BANKRUPT BANKER
Showing posts with label Thomas Jefferson's own University of Virginia. Show all posts
Showing posts with label Thomas Jefferson's own University of Virginia. Show all posts
University with $4 billion in assets but only about 21% of them liquid investments could also be the victim of a surprising and catastrophic failure.
Monday, 1 December 2008
University with $4 billion in assets but only about 21% of them liquid investments could also be the victim of a surprising and catastrophic failure. Osbon decided not to name the university, but Thomas Jefferson's own University of Virginia fits the bill. Its assets have dropped 20% to $4 billion during this bear market and the school's trustees have invested heavily in illiquid private equity, real estate and alternative investments.Leonard W. Sandridge, the school's chief operating officer recently assured students and alumni that the endowment is sufficiently liquid for the school's needs. Those private equity investments are long term, after all.
But the private equity world is reeling just like everyone else. Cerberus Capital was meant to buy the remaining 20% of Chrysler from Daimler this year. Now the private equity firm is accusing Daimler of misleading it in 2007 when it sold 80% of Chrysler for more than $7 billion. Given the vast amount of due diligence Cerberus performed before buying most of Chrysler and putting Robert Nardelli in charge to clean it up, the Cerberus accusation is stunning and might portend bad news for private equity in general.Randy Carver, an adviser with Raymond James, believes that these are the mixed signals that are causing all of the market's short-term volatility, "I think we are going to vacillate between confident and fearful until we get into the first or second quarter next year."
0
comments
-
BBC Cliff Richard raid coverage was 'invasion of privacy' - BBC News - BBC Cliff Richard raid coverage was 'invasion of privacy' - BBC News: 'via Blog this' :Text may be subject to copyright.This blog does not claim copyri...
-
The Spanish Untouchables - [image: Busto del Rey Juan Carlos I de España en su vi...] A new tell-all book that details what led to Spanish king Juan Carlos giving up the throne wou...
-
'Hatchet' Gerard Kavanagh shot dead in Costa del Sol pub - Gerard Kavanagh was shot dead in a bar on the Costa del Sol Notorious gangster Gerard “Hatchet” Kavanagh was gunned down by two masked assassins yesterda...
-
Gang boss burns out garda sergeant's car while he plays football - Gardai have launched a major investigation after a car belonging to a popular sergeant was burnt-out in a grudge attack linked to gangland thugs. SHARE T...
-
Spanish police have arrested a Colombian drug boss dubbed ‘The Mouse’, the alleged leader of a major cocaine smuggling gang accused of 400 killings - Spanish police have arrested a Colombian drug boss dubbed ‘The Mouse’, the alleged leader of a major cocaine smuggling gang accused of 400 killings, offi...
