7 posts categorized "Investing"

03/14/2014

TPG lending unit files to go public

TPG Specialty Lending, which says it provides financing to mid-size companies, said in a regulatory filing that it intends to go public next week. The company was formed in July 2010 and is part of TPG Capital, the big private equity firm founded by former Robert M. Bass advisors that include David Bonderman and James Coulter.  TPG  Specialty Lending says it has co-chief executive officers: Michael Fishman and Joshua Easterly, and lists its headquarters in Fort Worth. In its filing with the Securities and Exchange Commission, TPG Specialty Lending said it expects to issue 7 million shares at between $16 and $17 a share, or up to $136.9 million before expenses.

According the company's filing, it had just over $1 billion in outstanding investments at year's end to what it describes as highly leveraged companies. It reported $90.4 million in interest income on those investments in 27 portfolio companies, and said its average yield on those investments as of Dec. 31 was 10.4 percent at fair market value. It also holds some equity securities in eligible portfolio companies.

TPG Specialty Lending does business as a Business Development Co., which can be either publicly held or private, but in any event is regulated by the SEC. They distribute most of their earnings as dividends to shareholders. According to its SEC filing, TPG Specialty Lending last year declared a stock dividend of $1.56 a share.

-- Jim Fuquay

 

09/16/2013

Alice Walton, Basses prominent on Forbes list of richest Americans

Alice Walton, daughter of the late Wal-Mart founder Sam Walton, ranks No. 8 on the new Forbes 400 list of the wealthiest Americans. She's also the richest Texan by the magazine's estimate, with a net worth of $33.5 billion. Walton has a home in Fort Worth and a ranch in Millsap. The magazine, in a story focused on her art collecting, describes her living arrangements like this:

"She spends the majority of her time at her Rocking W Ranch an hour west of Fort Worth, Tex., in tiny Millsap (pop. 409), where she breeds cutting horses and cooks her famous beans and rice for her ranch family, as she calls her live-in staff. She’s never had any kids, but speaks fondly of her 23-year-old horse trainer, Jesse Lennox, and loves watching him compete."

Every other Fort Worth name on the Forbes list has a direct tie to the city's Bass family. Those include brothers Robert M. Bass (No. 193, $2.8 billion); Edward and Lee Bass (No. 260, $2.1 billion); and Sid R. Bass (No. 314, $1.8 billion). Tied for No. 209 at $2.6 billion each are Richard Rainwater, who was the family's longtime financial advisor until 1986, and David Bonderman, who was Robert Bass' financial advisor and since 1992 has been a private equity investor.

Also on the list are brothers Dan and Farris Wilks, who founded and sold Fort Worth-based FTS International, formerly Frac Tech. They live in Cisco, where FTS started, and have an estimated net worth of $1.5 billion each, ranking No. 352. FTS moved its headquarters to Fort Worth in 2011.

Prominent Dallas residents on the list are topped by investor Harold Simmons at No. 40 with $10 billion. Dallas Cowboys owner Jerry Jones is tied at No. 166 with Herbert Hunt with $3 billion, Dallas Mavericks owner Mark Cuban checks in at No. 222 with $2.5 billion; and Texas Rangers co-owner Ray Davis is No. 296 with $1.9 billion. H. Ross Perot Sr. is No. 134 with $3.5 billion, and son H. Ross Perot Jr. is No. 314 with $1.8 billion.

-- Jim Fuquay

07/02/2013

SEC accuses Bedford man of investment fraud with energy offerings

Bret L. Boteler through his company, EnerMax, raised $17.3 million from about 260 investors in more than 40 states through fraudulent means including the sale of unregistered securities, the Securities and Exchange Commission alleges in a lawsuit. The civil suit, filed June 28, seeks to enjoin Boteler, a Bedford resident, from further violations of federal securities law, disgorge money illegally obtained and also pay any other penalties levied by a the court. None of the three telephone numbers listed publicly for Boteler and EnerMax, in Hurst, were in operation when the Star-Telegram dialed them Tuesday.

