hardincap Posted November 27, 2012 Share Posted November 27, 2012 does anyone have any idea whats holding up the government from completing their exit? the lockup passed, and they are in the money. what are they waiting for? Link to comment Share on other sites More sharing options...
returnonmycapital Posted November 27, 2012 Share Posted November 27, 2012 Does the government have to announce their plans? Can they not just sell into the market as and when they please? Link to comment Share on other sites More sharing options...
Guest rimm_never_sleeps Posted November 27, 2012 Share Posted November 27, 2012 Does the government have to announce their plans? Can they not just sell into the market as and when they please? they can sell into the market. Link to comment Share on other sites More sharing options...
MYDemaray Posted December 1, 2012 Share Posted December 1, 2012 Does it bother/annoy anyone else that some of the AIG directors own far below the recommended 10,000 share level? I'm not suggesting this is a good reason not to be long, it simply annoys me. Link to comment Share on other sites More sharing options...
Guest rimm_never_sleeps Posted December 1, 2012 Share Posted December 1, 2012 at this point no it doesn't bother me. after all it was 80% owned by us gov. what I like about it however is that AIG is a "sitting duck". The board has no defense when someone like bb comes in and says what's your rationale for keeping the life business and global p/c business together? Link to comment Share on other sites More sharing options...
JRH Posted December 6, 2012 Share Posted December 6, 2012 http://blogs.wsj.com/deals/2012/12/05/funds-position-for-possible-final-aia-stake-sale-by-aig/ During all the BAC excitement today, I almost forgot that I'm holding another stock! Link to comment Share on other sites More sharing options...
BargainValueHunter Posted December 7, 2012 Share Posted December 7, 2012 http://www.bloomberg.com/news/2012-12-07/chinese-group-said-in-talks-to-buy-aig-s-aircraft-leasing-unit.html The group, which includes China Aviation Industry Fund and Industrial & Commercial Bank of China Ltd., is bidding for International Lease Finance Corp. together with ILFC’s management, the people said, asking not to be identified because the talks are confidential. A deal may value ILFC at about $5.5 billion, one of the people said. Based on that valuation, a transaction could mark the biggest Chinese acquisition in the U.S., potentially beating China Investment Corp.’s $3 billion purchase of a stake in Blackstone Group LP (BX) in 2007, data compiled by Bloomberg show. ILFC, based in Los Angeles, is the largest aircraft lessor in China with a 30 percent market share and currently has more than 175 aircraft leased to 16 airlines in the Greater China region, according to the company. It had 918 aircraft in its leased fleet as of September, with a book value of $34.9 billion, according to the most recent quarterly report. AIG acquired ILFC in 1990 for $1.16 billion, data compiled by Bloomberg show. The unit has more than 200 aircraft on firm order, including Boeing Co.’s 787 Dreamliner and Airbus SAS’s new A320neo. Hopefully, more buybacks coming before dividends... Link to comment Share on other sites More sharing options...
MrB Posted December 7, 2012 Share Posted December 7, 2012 P/BV 0.92 Not bad. New AIG numbers attached. Numbers not properly adjusted for consolidation of segments but will be roughly correct. If the deal closes, it ticks yet another box. Importantly, it does it a year ahead of my schedule and might just add another big item to a long list of what Ben and his team accomplished in 2010-2012. Gargantuan! Ben is a dynamo. How long do you think it will take him to solve the cliff? The difference between those that talk for a living and those who work for a living; that is the some total of my political commentary for 2012. Link to comment Share on other sites More sharing options...
mankap Posted December 7, 2012 Share Posted December 7, 2012 Mr B I see Leasing unit's book value at 7.9B in 3rd qtr report. As I understood , AIG will retail a minority stake in ILFC.May be 5.5B is for the stake that chinese will buy. This deal will improve ROE, Book value and free up capital for AIG. I think it will improve AIG's credit rating also. http://www.aig.com/Chartis/internet/US/en/Q32012_FinancialSupplement_tcm3171-453996.pdf Link to comment Share on other sites More sharing options...
MrB Posted December 7, 2012 Share Posted December 7, 2012 Mr B I see Leasing unit's book value at 7.9B in 3rd qtr report. As I understood , AIG will retail a minority stake in ILFC.May be 5.5B is for the stake that chinese will buy. This deal will improve ROE, Book value and free up capital for AIG. I think it will improve AIG's credit rating also. http://www.aig.com/Chartis/internet/US/en/Q32012_FinancialSupplement_tcm3171-453996.pdf MK - Sloppy!! You're right. 0.70 P/BV. I also thought 5.5 might be stake, but it clearly says "value ILFC at about $5.5 billion" At the end of the day it is still speculation, so let's see where we end up. Corrected offer details attached. Link to comment Share on other sites More sharing options...
