Resilient Media Entertainment

Wednesday, April 11, 2012

Ron Burkle, Wilbur Ross buy stakes in bank

A long-awaited $100 million investment by two prominent financiers in labor-owned Amalgamated Bank of New York has closed, the bank announced Wednesday, helping it contend with some $150 million in soured real estate loans that had to be written off over the last several years.



Ron Burkle's Yucaipa Cos. and Wilbur Ross's WL Ross & Co. each invested $50 million in the bank, earning them a combined ownership stake of about 41%. Magic Johnson Enterprises, started by the NBA Hall of Famer to invest in urban areas, is partnering with Yucaipa. Garment union Workers United SEIU will remain the majority owner of the bank and union leaders will maintain their majority on the bank's board. The transaction has received all required approvals from regulatory authorities.
CONTINUE READING AS YOU ENTER THE WORLD OF @CrainsNewYork

#PRIVATEEQUITY #VENTURECAPITAL, #HEDGEFUNDS, #INVESTMENTBANKING & a few fun things as well. Check US OUT: http://on.fb.me/vch6FQ http://linkd.in/oiB29lhttp://on.fb.me/sdaWqc http://bit.ly/uhH9hQ http://bit.ly/trKLuj http://goo.gl/Q376nkeywords: #PrivateEquity, #HedgeFunds, #VentureCapital, #InvestmentBanking, #AlernativeAssets, #CapitalMarkets, #MergersAndAcquisitions, #WallStreet, #IPO #ResilientMediaEntertainment, #IPO, @Resilient_Ent, #Film, #Music, #VideoGaming, #Media, #Fashion, #TV, #Technology #JointVentures #FaceBook #Magazines #PublicRelations #Radio #WealthManagementtags: +PrivateEquity, +HedgeFunds, +VentureCapital, +InvestmentBanking, +AlernativeAssets, +CapitalMarkets, +MergersAndAcquisitions, +WallStreet, +IPO +ResilientMediaEntertainment, +IPO, +@Resilient_Ent, +Film, +Music, +VideoGaming, +Media, +Fashion, +TV, +Technology +JointVentures +FaceBook, +Magazines +PublicRelations,+Radio, +WealthManagement

No comments:

Post a Comment

WHAT SAY YOU?