Author Topic: JEF - Jefferies Group  (Read 603896 times)

valueinvesting101

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Re: JEF - Jefferies Group
« Reply #480 on: December 24, 2012, 07:28:30 AM »
Does any one know what relationship between Leucadia and Pershing Square Capital. As per http://www.jefferies.com/CMSFiles/Jefferies.com/files/PressReleases/2012/Leucadia-Jefferies%20Presentation_12%2007%2012(1).pdf

looks like Leucadia as redeemed their investment in Pershing as of 09/30/2012.

Any details about when this was done exactly? I read somewhere, they had invested $200 millions during Target turnaround/takeover by Pershing.


rogermunibond

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Re: JEF - Jefferies Group
« Reply #481 on: December 25, 2012, 07:49:48 AM »
Google Ackman and Leucadia.

They were the original backer of PS. But Leucadia's association with Ackman goes back farther to 1995 when they partnered on a shareholder proposal for Rockefeller Center Properties, which is a whole nother story involving Japanese owners, the Rockefeller family, Goldman, and Sam Zell.

Sportgamma

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Re: JEF - Jefferies Group
« Reply #482 on: January 09, 2013, 03:35:10 AM »
"First Quantum Minerals Ltd. (FM), a producer of copper in Africa, took its C$5.1 billion ($5.17 billion) bid for Inmet (IMN) Mining Corp. straight to shareholders as it seeks control of a project in Panama.
First Quantum’s C$72-a-share offer in cash and stock is 36 percent more than Inmet’s closing price on Nov. 27, the day before Toronto-based Inmet said it had rejected two unsolicited proposals. The bid will expire Feb. 14 and requires acceptance by holders of 66 percent of Inmet shares, First Quantum said today in a statement."

....

"First Quantum made an offer of C$62.50 a share for Inmet on Oct. 28 and another at C$70 on Nov. 25, before announcing Dec. 16 it would take a sweetened C$72 a share bid straight to Inmet shareholders.

The cash component of the latest offer will be financed through existing cash resources, undrawn financing facilities of $1.25 billion and a $2.5 billion acquisition facility provided by Standard Chartered Bank, the company said today.

Inmet said Nov. 28 it adopted a shareholder-rights plan, or poison pill, to block an unsolicited bid.

Goldman Sachs Group Inc., Jefferies Group Inc. and RBC Capital Markets are advising First Quantum."


http://www.bloomberg.com/news/2013-01-09/first-quantum-takes-c-5-1-billion-bid-for-inmet-mining-hostile.html?cmpid=yhoo

How is it not a conflict of interest that Jeffries is an advisor to First Quantum?

Kraven

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Re: JEF - Jefferies Group
« Reply #483 on: January 09, 2013, 09:00:48 AM »
How is it not a conflict of interest that Jeffries is an advisor to First Quantum?

I have no idea about the details on this matter, but note that most conflicts of interest can be waived by the applicable parties. 
Buy cheap and something good might happen.

Parsad

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Grenville

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Re: JEF - Jefferies Group
« Reply #485 on: January 10, 2013, 10:18:48 AM »
Berkadia update:

http://www.bloomberg.com/news/2013-01-09/berkshire-venture-buys-hendricks-in-buffett-apartment-bet.html?cmpid=yhoo

Cheers!

Thanks for the post!

Here is the release from Berkadia:
Berkadia Acquires One of the Nation's Largest Multifamily Investment Sales and Research Firms, Hendricks & Partners
http://www.berkadia.com/newsandresearch/SitePages/NewsRead.aspx?storyID=259

"Since the company was formed back in 2009, Berkadia has been able to steadily grow its strength and presence in the commercial real estate industry," said Warren Buffett, Berkshire Hathaway Inc. Chairman and CEO. "We see Berkadia's acquisition of Hendricks as another significant step in the growth of their multifamily expertise and services."



