DOCSLIB.ORG

Graham & Doddsville

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Graham & Doddsville Graham & Doddsville An investment newsletter from the students of Columbia Business School Inside this issue: Issue XVII Winter 2013 Graham & Dodd Breakfast P. 3 JANA Partners — Collaboratively Frank Martin JANA Partners P. 4 Unlocking Value — Daniel Krueger P. 14 Winning by Not Losing Frank Martin P. 28 Frank Martin Russell Glass P. 42 Frank Martin is the founder and owner of Martin Capital Management, an investment partnership based out of Elkhart, Jon Friedland P. 50 Indiana. He is the author of two books on investing, Speculative Contagion (2005) and A Decade of Delusions (2011). (Continued on page 28) Barry Rosenstein Scott Ostfeld Founded in 2001, JANA Part- ners is a value-oriented in- Editors vestment advisor specializing Russell Glass Jay Hedstrom, CFA in event-driven investing. G&D sat down with two of — MBA 2013 the firm’s partners, Barry Arbitrageur of Jake Lubel Rosenstein and Scott Ostfeld ’02. Barry Rosenstein is the Value MBA 2013 founder and Managing Part- ner of JANA Partners. Prior Russell Glass Sachee Trivedi (Continued on page 4) Russell Glass is founder and managing partner of RDG Capital MBA 2013 Management, a New York-based investment management firm that specializes in activist investing. Prior to RDG Richard Hunt Capital, Mr. Glass served as President of Icahn Associates, the MBA 2014 Daniel Krueger investment firm of Carl Icahn. A passionate sports fan, Mr. (Continued on page 42) Stephen Lieu — “Uncertainty MBA 2014 is our friend” Visit us at: Jon Friedland — www.grahamanddodd.com Searching for www.csima.org International Battleships Jon Friedland Daniel Krueger Jon Friedland ’97 is the Director of International Research at Daniel Krueger ’02 is a Man- Amici Capital (formerly named Porter Orlin). He is aging Director and Partner responsible for sourcing and analyzing the firm’s international at Owl Creek Asset Manage- long and short ideas. Prior to joining Amici in 2001, he ment, a hedge fund in New worked at Zweig-Dimenna Associates, a New York-based (Continued on page 14) (Continued on page 50) Page 2 Welcome to Graham & Doddsville We are proud to bring you the very attractive risk-return sce- the coming years. latest installment of Graham & narios, as well as how he en- Doddsville. This is the 17th edi- courages his team, in their Jon Friedland ’97 from tion of Columbia Business early work on a company, to Amici Capital shared with us School’s student-led investment zero in on the key questions the factors that make a com- newsletter, co-sponsored by the that need to be answered. pany a ‘battleship’ company. Heilbrunn Center for Graham & He then conveyed the attrac- Dodd Investing and the Colum- Frank Martin from Martin tiveness of searching for these Pictured: Professor Bruce bia Student Investment Manage- Capital Management de- companies in emerging mar- Greenwald. The Heilbrunn ment Association. scribed how he picks compa- kets. Center sponsors the Ap- nies on a bottom-up basis, yet plied Value Investing pro- We were very fortunate to sit spends much of his time thor- This issue also contains pic- gram, a rigorous academic down with six well-respected oughly studying the macroeco- tures from the 22nd Annual curriculum for particularly and successful investors that nomic environment. He also Graham & Dodd Breakfast, committed students that is span the value investing spec- explained his reasoning for which took place on October 5 taught by some of the in- trum – they prove the old ad- having a conservatively posi- at the Pierre Hotel in New dustry’s best practitioners. age, ‘there is more than one way tioned portfolio today. Mr. York. Investing luminaries to skin a cat.’ Martin goes into detail about Tom Russo, Bill Ackman, Mario the behavioral aspects of in- Gabelli, William von Mueffling, Barry Rosenstein and Scott vesting and what he does to and others were on hand to Ostfeld ’02 from JANA Part- avoid traps to which many mingle and listen to keynote ners explained their process for investors fall prey. speaker Meryl Witmer from constructively engaging manage- Eagle Capital Partners. ment in activist situations. They Activist Russell Glass from also talked about how their RDG Capital made us very We thank our featured inves- entrepreneurial backgrounds envious when he shared his tors for sharing their time and have helped shape their careers unique business school and insights with our readers. and the way they look at compa- early career experiences. Mr. Please feel free to contact us if nies. Glass thoroughly shared how you have comments or ideas his firm has been able to profit about the newsletter as we