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| Music Forum Index » Rush Music Forum » Gary lost GMAC/Capmark and by his KKR had investment,... |
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| LIBERATOR... |
 Posted: Sun Nov 01, 2009 2:50 am |
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Guest
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Gary/RUSH own KKR and owned GMAC til Dick Strong took it away. Now it
is bankrupt and even though Dick owns it, KKR had money invested and
lost it all - Nice job Dick Strong! Gary, keep the suicide pill ready
and close by!
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http://online.wsj.com/article/SB125640081248705947.html
http://www.capmark.com/capmark/
OCTOBER 25, 2009, 6:34 P.M. ET Capmark Files for Bankruptcy
Protection
By MIKE SPECTOR
Capmark Financial Group Inc., one of the nation's largest commercial-
real-estate lenders, filed for bankruptcy protection in Delaware.
The much-expected move underscores the deep problems in the business-
property market. After suffering from the collapse in residential
mortgages, U.S. banks face steep losses from commercial real-estate
loans. Capmark has originated more than $10 billion in commercial real-
estate loans, according to Moody's Investors Service.
It also represents a blow to the company's private-equity owners. In
2006, a group led by KKR & Co., Goldman Sachs Capital Partners and
Five Mile Capital Partners acquired the lender GMAC LLC's commercial-
real estate business and renamed it Capmark. As of March 31, the
investor group owned about 75% of the company, with GMAC and its
employees owning the balance.
The Horsham, Pa., company recently reported a $1.6 billion second-
quarter loss and warned it might be forced to seek Chapter 11
bankruptcy protection. KKR has already written down its investment in
Capmark to zero.
Capmark recently entered an agreement to sell its North American
servicing and mortgage-banking operations to a new company owned by
Warren Buffet's Berkshire Hathaway and Leucadia National Corp. for as
much as $490 million. Under the deal's terms, the sale could occur
while Capmark is in bankruptcy, but would require a bigger cash
payment.
Adding to Capmark's pressures, the Federal Deposit Insurance Corp. had
notified the company that it must raise capital and boost liquidity at
its Utah bank, which has roughly $10 billion in assets.
The bank would not be part of Capmark's bankruptcy filing, a person
familiar with the situation said.
KKR declined to comment. Capmark didn't respond to a request for
comment. |
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