Darryl Fry or Steve Crum would you jump at the opportunity to run Cytec or would you want to stay with Cyanamid? What are the implications for Fry's or Crum's ca- reer it Cytec fails? 3. Analyze the structure of the spinoff agreement, including Cytec's equity structure and the balance sheet, from both the parent's perspective and Cytec's. 4. What organizational changes were made at Cytec prior to and after the spinoff? How did these changes affect performance? Why weren't such changes made years earlier under Cyanamid? 5. Assuming Cytec's stock trades at multiples that are average for its industry, how can the pessimistic analyst's valuation of $3 per share be justified? What about the market's $12 to $16 valuation? 6. Why didn't the market pay much attention to Cytec? Should it have? Why did managers care whether Wall Street noticed the company? 7. What would you predict Cytec's stock would trade for two years after the spinoff? What assumptions about the organization and the stock market underlie your predictions? Readings: Pages 3-21 and 37-46 in Miles, J., and R. Woolridge, “Spin-offs Equity carve-outs: Achiev- ing faster growth and better performance”, Financial Executives Research Foundation, Inc., 1999.
Load more

Recommended publications
  • Richard West
    Richard H. West Counsel, Wilmington Mergers and Acquisitions Richard H. West advises public companies, private companies, private equity funds and their affiliated portfolio companies, and other clients on a broad range of corporate trans- actions, including acquisitions and dispositions, complex internal corporate restructuring transactions, distressed transactions, and the structuring and governance of limited liability companies and other alternative entities. Mr. West also advises clients on issues of Delaware law and general corporate and commercial matters. Representative transactions include: - Joyson Safety Systems (f.k.a, Key Safety Systems) in its acquisition of the global assets of Takata Corporation; - Armstrong World Industries in the spin-off of its flooring business segment, T: 302.651.3178 Armstrong Flooring; F: 302.574.3178 [email protected] - Highland Industries in connection with the sale of its defense and coating business to Tex-Tech Industries, an affiliate of Arlington Capital Partners; - Hanley Wood in connection with its acquisition by an affiliate of MidOcean Partners; Education - Amulet Capital Partners in the acquisition of SynteractHCR, a general contract research J.D., William and Mary School of Law, 2000 (William and Mary Law Review) organization serving the pharmaceutical industry, and Cu-Tech, LLC, a specialty contract research organization focused on dermatological indications; B.A., Yale University, 1997 - Peter Kiewit Sons’ Inc. and its affiliate, Walnut Creek Mining Company, in connection with the sale of Kiewit’s Calvert lignite mine to affiliates of The Blackstone Group and matters Bar Admissions relating to its associated fuel supply arrangements with Optim Energy; Delaware - Select Personnel in the recapitalization and sale of Select; - Corporation Service Company in its cross-border acquisition of the digital brand services division of Melbourne IT Limited; - Validus Holdings, Ltd.
    [Show full text]
  • Challenged Funds – Case Study #1
    Challenged Funds – Case Study #1 Situation 1.1 A large, institutional real assets manager (“the GP”) has over $15 B in AUM, with a broadly diverse strategy/product set (approximately 7 different categories of investments, including North American opportunistic multifamily, gateway market core commercial, opportunistic commercial, value-add hospitality/leisure, value-add industrial, etc.). The firm is public, with most strategies operated as REITs and other publicly accessible vehicles, with a few private, commingled funds with institutional LPs The GP calls capital over a 3 year period as expected, yet seems to call more than a certain large LP’s total commitment amount. The LP detects this situation after a small overage, and stops funding future capital calls for a period of 6 months, and reaches out to the GP for clarification. The GP’s fund manager and CFO assure the LP that everything is correct and the capital calls should be funded Options: Should the LP…? A. Fund the capital calls – This is a large institutional GP with decades in the industry, many personnel, a great track record, and likely the LP’s fund accountants are in error, not the GP. Besides, the next fund is going to be raised soon, will likely be over-subscribed, and the LP wants full allocation B. Refuse to fund the capital calls, ask GP for full accounting – Can buy some time, give the GP the benefit of the doubt and allow them some time to come back with a full accounting/explanation of the situation C. Refuse to fund the capital calls, hire an outside advisor for a full accounting – Will take even more time, will cost additional expenses, but may get an independent view Contact – Tom Bratkovich [email protected] 916-747-1746 1 Situation 1.2 The LP decides to hire an outside advisor to assess the situation.