ShahKhezri Posted December 7, 2012 Share Posted December 7, 2012 Yes, this is really good news. Sold Y tuesday to buy, sold OAK wed. to buy. I'm making this my 3rd largest position by next week. Link to comment Share on other sites More sharing options...
racemize Posted December 7, 2012 Share Posted December 7, 2012 0.7 is lower than I hoped--on the other hand, it's higher than AIG's P/B, so it's still a win, I guess. Glad to get this one off the list. Link to comment Share on other sites More sharing options...
txlaw Posted December 7, 2012 Share Posted December 7, 2012 Darn, I wish I hadn't sold AIG warrants to buy BAC warrants! JK :) Considering I was valuing this things at $4.3 billion, I would be very pleased if we got a $5.5 billion valuation for it. I would be even more pleased if they bought back stock with the proceeds of any such sale. Let's hope the reports are real and the sale actually happens. In case anybody wants to peruse ILFC's quarter: http://www.sec.gov/Archives/edgar/data/714311/000104746912010022/a2211600z10-q.htm Link to comment Share on other sites More sharing options...
racemize Posted December 7, 2012 Share Posted December 7, 2012 Darn, I wish I hadn't sold AIG warrants to buy BAC warrants! JK :) I'm still holding mine--they haven't done much in the interim! Link to comment Share on other sites More sharing options...
txlaw Posted December 7, 2012 Share Posted December 7, 2012 Darn, I wish I hadn't sold AIG warrants to buy BAC warrants! JK :) I'm still holding mine--they haven't done much in the interim! Oh, I still own mine. It's still my single largest position, but I now have an equal amount of BAC exposure. Link to comment Share on other sites More sharing options...
PlanMaestro Posted December 7, 2012 Author Share Posted December 7, 2012 As a friend said, take the money and run. The balance sheet is going to look much better. Buybacks please. Link to comment Share on other sites More sharing options...
MYDemaray Posted December 7, 2012 Share Posted December 7, 2012 AIG now saying it's for a 90% stake in ILFC.... Link to comment Share on other sites More sharing options...
Uccmal Posted December 7, 2012 Share Posted December 7, 2012 Darn, I wish I hadn't sold AIG warrants to buy BAC warrants! JK :) I'm still holding mine--they haven't done much in the interim! Oh, I still own mine. It's still my single largest position, but I now have an equal amount of BAC exposure. So which one is more equal? lol. Link to comment Share on other sites More sharing options...
txlaw Posted December 7, 2012 Share Posted December 7, 2012 Darn, I wish I hadn't sold AIG warrants to buy BAC warrants! JK :) I'm still holding mine--they haven't done much in the interim! Oh, I still own mine. It's still my single largest position, but I now have an equal amount of BAC exposure. So which one is more equal? lol. Haha. :) I guess the reason I say equal exposure is because I only own AIG warrants (so it's my single largest CUSIP position), whereas my BAC position is a combination of BAC warrants and BAC LEAPS. Thinking about it notionally, they are about the same exposure. Link to comment Share on other sites More sharing options...
fareastwarriors Posted December 7, 2012 Share Posted December 7, 2012 AIG now saying it's for a 90% stake in ILFC.... http://www.bloomberg.com/news/2012-12-07/aig-says-investor-group-in-talks-to-buy-90-of-plane-lease-unit.html American International Group Inc. (AIG), the insurer that counts the U.S. as its largest shareholder, said it is talks to sell 90 percent of its plane-leasing unit to a group including New China Trust Co. Other potential investors in the group for International Lease Finance Corp. are New China Life Insurance Co. and P3 Investments Ltd., together with China Aviation Industrial Fund and an investment arm of ICBC International, the New York-based insurer said today in a statement. A deal may value ILFC at about $5.5 billion, according to a person familiar with the matter who asked not to be identified because talks are private. Link to comment Share on other sites More sharing options...
mankap Posted December 7, 2012 Share Posted December 7, 2012 It will reduce the overall leverage for AIG as ILFC is highly leveraged .It will also free up capital for AIG. Link to comment Share on other sites More sharing options...
MYDemaray Posted December 7, 2012 Share Posted December 7, 2012 Sandy estimates in...$1.3bn. Shares down in after hours: http://www.aig.com/_3171_438003.html Link to comment Share on other sites More sharing options...
MYDemaray Posted December 10, 2012 Share Posted December 10, 2012 80% of ILFC sold at $5.28 total valuation: http://www.aig.com/_3171_438003.html Link to comment Share on other sites More sharing options...
MYDemaray Posted December 10, 2012 Share Posted December 10, 2012 Point of clarification: 80.1% sold with Counterparty call option to acquire 9.9% more. Link to comment Share on other sites More sharing options...
twacowfca Posted December 10, 2012 Share Posted December 10, 2012 80% of ILFC sold at $5.28 total valuation: http://www.aig.com/_3171_438003.html Let's see. . . Isn't that a valuation of about $2.7B below BV? Plus $1.3B announced on their hit from Sandy? Uhh. Can someone help me out on the math here? Mr. Market in his ebullient mood may like this because it frees up capital. Link to comment Share on other sites More sharing options...
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