Which is 500 million pounds, so the original sums quoted could still be valid, as they are quite close to a billion dollars.
£375 MILLION paper loss! Joe Lewis burned by Bear Stearns crash!
- Thread starter yanno
- Start date
Which is 500 million pounds, so the original sums quoted could still be valid, as they are quite close to a billion dollars.
Bus-Conductor
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- Oct 19, 2004
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Chris12345
LADdam Hussein
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Exactly, in my opinion (tho I'm young) I would much rather have an astute business man owning the club (as long as there are people lower down in the chain who care, as Levy seemingly does), as this will stop us "doing a Leeds" or making stupid financial decisions based on a love for the club, then dying or something and getting fucked...
For example... a highly suspect and make believe scenario (I know there are probably 100s of holes, but hopefully the general point is valid)... Spurs want a new stadium... because of my undying love for the club I take out a massive loan to build it, and then, the stock market crashs... and because I'm no businessman, I don't know how to deal with it, and the club goes bankrupt...
as I say, a kinda stupid example, but the general jist is there...
- Thread starter
- #24
Joe Lewis' paper loss has just maxed out. Bear Stearns has been sold to JP Morgan for $2 a share and $30 billion of Fed backstop.
http://online.wsj.com/article/SB120569598608739825.html?mod=googlenews_wsj
Bear's office building is worth more than that shareprice. This means global financial markets are on the brink. Time to visit an ATM pronto, SCers....
http://online.wsj.com/article/SB120569598608739825.html?mod=googlenews_wsj
Bear's office building is worth more than that shareprice. This means global financial markets are on the brink. Time to visit an ATM pronto, SCers....
SpurSince57
Well-Known Member
- Jan 20, 2006
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My point (see above). Absolutely white-and-blue-to-the-bone Spurs, but a total disaster.
See the Alan Sugar thread.
- Thread starter
- #26
Wrong board I know - but putting Joe Lewis & his Masterly performance in losing $800 million dollars in two days to one side, this is incredibly serious.
I've been digging the dirt on the global markets for some time - and we've all been lied to. It's not a liquidity crisis, it's a SOLVENCY crisis.
I'm off to an ATM right now....
I've been digging the dirt on the global markets for some time - and we've all been lied to. It's not a liquidity crisis, it's a SOLVENCY crisis.
I'm off to an ATM right now....
- Thread starter
- #27
http://online.wsj.com/article/SB12057102....
Bear Stearns's Plunge
Takes Along Billionaire
U.K. Investor Lewis
Took Big Stake in '07,
Lost $800 Million
By CASSELL BRYAN-LOW in London and KATE KELLY in New York
March 17, 2008
British-born billionaire Joseph Lewis made his fortunes gambling on currencies. But his recent investment in Bear Stearns Cos. has turned out to be a disastrous bet.
The elusive septuagenarian is one the biggest losers from the New York investment bank's problems. In just a few months, he has lost about $800 million on his roughly 9.6% stake in Bear, which has seen its shares crater in recent days.
[Joe Lewis]
A small cadre of investors, often considered some of the best in the business, own big stakes in Bear that aren't looking good. A number of these shareholders, deeply disappointed about the stock's performance, are likely to take a hard line in negotiations about the bank's options if there is any flexibility, according to a person familiar with the matter.
Among the stakeholders: James Barrow, a Dallas money manager who runs the firm Barrow, Hanley, Mewhinney & Strauss Inc., is the single biggest investor, with a 9.95% stake, according to recent regulatory filings. Bear Stearns Chairman James Cayne, who stepped down as chief executive in January amid criticisms by some investors that he was too hands-off when the mortgage mess unfolded, holds a stake just under 5%. So does activist investor Bruce Sherman, the CEO of Florida money-management firm Private Capital Management Inc., a unit of Legg Mason, recent regulatory filings show.
Mr. Sherman, who persuaded the media company Knight Ridder Inc. to put itself up for sale in 2005, has taken a more active stance with Bear in recent months, say people familiar with the matter -- closely questioning Bear lead director Vincent Tese about the investment bank's problems last summer, and making his dissatisfaction with Mr. Cayne clear to Bear officials in the weeks preceding Mr. Cayne's early-January resignation as CEO. The value of Mr. Sherman's stake has fallen about 80% over the past year.
