The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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Mullen: TPG-Angelo Gordon deal marks the start of a massive M&A wave
“I think you're going to see what Angelo Gordon did with TPG is the beginning of a massive wave of this. There's a lot of mergers that are going to take place.”
Apollo and TPG transferred Caesars casinos to bankruptcy-remote entities
“Apollo and TPG executed a series of these complex asset deals, asset transfers, financial engineering, where more money is put in the business. They buy casinos from the existing Caesars and Harris Opgo, all in an attempt, ostensibly, to Keep everybody's inves…”
Caesars restructuring became a PE roadmap rather than a cautionary tale
“Caesars ended up being less of a cautionary tale and more of a roadmap, and the reason for that, I think, is very simple. People realized that after this deal, Apollo raises a twenty-five billion dollar fund, and the LP community didn't really penalize them, a…”
Reynolds: TPG founders apologized globally and let LPs cut fund commitments
“We had to do what we called at the time a contrition tour, which was essentially David Bonderman and Jim Coulter traveling all around the world apologizing to our investors. We gave people an option to take their money out. We gave people an option to reduce t…”
Reynolds: TPG's WaMu deal went to zero before capital calls finished
“TPG had raised a twenty billion dollar fund that it started to deploy very quickly into mega buyout deals right before Lehman fell and the financial crisis began. The first deal in that fund was Washington Mutual. Which went to zero before the capital was call…”