Author Topic: JEF - Jefferies Group  (Read 602012 times)

Grenville

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Re: JEF - Jefferies Group
« Reply #740 on: March 18, 2014, 03:44:10 PM »
"Upon acquisition of the Preferred Interest, together with the 18.6 million shares of HGI common stock acquired in September 2013 and previous purchases, we will beneficially own (including as a result of our right to sell the HGI Shares into which the Preferred Interest is exchangeable) 41.6 million common shares of HGI representing approximately 28.6% of HGI’s currently outstanding common stock and 20.1% of HGI’s common stock assuming the conversion of all of HGI’s outstanding Series A and Series A-2 Participating Preferred Stock. Upon the exchange of the Preferred Interest into the HGI Shares, our total net purchase price of the HGI Shares and the 18.6 million shares of HGI common stock purchased in September 2013 will be $406.5 million, or $9.77 per share."



from sec filing regarding the transaction:
http://www.sec.gov/Archives/edgar/data/96223/000090951814000126/mm03-1714_8k.htm


Grenville

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Re: JEF - Jefferies Group
« Reply #741 on: March 25, 2014, 11:18:42 AM »
"Leucadia Invests in Harley-Davidson Leasing Company"
http://www.digitaljournal.com/pr/1810621

Quote
Chrome Capital, the nation's leading lessor of pre-owned Harley-Davidson motorcycles, has completed a $20 million equity investment from Leucadia National Corporation, a publicly listed diversified holding company (NYSE: LUK). The investment, which was completed on March 10, 2014, may be increased to $86M to fund Chrome Capital's growth plans.

Grenville

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Re: JEF - Jefferies Group
« Reply #742 on: April 02, 2014, 09:58:47 AM »
Proxy is out.

Thought this was interesting, they show Ian Cumming's ownership.

13,451,242  3.7%

http://www.sec.gov/Archives/edgar/data/96223/000093041314001565/c77050_def14a.htm
« Last Edit: April 02, 2014, 10:00:28 AM by Grenville »

fareastwarriors

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Re: JEF - Jefferies Group
« Reply #743 on: April 02, 2014, 09:59:39 AM »
Handler, Leucadia’s Chief, Takes Pay Cut in New Role


http://dealbook.nytimes.com/2014/04/02/handler-leucadias-new-chief-takes-pay-cut-in-new-role/?module=BlogPost-Title&version=Blog Main&contentCollection=Investment Banking&action=Click&pgtype=Blogs&region=Body



Quote
Mr. Handler, who became chief executive of Leucadia after the merger last year, earned $3.1 million in 2013, according to a regulatory filing on Wednesday. The previous year, his compensation totaled $19 million, higher than that of Jamie Dimon, the chief executive of JPMorgan Chase.
 
A primary driver of the lower pay was the disappointing performance of the Jefferies subsidiary, where Mr. Handler is still chief executive.

The performance of Jefferies fell short of a predetermined target but above a minimum threshold, producing a bonus for Mr. Handler of $1.8 million, the filing showed. If Jefferies had done better, Mr. Handler might have received up to $12 million.
 
As in past years, Mr. Handler took a base salary of $1 million for 2013. The rest of his compensation included items like a driver and the personal use of company aircraft.

fareastwarriors

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Re: JEF - Jefferies Group
« Reply #744 on: April 09, 2014, 03:33:16 PM »
Leucadia National Corporation CFO to Retire for Health Reasons


http://www.reuters.com/article/2014/04/09/ny-leucadia-national-idUSnBw096273a+100+BSW20140409



Quote
Leucadia National Corporation (NYSE:LUK) today announced that Joseph A. Orlando, its Chief Financial Officer, intends to retire by August 31, 2014, due to orthopedic health issues that require his attention. A search is underway to recruit Mr. Orlando’s successor.

Grenville

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Re: JEF - Jefferies Group
« Reply #745 on: April 09, 2014, 03:44:51 PM »
Leucadia National Corporation CFO to Retire for Health Reasons


http://www.reuters.com/article/2014/04/09/ny-leucadia-national-idUSnBw096273a+100+BSW20140409



Quote
Leucadia National Corporation (NYSE:LUK) today announced that Joseph A. Orlando, its Chief Financial Officer, intends to retire by August 31, 2014, due to orthopedic health issues that require his attention. A search is underway to recruit Mr. Orlando’s successor.

Sad to see another member of the old guard depart.

thefatbaboon

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Re: JEF - Jefferies Group
« Reply #746 on: April 13, 2014, 02:33:50 PM »
Is there something weird with the pricing of the puts&calls Jan 2015 expiry?  $25 strike put bid at 4.3 asked 4.7. $25 call bid at 0.4 asked at 0.75.  The put seems expensive and the call absurdly cheap.

no_free_lunch

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Re: JEF - Jefferies Group
« Reply #747 on: April 13, 2014, 02:48:50 PM »
There is a post earlier on the leaps.

gfp

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Re: JEF - Jefferies Group
« Reply #748 on: April 13, 2014, 06:04:49 PM »
I think the options you are looking at are old Jefferies options that are now based on .81 of a LUK share [81 shares per contract], that's why the pricing looks odd.  LUK2 vs LUK.

http://www.cboe.com/publish/TTStockSM/13-086.pdf

http://www.ise.com/assets/documents/optionsExchange/productNotices/equity_corp_actions/2013/2013-026$Jefferies_Group_Inc_(JEF)_-_Merger_With_Leucadia_National_Corporation_(LUK)$20130228.pdf
« Last Edit: April 13, 2014, 06:07:50 PM by globalfinancepartners »

woltac

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Re: JEF - Jefferies Group
« Reply #749 on: April 13, 2014, 07:04:34 PM »
I can't say I'm impressed with the letter, on the contrary.
 
I miss quantification of results, evaluation criteria and evaluation itself.

I could not agree more. 

The fact that Premier Entertainment was sold for $250 million is meaningless without a recap of the cash flow that when into it. Just one example of many of what is missing from the letter.

Hopefully, Mr. Handler will gravitate toward the style of letters written by Mr. Cummings and Mr. Steinberg in years past before writing the 2014 letter.