• Banks, Private Equity, TXU

    TXU Lenders Do The Math

    Funding a $37 billion buyout isn’t what it used to be, especially since debt on recent buyouts is losing up to 10% in value, sticking lenders with hefty losses. The lenders led by Citi and including Lehman, JPMorgan, Goldman and Morgan Stanley are considering paying a $1 billion break-up fee so that everyone can quietly […]

    / Jul 31, 2007 at 9:30 AM
  • Credit Suisse, insider-trading, Regulators, SEC, TXU

    Credit Suisse Banker Charged With Insider Trading

    Yesterday federal prosecutors charged Hafiz Muhammad Zubair Naseem, a Credit Suisse investment banker, with insider trading. He is accused of tipping off a banker in Pakistan with information about nine corporate acquisitions, including the TXU buyout. It appears that Naseem was more or less a full-time insider trading professional, using his position—as well as his […]

    / May 4, 2007 at 2:09 PM
  • TXU

    He [Wilder] Was Planning It All Along!

    Some of you may have lost sleep over that bit in Opening Bell this morning (yes, the highly prized 9:30 am-10 am nap), about TXU chief executive John Wilder getting a whopping $280 million upon the completion of the TPG buy-out. You were probably worried that TXU was going on one of its annual Let’s […]

    / May 1, 2007 at 10:05 AM
  • KKR, Private Equity, Texas Pacific Group, TXU

    TXU TV: We’re Not Going To Burn As Much Coal As We Planned

    The video above comes from Texas Energy Future Holdings, the joint-venture partnership set up by Kohlberg Kravis Roberts and the Texas Pacific Group to fund their acquisition of the Texas energy company TXU. They also have a snappy, graphics laden website called TexasEnergyFuture.com. We’ve run a lot of stories about the online public relations campaigns […]

    / Apr 30, 2007 at 3:39 PM
  • TXU

    TXU Wars

    From the looks of this video, things are heating up in Texas. The Star Wars credit sequence-style video seems to be aimed at pressuring the Texas legislature to oppose the buyout of the energy company TXU by KKR and the Texas Pacific Group. And it doesn’t pull its punches, comparing the deal to another famous […]

    / Apr 27, 2007 at 1:12 PM
  • KKR, Private Equity, Texas Pacific Group, TXU

    With Two Weeks Left In Go-Shop Period, TXU Says It Expects No New Bids

    If the world seems a little bit brighter today that might be because you’re sitting somewhere near David Bonderman. The head of Texas Pacific Group is there in his suit—maybe it’s that wide-lapelled, sack-ish green number he likes to wear—his tie twisted, its front resting against his chest and its seam showing. (He’s not a […]

    / Apr 18, 2007 at 12:27 PM
  • insider-trading, legal, TXU

    It Was The Brits Wot Did It: TXU’s First Insider Trading Case

    The first suspects have been named in the SEC’s investigation into the insider trading that is alleged to have occurred in the days leading up to the announcement of the giant TXU buyout deal. The Guardian reports on the husband and wife named by the SEC. No details yet on how they allegedly obtained the […]

    / Apr 2, 2007 at 4:40 PM
  • TXU

    Crashing the TXU Party: Blackstone, Carlyle and Hellman & Friedman

    Private equity firms Blackstone, Carlyle and Hellman & Friedman are considering a bid for TXU, the Texas energy company which accepted a buyout bid from rival private equity groups Kolbert, Kravis & Roberts and the Texas Pacific Group. The Financial Times broke the story early this morning, and later it was confirmed by a Reuters […]

    / Mar 19, 2007 at 9:07 AM
  • TXU

    Trouble In Texas: State Senate Bill May Threaten TXU

    The Dallas Morning News reports this morning that Texas lawmakers have thrown a wrench into the TXU buyout, passing legislation that would strip the power company of some of it’s power plants and giving state authorities the right to approve the buyout by KKR and TPG. The Senate approved legislation Thursday that would strip TXU […]

    / Mar 16, 2007 at 9:34 AM
  • insider-trading, TXU

    Channel Islander Accused of TXU Insider Trading

    SEC thinks it knows who was responsible for a huge chunk of the suspicious options trading that seemed to be based on insider information about the private equity buyout of Texas energy company TXU. As it turns out, it wasn’t one of the hundreds of people in Texas who were tipped off to the deal […]

    / Mar 15, 2007 at 10:19 AM
  • TXU

    Equity Bridges To Nowhere?

    If you net out the moral outrage, Nicky “Von” Hoffman’s column on the financing for the KKR-TPG buyout of txu in today’s New York Observer does a good job of explaining the private equity-banking food chain. As Hoffman explains, bankers want fees from private equity firms, and they get some of the highest from arranging […]

    / Mar 14, 2007 at 1:44 PM
  • KKR, Perella Weinberg, Private Equity, Texas Pacific Group, TXU

    We’re All Treehuggers Now?

    When Holman Jenkins penned his now famous column on the TXU deal, even we were stunned by the depth of his cynicism. He clearly thinks the “treehugger” alarm being raised by those wondering if the environmentalists had captured the private equity firms that were buying the texas energy giant is just plain naïve. Obviously no […]

    / Mar 8, 2007 at 4:13 PM
  • KKR, politics, Private Equity, Texas Pacific Group, TXU

    Was There Anyone In Texas Or The Environmental Movement Who Didn’t Know About TXU?

    The pre-takeover announcement trading in TXU call options has lots of the usual suspects complaining that the other kind of usual suspects must have had inside information about the deal. “The only possible explanation is that there are leaks in these deal processes,” Whitney Tilson at T2 Partners and Tilson Mutual Funds in New York […]

    / Feb 27, 2007 at 2:53 PM
  • KKR, Private Equity, Texas Pacific Group, TXU

    Suspicous Volume On TXU Options Or, Guess What? David Faber Wasn’t The First Guy In The World To Hear About The Deal!

    To the surprise of absolutely no-one, the trading volume on TXU call options was unusually high in the couple of days before the deal was first leaked to CNBC. We’re not saying it’s right that some folks who might have had inside knowledge about the deal might have traded on that knowledge while the rest […]

    / Feb 27, 2007 at 1:51 PM
  • KKR, politics, Private Equity, TXU

    TXU: Honest Graft, Private Equity Style

    Politics creates opportunities for private profit. That’s not exactly news. We’ve known it at least since Senator Plunkitt of Tammany Hall explained the difference between honest graft and dishonest graft. More recently we’ve seen how the regulatory and legislative response to the corporate scandals of the turn of the century—in particular, Sarbanes-Oxley and its accompanying […]

    / Feb 27, 2007 at 12:05 PM
  • TXU

    Is The TXU Take Out Is Smaller Than It Looks?

    Paul Kedrosky points out that the TPG-KKR buyout of TXU isn’t quite as much of a “record setting deal” as it’s being made out to be: Given that a $45-billion sale of TXU to private equity firms Texas Pacific and KKR is apparently a done deal, it’s worth thinking about some of the consequences. For […]

    / Feb 26, 2007 at 3:03 PM

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