Chillin' out till it needs to be funded
Earlier during the millenium’s first boom, Blackstone founder Schwarzmann had been firmly planted on AIG board a s a personal friend of Hank Maurice
Greenberg. Then in 2010 AIG converted the 35.7 mln partnership units it had purchased for $150 mln for a 7% stake in 1998, then a partnership 93% owned by its partners. It had earlier sold a good chunk of the remaining shares in 2007 a year before bankruptcy. The remaining of the 7% stake altogether raked in AIG at least $634.1 mln as Blackstone Director also resigned from AIG while AIG readied itself for a Domestic Life and Chartis ops IPO to help the Treasury exit its 77% stake in the insurer but is unlikely to find it as easy as the Citi sale, with AIA proving thorny in its listing two years ago and many non AIG branded operations incl General insurance, not gaining customer traction without the AIG brand name which does continue to ring bells in the investor mind and is the only chance for relisting the huge treasury stake.
This week’s Blackstone sale would have likely off loaded less than 26 mln shares and Blackstone has been trading at $15.3
The Empire State building lists this month while New York’s Madison Square Garden , which is broadcasting Linsanity without further acrimony with Time Warner Cable has signed up for an expensive sponsorship agreement with bank JP Morgan including its 7th avenue entrance as Chase Square