    [Show full text]
  • Musings on a Possible Brickman/Valleycrest Marriage
    Musings on a Possible Brickman/ValleyCrest Marriage Source: www.TurfMagazine.com "Follow the money." How many times have you heard that line in a movie or televised crime drama? The reason that it’s so common is because it’s so true. Money follows the "action" wherever the action is, and especially in putting together business deals, mergers or company buyouts. In terms of money the latest revelation of a possible business deal in the landscape industry could turn out to be a whopper. On April 24 the Financial Times reported that KKR, New York-based Kohlberg Kravis Roberts & Co., the owners of The Brickman Group, is in talks to purchase ValleyCrest from Michael Dell’s MSD Capital, also based in New York. KKR is a global investment firm founded by founded by Jerome Kohlberg, Jr., Henry Kravis and George R. Roberts (Kravis and Roberts are cousins). Since it’s founding in 1976 it has completed more than $400 billion in private equity transactions. In its latest quarterly report on April 24, it reported assets under management of $108 billion. Along with The Brickman Group, other well-known U.S.-based "portfolio partner" companies under KKR’s umbrella include Go Daddy and ToysRUs,Inc. It also has controlling interest in companies in Germany, the United Kingdom, China, The Netherlands, Vietnam, Singapore, Japan, Australia, France, India, Turkey, Malaysia and Taiwan. KKR is truly a global company with 13 offices in the United States, Europe and Asia. The rapidity with which KKR is moving within the industry is one of the most surprising aspects of this potential transaction.
    [Show full text]
  • Download Ashley Tison Deck
    www.ozpros.com Special offer - Go to ozpros.com/save50 1 Copyright OZE, Inc. © 2020 The What – What is a Qualified Opportunity Zone (QOZ) and Where are the QOZs Interactive map available on: opportunitydb.com/map 2 Copyright OZE, Inc. © 2020 Opportunity Zones – Three Ultimate Benefits Temporary Step Up In Basis Any investment in a Deferral QOF held for 5 years Capital Gains from the gets a tax basis increase sale of any asset (if of 10%. This means that reinvested within 180 when the taxes are paid days) are deferred until on the original capital the sale of the new gain in April of 2027, investment or December the amount paid will 31,2026 be 10% less. Permanent Exclusion – Step Up In Basis to Fair Market Value Investments held for 10 years will pay no capital gains tax on the post acquisition gains and will also avoid depreciation recapture. 3 Copyright OZE, Inc. © 2020 OZ v Conventional Investment Capital Gain of $1MM Reinvested in 2020 Period Qualified Opportunity Zone Business Conventional Investment Day 1 $1mm Investment $762,000 Investment (deferred Cap Gains Tax) Year 5 10% reduction in Cap Gains Tax No Tax Benefit (Savings of $23,800) January 1, 2027 Tax due on initial investment of approximately No Tax Benefit $214,200 Year 10 $1,785,800 payout $1,161,288 pay out post tax. IRR: 4.8% ($2mm - $214,200 distribution/loans made in 2027) IRR: 6.8% If held for 10 years, the after-tax return at sale is 53.8% greater. An additional $624,512 for the QOF Investment The following example is intended to show the general benefits of a proper, qualifying investment of a $1.0 million capital gain in a QOF compared to another otherwise identical investment.