Also while looking around the Berkadia site I found these interesting nuggets:
1.Randall Jenson
"Randall Jenson is president, chief financial officer and a member of the Executive Committee.  In this role he is responsible for the finance, accounting, treasury, process improvement and risk divisions as well as mergers and acquisitions and general management. Prior to joining Berkadia, Mr. Jenson spent nine years with Ranch Capital, LLC as co-founder and president.  Ranch identified the investment in Berkadia and introduced it to Leucadia and Berkshire.  While at Ranch he also worked as interim chief financial officer of Hawaiian Holdings, Inc., the parent company of Hawaiian Airlines, a Ranch Capital portfolio company, and currently serves on the board of directors for Hawaiian Holdings, and several private companies.  Prior to joining Ranch, he held various positions at Leucadia National Corporation, including business development and president and CEO of Banking and Lending Operations for more than five years. Mr. Jenson is a Certified Public Accountant and has a Bachelor of Arts degree in accounting from the University of Utah and an MBA degree from Harvard Business School."

2.India Ops
"Mark E. McCool is an executive vice president and member of the Executive Committee of Berkadia Commercial Mortgage, one of the largest commercial real estate finance companies in the nation. Berkadia, a privately held company in which Berkshire Hathaway Inc. and Leucadia National Corporation each hold a 50 percent ownership interest, acquired the loan origination and servicing businesses of Capmark Financial Group Inc. in December 2009.

Mr. McCool currently oversees all Servicing Operations as well as Strategic Initiatives with management responsibility of Asset & Portfolio Management, Servicing Administration, Offshore Administration, BPO Administration, Strategic Initiatives and Banking for a $215 billion portfolio.

Mr. McCool joined GMAC Commercial Mortgage in January 1998 as Vice President of Negotiated Transactions where he was responsible for the valuation of servicing rights and the negotiation of structured finance and servicing agreements. Prior to this position, he served from 1987 as a manager in various capacities for GMAC Financial Services and has more than 20 years’ experience in the commercial real estate business.

He actively participates in various industry trade groups, task forces and committees, CREF-C Board of Governors and the CREF-C Executive Committee, is a former Co-Chairman of the Freddie Mac Seller/Servicer Advisory Council and currently sits on the Board of Directors of Berkadia’s wholly owned India subsidiary, Berkadia Services India Pvt. Ltd. Mr. McCool holds a B.S. from the University of Scranton. "
--> The office is in Hyderabad India

Parsad

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Re: JEF - Jefferies Group
« Reply #486 on: January 10, 2013, 12:40:06 PM »
Leucadia will tender Inmet Mining shares barring any other superior offer.  Cheers!

http://finance.yahoo.com/news/leucadia-national-corporation-indicates-current-201100668.html
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Parsad

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Re: JEF - Jefferies Group
« Reply #487 on: January 15, 2013, 01:12:02 PM »
Jefferies increases bond offering to $1B.  Taking advantage of the rates.  Cheers!

http://www.bloomberg.com/news/2013-01-15/jefferies-said-to-plan-750-million-of-bonds-in-first-since-2011.html?cmpid=yhoo
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fareastwarriors

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Re: JEF - Jefferies Group
« Reply #488 on: January 29, 2013, 09:53:45 AM »
Jefferies Grants CEO Handler $58 Million in 2012, Future Pay


http://www.bloomberg.com/news/2013-01-29/jefferies-grants-ceo-58-million-in-2012-pay-future-incentives.html

Jefferies Group Inc. (JEF), the investment bank that agreed to sell itself to Leucadia National Corp. (LUK), paid Chief Executive Officer Richard Handler $19 million for fiscal 2012 and approved $39 million in restricted stock awards for the next three years.


plato1976

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Re: JEF - Jefferies Group
« Reply #489 on: January 29, 2013, 10:58:59 AM »
while I recognize that Handler is an exceptional CEO
sometimes I wonder if such a pay is really in line with the contribution
I guess it's a tradition in the  IB sector but I really don't like it
20M per year is a very big percentage of the profit itself ...
This is probably one of the reasons that I am keeping the LUK position small in my portfolio

Jefferies Grants CEO Handler $58 Million in 2012, Future Pay


http://www.bloomberg.com/news/2013-01-29/jefferies-grants-ceo-58-million-in-2012-pay-future-incentives.html

Jefferies Group Inc. (JEF), the investment bank that agreed to sell itself to Leucadia National Corp. (LUK), paid Chief Executive Officer Richard Handler $19 million for fiscal 2012 and approved $39 million in restricted stock awards for the next three years.