Texas Pacific Group (TPG) - The lies of Feinstein through the lies of her husband

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TPG Capital

From Wikipedia, the free encyclopedia

"TPG" redirects here. For other uses, see TPG (disambiguation).

TPG Capital

Type	Private
Industry	Private equity
Predecessor	Texas Pacific Group
Founded	1992
Founder	David Bonderman James Coulter William S. Price III
Headquarters	Fort Worth, Texas San Francisco, California United States
Products	Leveraged buyouts, growth capital, venture capital
Total assets	$75 billion
Website	www.TPG.com

TPG Capital (formerly Texas Pacific Group) is an American firm. It is one of the largest private equity investment firms globally, focused on leveraged buyouts, growth capital and leveraged recapitalization investments in distressed companies and turnaround situations. TPG also manages investment funds specializing in growth capital, venture capital, public equity, and debt investments. The firm invests in a broad range of industries including consumer/retail, media and telecommunications, industrials, technology, travel/leisure and health care.
The firm was founded in 1992 by David Bonderman, James Coulter and William S. Price III. Since inception, the firm has raised more than $50 billion of investor commitments across more than 18 private equity funds. ^[1]
TPG is headquartered in Fort Worth, Texas, and San Francisco, California.^[2] The company has additional offices in Europe, Asia, Australia and other parts of North America.

Contents

• 1 Private equity funds
• 2 History and notable investments
  • 2.1 Founding
  • 2.2 Texas Pacific Group in the late 1990s
  • 2.3 Texas Pacific Group in the early 2000s
  • 2.4 TPG and 2006–2007 buyout boom
  • 2.5 TPG and the credit crisis
  • 2.6 Post-recession activity
• 3 Newbridge Capital
• 4 Criticisms
  • 4.1 Hellas Telecommunications (2015)
• 5 Notable employees
• 6 References
• 7 External links

Private equity funds

TPG has historically relied primarily on private equity funds, pools of committed capital from pension funds, insurance companies, endowments, fund of funds, high-net-worth individuals, sovereign wealth funds, and from other institutional investors. As of the end of 2008, TPG had completed fundraising for over 20 funds with total investor commitments of over $50 billion.
The firm manages investment funds in a number of distinct strategies including:

• TPG's flagship leveraged buyout funds
• Venture capital funds, particularly focused on biotechnology investments
• Distressed debt and other credit strategies invested through a series of funds raised in 2007^[3]
• Asian and Latin American funds, including the firm's Newbridge and TPG Asia fund family
• Other private equity funds. This includes TPG's T3 Partners funds, which invest in technology focused deals alongside the firm's main buyout funds.^{[4] [5]} TPG Star has a broad investment mandate including buyouts, venture capital and growth capital, however all of its investments are at the smaller end of the range, compared to TPG's traditional investments.^[6]

Fund	Vintage Year	Committed Capital ($m)
TPG's Flagship Leveraged Buyout Funds
Texas Pacific Group Partners	1994	$721
Texas Pacific Group Partners II	1997	$2,500
Texas Pacific Group Partners III	2000	$3,414
Texas Pacific Group Partners IV	2003	$5,300
Texas Pacific Group Partners V	2006	$15,000
TPG Partners VI	2008	$19,800
Venture capital funds
TPG Ventures	2001	$339
TPG Biotechnology Partners	2002	$70
TPG Biotechnology Partners II	2006	$402
TPG Biotechnology Partners III	2008	$550
Distressed debt funds
TPG Credit Management I	2007	$1,000
TPG Credit Strategies	2007	$443
Newbridge and TPG Asia funds
Newbridge Investment Partners	1995	$120
Newbridge Latin America	1995	$300
Newbridge Andean Partners	1996	$150
Newbridge Asia II	1998	$392
Newbridge Asia III	2001	$724
Newbridge Asia IV	2005	$1,500
TPG Asia V	2008	$4,250
Other private equity funds
T3 Partners	1999	$1,000
T3 Partners II	2001	$378
TPG Star	2007	$1,500

Source: Preqin^[1]

History and notable investments

History of private equity and venture capital
Early history
(Origins of modern private equity)
The 1980s
(Leveraged buyout boom)
The 1990s
(Leveraged buyout and the venture capital bubble)
The 2000s
(Dot-com bubble to the credit crunch)
v t e

Founding

The Texas Pacific Group, as it was originally known, was founded in 1992 by David Bonderman, James Coulterand William S. Price III. Prior to founding TPG, Bonderman and Coulter had worked for Robert M. Bass making leveraged buyout investments during the 1980s. In 1993, Coulter and Bonderman partnered with William S. Price III, who was Vice President of Strategic Planning and Business Development for GE Capital, to complete the buyout of Continental Airlines. ^[7] At the time, TPG was virtually alone in its conviction that there was an investment opportunity with the airline. The plan included bringing in a new management team, improving aircraft utilization and focusing on lucrative routes. By 1998, TPG had generated an annual internal rate of return of 55% on its investment.

