Word: convertly
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...announced that it had raised $1 billion by selling new stock. But that left the bank $100 million short of its goal. So the bank couldn't stop there. Instead, it offered $365 million of the money it just raised to preferred shareholders in order to get them to convert their stock into common shares. Common shares counted as capital in the stress tests. Preferreds...
...move seems to have worked. Fifth Third says the cash payments were enough to persuade holders of more than $550 million in preferred stock to convert their shares to common. Add that amount to the more than $600 million Fifth Third had left from its stock offering, and bingo: Stress test passed - over $1.1 billion in new common equity. The problem is the money Fifth Third paid to preferred shareholders to convert to common equity will also end up depleting Tier 1 capital - a measure of total bank resources, not just common equity - by $365 million...
...with the approval of his Spanish convert parents, four-year-old Hita was tapped by FPMT monks as the reincarnation of the group's co-founder Thubten Yeshe. Their methods will be familiar to anyone who has seen Bernardo Bertolucci's Little Buddha or the current documentary Unmistaken Child: The monks reportedly heeded some dreams; the Dalai Lama consulted an oracle; and the capper was that young Hita "recalled" the color of the dead lama's car. (See pictures of the Dalai Lama: Six decades of spiritual leadership...
...Manning has been commended for his work on the appointments committee—the advisory body responsible for faculty hires—that yielded several high profile faculty hires during Kagan’s tenure as Dean. But whether Manning can convert that administrative experience into managing a multi-million dollar budget remains to be seen...
...academic schedule, a number of Harvard’s graduate schools—including the Kennedy School, Medical School, and School of Public Heath—already included a J-Term in their calendars. After six months of consideration, Verba’s committee recommended that the entire University convert to a calendar of two four-month semesters separated by a one-month break.The report suggested that each of Harvard’s schools determine “how, or whether, they wish to use the January time period based on their curricular needs.” Verba says that...