Distressed expert Dan handsomely by actively advo- continue to refine this publica- Pictured: Heilbrunn Center Krueger ’02 from Owl Creek cating for the sale of underval- tion for future editions. We Director Louisa Serene Asset Management shared ued companies. He also illumi- hope you enjoy reading this Schneider. Louisa skillfully the intricacies of distressed debt nated for us how the large issue of Graham & Doddsville leads the Heilbrunn Center, investing that make it his favor- amounts of cash in private and find the interviews as infor- cultivating strong relation- ite hunting ground for ideas. He equity and corporate hands mative and thought-provoking ships with some of the also explained how the econom- could lead to a robust mergers in written form as we found world’s most experienced ics of averaging down create and acquisitions environment in them to be in person. value investors and creating numerous learning oppor- tunities for students inter- ested in value investing. CSIMA Scholarship The classes sponsored by the Heilbrunn Center are among the most heavily The Columbia Student Investment Management Association (CSIMA) will be demanded and highly rated awarding its inaugural scholarship this spring with the proceeds from today’s classes at Columbia Busi- conference. Through this program, we will award a $10,000 scholarship to ness School. an incoming Columbia Business School student that exhibits an outstanding aptitude and commitment to investment management. All incoming MBA students in the Class of 2015 are eligible to apply and the recipient will be chosen by a panel of CSIMA students. We are excited to initiate this scholarship and look forward to making this an annual tradition. IssueVolume XVII I, Issue 2 Page 3 22nd Annual Graham & Dodd Breakfast, Oct 5, 2012 at Pierre Hotel Keynote Speaker – Meryl Witmer Bill Ackman Mario Gabelli with William von Mueffling Tom Russo in deep conversation with Sid and Helaine Lerner Dean Hubbard thanks Ms. Witmer Prof. Greenwald makes a point Engaged audience “Bring a sharp pencil and leave your emotions at home!” – Meryl Witmer Page 4 JANA Partners (Continued from page 1) out of business school. The answered the phone. I to founding JANA Part- interviews didn't go that started talking as fast as I ners, Mr. Rosenstein was the founder and Managing well for me, and there could and he finally said, Partner of Sagaponack weren't big banking pro- "Well, come on in." This Partners, a private equity grams like there are today. led to me becoming Edel- fund. Mr. Rosenstein re- What did lead to a job was man’s co-head of takeovers, ceived his MBA from cold-calling. The trick I a job for which I really was- Wharton and his B.S. from used to get jobs coming out n’t qualified. Lehigh University. Scott of business school was to Ostfeld is a partner of call people after 5:00 p.m., G&D: Can you tell us the JANA Partners and is re- when their secretaries had story of how you actually sponsible for special situa- tions investments, includ- left, so that the person I got the job offer from Asher ing active shareholder en- really wanted to speak to Edelman? gagement. Prior to joining would likely pick up the Barry Rosenstein JANA Partners, Mr. Ostfeld phone themselves. In the BR: Asher was the corpo- was with GSC Partners in case of my first job oppor- rate raider back then, and I its distressed debt private tunity, I cold-called a Whar- was a nobody associate at equity group. Mr. Ostfeld ton alumnus at a boutique Merrill Lynch; no one there received his MBA from firm called Warburg, even knew who I was. He Columbia Business School, Becker, Paribas. Unfortu- started by telling me that his J.D. from Columbia Law School, and a B.A. from nately, the first week on the he'd been talking to the Columbia University. job, the firm was sold to heads of the M&A depart- Merrill Lynch and I was ments at various investment G&D: Can you tell us again without a job. That banks about coming to about your background and was the start of my career. work for him to co-head his how you became interested Fortunately, Merrill called takeover business. I didn’t in investing? me about a week later and understand why he was tell- told me I could interview ing me this as it had nothing Barry Rosenstein (BR): I for a job with them and, to do with me. After about wasn't one of these people apparently, they needed 15 minutes, he turned to me who invested when I was bodies so they hired me. I and said, "I think you and I nine years old. I was good worked in banking for about are going to do a deal here." at math and I was interested two and a half years but I I had no idea what he in business. Frankly, I didn't frankly didn't like it that meant.
