Two recent attacks collected extensive data about the web activities of over a thousand high-worth senior business executives who fell for phishing emails purporting to be from the Better Business Bureau.
"It was hard for me to demean myself to take a pee-wee salary when I was worth a senior salary," he said.
An example was provided last week, when the GTech Corporation, a provider of lottery systems for states and municipalities, privately placed $115 million worth of senior subordinated debentures through Donaldson Lufkin & Jenrette.
They were missing a back row's worth of senior talent, in addition to the long-term absentees Olly Barkley and David Barnes – the latter's injury being so long-term that he announced his retirement last week.
JT Acquisition had originally intended to issue three series of subordinated debt by Oct. 30: $350 million worth of senior subordinated notes, $500 million of subordinated debentures and $650 million of junior subordinated pay-in-kind debentures.
In adopting the selective exchange offer, the board stated that its objective was either to defeat the inadequate Mesa offer or, should the offer still succeed, provide the 49% of its stockholders, who would otherwise be forced to accept "junk bonds", with $72 worth of senior debt.
In other news, Moody's Investors Services cut Conseco's $4.4 billion worth of senior unsecured debt to its second-lowest junk rating, and says it expects the insurer to seek bankruptcy.
Shares of the USA Today publisher have been moving upward since mid-July when quarterly results beat consensus estimates by 10 cents, or 26%, and were further boosted when the company announced the pricing for $500 million worth of senior notes on Sept 29th.
For what it's worth, a senior Republican congressmen told me that "The Daily Show's" piece on the GOP "Pledge to America" was the only one that drew blood.
* The net worth of seniors is five times that of other Americans; people over 50 had a total net worth of $20 trillion in 1998, up from $7.6 trillion 15 years earlier, according to data from AARP, an organization of retired people and those approaching retirement.
The year they graduated, the average combined SAT score of Worthing's seniors was 794.
