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He bought into the Devils with several other investors, whose stakes are smaller than those of Chambers and Lewis Katz.
But M&T Bank may want to boast that it never let TARP damage existing shareholders, whose stakes would be diluted by the issue of new stock.
Instead, the teams rely on the financing from owners or sponsors, which include Russia's biggest state-run or -controlled corporations, whose stakes and spending are far from transparent.
The only losers, of course, are the shareholders, whose stakes are diluted by the issuance of shares to retire the debt.
But the public offering allowed unit holders, whose stakes in the building date back to the early 1960s, the flexibility many sought to eventually cash out by selling their REIT shares.
Martin Ebner, the financier whose stakes in Swiss companies have often led to corporate shake-ups, said today that his BZ Group Holding was reaching outside Switzerland to buy shares in some European banks.
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Officials at the Fed, whose stake in A.I.G. is senior to the Treasury's, declined to discuss its intentions.
One of the diluted shareholders, of course, is R2 Investments, whose stake is now around 2 or 3percentt.
Shareholder advocates and corporate governance experts say they come at the expense of other investors, too, whose stake in the company is diluted.
Mr. Pincus, whose stake will be worth several billion dollars and represent the largest voting block, will also keep a firm grip on the company he founded.
The Malkins, whose stake in the new company is valued at $730 million, have spent the last year trying to convince shareholders to approve the consolidation.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com