Word: unloaded
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Near Racine, Wis., Scouts just sold a camp for $7 million - they'd been trying to unload it for years due to a lack of use. In New York, 65 acres along the Great Peconic Bay was sold in 2006 because girls just weren't attending camp. In New Jersey, three councils merged into a single group with six camps - two of which weren't being used much. Those two probably won't operate next summer, says Mary Connell, CEO of Girl Scouts of Central and Southern New Jersey, which will do a cost-benefit analysis of all the region...
...Harvard Management Company—the group charged with investing the University’s $36.9 billion endowment—is planning to unload $1.5 billion of its riskiest assets, The Wall Street Journal reported yesterday. The Journal’s article followed similar reports from the trade publication Private Equity Week, which said the company would sell $1 billion of its private equity portfolio. A $1.5 billion sale of its private equity holdings—nearly a third of Harvard’s investments in that sector—would mark one of the largest-ever sales...
Harvard Management Company—the group in charge of investing the University’s $36.9 billion endowment—may be trying to unload a large portion of its riskiest assets, according to a recent article in the trade publication Private Equity Week. The article reported that HMC has hired Cogent Investment Bank to sell approximately $1 billion of its private equity portfolio on the secondary market. As of June 30, HMC’s planned allocation to private equity for 2009 was up to 13 percent of the University’s endowment, or just under...
...that may be created by merging General Motor and Chrysler. Many observers had concluded that Cerberus believed it had been burned after buying an 80.1% stake in the struggling No. 3 automaker in 2007. At one point, there was speculation that Cerberus was trying to find a way to unload its ownership in the car company. However, an executive familiar with the talks tells TIME that Cerberus is not preparing to walk away from its investment. "They're long term investors. They would want to keep a meaningful stake in the combined companies," said the executive. A merger, however...
...financial panic that all but froze credit markets. Much of the discussion, and the planning, has revolved around how the government would buy up the toxic securities such as CDOs (collateralized debt obligations) that are now poisoning bank balance sheets. The thinking has been that once financial institutions can unload this trash on the government, the gears of commerce will move again. But that takes time to pull off. "It's an inefficient way to inject capital," says Campbell Harvey, professor of international business at Duke's Fuqua School of Business. And it also has risk. "You are potentially injecting...