    [Show full text]
  • Soaring Private Equity Investment in the Healthcare Sector
    S O A R I N G P R I V A T E E Q U I T Y I N V E S T M E N T I N T H E H E A L T H C A R E S E C T O R : C O N S O L I D A T I O N A C C E L E R A T E D , C O M P E T I T I O N U N D E R M I N E D , A N D P A T I E N T S A T R I S K RICHARD M. SCHEFFLER LAURA M. ALEXANDER JAMES R. GODWIN M A Y 1 8 , 2 0 2 1 AUTHORS Richard M. Scheffler is a Distinguished Professor of Health Economics and Public Policy in the Graduate Schools of Public Health and Goldman School of Public Policy at UC Berkeley and Director of the Nicholas C. Petris Center on Health Care Markets and Consumer Welfare (petris.org) at UC Berkeley. Corresponding author, [email protected]. Laura M. Alexander is Vice President of Policy, American Antitrust Institute (AAI). AAI is an independent non-profit education, research, and advocacy organization. Its mission is to advance the role of competition in the economy, protect consumers, and sustain the vitality of the antitrust laws. For more information, see www.antitrustinstitute.org. James R. Godwin is a researcher at the Nicholas C. Petris Center on Health Care Markets and Consumer Welfare and a PhD Candidate in Health Policy & Management at the UCLA Fielding School of Public Health.
    [Show full text]
  • Nber Working Paper Series on the Return to Venture
    NBER WORKING PAPER SERIES ON THE RETURN TO VENTURE CAPITAL Boyan Jovanovic Balàzs Szentes Working Paper 12874 http://www.nber.org/papers/w12874 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 January 2007 We thank A. Dittmar, I. Guler, J. Ritter, S. Woodward and Y. Yafeh for data and comments, M.A. Campo-Rembado, W. Fuchs, R. Hall, N. Kyotaki, A. Ljungqvist, C. Michelacci, J. Stein, M. Ueda, L. White and S. Woodward for comments, the NSF for support and A. Gavazza, V. Tsyrennikov, and M. Kredler for ably estimating the model and providing comments on the entire paper. We also thank the NSF and the Kauffman Foundation for support. Appendix B was written by Matthias Kredler. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. © 2007 by Boyan Jovanovic and Balàzs Szentes. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. On the Return to Venture Capital Boyan Jovanovic and Balàzs Szentes NBER Working Paper No. 12874 January 2007, Revised September 2007 JEL No. G24,L26 ABSTRACT We provide a model that links the high return to venture equity to the impatience of the VCs. VCs are scarce, and hence, they have market power and a high return on their investments. As a result, VCs are eager to terminate non-performing ventures so they can move on to new ones. The scarcity of VCs enables them to internalize their social value, and the competitive equilibrium is socially optimal.
    [Show full text]
  • National Elevator Industry Pension Fund V. Verifone Holdings, Inc., Et Al
    1 COUGHLIN STOIA GELLER RUDMAN & ROBBINS LLP 2 ELI R. GREENSTEIN (217945) 100 Pine Street, Suite 2600 3 San Francisco, CA 94111 Telephone: 415/288-4545 4 415/288-4534 (fax) [email protected] 5 – and – PATRICK J. COUGHLIN (111070) 6 655 West Broadway, Suite 1900 San Diego, CA 92101 7 Telephone: 619/231-1058 619/231-7423 (fax) 8 [email protected] 9 Lead Counsel for Plaintiffs 10 UNITED STATES DISTRICT COURT 11 NORTHERN DISTRICT OF CALIFORNIA 12 NATIONAL ELEVATOR INDUSTRY ) Master File No. 3:07-cv-06140-MHP PENSION FUND, ) 13 ) CLASS ACTION Plaintiff, ) 14 ) SECOND AMENDED CONSOLIDATED vs. ) COMPLAINT FOR VIOLATIONS OF THE 15 ) FEDERAL SECURITIES LAWS VERIFONE HOLDINGS, INC., DOUGLAS ) 16 G. BERGERON, BARRY ZWARENSTEIN, ) PAUL PERIOLAT, WILLIAM G. ) 17 ATKINSON and CRAIG A. BONDY, and All ) Others Similarly Situated, ) 18 ) Defendants. ) 19 ) ) 20 In re VERIFONE HOLDINGS, INC. ) SECURITIES LITIGATION ) 21 ) ) 22 This Document Relates To: ) ) 23 ALL ACTIONS. ) ) 24 25 26 27 28 1 TABLE OF CONTENTS 2 Page 3 I. INTRODUCTION .......................................................................................................... 1 4 II. JURISDICTION AND VENUE .................................................................................... 13 5 III. THE PARTIES ............................................................................................................. 13 6 IV. CONFIDENTIAL WITNESSES................................................................................... 17 7 V. BACKGROUND LEADING UP TO THE CLASS PERIOD.......................................