Texas Pacific Group in the late 1990s

In 1997, TPG completed fundraising for its second private equity fund, with over $2.5 billion of investor commitments. In June 1996, TPG acquired the AT&T Paradyne unit, a multimedia communications business, from Lucent Technologies for $175 million.^[8] Also in 1996, TPG invested in Beringer Wine, Ducati Motorcycles and Del Monte Foods.
TPG's most notable 1997 investment was its takeover of J. Crew. TPG acquired an 88% stake in the retailer for approximately $500 million,^[9] however the investment struggled due to the relatively high purchase price paid relative to the company's earnings.^[10] The company was able to complete a turnaround beginning in 2002 and complete an initial public offering in 2006.^[11]
The following year, in 1998, TPG led an investor group in a minority investment in Oxford Health Plans. TPG and its co-investors invested $350 million in a convertible preferred stock that can be converted into 22.1% of Oxford.^[12] The company completed a buyback of the TPG's PIPE convertible in 2000 and would ultimately be acquired by UnitedHealth Group in 2004.^[13]
As the decade came to a close, TPG was once again fundraising, for its third private equity fund. This time, however TPG was raising not only a new buyout fund, but also a new fund, T3 Partners that would invest alongside the main fund in technology oriented investments. In 1999, TPG invested in Piaggio S.p.A, Bally International (including Bally Shoe), and ON Semiconductor.
TPG has also become recognized for its dedicated operations group that has become a major part of the process from investment to sale in many of their portfolio companies. The group is led by Dick Boyce and involves itself in tricky turnaround situations, operations improvement and other tasks that help create value in the company. Other major private equity firms have begun to develop operations group as well, attempting to recreate the model at TPG but most have had trouble creating as expansive a program.

Texas Pacific Group in the early 2000s

In 2000 TPG and Leonard Green & Partners invested $200 million to acquire Petco, the pet supplies retailer as part of a $600 million buyout.^[14] Within two years they sold most of it in a public offering that valued the company at $1 billion. Petco’s market value more than doubled by the end of 2004 and the firms would ultimately realize a gain of $1.2 billion. Then, in 2006, the private equity firms took Petco private again for $1.68 billion. ^[15]
That same year, in 2000, TPG completed the controversial acquisition of Gemplus SA, one of the leading smart card manufacturers. TPG won a struggle with the company's founder, Marc Lassus, for control of the company.^[16] Also in 2000, TPG completed an investment in Seagate Technology.
In 2001, TPG acquired Telenor Media, a Norwegian phone-directory company, for $660 million, and shortly thereafter acquired a controlling interest in the third largest silicon-wafer maker MEMC Electronic Materials.^[17]
In July 2002, TPG, together with Bain Capital and Goldman Sachs Capital Partners, announced the high profile $2.3 billion leveraged buyout of Burger King from Diageo.^[18] However, in November the original transaction collapsed, when Burger King failed to meet certain performance targets. In December 2002, TPG and its co-investors agreed on a reduced $1.5 billion purchase price for the investment.^[19] The TPG consortium had support from Burger King's franchisees, who controlled approximately 92% of Burger King restaurants at the time of the transaction. Under its new owners, Burger King underwent a major brand overhaul including the use of The Burger King character in advertising. In February 2006, Burger King announced plans for an initial public offering. ^[20]

TPG's San Francisco offices at 345 California Street

In November 2003, TPG provided a proposal to buy Portland General Electric from Enron. However, concerns about debt and local politics led to Oregon's Public Utilities Commission regulators to deny permission for the purchase March 10, 2005.Oregon Public Utility Commission (March 10, 2005). "ORDER NO. 05-114" (PDF). Retrieved February 1, 2008.
TPG ventured into the film business in late 2004 in the major leveraged buyout of Metro-Goldwyn-Mayer. A consortium led by TPG and Sony completed the $4.81 billion buyout of the film studio. The consortium also included media-focused firms Providence Equity Partners and Quadrangle Group as well as DLJ Merchant Banking Partners. ^[21] The transaction, which was announced in September 2004, was completed in early 2005.
Also in 2005, TPG was one of seven private equity firms involved in the buyout of SunGard in a transaction valued at $11.3 billion. TPG's partners in the acquisition were Silver Lake Partners, Bain Capital, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts, Providence Equity Partners, and Blackstone Group. This represented the largest leveraged buyout completed since the takeover of RJR Nabisco at the end of the 1980s leveraged buyout boom. Also, at the time of its announcement, SunGard would be the largest buyout of a technology company in history, a distinction it would cede to the buyout of Freescale Semiconductor. The SunGard transaction is also notable in the number of firms involved in the transaction, the largest club deal completed to that point. The involvement of seven firms in the consortium was criticized by investors in private equity who considered cross-holdings among firms to be generally unattractive.^{[22] [23]}

TPG and 2006–2007 buyout boom

In early 2006, as TPG was completing fundraising for its fifth private equity fund and the buyout boom was entering full swing, TPG co-founder Bill Price announced that he would scale back his work at the firm to focus on personal pursuits including his holdings in wine vineyards. ^[24]
On December 1, 2006, it was announced TPG and Kohlberg Kravis Roberts had been exploring the possibility of a record $100 billion leveraged buyout of the second-largest retailer in the U.S. Home Depot.^[25] Although this massive buyout was never actually completed, TPG was a leading investor during the 2006-2008 buyout boom, completing some of the largest transactions in this period.

