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...private equity funds seized on the rental market in major cities in recent years, all this was jeopardized by the need to generate fat returns of 15%-20% per annum. Worse, this business model was based on a dirty secret - expelling as many existing tenants as possible. This is the thuggish reality behind otherwise respectable-sounding prospectuses offered to investors to explain how they could service high debt on mortgage-backed securities. "The borrower anticipates to recapture approximately 20%-30% of the units [roughly within the first year] and 10% a year thereafter," explained a prospectus for a portfolio...
...management fund BlackRock, imagined evicting 50% of rent-regulated tenants in just a few years. But tenants fought back and won in a court decision that also undercut plans for using city tax abatements to further sweeten returns on apartments pushed into luxury decontrol. The upshot, according to a recent Deutsche Bank analysis, is that the property, purchased in late 2006 for $5.4 billion, "would fetch less than $2 billion if sold into the current dislocated market." It added that the most natural buyer was MetLife, the insurer and original owner, in part because it represented "patient capital...
Here’s the gist of this wonderful exercise in statistical exploration: “Male undergraduates are much more likely to masturbate than their female peers, according to a recent survey on undergraduate sexual activity conducted by The Daily Princetonian.” Groundbreaking, no? Also, the article quoted a UCLA psychology professor who explains that these “gender discrepancies” might stem in part from male genitals being “a lot more easy to find” than their female counterparts...
...Kraft too, persistence should pay dividends. While the Illinois-based firm has looked sickly in recent quarters, Cadbury has shone. The British business boasts "dominant positions, strong emerging market exposure and the potential for massive margin improvements," Andrew Wood, an analyst with the financial firm Sanford C. Bernstein, wrote in a note to clients on Tuesday. "Kraft," he added, "will benefit from all of Cadbury's strengths." And at a knockdown price. Bagging the firm for a value equivalent to 13 times Cadbury's profit before tax and other deductions amounts to the cheapest food-industry takeover in more than...
After her time at Harvard, she departed to become the dean of freshman and director of academic advising at the University of Pennsylvania. Sterritt has since worked at Stanford University, where she will be leaving her most recent post as associate dean for graduate and undergraduate studies in the School for Humanities and Sciences...