    [Show full text]
  • Advanced Private Equity Chapter 1-R18
    1-5 GLOSSARY OF VENTURE CAPITAL § 1.02 § 1.02 Glossary of Terms -#- 401(K) Plan: A type of qualified retirement plan in which employees make salary reduced, pre-tax contributions to an employee trust. In many cases, the employer will match employee contributions up to a specified level. -A- “A” Round: A financing event whereby venture capitalists invest in a company that was previously financed by founders and/or angels. The “A” is from Series “A” Preferred stock. See “B” round. Accredited Investor: Defined by Rule 501 of Regulation D, an individ- ual (i.e., non-corporate) “accredited investor” is a either a natural person who has individual net worth, or joint net worth with the person’s spouse, that exceeds $1 million at the time of the purchase OR a natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year. For the complete definition of accredited investor, see the SEC website. Accrued Interest: The interest due on preferred stock or a bond since the last interest payment was made. Acquisition: The process of gaining control, possession or ownership of a private portfolio company by an operating company or conglomerate. ACRS: Accelerated Cost Recovery System. The IRS approved method of calculating depreciation expense for tax purposes. Also known as Accel- erated Depreciation. Adjustment Condition: An adjustment condition occurs if the company does not close on an equity investment in the company for a minimum of $xxx, net of brokerage fees, on or before a series of other predetermined events, i.e., delivery of term sheet to preferred stockholders.
    [Show full text]
  • Peter D. Park
    Peter D. Park Associate T: +1.213.455.7629 333 South Hope Street F: +1.917.438.6186 Forty-Third Floor [email protected] Los Angeles, CA 90071 Peter Park is an associate in the Corporate Practice Group in the firm's Los Angeles office. Areas of Practice Peter’s practice focuses on advising private and public companies, private equity funds and their portfolio companies on a broad range of corporate transactions, including mergers and acquisitions, minority investments, joint ventures, equity arrangements and corporate governance matters. Experience Mergers and Acquisitions Technology and Telecommunications: ■ Represented a private equity fund in its $4.3 billion acquisition of a publicly traded company’s technology platform. ■ Represented a private equity fund in its acquisition of a developer of electronic medical record and revenue cycle management software. ■ Represented a private equity fund in its $310 million acquisition of a developer of accounting software for oil and gas companies. ■ Represented a private equity fund in its acquisition of a developer of mobile traffic management software. ■ Represented a private equity fund in its acquisition of an early stage manufacturer of night vision sensors. ■ Represented a private equity fund in its acquisition of a provider of prison telecommunication services. Consumer Products/Food and Beverage/Business Services: ■ Represented a private equity fund in its $525 million sale of a casual dining restaurant chain. ■ Represented a private equity fund in its acquisition of an operator of home improvement consumer shows. ■ Represented a private equity fund in the sale of its portfolio company, an operator of convenience stores and gas stations.
    [Show full text]
  • CAFR) on the SERS Fund for Calendar Year 2009
    inside keystone @ 40% Commonwealth of Pennsylvania State Employees’ Retirement System ® Comprehensive Annual Financial Report For the year ended December 31, 2009 09 A Component Unit of the Commonwealth of Pennsylvania Commonwealth of Pennsylvania State Employees’ Retirement System Comprehensive Annual Financial Report For the year ended December 31, 2009 Prepared by the staff of the Pennsylvania State Employees’ Retirement System Leonard Knepp Executive Director Anthony J. Faiola Chief Financial Officer State Employees’ Retirement System 30 North Third Street, Suite 150 Harrisburg, PA 17101-1716 A Component Unit of the Commonwealth of Pennsylvania inside keystone @ 40% Commonwealth of Pennsylvania State Employees’ Retirement System 30 North Third Street, Suite 150 Harrisburg, Pennsylvania 17101-1716 Telephone: 717-787-9657 www.sers.state.pa.us ® Nicholas J. Maiale Chairman May 28, 2010 Honorable Edward G. Rendell, Governor Commonwealth of Pennsylvania Members, Pennsylvania General Assembly Members, Pennsylvania State Employees’ Retirement System Dear Governor Rendell, Legislators and Members: The Board of the Pennsylvania State Employees’ Retirement System (SERS) is pleased to present our Comprehensive Annual Financial Report (CAFR) on the SERS Fund for calendar year 2009. The CAFR provides us with a vehicle to compile and publicly disclose extensive financial, investment and actuarial reports with introductions from SERS management and the Fund’s consulting actuary. This report reflects a recovery in SERS’ investment performance in 2009. The SERS Fund achieved a 9.1% return for the calendar year. The Fund’s 2009 performance exceeded the assumed rate of return, which is 8%. This marks the 11th time in the last 15 years that SERS has out-performed its assumed rate of return.