Investment	Year	Company Description	Ref.
Neiman Marcus	2005	TPG, together with Warburg Pincus acquired Neiman Marcus Group, the owner of luxury retailers Neiman Marcus and Bergdorf Goodman, in a $5.1 billion buyout in May 2005.	[26][27]
Freescale Semiconductor	2006	TPG together with The Blackstone Group, The Carlyle Group and Permira completed the $17.6 billion takeover of the semiconductor company. At the time of its announcement, Freescale would be the largest leveraged buyout of a technology company ever, surpassing the 2005 buyout of SunGard.	[28]
Harrah's Entertainment	2006	On December 19, 2006, TPG and Apollo Management announced an agreement to acquire the gaming company for $27.4 billion, including the assumption of existing debt.	[29][30]
Sabre Holdings	2006	TPG and Silver Lake Partners announced a deal to buy Sabre Holdings, which operates Travelocity, Sabre Travel Network and Sabre Airline Solutions, for approximately $4.3 billion in cash, plus the assumption of $550 million in debt. Earlier in the year, Blackstone acquired Sabre's chief competitor Travelport.	[31]
Univision Communications	2006	A consortium of TPG, Madison Dearborn Partners, Providence Equity Partners, Thomas H. Lee Partners and Haim Saban ( Saban Entertainment) acquired The Spanish-language broadcaster on March 12, 2006 in a $13.7 billion leveraged buyout. The buyout left the company with a debt level of twelve times its annual cash flow.	[32][33] [34]
Alltel	2007	TPG and Goldman Sachs Capital Partners announced the acquisition of Alltel Wireless in a $27 billion buyout in May 2007. The transaction was approved by the Federal Communications Commission and closed on November 16, 2007. However just over six months later, on June 5, 2008, TPG and Goldman agreed to sell Alltel to Verizon for slightly more than it had paid for the company amidst a deteriorating economic outlook.	[35][36]
Avaya	2007	TPG and Silver Lake Partners completed an $8.2 billion leveraged buyout of the enterprise telephony and call center technology company that was formerly a unit of Lucent Technologies	[37]
Biomet	2007	TPG, The Blackstone Group, Kohlberg Kravis Roberts and Goldman Sachs Capital Partners acquired the medical devices company for $11.6 billion.	[38]
First Data	2007	TPG and Kohlberg Kravis Roberts completed the $29 billion buyout of the credit and debit card payment processor and former parent of Western Union. Michael Capellas, previously the CEO of MCI Communications and Compaq was named CEO of the privately held company.	[39][40]
Midwest Air Group	2007	On August 12, 2007 Agreed to purchase Midwest Air Group and its subsidiaries including Midwest Airlines ending the hostile takeover attempt by AirTran Airways. Northwest Airlines also invested in the transaction alongside TPG as a passive equity co-investor. On August 14, 2007 Increased its offer to purchase Midwest after a late attempt by Airtran to increase its bid for Midwest. The purchase price was $452 million. Midwest lost money during TPG's ownership having to accept a loan from Republic Airways Holdings to avoid bankruptcy. Republic took over Midwest's fleet. Eventually TPG sold the company to Republic for $31 million.[41]	[42]
Surgical Care Affiliates	2007	In June 2007, TPG completed the carveout of HealthSouth Corporation's ambulatory surgery business for $920 million	[43]
TXU	2007	An investor group, led by TPG and Kohlberg Kravis Roberts, and together with Goldman Sachs Capital Partners completed the $44.37 billion buyout of the regulated utility and power producer.[44] The investor group had to work closely with ERCOT regulators to gain approval of the transaction but had significant experience with the regulators from their earlier buyout of Texas Genco. TXU is the largest buyout in history, and retained this distinction when the announced buyout of BCE failed to close in December 2008. The deal is also notable for a drastic change in environmental policy for the energy giant, in terms of its carbon emissions from coal power plants and funding alternative energy.	[45][46]

In early 2007, the firm, officially changed its name to TPG Capital, rebranding all of its funds across different geographies. The firm's Asian funds, which had historically been managed by TPG Newbridge, a joint venture with Blum Capital.^[47]

TPG and the credit crisis

On April 7, 2008, TPG leads a $7 billion investment in Washington Mutual. On September 25, 2008, Washington Mutual is taken over by the government costing TPG a 1.35 Billion dollar investment.
On March 12, 2010, Gretchen Morgensen in the New York Times discussed TPG's role as a private equity investor in Greek mobile phone operator WIND Hellas, formerly TIM Hellas, which filed for bankruptcy protection late last year.^[48] Morgensen raises some interesting questions about the circumstances in which TPG and fellow private equity investors Apax Partners of London redeemed a significant quantity of "convertible preferred equity certificates" held by them to repay their own "deeply subordinated shareholder loans" during a period in which a significant and apparently unexplained spike occurred in the market value of the certificates.

