Exact(2)
Two months later, Mr. Gray, calling from his wood-paneled office on the 32nd floor of Blackstone's headquarters on Park Avenue, asked Equity Office's banker at Merrill Lynch, Douglas W. Sesler: "What would a Godfather price be?" A price that could not be refused, he was told, would be at least $45 and closer to $50.
"What is the major goal," he asked, "equity and opportunity [for STEM workers], or innovation and growth" for the economy?
Similar(58)
Ask equity partners in any big firm whether as law students they ever dreamed of making the money they now earn.
The bondholders are being asked to take equity in exchange for reducing G.M.'s $27 billion in unsecured debt by two-thirds.
After small talk, Mr. Gray, who looks even younger than his age despite a 5 o'clock shadow, asked whether Equity Office's board would ever consider selling the company.
The board asked private equity firm Texas Pacific Group to bid, but it declined two days before Christmas.
Asked where equity investors who buy his theories should be looking, the 59-year-old says, "People are most negative about Germany".
After Spiegel hung up, Murphy says he stayed on the phone and listened to Brown, who Murphy says asked for equity "somewhere in the range of maybe 30percentt".
While he would not elaborate, the company was expected to ask bondholders to take equity in exchange for reducing their payout on long-term bonds.
The firm is said to have asked private-equity groups KKR, Hellman & Friedman and Bain Capital to move forward with bids for its investment management unit.
It was asking for equity.
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