The shrewd negotiators at GM have another ROI data point to digest and be proud of. In defense of the $17.9 million success fee earned for successfully allowing the US government to handle the drive through restructuring, Evercore senior MD William Repko itemized all of the busy work his firm went through which failed to find a private buyer for GM.
Twelve Evercore employees toiled for a year through 4,000 spreadsheets, 1,700 PowerPoint presentations (sadly no breakdown on the number with animation which probably would have counted double), and then there were the emails. Repko pointed to the 11,700 GM-related emails he sent or received in addition to the more than 23,500 emails Evercore MD J. Stephen Worth handled as proof that the fees were not “staggering” and “excessive” as alleged by the trustee.
Although the transaction did not result directly from an extensive marketing effort or auction of the debtors, Evercore undertook significant efforts in evaluating other potential transactions. In particular, broad and systemic efforts were undertaken by Evercore over the preceding year to identify or eliminate alternatives and to facilitate the government-sponsored purchase of the debtors’ assets.
One item not reported was the number of hours Evercore spent counting emails, spreadsheets, and presentations instead of trying to find a suitor for GM.
Erin wants to give Bill Gross a sugar cookie.
$500/email seems like a decent day’s work.
HAHAHAHA DRIVE-THROUGH RESTRUCTURING!!!!
Greg you kill me.
No, seriously. You’re killing me.
Andrew Hall gonna get him some cash money!
http://www.reuters.com/article/rbssBanks/idUSWEN237320090812
Why Bess did not open up the forum to allow posters to submit their own attempts at news entries/posting (granted they are reviewed and ok’d prior to posting) is beyond me! You tellin’ me you could not do this job better?
What the trustee really wanted to see where Wonder Woman’s tits
Greg,
Your best post of the day, but this song still comes to mind
http://www.youtube.com/watch?v=Yop62wQH498
Why even a consideration of a fee? This was a failed process, and someone else had to take care of it.
Give them a nominal retainer fee for the months they spent sending emails back and forth, but Evercore definitely did not perform its duties.
I wonder how many of those 1,700 powerpoint presentations simply had slide #1 changed from ABC Capital to XYZ Capital
@5 “posting” on a website is not a job.
Evercore shows what bullshit investment banking really is