A representative for Mr. Sherman did not return calls yesterday. Mr. Lewis couldn't be reached. An assistant in Mr. Cayne's Bear office said that he was in a meeting and unavailable for comment. Mr. Barrow didn't respond to a request for comment.
Mr. Lewis made his fortune as a currency trader, once amassing a 30% stake in auctioneer Christie's International PLC, and has spent the past decade investing in an array of businesses, including real estate, oil and gas, and sports. He now lives in the tony Lyford Cay development Bahamas -- and got involved with Bear first as a client and then became a major investor last year.
Mr. Lewis long has been a client of Kurt Butenhoff, one of Bear Stearns's heavy hitters in private-client services. Mr. Butenhoff brought the relationship with him to Bear from Salomon Bros., where Mr. Butenhoff was a high-net-worth broker in the early 1990s.
Mr. Lewis began rapidly building his stake in Bear Stearns this past summer, shortly after the bank announced that two internal hedge funds had imploded. In December, his stake grew to just under 10% from about 7% when Bear stock fell below $110, forcing him to make good on an options trade he had made with another party.
Mr. Lewis could have sold off his obligation to buy and washed his hands of an unlucky trade. But he chose to exercise his options, acquiring hundreds of thousands of new shares. He owns more than 11 million Bear Stearns shares, according to a December regulatory filing.
But on Friday, Bear's shares fell 47% to a nine-year low of $30 in New York Stock Exchange composite trading after the Federal Reserve and J.P. Morgan Chase & Co. stepped in to keep the firm afloat following a severe cash crunch.
The son of a café owner in London's East End, Mr. Lewis started work there and later expanded the family business to create a small empire of themed restaurants. He acquired the nickname "the boxer" in part because his name is similar to boxing legend Joe Louis but also because of his shrewd approach to business.
Mr. Lewis's recent endeavors have included developments in central Florida, where he owns Isleworth and another gated community. About six years ago, Mr. Lewis purchased a stake in Tottenham Hotspur PLC , a soccer club based in northeast London. A keen golfer, Mr. Lewis hosts the Tavistock Cup tournament and has befriended golf star Tiger Woods.
Bear Stearns's Plunge
Takes Along Billionaire
U.K. Investor Lewis
Took Big Stake in '07,
Lost $800 Million
By CASSELL BRYAN-LOW in London and KATE KELLY in New York
March 17, 2008
British-born billionaire Joseph Lewis made his fortunes gambling on currencies. But his recent investment in Bear Stearns Cos. has turned out to be a disastrous bet.
The elusive septuagenarian is one the biggest losers from the New York investment bank's problems. In just a few months, he has lost about $800 million on his roughly 9.6% stake in Bear, which has seen its shares crater in recent days.
[Joe Lewis]
A small cadre of investors, often considered some of the best in the business, own big stakes in Bear that aren't looking good. A number of these shareholders, deeply disappointed about the stock's performance, are likely to take a hard line in negotiations about the bank's options if there is any flexibility, according to a person familiar with the matter.
Among the stakeholders: James Barrow, a Dallas money manager who runs the firm Barrow, Hanley, Mewhinney & Strauss Inc., is the single biggest investor, with a 9.95% stake, according to recent regulatory filings. Bear Stearns Chairman James Cayne, who stepped down as chief executive in January amid criticisms by some investors that he was too hands-off when the mortgage mess unfolded, holds a stake just under 5%. So does activist investor Bruce Sherman, the CEO of Florida money-management firm Private Capital Management Inc., a unit of Legg Mason, recent regulatory filings show.
Mr. Sherman, who persuaded the media company Knight Ridder Inc. to put itself up for sale in 2005, has taken a more active stance with Bear in recent months, say people familiar with the matter -- closely questioning Bear lead director Vincent Tese about the investment bank's problems last summer, and making his dissatisfaction with Mr. Cayne clear to Bear officials in the weeks preceding Mr. Cayne's early-January resignation as CEO. The value of Mr. Sherman's stake has fallen about 80% over the past year.