Post-recession activity

On June 10, 2010, TPG announced an acquisition of Vertafore, a provider of software for the insurance industry, for $1.4 billion.^[49]
On July 13, 2011, affiliates of TPG Capital acquired PRIMEDIA for approximately $525 million, or $7.10 per share in cash.^[50] TPG and fellow private equity firm Apollo Global Management are set to IPO their stake in Norwegian Cruise Lines in 2013.^[51]
In July 2013, TPG announced it would buy global education publisher TSL Education from Charterhouse Group for a fee of around $600 million. ^[52]
The Financial Times reported in February 2014 that TPG co-founder David Bonderman was "contemplating" an initial public offering for the private equity group.^[53]
TPG and movie producer Robert Simonds, Jr., announced in March 2014 that they had entered a partnership with China's Hony Capital to produce as many as ten "star-driven" films a year, with mid-range budgets (on the order of $40 million per film).^[54]
In April 2014, it was announced that TPG had invested £200 million in Victoria Plumb after buying a majority stake. ^{[55] [56]}
In November 2014, Prezzo (group) agreed to a £303.7 million takeover by TPG.^[57]
The company is considered a newcomer to the real-estate investment arena. In the first half of 2014, it started to raise funds for a real-estate specific fund. It had a goal of $1.5 billion to $2 billion. By October 2015, the company had exceeded its goal, raising more than $2 billion. ^[58]

Newbridge Capital

In 1994, TPG, Blum Capital and ACON Investments created Newbridge Capital, a joint-venture to invest in emerging markets, particularly Asia and later Latin America. At its peak, Newbridge managed over $3.2 billion. Newbridge was headquartered alongside TPG in Fort Worth and San Francisco with investment offices across the Asia-Pacific region in Hong Kong, Melbourne, Mumbai, Seoul, Shanghai, Singapore, and Tokyo. In 1995, Newbridge also ventured into Latin America, raising a $300 million fund and then a follow up $150 million fund in 1996. After its debut funds in the mid-1990s, Newbridge did not continue to focus on Latin America.
Since its founding, Newbridge developed a specialization in five broad industry groups: financial services, technology and telecom, healthcare, consumer, and industrials. Newbridge was involved in a number of the largest and most notable private equity transactions in Asia including:

• Shenzhen Development Bank - the first control purchase of a Chinese national bank by a foreign entity since 1949
• Korea First Bank - the first foreign acquisition of a South Korean bank
• Hanaro Telecom - a major Asian proxy contest, that was the largest at that time
• Matrix Laboratories - the largest private equity transaction in the Indian pharmaceutical industry, to that point

In the early 2000s, TPG assumed full ownership and control over the Newbridge joint venture, renaming the firm TPG Newbridge. At the beginning of 2007, when the firm officially changed its name from Texas Pacific Group to TPG Capital, TPG Newbridge's Asian funds were also rebranded as the TPG Asia Funds.
TPG remained active in Asia in 2008. On August 4, TPG, along with Global Infrastructure Partners, offered to buy Asciano Limited for AUD 2.9 billion in an unsuccessful attempt to complete an unsolicited takeover. On October 31, 2008, TPG completed the purchase of a 35% interest in P.T. Bumi Resources, from its previous owner Bakrie & Brothers, Indonesia, for $1.3 billion.

Criticisms

Hellas Telecommunications (2015)

In 2006, during the Apax fraud, Nikesh Arora was placed by investors TPG and Apax on the board of WIND Hellas (formerly TIM Hellas).^[59] Under Arora's direction, €1.6 billion were embezzled from TIM Hellas by misuse of company debts, a ransack operation codenamed ‘Project Troy’ by the official liquidator.^{[60] [61]} TPG and Apax were condemned in 2014 by a NY court to repay $565 million to the private investors. ^[62] In 2014, the Luxembourg liquidator sued TPG and Apax for 1.3 billion corresponding to the amount not recovered from the Arora embezzlement.^[63] The Greek general prosecutor opened an investigation against TPG, Apax and all main implicated parties including Nikesh Arora under art.1608/1950 of the Greek criminal code for "Crimes against the people of Greece”.^{[64][65] [66]}
In the meantime, the Institute of Chartered Accountants in England and Wales reprimanded Ernst & Young (now EY) for its involvement in the Wind Hellas scandal reportedly being charged with signing off the big increase in debt and payments to TPG and Apax Partners in 2006-07, and of allegedly acting as an administrator when Hellas was put into liquidation.^{[60] [61][63] [67]}

Notable employees

• Kevin Rollins - former President & CEO of Dell Computers
• Bernard Attali, former chairman of Air France and brother of Jacques Attali
• Vivek Paul, former Vice Chairman of Wipro Technologies and CEO of its global information technology, product engineering, and business process services segments
• Mary Ma^[68] - Former CFO of Lenovo, and was listed in the top ten of the Fortune "50 Most Powerful Women" in 2005 and 2006
• William Hawkins - President & CEO of Immucor and former CEO of Medtronic

References

1. 
   

