High Yield Financing and Efficiency-Enhancing Takeovers
Milken Institute Policy Brief No. 22, 27 November 2000
This study analyzes the determinants of the risk of takeover from 1981 to 1997 based on a sample of 896 Fortune 500 firms using sophisticated methodology. The measure of firm efficiency includes both production costs and overhead expenses. If relatively inefficient firms are chosen as the targets in takeovers and the new owners reduce the costs of these inefficiencies, then the potential for gains from takeovers for the US economy exists. Because firm-level costs are adjusted for the industry median, the study is able to capture the inefficiency implications of firms where it is clear that other firms in the same general product line are better controlling their costs. Indeed, high total cost per unit of revenue is a powerful determinant of the risk of takeover throughout the period under study. The impact of size on the risk of takeover, however, changed across time.
PDF (29 pages): High Yield Financing and Efficiency-Enhancing Takeovers
N.Y. Grand Jury Probes Stock Loan Practices
Steve Coll and David Vise
Washington Post, 21 July 1989
NEW YORK, JULY 20 — The Manhattan U.S. attorney is conducting a criminal investigation of Wall Street’s lucrative securities lending business, focusing on an official of Shearson Lehman Hutton Inc., according to documents and sources familiar with the case.
Subpoenas issued as part of the grand jury investigation, while not stating the precise target of the probe, have requested witnesses to provide records about investments, transactions and accounts involving Dennis Palmeri, who supervises all of Shearson’s stock loan operations.
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SEC Alleges Manipulation Of IBM Stock
John F. Berry, 25 October 1978
The Securities and Exchange Commission has ordered an adminstrative hearing into the alleged manipulation of the price of the stock of International Business Machines Corp. by several Chicago broke-dealers. In a brief announcement yesterday the SEC alleged that broker-dealers sought to manipulate IBM shares through a series of transactions on the New York Stock Exchange and the Chicago Board Options Exchange.
The SEC named Chicago Financial Partnership, Jameco Investments, Thomas J. Connelly Jr. III, Philip J. Dalman, James M. Chipman, Gail J. Connelly and Michael A. Faberburg, all of the .Chicago area.The SEC, which alleges fraud and manipulation of the market by certain of the Chicagoans, claims the series of questionable transactions took place during the week of July 11, 1977.
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DoorDash IPO filing shows huge growth and lots of risk
Dara Kerr, Carrie Mihalcik, 14 November 2020
Food delivery service DoorDash on Friday filed paperwork with the US Securities and Exchange Commission for an initial public offering. The S-1 filing, more than 200 pages long, shows that the company reported $1.9 billion in revenue for the nine months that ended Sept. 30, up from $587 million during the same period last year.
The company also reported a net loss of $149 million in the first nine months of this year, which is less than the $533 million net loss it reported during the same time in 2019.
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Bionano Genomics : SEC Filing (424B3) – Supplemental Prospectus
MarketScreener, 20 March 2020
This prospectus covers the offer and resale by Innovatus Life Sciences Lending Fund I, LP, or Innovatus, and Innovatus Life Sciences Offshore Fund I-A, LP, or Innovatus Offshore, of up to an aggregate of 1,141,408 shares of our common stock, which includes 161,987 shares of our common stock issuable upon the exercise of warrants, issued to Innovatus and Innovatus Offshore in private transactions. Innovatus and Innovatus Offshore are also collectively referred to in this prospectus as the selling stockholders.
We are not selling any shares of common stock under this prospectus and will not receive any of the proceeds from the sale by the selling stockholders of such shares. Continue reading “Article: Bionano Genomics : SEC Filing (424B3) – Supplemental Prospectus”