Load more

Recommended publications
  • Assure Funding New York
    Assure Funding New York Pink Srinivas never paper so alow or earwig any arsonist disdainfully. Chrissy flopping his glyphographer lures proficiently or unrestrictedly after Jotham squats and facsimiled stoutly, araliaceous and armorial. How clubbish is Wiatt when weeping and palladous Pate bummed some statements? Trump out more effectively meet every year he suggested that they may legitimately respond realistically to new york life insurance solutions for encrypting and complimentary revenue sharing All prior to begin each new lives under PAUSE Policies Assure Uniform. NYSACHO's state budget priorities seek only to assure that compulsory health. Brennan Center on Twitter We need to unit the cleave of. Capital Projects City-OwnedCity Property The Office later The. We though not compromise on funding or school safety in consider home garden the. PROJECT the Total Safety Consulting. Choose one boces, esp sites monitor data are you! Power Assure raises 135M led by ABB Silicon Valley. Although it only because of antiquity is a profound impact on payroll, we expect business school districts is currently repaying your hard it? New York North Carolina State University Raleigh North Carolina. If you draft on information obtained from Google Translate you do so given your own risk The Office obtain the State Comptroller does not warrant and assure or. Cdc should we doing. Under great new proposal USDA would reorganize and go in reinvigorating the uniquely American system all public funding for agricultural education research. A Syndicate or Special farm Vehicle SPV to equity capital from a new habit can. Injured Patients and Families Compensation Fund Announces Premium Holiday On Wednesday.
    [Show full text]
  • Download Commencement Program
    WESLEYAN UNIVERSITY z ONE HUNDRED AND EIGHTY-NINTH COMMENCEMENT v MAY TWENTY-SIXTH TWO THOUSAND AND TWENTY-ONE MIDDLETOWN, CONNECTICUT PROGRAM MARSHAL OF THE FACULTY PROCESSION* Francis W. Starr , Professor of Physics The audience is requested to rise as the graduates enter and to remain standing until the graduates are seated. ~ VICE MARSHALS OF THE FACULTY Octavio Flores-Cuadra , Adjunct Professor of Spanish WELCOME AND PRESIDENT’S REMARKS MICHAEL S. ROTH ’78 ~ PRESIDENT Kate Mullen , Adjunct Professor of Physical Education Suzanne B. OConnell , Professor of Earth and Environmental Sciences SENIOR CLASS WELCOME ASSISTANT FACULTY MARSHALS BRYAN LEONARD SIU YEUNG CHONG ’21 ~ FOR THE CLASS OF 2021 Stephen Angle , Mansfield Freeman Professor of East Asian Studies Richard S. Grossman , Professor of Economics RECOGNITION OF RETIRING FACULTY Scott G. Holmes , Professor of Molecular Biology and Biochemistry Tushar Irani , Associate Professor of Letters and Philosophy CONFERRING OF MASTER OF ARTS AD EUNDEM GRADUM William D. Johnston , John E. Andrus Professor of History CONFERRING OF TEACHING PRIZES Shona Kerr , Adjunct Professor of Physical Education NICOLE STANTON ~ PROVOST AND SENIOR VICE PRESIDENT FOR ACADEMIC AFFAIRS Amy MacQueen , Associate Professor of Molecular Biology and Biochemistry Sean McCann , Kenan Professor of the Humanities Ishita Mukerji , Fisk Professor of Natural Science CONFERRING OF HONORARY DOCTORATES Christopher Rasmussen , Associate Professor of Mathematics Sarah Ryan , Associate Professor of the Practice in Oral Communication ADDRESS REGINALD DWAYNE BETTS Charles A. Sanislow , Professor of Psychology Kari Weil , University Professor of Letters CONFERRING OF DEGREES MARSHALS OF THE SENIOR CLASS It is requested that there be no applause until all degrees have been conferred.