    [Show full text]
  • Buyer Brochure
    BB UU YY EE RR BB RR OO CC HH UU RR EE Valufinder Group, Inc. 95 Horatio Street Suite 301 New York, NY 10014 USA Telephone: 212-243-1133 Fax: 212-243-1838 Email: [email protected] http://www.valufindergroup.com Copyright © Valufinder Group, Inc. 2004. All Rights Reserved. ABOUT VALUFINDER 1 At A Glance 2 Our Team 3 - 4 Referrals 5 - 7 Careers 8 FOR BUYERS 9 Problems Buyers Face 10 - 11 The Valufinder Solution 12 Valufinders Methodology 13 - 14 Data Accumulation 15 - 16 Matching Buyers & Sellers 17 - 18 Completing Transactions 19 – 20 Retained Searches 21 The Valufinder Difference 22 Initial Stage 23 Candidate Identification 24 Candidate Contact 25 - 27 Additional Information 28 - 29 Partial Client List 30 NEWS & TRANSACTIONS 31 Select Transactions 32 - 36 Case Studies 37 Private Sellers 38 - 43 Corporate Divestitures 44 - 49 Add-on Acquisitions 50 - 55 Company News 56 - 59 CONTACT US 60 Copyright © Valufinder Group, Inc. 2004. All Rights Reserved. For over a quarter century, buyers and owners in the middle market have relied on Valufinder's experience and acumen to reach the goal of a fair and equitable transaction. At Valufinder, we take the time to understand the objectives of the owner and the acquisition criteria of the buyer, in order to provide realistic and appropriate opportunities, while striving to give honest, intelligent and objective advice. Valufinder is clearly the most talented and prolific deal initiator I've worked with in my career. Valufinder Group is distinctive because of their intelligence and creativity in developing proprietary ideas. They are tireess. I can't think of anyone better at origination than Valufinder.
    [Show full text]
  • The Challenged Fund: Toolkit for Dealing with Zombie Funds, Legacy Assets, GP Restructurings and Other Difficult Situations
    The Challenged Fund: Toolkit for Dealing with Zombie Funds, Legacy Assets, GP Restructurings and Other Difficult Situations Tom Bratkovich, Founder/Managing Director Longview Investment Partners Introduction This workshop will explore issues and solution paths for relationships that LPs no longer desire going forward, from the most simple to the most complex. The pros/cons and degree-of-difficulty of each solution path will be explored. Multiple real-life case studies will be presented (non- attributable summaries of which will be distributed in each session) to promote interactive discussion and determine whether the actual desired outcome was achieved. Participants will have a framework for recognizing, evaluating, and acting on these situations in the future Learning Objectives: • Determine the root causes and evolution of challenged funds and how relationships can deteriorate over time • Provide a playbook of options for dealing with these situations and explore the nuances of pursuing various solution paths • Assess who initiates action in these situations, and why; assess whether and when an LP should initiate action and the potential benefits and consequences • Explore which of the following options might be a good fit for specific situations: pre-commitment legal terms, fee-reductions, suspension/commitment reductions, GP replacement, position secondary sale, fund restructuring, legacy asset management, and do nothing/business as usual 2 Description – Which Funds are “Challenged”? • Anyone you have excluded from re-up, even if
    [Show full text]