Source: Preqin

"Contact TPG."

Cargill alum to lead $1B fund here. Minneapolis / St. Paul Business Journal, April 14, 2006

TPG Prepares To Launch Its Sixth Large Buyout Fund, Buyouts (magazine), December 3, 2007

Texas Pacific Group closes at half original target. [AltAssets, March 2002

TPG raises $1.2b for downstream deals. Private Equity Week, October 22, 2007

Little-known S.F. firm specializes in complex buyouts. San Francisco Chronicle, June 2, 2002

LUCENT TECHNOLOGIES AGREES TO SELL AT&T PARADYNE UNIT. New York Times, June 20, 1996

STEINHAUER, JENNIFER. "J. Crew Caught in Messy World of Finance as It Sells Majority Stake." New York Times, October 18, 1997

KAUFMAN, LESLIE and ATLAS, RIVA D. "In a Race to the Mall, J. Crew Has Lost Its Way." New York Times, April 28, 2002.

ROZHON, TRACIE. "New Life for a Stalwart Preppy: J. Crew's Sales Are Back." New York Times, December 9, 2004.

Norris, Floyd. "SHAKE-UP AT A HEALTH GIANT: THE RESCUERS; Oxford Investors Build In Some Insurance, in Case Things Don't Work Out." New York Times, February 25, 1998.

"COMPANY NEWS; PROFITS TRIPLE AT OXFORD; TEXAS PACIFIC BUYBACK SET." New York Times, October 26, 2000.

"COMPANY NEWS; MANAGEMENT-LED GROUP TO BUY PETCO FOR $505 MILLION." New York Times, May 18, 2000

"2 Equity Firms to Acquire Petco ." Bloomberg L.P., July 15, 2006.

Gemplus falls to the enemy within, December 1, 2002

"Bloomberg". Bloomberg.com.

U.S. Investors Agree to Buy Burger King From Diageo for $2.26 Billion. New York Times, July 26, 2002

A Lower Price Is Said to Revive Burger King Sale, New York Times, December 12, 2002

Grace Wong (May 12, 2006). "Burger King IPO set to fire up". CNN Money. Retrieved September 30, 2007.

SORKIN, ANDREW ROSS. "Sony-Led Group Makes a Late Bid to Wrest MGM From Time Warner." New York Times, September 14, 2004

"Capital Firms Agree to Buy SunGard Data in Cash Deal." Bloomberg L.P., March 29, 2005

Do Too Many Cooks Spoil the Takeover Deal?. New York Times, April 3, 2005

Texas Pacific founder to scale back involvement with firm, San Francisco Business Times, February 28, 2006

"Report: Texas Pacific eyeing Home Depot". Dallas Business Journal.

2 Equity Firms Set to Acquire Neiman Marcus. New York Times, May 2, 2005

Neiman Marcus in $5.1B buyout CNN Money, May 2, 2005

SORKIN, ANDREW ROSS and FLYNN, LAURIE J. "Blackstone Alliance to Buy Chip Maker for $17.6 Billion." New York Times, September 16, 2006

Sorkin, Andrew Ross. "Harrah’s Is Said to Be in Talks to Accept $16.7 Billion Buyout." New York Times, December 18, 2006. Purchase price includes purchase of the outstanding equity for $16.7 billion and assumption of $10.7 billion of outstanding debt.

"Harrah's Entertainment board agrees to $90 a share buyout bid", Las Vegas Sun, December 19, 2006.

Sorkin, Andrew Ross. "2 Firms Pay $4.3 Billion for Sabre." New York Times, December 12, 2006.

Univision to Be Acquired by Madison Dearborn Partners, Providence Equity Partners, Texas Pacific Group, Thomas H. Lee Partners and Saban Capital Group for $13.7 Billion Univision Press Release, June 27, 2006

Behind Buyout Surge, A Debt Market Booms. Wall Street Journal, June 26, 2007

"Univision sale approved, Abercrombie & Fitch to replace it on the S&P 500,"

http://hraunfoss.fcc.gov/edocs_public/attachmatch/FCC-07-185A1.pdf

"News Releases". corporate-ir.net.

"Investment Firms Pick Up Avaya For $8.2 Billion". InformationWeek.

de la MERCED, MICHAEL J. "Biomet Accepts Sweetened Takeover Offer." New York Times, June 8, 2007.

"K.K.R. Offer of $26 Billion Is Accepted by First Data." Reuters, April 3, 2007.

Kohlberg Kravis to Buy First Data for $29 Billion. NY Times, April 3, 2007

Tom Daykin. "Republic Airways to buy Midwest Airlines". jsonline.com.

Behind the Battle for Midwest Air. New York Times, September 28, 2007

HealthSouth To Sell Surgery Division To TPG - News - MSNBC.com

Source: Thomson Financial

Lonkevich, Dan and Klump, Edward. KKR, Texas Pacific Will Acquire TXU for $45 Billion Bloomberg, February 26, 2007.