    [Show full text]
  • The Pioneer Research Journal
    The Pioneer Research Journal An International Collection of Undergraduate- Level Research Volume 3 2016 The Pioneer Research Journal An International Collection of Undergraduate-Level Research Contents Contributing Readers. iii Foreword. xi Selection Process. xiii Culture and Pain: The Effect of Culture on the Production of Endorphins in the Brain (Neuroscience) . 1 Author: Joshua E. Roth School: Northside College Preparatory High School – Chicago, Illinois, United States Pioneer Seminar Topic: Understanding the Sense of Touch through Neuroscience Locating Obnoxious Facilities: Minimizing Risk and Cost of Disposing and Transporting Hazardous Waste (Mathematics) . 27 Author: Rahil Bathwal School: Jamnabai Narsee International School – Mumbai, India Pioneer Seminar Topic: Network Optimization: Facility Location Problems High-Rise Organicity: A Proposal for a Bamboo-Themed Skyscraper (Architecture) . 47 Author: Xi Yue (Kelly) School: The Affiliated High School of South China Normal University – Guangzhou, China Pioneer Seminar Topic: The Skyscraper Molecular Transistors: The Effects of Test Molecules on the Conduction Patterns of a Lithium Nanowire (Chemistry) . 65 Author: Isaac Ick School: Dobyns-Bennett High School – Kingsport, Tennessee, United States Pioneer Seminar Topic: Computational Quantum Chemistry vii How Effective is Fiscal Policy in Correcting Income Inequality? (Economics) . 85 Author: Tongxin Zhang School: WHBC of Wuhan Foreign Languages School – Wuhan, China Pioneer Seminar Topic: Monetary Policy and the Great Recession Study
    [Show full text]
  • Private Equity - Wikipedia, the Free Encyclopedia Page 1 of 15
    Private equity - Wikipedia, the free encyclopedia Page 1 of 15 Private equity From Wikipedia, the free encyclopedia Financial market In finance, private equity is an asset class consisting of equity securities participants in operating companies that are not publicly traded on a stock exchange. Investments in private equity most often involves either an investment of capital into an operating company or the acquisition of an operating company. Capital for private equity is raised primarily from institutional investors. There is a wide array of types and styles of private equity and the term private equity has different connotations in different countries. [1] Collective investment schemes Among the most common investment strategies in private equity include Credit Unions leveraged buyouts, venture capital, growth capital, distressed Insurance companies investments and mezzanine capital. In a typical leveraged buyout Investment banks transaction, the private equity firm buys majority control of an existing Pension funds or mature firm. This is distinct from a venture capital or growth capital Prime Brokers investment, in which the private equity firm typically invests in young or Trusts emerging companies, and rarely obtain majority control. Contents Finance series Financial market Participants 1 Types of private equity Corporate finance 1.1 Leveraged buyout Personal finance 1.2 Venture capital Public finance 1.3 Growth capital Banks and Banking 1.4 Distressed and Special Situations Financial regulation 1.5 Mezzanine capital 1.6
    [Show full text]
  • Directors' Duties in Management Buyouts and Leveraged Recapitalizations
    Directors' Duties in Management Buyouts and Leveraged Recapitalizations DEBORAH A. DEMOTr* I. INTRODUCTION In recent years the level of merger and acquisition activity in the United States has been strikingly high, staggeringly so to some observers. In 1986, 4,024 transactions with a value of $190,512.3 million were completed, topping the prior record set in 1985 of 3,397, valued at $144,283.5 million.' Of equal interest is the nature of these transactions. Over one-fifth of those completed in 1986 were leveraged buyouts, 2 and by June 1987 completed buyouts for the year totaled $34.3 billion. 