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August 21, 2008


i think they also have a FAT stake of facebook options at about $1. they will make out nice on those and buy themselves time to sort out their new holdings. -axel


they may be smart but if they haven't already locked up the best and brightest law firms for the next decade, watch out. it might be tough for them to hire any of them at this point, cuz all the law firms involved in structured mkts over the past five yrs will have been conflicted out by the IB's, BD's, monolines, and ratings geeks.


Well, at a minimum they own a lot of cool shit now! Korean and German banks, golf courses. I'm sure they'll do fine with IKB. A little worried about their Merrill CDO purchase though.

I've had a couple of encounters with the Lone Star guys. They're smart and seem to know what they're doing. I do know they want to take profits on what they've purchased sooner than later. The reality is it will probably take much longer to realize gains and move it out the door. Not sure who besides them is buying ABS distressed paper, but I doubt its Lehman or Bear (oh, that's right...I forgot).

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