A representative for Mr. Sherman did not return calls yesterday. Mr. Lewis couldn't be reached. An assistant in Mr. Cayne's Bear office said that he was in a meeting and unavailable for comment. Mr. Barrow didn't respond to a request for comment.
Mr. Lewis made his fortune as a currency trader, once amassing a 30% stake in auctioneer Christie's International PLC, and has spent the past decade investing in an array of businesses, including real estate, oil and gas, and sports. He now lives in the tony Lyford Cay development Bahamas -- and got involved with Bear first as a client and then became a major investor last year.
Mr. Lewis long has been a client of Kurt Butenhoff, one of Bear Stearns's heavy hitters in private-client services. Mr. Butenhoff brought the relationship with him to Bear from Salomon Bros., where Mr. Butenhoff was a high-net-worth broker in the early 1990s.
Mr. Lewis began rapidly building his stake in Bear Stearns this past summer, shortly after the bank announced that two internal hedge funds had imploded. In December, his stake grew to just under 10% from about 7% when Bear stock fell below $110, forcing him to make good on an options trade he had made with another party.
Mr. Lewis could have sold off his obligation to buy and washed his hands of an unlucky trade. But he chose to exercise his options, acquiring hundreds of thousands of new shares. He owns more than 11 million Bear Stearns shares, according to a December regulatory filing.
But on Friday, Bear's shares fell 47% to a nine-year low of $30 in New York Stock Exchange composite trading after the Federal Reserve and J.P. Morgan Chase & Co. stepped in to keep the firm afloat following a severe cash crunch.
The son of a café owner in London's East End, Mr. Lewis started work there and later expanded the family business to create a small empire of themed restaurants. He acquired the nickname "the boxer" in part because his name is similar to boxing legend Joe Louis but also because of his shrewd approach to business.
Mr. Lewis's recent endeavors have included developments in central Florida, where he owns Isleworth and another gated community. About six years ago, Mr. Lewis purchased a stake in Tottenham Hotspur PLC , a soccer club based in northeast London. A keen golfer, Mr. Lewis hosts the Tavistock Cup tournament and has befriended golf star Tiger Woods.
Kendall
Well-Known Member
- Feb 8, 2007
- 38,502
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Lewis is the backer and Levy is the guy who is running the show. The guy who is running the show should be the interested party, I don't give a fuck if Lewis isn't bothered about football, the cash is there and has always been there & he has nothing to do with the running of the club.
- Thread starter
- #29
This may still rebound on Spurs. It's rumoured that Lewis may have to liquidate some of his other assets as part of the fall out of his $800 million Bear Stearns loss.
Anybody know how much of ENIC Lewis owns after Sugar was bought out?
Anybody know how much of ENIC Lewis owns after Sugar was bought out?
- Jun 5, 2004
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- Staff
- #30
Just like Simon Jordan and Crystal Palace ... no ... wait ... :wink:
Why are the two things related?
Lewis has always owned ENIC 50-50 (with family interests) with Levy.
That didn't change on Sugar buying out.
TheChosenOne
A dislike or neg rep = fat fingers
- Dec 13, 2005
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Mr Lewis was l6th richest on The Sunday Times Rich List in April 2007 worth a quoted
£2,800 million.
£375mill is about 15% of the above.
He accumulated about double that in the previous 12 months.
I doubt if he is hurting too much at the mo, probably get some good writedowns as well.
£2,800 million.
£375mill is about 15% of the above.
He accumulated about double that in the previous 12 months.
I doubt if he is hurting too much at the mo, probably get some good writedowns as well.
- Thread starter
- #32
"Tottenham Hotspur, the quoted Premier League football club, has fallen under the firm control of Daniel Levy, its main board chairman and his business partner Joe Lewis, the billionaire currency trader based in the Bahamas.
"Enic International, the leisure group owned by the families of Mr Levy and Mr Lewis, last month bought out a holding in the club belonging to Amshold, the property vehicle of Sir Alan Sugar. This raised Enic’s holding to 66 per cent assuming it converted a chunk of preference shares."
http://business.timesonline.co.uk/tol/business/markets/article2073144.ece
Again, this may affect Spurs. The very knowedgeable business people & traders I've been speaking to for several months about the global markets are telling me that Lewis may have to sell other assets in his portfolio as a result of Bear Stearns' tanking.