"KKR, Texas Pacific-led group to buy TXU Corp". Reuters. February 26, 2007.

‘Sorry, Sir. Texas Pacific Group Isn’t Here Anymore’. Wall Street Journal, March 1, 2007

Morgenson, Gretchen (March 13, 2010). "Private Equity and Wind Hellas: A Tale of Debt". The New York Times.

Grocer, Stephen (June 11, 2010). "Deal Profile: TPG Agrees to Acquire Vertafore". The Wall Street Journal. Retrieved January 3, 2016.

PRIMEDIA INC. Acquired by TPG CAPITAL

Norwegian Cruise Line Sets Price Range for I.P.O.

Sebastian Sadr-Salek, Anjuli Davies and Claire Ruckin (July 8, 2013). "U.S. buyout firm TPG to buy TSL Education for $600 million". Reuters.

The Financial Times[1] by Anne-Sylvaine Chassany, February 25, 2014

The Hollywood Reporter[2] March 10, 2014

"Victoria Plumb set for £200 million boost as housing market picks up". Daily Mirror. Retrieved April 1, 2014.

Armstrong, Ashley (April 1, 2014). "Victoria Plumb sells stake to TPG". London: The Telegraph. Retrieved May 12, 2014.

Martin, Ben (November 7, 2014). "Hedge fund takes Prezzo position". London: The Telegraph. Retrieved November 14, 2014.

http://www.wsj.com/articles/tpg-raises-2-billion-in-real-estate-fund-1444172401

http://www.bloomberg.com/research/stocks/people/person.asp?personId=11341911&ticker=GOOG Nikesh Arora - Executive summary

http://www.economist.com/news/finance-and-economics/21654680-pressure-mounts-two-private-equity-giants-did-very-well-out-disastrous Another Greek Tragedy - The Economist

http://www.chadbourne.com/files/upload/Hellas_Adversary_Complaint.pdf United States Bankruptcy Court Southern District of New York

http://www.cnbc.com/id/102201516 Greek tragedy: Telecom focus of bloody PE fight

http://www.financialexpress.com/article/companies/greek-co-wants-damages-from-indian-origin-investor-and-softbank-vc-nikesh-arora/95853/ Greek company wants damages from Indian-origin investor and Softbank VC Nikesh Arora

https://medium.com/@DailyNews/nikesh-arora-vs-hellas-intervention-by-the-public-prosecutor-after-the-revelations-of-the-%CE%BD%CE%B5%CF%89%CE%BD-3c5703a1be47 Nikesh Arora VS Hellas: Intervention by the Public Prosecutor after the revelations of the “ΝΕΩΝ”

http://www.tanea.gr/news/economy/article/5252394/o-doyreios-ippos-twn-ksenwn-funds-kai-o-indos-megistanas/ «Σχέδιο Τροία» κατά ΤΙΜ: Ο δούρειος ίππος των ξένων funds και ο ινδός μεγιστάνας

http://www.ceelegalmatters.com/index.php/legal-analysis-white-collar-crime/item/2738-recent-developments-regarding-white-collar-crime-in-greece Recent Developments Regarding White Collar Crime in Greece

http://www.reuters.com/article/2015/06/16/ernst-young-hellas-fine-idUSL5N0Z242H20150616 EY fined for conflict of interest over Hellas

68. TPG hires Mary Ma for China push 07 Sep 2007

• Texas Pacific Group Inc. - Company History. Funding Universe
• Texas Pacific Goes Where Others Fear to Spend. New York Times, August 25, 2002
• TPG Profile at Yahoo.com

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TPG to Buy ProLogis Assets

Dec. 21, 2010 3:29 p.m. ET

Warehouse company ProLogis said it is selling a portfolio of retail and mixed-use assets to private-equity firm TPG for $505 million, the latest in a series of sales by ProLogis as the company seeks to pay down debt and get in position for future growth.
Publicly traded ProLogis bought the properties being sold as part of its $3.6 billion acquisition of Catellus Development Corp. in 2005. The portfolio includes four shopping centers, two office buildings, 11 mixed-use projects, and Los Angeles Union Station. ProLogis said the sales price isn't comparable to the Catellus acquisition price because other assets from the Catellus portfolio have been sold in recent years.
ProLogis, which went on a debt-fueled expansion binge during the boom years, faced a cash crunch in 2008. It has been repairing its balance sheet, selling stock and property. In October, it announced the sale of 180 industrial properties, a minority interest in a hotel, and stakes in three investment funds to private-equity firm Blackstone Group LP for $1.02 billion.
"The Catellus assets are high quality with good long-term prospects, but they are not in keeping with our strategy to concentrate our investment in core industrial properties in the world's major logistics corridors," ProLogis Chief Executive Walter C. Rakowich said in a statement.

—Anton Troianovski

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Mortgage-backed securities -Leveraging Wiki

This is a starting point for my personal explanation of Mortgage-backed Securities. 


