Commerce Bancshares is the American Century fund's largest equity holding.
Tiger's largest equity holding at that time was U.S. Airways, whose troubles dragged down Tiger's overall returns.
The stake represents the fund's largest current domestic equity holding, ahead of other blue chip companies like the Walt Disney Company and Viacom.
They hoped to borrow heavily to finance the firm, letting the founders and early investors hold on to large equity stakes.
Since incentives to maximize returns from holding multiple securities of the same firm are substantially higher in private equity and hedge funds than in other institutions, these large differences reinforce our interpretation of the premium as reflecting equity holding institutions utilize their position inside the borrowing firms when they lend to their firms.
So that's a large equity play.
Presumably, that will also allow Flagship to hold onto larger equity ownership stakes during dilutive rounds of financing that come later.
But the deal, which News Corporation learned of only in the last day or so, according to a company official, will make Liberty the largest equity shareholder, with 17percentt, because it still holds a large number of nonvoting shares.
The large and steadily growing share of corporate equities held by index funds, and especially the Big Three, has transformed ownership patterns in the U.S. public market.
After the conversion, Cerberus, the large private equity firm, will hold an 8.9 percent stake, and G.M. and another affiliate together will own just under 10 percent of the shares.
The bank says it has plenty of capital, although it will have to take steps to reduce its assets — or increase its equity — to meet proposed leverage rules aimed at large bank holding companies.
