second acts

Where Are They Now? MKP Capital Co-Founders Edition

In 1995, Eric Keiter founded a little hedge fund called MKP Capital Management. Eleven years later, the firm’s middle initial left to take a few years off, and in his absence MKP grew to manage some $24 billion.

Still, you can’t keep an entrepreneur down for long, so Keiter took all of his global macro fixed-income expertise and started… a livery-cab leasing company.

Now, however, Keiter appears to have tired of the black-car biz. Perhaps doesn’t like lime green. Perhaps he’s afraid of what mayor-elect-elect Che de Blasio plans to do with the TLC. Perhaps he’s just got the investing bug again. Whatever it is, he’s back with an unfortunately-named new closed-end fund shop, Shadow Tree Capital. Read more »

Robert Benmosche: We Showed This World A Thing Or Two

“Dear Colleagues,” Robert Benmosche wrote in a memo to AIG employees today. “We come together as a company to celebrate in good times and we draw together in times of shared crisis. Today warrants a celebration like no other in AIG’s history and places well in the past a crisis none of us will ever forget…Today the US Department of the Treasury has priced an offering of approximately 234.2 million shares of AIG common stock at a price to market of $32.50 per share. Upon the closing of this transaction, expected this Friday, Treasury will have sold the last of its remaining shares of AIG common stock, receiving proceeds of approximately $7.6 billion from the sale. The closing of this transaction will mark the full resolution of America’s financial support of AIG…It is one of the most extraordinary – and what many believed to be the most unlikely– turnarounds in American business history. And you did it…You did this. Every single man and woman at AIG did this remarkable thing. There is a saying in American life, there are no second acts. Well, take a bow, because today marks our second act.” [Dealbook]

  • 06 Apr 2011 at 1:18 PM

Dear Ping Capital Investors

The last quarter was good to the Ping Exception Value team. Read more »