My career history was brief but intensive, the company has folded, sold off and eaten alive by Wall Street with scraps fed to the Feds for their last supper.  If

Mortgage-backed security

From Wikipedia, the free encyclopedia

Securities
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Bonds by coupon[show]
Bonds by issuer[show]
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Derivatives[show]
v t e

A mortgage-backed security (MBS) is a type of asset-backed security that is secured by a mortgage or collection of mortgages. The mortgages are sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy. The mortgages of an MBS may be residential or commercial, depending on whether it is an Agency MBS or a Non-Agency MBS; in the United States they may be issued by structures set up by government-sponsored enterprises like Fannie Mae or Freddie Mac, or they can be "private-label", issued by structures set up by investment banks. The structure of the MBS may be known as "pass-through", where the interest and principal payments from the borrower or homebuyer pass through it to the MBS holder, or it may be more complex, made up of a pool of other MBSs. Other types of MBS include collateralized mortgage obligations (CMOs, often structured as real estate mortgage investment conduits) and collateralized debt obligations (CDOs).^[1]
The shares of subprime MBSs issued by various structures, such as CMOs, are not identical but rather issued as tranches (French for "slices"), each with a different level of priority in the debt repayment stream, giving them different levels of risk and reward. Tranches—especially the lower-priority, higher-interest tranches—of an MBS are/were often further repackaged and resold as collaterized debt obligations.^[2] These subprime MBSs issued by investment banks were a major issue in the subprime mortgage crisis of 2006–8.
The total face value of an MBS decreases over time, because like mortgages, and unlike bonds, and most other fixed-income securities, the principal in an MBS is not paid back as a single payment to the bond holder at maturity but rather is paid along with the interest in each periodic payment (monthly, quarterly, etc.). This decrease in face value is measured by the MBS's "factor", the percentage of the original "face" that remains to be repaid.

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Concord City Council

Contact Your City Council

Address:
1950 Parkside Drive, MS/01
Concord, CA 94519
Phone: (925) 671-3158. Fax: (925) 798-0636
CityCouncil@cityofconcord.org
Note: For correspondence sent to City Council, City Clerk or City Treasurer, please put Attention; followed by the name of the specific elected official.

Elected Officials

Mayor Laura M. Hoffmeister
Laura Hoffmeister, a lifelong Concord resident, was first elected to the City Council in 1997 and reelected in 2002, 2006, 2010 and 2014. She served as Mayor in 2001, 2005, 2009, and 2011, Vice Mayor in 2000, 2004 and 2015, and Chair of the Concord Redevelopment Agency in 1999, 2003, and 2008.
Hoffmeister is active in her support of the various veterans and support organizations including VFW Post 1525 - Clayton Valley; Blue Star Moms and Diablo Valley Veterans. She is a past recipient of Contra Costa Women's Hall of Fame Community Leadership Award.
Prior to election, Hoffmeister served as Chair of the Redevelopment Advisory Committee (RAC), Vice Chair of the Design Review Board, and was an active member of the Economic Development Task Force, Main Street Committee, County Connection Citizen Advisory Committee and the Greater Concord Chamber of Commerce.
She formerly served on the boards of the Concord Historical Society, American Association of University Women, and is a graduate of Greater Concord Chamber of Commerce's "Leadership Concord" Academy.
She holds a BS degree in City and Environmental Planning from the University of California, Davis.

Vice Mayor Ron Leone
Ron Leone, a resident of Concord since 1978, was elected to the City Council in 2010, re-elected in 2014. He served as Mayor in 2012 and Vice Mayor in 2014. Leone served 35 years in education as a high school teacher and principal. He was the teacher of the year in the San Ramon Valley Unified School District and teachers' association president. He coached high school baseball, and several championship mock trial and constitutional academic teams.
Leone was raised in the lower socio-economic, Bay View/Hunter's Point District of San Francisco, but worked his way through college earning his BA and teaching credential from San Francisco State and his MA and Administrative credential from St. Mary's college in Moraga.
Prior to his election on the City Council he served as an elected member of the Mt. Diablo Hospital District Board for 16 years; he also served as the Chairman of the Board of the John Muir Hospitals and the City's Planning Commission.

Councilmember Edi E. Birsan
Edi E. Birsan was elected to the City Council in November 2012 after being the runner-up in the 2010 election. He is an active community leader and has served in many positions, from the Director of Community Services for Concord-Diablo Rotary to the President of the Friends of the Library, to volunteer for numerous non-profit organizations.
Birsan came to Concord in 1983 working for a global, inter-modal container leasing company. He started his own company in 1986, which currently focuses on certification/inspection and service in the inter-modal equipment field. He brings a history of running a small business as well as world-class experience in pioneering efforts at containerization of global trade.
Birsan was born and raised in New York City where he earned his B.A. degree in dual majors of History and Political Science from City University-CCNY. He and his wife (they were high school sweethearts) have raised two generations in Concord and have lived in the same house since 1983 in the area off of Monument Blvd.