3 Inevitably these transactions contributed to a general increase in leverage in the United States economy.4 Thus, directors of public companies in the United States discharge their functions in an atmosphere of well-publicized and frequent mega-buck changes in corporate control, an atmosphere increasingly tolerant of highly leveraged corporate enterprise as well. This Article examines the legal concerns of directors who authorize management buyouts (MBO's) and leveraged recapitalizations, two especially popular types of transactions affecting corporate control. This examination is preceded by a descrip- tion of the basic effects of each of these transactions and a detailed analysis of the transactions' structure as defined by corporate law. In addition, the Article explores possible explanations and justifications for these transactions' popularity, and critically examines policy alternatives to deal with their problematic aspects. The Article develops two separate but interrelated arguments. First, the phenomenal popularity of these transactions is in significant respects driven by the demand for the financial assets they create.
    [Show full text]
  • Leveraged Buy out T 6 E R
    C H A P LEVERAGED BUY OUT T 6 E R INTRODUCTION A leveraged buyout (or LBO, or highly-leveraged transaction (HLT), or “bootstrap” transaction) occurs, when a financial sponsor acquires a controlling interest in a company’s equity and where a significant percentage of the purchase price is financed through leverage (borrowed money). It is a strategy involving the acquisition of another company using a significant amount of borrowed money (bonds or loans) to meet the cost of acquisition. It is nothing but takeover of a company using the acquired firm’s assets and cash flow to obtain financing. In LBO, the assets of the company being acquired are used as collateral for the loans in addition to the assets of the acquired company. A LBO occurs when a financial sponsor gains control of a majority of a target company’s equity through the use of borrowed money or debt. The purpose of leveraged buyouts is to allow companies to make large acquisitions without having to commit a lot of capital. Leveraged buyouts are risky for the buyers if the purchase is highly leveraged. An LBO can be protected from volatile interest rates by an Interest Rate Swap, locking in a fixed interest rate, or an interest rate cap which prevents borrowing cost from rising above a certain level. LBOs also have been financed with high-yield debt or Junk Bonds and have also been done with the interest rate capped at a fixed level and interest costs above the cap added to the principal. For commercial banks, LBOs are attractive because these financings have large up-front fees.
    [Show full text]
  • The Activist Report
    The Activist Report Volume 3 Issue 7 July | 2013 In the 10 Questions Cross Hairs with Marc In early May, Barclays Research published a report entitled FedEx 2.0 suggesting how Weingarten FedEx could create shareholder value by improving its operations. The report pointed out Marc Weingarten is chair of the Business that as opposed to UPS, FedEx runs its ground and air businesses almost as completely Transactions Group at Schulte Roth & Zabel separate companies. UPS has only $10 billion more revenue than FedEx ($54B versus LLP where his practice focuses on mergers & $44B) but an $88 billion enterprise value compared to $30 billion for FedEx. acquisitions, leveraged buyouts, corporate continued on page 4 governance, securities law and investment partnerships. One of the leading lawyers representing activist investors, he has advised on many of Engaged Capital was founded by Glenn W. Welling, a former Principal and Managing the most significant Director at Relational Investors. It received an $85 million seed investment from Grosve- activist campaigns nor Capital Management and commenced operations in the fourth quarter of 2012. They in recent years. Marc started off strong, despite being only approximately 50% invested. In the fourth quarter was able to make of 2012, their long/short fund ($125M of assets) was up 6.29% on a net basis and the long time to sit down with only fund ($10M of assets) was up 7.90% on a net basis, versus -0.38% for the S&P500. us for this month’s continued on page 5 edition of 10 Questions. 13DM: You represent a great many activists, and have been involved in some of the most significant contests over the years.
