"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Tuesday, June 03, 2008

Advisers trousering millions as B&B sinks ....

Here is the unedited news from Legalweek about the men in pin stripes picking over the carcass of B&B .....

Cleary Gottlieb Steen & Hamilton has taken a lead role alongside City giant Linklaters as struggling UK lender Bradford & Bingley (B&B) sells a stake to US buy-out giant TPG.

The pair is advising the private equity group, formerly Texas Pacific Group, which today announced it was taking a 23% stake in B&B after the lender was hit by losses relating to its mortgage exposure.

London corporate partner Simon Jay led the team for Cleary on the £179m sale, while Linklaters fielded a team under corporate partners Charlie Jacobs and John Lane.

B&B turned to Herbert Smith, with corporate head Michael Walter and corporate partner Will Pearce heading the line-up for the top 10 City outfit.

Last month Herbert Smith was instructed by B&B as the lender launched a £300m rights issue in a bid to shore up its capital position. Freshfields Bruckhaus Deringer was brought in to advise the underwriting banks, Citi and UBS.

Following TPG’s acquisition of the stake, B&B has restructured the rights issue to raise around £258m.

B&B is among several lenders to turn to rights issues in recent months. Allen & Overy landed a plum role advising HBOS on its £4bn programme while Royal Bank of Scotland (RBS) recently announced its own record-breaking £12bn cash-call, with Linklaters leading for RBS and Freshfields advising underwriters Goldman Sachs, Merrill Lynch and UBS

That sounds like a bumper season in hoovering up monster fees for Simon. Charlie, John, Will, Gervaise, Penny etc.,

No comments:

(C) Very Seriously Disorganised Criminals 2002/3/4/5/6/7/8/9 - copy anything you wish