Given Lewis made much of his initial fortune by speculating with Soros against the Pound Sterling on Black Wednesday, I am sure he will make an entirely rational and unemotional assessment of which of his assets to sell. We currently know that Dubai International Capital regard an EPL club (Liverpool) as a safer investment than Citibank. But Gillett turned DIC down. So, there may be a potential buyer for Lewis' part of ENIC at a non-firesale price if he urgently needs cash.
- Jun 5, 2004
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- Staff
- #33
But that's not what you asked though Mr Yanno.
Levy and Lewis haven't changed their structure in ENIC. 50-50 family interests. That's why I asked about the relevance of Sugar being bought out.
- Thread starter
- #34
But that's not what you asked though Mr Yanno.
Levy and Lewis haven't changed their structure in ENIC. 50-50 family interests. That's why I asked about the relevance of Sugar being bought out.
OK - clumsy me, Mr Stoof. :wink:
Apologies, I'm active on a lot of fronts at the moment, as we await the opening of the Yankee markets, and potential carnage.
How much of Spurs do ENIC now own?
- Jun 5, 2004
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- 64,289
- Staff
- #35
Sorry if I sounded ****y, t'was not what I intended.
At the year end ENIC International Limited held 63,274,098 ordinary shares representing 68% of those in issue and 56,214 convertible redeemable preference shares, representing 96% of those in issue. Accordingly, ENIC International Limited has a fully diluted beneficial interest in Tottenham Hotspur plc of 82% (2006: 54%) at the time of signing these financial statements.
- Thread starter
- #36
Stoof - thanks for that info. :up:
OK, my fundamental point is still that I am hearing that Lewis may need to sell some of his assets as part of the BSC fallout. I don't know the rest of his portfolio, but Lewis' shares in ENIC would certainly be attractive to a lot of buyers if he chose to sell them.
As I wrote above, Dubai International Capital currently regard an EPL football club as a safer investment than Citibank (hence their failed move for Liverpool, and their refusal to loan to Citi even at interest rates of 14%). The Masters of the Universe are truly spooked at the moment, and many "assets" are not as liquid as usual. Whereas, shares in ENIC are holding their market value for the moment, and could be disposed of at non-firesale prices.
OK, my fundamental point is still that I am hearing that Lewis may need to sell some of his assets as part of the BSC fallout. I don't know the rest of his portfolio, but Lewis' shares in ENIC would certainly be attractive to a lot of buyers if he chose to sell them.
As I wrote above, Dubai International Capital currently regard an EPL football club as a safer investment than Citibank (hence their failed move for Liverpool, and their refusal to loan to Citi even at interest rates of 14%). The Masters of the Universe are truly spooked at the moment, and many "assets" are not as liquid as usual. Whereas, shares in ENIC are holding their market value for the moment, and could be disposed of at non-firesale prices.
Thesoccershrink
Active Member
- Nov 17, 2004
- 740
- 62
Also, Florida condos aren't a great asset at the moment, either!!
Who knows what his assets are really worth at the moment? No-one knows what their assets are worth at the moment.
Who knows what his assets are really worth at the moment? No-one knows what their assets are worth at the moment.
worcestersauce
"I'm no optimist I'm just a prisoner of hope
- Jan 23, 2006
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Don't you just love these stories that say someone's lost about $750m or someones worth $3billion ish.
It's the ABOUT & ISH that I love because they both represent more money that I will ever see in my lifetme:roll:
It's the ABOUT & ISH that I love because they both represent more money that I will ever see in my lifetme:roll:
orkneyspur
Northern Soul
- Sep 9, 2004
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They represent more money than the added collective that is SC, will ever see in a lifetime.
worcestersauce
"I'm no optimist I'm just a prisoner of hope
- Jan 23, 2006
- 26,954
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They represent more money than the added collective that is SC, will ever see in a lifetime.
And I thought I was mixing with the rich and famous.:wink:
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