    [Show full text]
  • Chapter 1 Growth of Activism and Why Corporate Raiders Aren
    Part One FROM RAIDERS TO ACTIVISTS AND EVERYTHING IN BETWEEN COPYRIGHTED MATERIAL 1 cc01.indd01.indd 1 77/22/09/22/09 110:19:010:19:01 AAMM cc01.indd01.indd 2 77/22/09/22/09 110:19:020:19:02 AAMM Chapter 1 Growth of Activism and Why Corporate Raiders Aren ’ t Around Anymore he past few years have seen a major increase in the number of activist hedge funds in the United States and abroad. As of Sep- T tember 2006, Hedge Fund Research Inc. (HFR), a Chicago - based database and analysis company, estimates that roughly 150 full - time activist hedge fund managers have functioning investment vehicles — roughly dou- ble the 77 activist managers that existed in 2005. Activist funds in 2006 more than doubled to $117 billion in assets, from roughly $48.6 billion in assets in 2004, according to HFR (see Figure 1.1 ). Also, activists appear to have produced strong results by outperform- ing the marketplace over the past number of years. In 2004, when the Standard and Poor’ s (S & P) 500, a noted benchmark of large- capitalization companies, returned 10.86 percent, activists produced 23.16 percent, 3 cc01.indd01.indd 3 77/22/09/22/09 110:19:020:19:02 AAMM 4 extreme value hedging 160 $140 140 $120 120 $100 Assets (in billions) 100 $80 80 $60 60 Number of funds $40 40 20 $20 0 $0 2004 2005 3rd quarter 2006 Number of Assets under activist funds management Figure 1.1 Hedge Fund Research Inc. 2006 Source: Hedge Fund Research Inc.
    [Show full text]
  • Private Equity 1 Private Equity
    Private equity 1 Private equity Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange. [1] Among the most common investment strategies in private equity include leveraged buyouts, venture capital, growth capital, distressed investments and mezzanine capital. In a typical leveraged buyout transaction, the private equity firm buys majority control of an existing or mature firm. This is distinct from a venture capital or growth capital investment, in which the private equity firm typically invests in young or emerging companies, and rarely obtain majority control. Leveraged buyout Leveraged buyout, LBO or Buyout refers to a strategy of making equity investments as part of a transaction in which a company, business unit or business assets is acquired from the current shareholders typically with the use of financial leverage. The companies involved in these transactions are typically mature and generate operating cash flows.[2] Leveraged buyouts involve a financial sponsor agreeing to an acquisition without itself committing all the capital Diagram of the basic structure of a generic leveraged buyout transaction required for the acquisition. To do this, the financial sponsor will raise acquisition debt which ultimately looks to the cash flows of the acquisition target to make interest and principal payments.[3] Acquisition debt in an LBO is often non-recourse to the financial sponsor and has no claim on other investment managed by the financial sponsor. Therefore, an LBO transaction's financial structure is particularly attractive to a fund's limited partners, allowing them the benefits of leverage but greatly limiting the degree of recourse of that leverage.
    [Show full text]
  • Management Buyouts: Creating Or Appropriating Shareholder Wealth?