According to the SEC suit, Boteler told investors in 16 partnerships that EnerMax was an experienced energy producer when "in reality neither Boteler nor the EnerMax staff were oil-and-gas professionals." Rather, the agency says, "the only operation conducted by EnerMax was selling oil-and-gas securities." The suit alleges that between November 2007 and December 2011 EnerMax conducted 16 offers raising $17.26 million aimed at developing two West Texas prospects. While the offering circular "purported to give investors a share of management responsibility, this assignment of responsibility was illusory," the suit says, and "few if any of the 260 investors had any experience" in the energy business. And while Boteler claimed the investments were exempt from registration requirements, more than 40 investors lacked the financial resources to be considered "accredited investors" and hence the offerings "did not qualify for an exemption from registration." The projects were not profitable and Boteler used hundreds of thousands of dollars to pay himself a salary and other expenses, including $65,000 for his children's private school tuition, and invested nearly $700,000 in two unrelated businesses.

The suit says Boteler shut down EnerMax in 2012.

-- Jim Fuquay

 

11/30/2012

Kleinheinz to close hedge fund, Bloomberg reports

Bloomberg News is reporting that Fort Worth hedge fund manager John Kleinheinz is winding down his Kleinheinz Capital Partners and will return investors their money. Bloomberg cites a letter sent to clients. According to regulatory filings, Kleinheinz Capital had $4.3 billion in regulatory assets as of Dec. 31, Bloomberg said. 

A link to the item is here.

-- Jim Fuquay

09/19/2012

Familiar Fort Worth names on Forbes 400 wealthiest Americans list

With the exception of relocating Wal-Mart heiress Alice Walton's residence from Parker County to Fort Worth (mistakenly, as far as we know), the Tarrant area members of Forbes magazine's annual list of the wealthiest Americans are pretty much unchanged this year. Walton is No. 8 on the 2012 list, with a net worth of $26.3 billion. (She listed her residence as 11500 Interstate 20, the address of her 3,200-acre Rocking W Ranch outside of Millsap, in October 2011 when she was charged with DUI on her way home from her 62nd birthday party in Fort Worth.) She's followed by investor Robert Bass (tied at No. 151 with Dallas Cowboys owner Jerry Jones at $2.7 billion), investor David Bonderman (No. 170, $2.6 billion), investor Richard Rainwater (No. 206, $2.3 billion), brothers Ed and Lee Bass (tied at No. 239, $2 billion), and Sid Bass (No. 271, $1.8 billion). All have been on the list for years.

Dallas area residents on the list, in addition to Jones, include banker Andrew Beal, investor Harold Simmons, oilman and real estate developer Ray Lee Hunt, investor Robert Rowling, oilman Trevor Rees-Jones, investor H. Ross Perot Sr., oilman Timothy Headington, Dallas Mavericks owner Mark Cuban, pipeline operator Kelcy Warren, banker Gerald J. Ford, Texas Rangers co-owner Ray Davis, real estate developer H. Ross Perot Jr., investor T. Boone Pickens, telecommunications operator Kenny Troutt, and online media developer Todd Wagner.

The complete list is here.

-- Jim Fuquay

 

02/25/2012

Buffett says he's picked Berkshire successor, but doesn't ID him

Billionaire investor Warren Buffett says he's in great health and is sticking around at his investment holding company, Berkshire Hathaway, but he says he's picked his successor. Buffett didn't specify anybody by name, but he praised the work of some Berkshire insiders thought to be candidates, including Matthew Rose, CEO of Burlington Northern  Santa Fe.

- Scott Nishimura

Buffett says he's picked Berkshire successor, but doesn't ID him

Billionaire investor Warren Buffett says he's in great health and is sticking around at his investment holding company, Berkshire Hathaway, but he says he's picked his successor. Buffett didn't specify anybody by name, but he praised the work of some Berkshire insiders thought to be candidates, including Matthew Rose, CEO of Burlington Northern  Santa Fe.

- Scott Nishimura

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