Councilmember Tim Grayson
Tim Grayson has been a Concord resident since 2001 and was elected to serve on the Concord City Council in 2010, and re-elected in 2014. He served as Vice Mayor in 2013, Mayor in 2014 -15, Chair and Vice‐Chair of the Local Reuse Authority, and Redevelopment Chair and Vice‐Chair.
Grayson has been a general contractor since 1999, currently serves as the Concord Police Critical Response Chaplain, and leads a church congregation. He serves or has served on the following: Association of Bay Area Governments (city delegate), Citizen Core Emergency Response Team, League of Cities Community Services Committee (State), League of Cities Annual Conference Committee, U.S. Conference of Mayors Criminal and Social Justice Committee, U.S. Conference of Mayors Tourism, Arts, Parks, Entertainment, & Sports Committee, and member of the Concord Chamber of Commerce.
Grayson holds a B.A degree from Christian Life College in Stockton. He has received the Presidential Volunteer Service Award for the past six years, and successfully completed Levels I and II of the League of Cities Leadership Program. He and his wife Tammy have been married for 27 years and have two children, Joseph and Cassie.

Councilmember Daniel C. Helix
Daniel C. Helix was appointed to the City Council in February 2011to fill a vacant position, and was subsequently the top vote-getter in the November 2012 election. He served as mayor in 2013. Helix was previously elected to the City Council in 1968, was reelected in 1972 and served as Mayor from 1972-74. In 2007-08, he served as co-chair of the Community Advisory Committee for the Concord Naval Weapons Station Reuse Project.
Helix is a past president of the Rotary Club of Concord and the former Mt. Diablo Hospital Foundation, now John Muir Health, Concord Campus. He served on the Board of the All Wars Memorial Foundation and is active in numerous philanthropic and military organizations. He served on a U.S. Congressional Commission considering changes in the Department of the Army and Governor Schwarzenegger's Military Base Retention Commission.
Helix earned a bachelor's degree in History from the University of California at Berkeley, and a master's degree in Political Science at the San Francisco State University. Both degrees were conferred magna cum laude. He is a graduate of the Army's Command and General Staff College and the War College. Helix retired as a major general in the U. S. Army in 1989. He completed a 41-year career serving both on active duty and with the Army Reserve.
Helix is a published author of an award-winning novel set in the Korean War era and has several published articles and short stories that have been published in military journals. He lives in Concord with his wife, Mary Lou. They have two children and five grandchildren.

Concord City Treasurer Tim McGallian
Tim McGallian was appointed to the City Treasurer position by the City Council after the retirement of Thomas Wentling in July 2015. McGallian previously served on the City of Concord Planning Commission from 2010 to 2015 and is president of the Todos Santos Business Association Arts Foundation.
McGallian was vice-chair of the Board of Directors of the Greater Concord Chamber of Commerce from 2010 to 2015, and chaired the Chamber’s Government Affairs and Economic Development Committee from 2008-2012.
He also has been active in community organizations, and served as president of the Greater Concord Kiwanis Club from 2009 to 2011 and as president of the St. Agnes School Board from 2008-2015. He has worked with the Boy Scouts, and served as head coach for the Concord American Little League and CYO Basketball.
McGallian is a Business Underwriting Specialist for State Farm Insurance for Alameda & Contra Costa Counties. He holds a BA in Strategic Management and another in Marketing from Sacramento State University. He had his wife, Michelle, have three children: Andrew Alyssa and Audrey.

Council Standing Committees

There are currently five standing City Council Committees, each of which is made up of two Councilmembers. The committees meet monthly and make recommendations to the City Council for action on items they have considered.
The Mayor makes new committee assignments following the reorganization of the City Council at the end of the calendar year. Committee members serve one-year terms. Committee agendas are available on the City's Web site.

Committee	Chair/Member	Meeting Time
Housing and Economic Development	Leone/Helix	4th Monday, 5:30 pm, Garden Conference Room
Infrastructure and Franchise	Helix/Birsan	2nd Monday, 5:30 pm, Garden Conference Room
Policy Development and Internal Operations	Hoffmeister/Leone	2nd Thursday, 5:30 pm, Garden Conference Room
Recreation, Cultural Affairs and Community Services	Grayson/Hoffmeister	4th Thursday, 5:30 pm, City Manager's Conference Room
Youth and Education	Birsan/Grayson	3rd Monday, 5:30 pm, Garden Conference Room

External Appointments	Member/Alternate
Association of Bay Area Governments General Assembly (ABAG)	Grayson/Helix
Central Contra Costa Transit Authority (CCCTA)	Hoffmeister/Leone
Central County Literacy Coalition	Birsan/Hoffmeister
Citizen Core Emergency Response Team	Grayson/Helix
League of California Cities (East Bay Division)	Leone/Grayson
Transportation Partnership and Cooperation Regional Committee (TRANSPAC) p1000	Leone/Grayson

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Adventures of Sovernity - AIS February 27th 2015

Your Moderator is _____ CW?

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