    Vanderbilt Law Review Volume 41 Issue 2 Issue 2 - March 1988 Article 1 3-1988 Management Buyouts: Creating or Appropriating Shareholder Wealth? Dale A. Oesterle Jon R. Norberg Follow this and additional works at: https://scholarship.law.vanderbilt.edu/vlr Part of the Law Commons Recommended Citation Dale A. Oesterle and Jon R. Norberg, Management Buyouts: Creating or Appropriating Shareholder Wealth?, 41 Vanderbilt Law Review 207 (1988) Available at: https://scholarship.law.vanderbilt.edu/vlr/vol41/iss2/1 This Article is brought to you for free and open access by Scholarship@Vanderbilt Law. It has been accepted for inclusion in Vanderbilt Law Review by an authorized editor of Scholarship@Vanderbilt Law. For more information, please contact [email protected]. VANDERBILT LAW REVIEW VOLUME 41 MARCH 1988 NUMBER 2 Management Buyouts: Creating or Appropriating Shareholder Wealth? Dale Arthur Oesterle* and Jon R. Norberg** I. INTRODUCTION .......................................... 208 II. MANAGEMENT BUYOUTS ................................. 215 A. The Environment and Mechanics of Management B uyouts ....................................... 215 B. The Potential for Abuse ........................ 218 C. Explaining the Premium Price in Management B uyouts ....................................... 222 III. COURT REGULATION OF MANAGEMENT BUYOUTS ......... 234 A. Removing Barriers to Price Competition ......... 236 B. The Independent Negotiating Committee ........ 241 C. The Management Buyout Group's Obligation to Disclose its Reservation Price ................... 244 IV. BETTER METHODS OF PROTECTING TARGET SHAREHOLDERS 249 A. Increasing the Accountability of Investment Advi- sors ........................................... 249 B. Strengthening the Independent Negotiating Com- mittee Versus Requiring More Disclosure by the Buyout Group ................................. 255 V. CONCLUSION ............................................ 259 * Professor of Law, Cornell Law School. ** Member, Minnesota Bar. 208 VANDERBILT LAW REVIEW [Vol.
    [Show full text]
  • Koons Bio-2011
    S O N N A B E N D JEFF KOONS BORN: York, Pennsylvania, 1955 EDUCATION: 1976 Maryland Institute College of Art, Baltimore, Maryland, B.F.A. 1975-76 School of the Art Institute of Chicago, Chicago, Illinois 1972-75 Maryland Institute College of Art, Baltimore, Maryland AWARDS AND HONORS: 2010 Jeff was made an Honorary Member of the Royal Academy Unveiling of RxArt Jeff Koons CT Scanner installation at Advocate Hope Children’s Hospital (June 29, 2010) Jeff was made an Honorary Member of the Royal Academy The 17th BMW Art Car created by Jeff Koons raced at the 24 Hours of Le Mans, France 2009 The Royal Academy of Arts presented Koons with the John Singleton Copley Award Received the award in the best "Exhibition Outside the United States" category for Jeff Koons Versailles, Rob Pruitt's First Annual Arts Awards at the Solomon Guggenheim Museum, New York, New York, October 29, 2009 National Arts Club Medal of Honor Maryland Institute College of Art Alumni Medal of Honor Governor's Awards for the Arts Distinguished Arts Award, York, Pennsylvania 2008 Honorary Doctorate, School of the Art Institute of Chicago, Illinois Wollaston Award 2008, Royal Academy of Arts, London, U.K. 2007 Promoted the rank of Chevalier of the French Legion of Honor to Officier by President Jacques Chirac of France 536 WEST 22 NEW YORK NY 10011 T. 212 627 1018 F. 212 627 0489 S O N N A B E N D Artist of the Year, American Friends of the Tel Aviv Museum of Art & Architecture 2006 Artistic Achievement Award, Americans For The Arts 2005 Creative Patronage Award, Cranbrook Academy of Art, Bloomfield Hills, Michigan Nominated to the American Academy for Arts and Sciences Honored by the Edwin Gould Services for Children and Families 2003 Museum of Fine Arts School Medal Award, Boston, Massachusetts 2002 Appointed to Board of Directors, International Centre for Missing and Exploited Children Membership to the Signet Society for Arts and Letters at Harvard University Doctor of Fine Arts, Honoris Causa , The Corcoran, Washington D.C.
    [Show full text]