Saturday, 25 October 2014
Last updated 18 hours ago
Jun 19 2009 | 1:04pm ET
Citadel Investment Group has bought nearly $100 million in new E*Trade Financial Shares, bringing its stake in the troubled brokerage firm to 17%.
Chicago-based Citadel, which was already the largest shareholder—and creditor—of E*Trade, had committed to buying between $50 million and $100 million of the new shares. It already owned a 16% stake in the firm. E*Trade sold 435 million shares of common stock this week as part of its bid to shore up its financial position.
Federal regulators in April ordered E*Trade, whose banking unit has been battered by the mortgage crisis, to raise more capital and cut its debt. To the latter’s end, the firm also plans a bond exchange program, beginning next week, swapping at least $1 billion in new, zero-coupon convertible bonds for bonds due in 2011 and 2017. Citadel, which owns more than 70% of E*Trade’s outstanding high-yield debt, plans to exchange at least $800 million of its bond holdings, as well.
Last week, Citadel chief Kenneth Griffin joined E*Trade’s board of directors.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.