Blame lies partly with the Asian crisis of 1997, which put a greater share of equity in foreign hands.
Stockholders' equity would be wiped out under the plan, and the company would be owned mainly by general unsecured creditors, who would receive a pro rata share of equity in the reorganized company.
Lions at bay Reprints Related items Malaysia: No breaksFeb 20th 2003Since 1990, however, the Malay share of equity has stagnated at around 20%, despite all manner of government incentives to raise it (see chart).
The share of equity trading controlled by the five leading banks (Goldman Sachs, Morgan Stanley, Credit Suisse, JPMorgan and Bank of America) has increased by about one percentage point each year for the past few years, reckons Matt Spick, an analyst at Deutsche Bank.
THE endgame is perhaps about to begin for Europe's stock exchanges, in their bid to secure an unassailable share of equity and derivatives trading in the European time-zone.
Shares of Equity Office have staggered since the company acquired Beacon Properties for $4 billion in 1997, Cornerstone Properties of New York for $4.6 billion in 2000 and Speiker Properties of California for $7.2 billion in February.
"These leasing synergies are extremely limited insofar as they exist at all," said Rahul Bhattacharjee, an associate portfolio manager at Cohen & Steers, an investment management company that owns 16 million shares of Equity Office.
Under the agreement, IRT stockholders may exchange each of IRT's 35 million shares outstanding for $12.15 in cash or 0.9 share of Equity One common stock, worth $12.23, based on Monday's $13.59 closing price for Equity One stock.
This year alone, Lehman's share of equity underwriting has grown from 3% to 7%, of high-yield underwriting from 5% to 7%, and of total global investment banking fees from 4% to 5%, according to Thomson Financial, a data service.Lehman has cut costs too, but it has not yet made any lay-offs.
If the company performs well, that subordinated debt can be converted into some number of shares of equity.
