Sujeet Indap
@sindap
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Wall Street Editor at The Financial Times, erstwhile I-banker, co-author: CAESARS PALACE COUP, Diversion Books, March 2021
New York, NY
Joined May 2009
Imagine Oaktree, Elliott, and GSO in a 50th floor Kirkland & Ellis conference room fighting over. a penny. Institutional Investor has kindly excerpted my favorite chapter of our book:.
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The most amazing sentence in the history of the New York Times.
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“We are pleased to announce our merger with The Iceberg” — The Titanic.
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SEC lawyers quitting because Gensler wants to litigate cases not settle:.
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The youngest associate and paralegal at WLRK had the assignment of tracking and explaining Elon’s most esoteric memes to the partners: .
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Jay Powell, is 75bps enough to stop the $1,100/hr, 2nd yr associate:
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anyone willing to wear a quarter zip with suit jacket in official firm headshot should immediately be promoted to partner. Absolutely insane vibes:
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unlimited petrodollars + limited domestic human capital = epic grifting opportunity for McKinsey et al .
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private equity prefers US sports leagues because of socialistic structure. European soccer too meritocratic: .
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Extraordinary memo from Wachtell tonight conceding that white collar enforcement in Trump era is way down
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Wachtell, complete with Pride logo, flexing its Saudi Arabia deal is the world we deserve:
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WeWork final professional fee requests just filed. $111mn total for 7 month case for reorganized company officially valued at $750mn:.
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I have written many articles over the years about crazy private equity machinations. Today’s installment, however, might be the craziest:.
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On a Zoom call of prominent CEOs, Steve Schwarzman wondered just how Biden was able to make up the vote deficit in Pennsylvania .
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first Apollo, now Blackstone. Create equity JV with IG corporate, design waterfall, put the senior tranches on insurance balance sheet after getting a credit rating. Rinse, repeat:.
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boss is running the LBO model on his phone, it’s never been so over, PE boys:.
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I’m not supporting the students anymore because they didn’t submit a 14a-8 proposal with the SEC and hire a proxy solicitor with all their outside agitator money.
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Today is the day Danny Green learned that the 76er owners worked at Apollo and Blackstone:.
Danny Green agreed to drop his debut game bonus from $500k to $200k to help the 76ers build by lowering their tax only to be waived in the Harden trade, per @ChrisBHaynes
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At Blackstone, private credit has outperformed public credit by 14 percentage points in last year 👀:
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NOBODY: . WALL STREET/ SILICON VALLEY: what if private credit bubble was combined with AI bubble and then Nvidia related-party transactions were thrown in just for fun???.
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re-signing KAT will be left up to Carlyle private credit VP and their cash sweep model:
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very honorable to make $25 million a year selling Fritos and decide that is enough for you:
Indra Nooyi, the former CEO of Pepsi, says she has “never, ever, ever” asked for a raise. “I find it cringeworthy. I cannot imagine working for somebody and saying my pay is not enough.” Read the full interview with her in @NYTMag.
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PE nepo baby appointed to Alaska state fund, you can guess what (allegedly) happened next:.
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Silicon Valley Bank Group rents Sullivan & Cromwell partners for $2,165/hour, gets summer associates for free:
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joyous Syrian liberation headed to its natural end point: Brookfield Global Infrastructure Opportunities Fund IX.
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👀 incredible comments from Biden aide explicitly blaming institutional investors for low US oil production:.
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should not be confused with the Penn/Princeton game protest where students were upset about investment banking internship recruiting being pushed back to spring semester.
At halftime of Harvard-Yale a sit in protesting climate issues has broken out on the field, at least delaying the second half and the way the protest is growing I would be shocked if the game continues.
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Sullivan & Cromwell gonna break the $2,000/hr barrier on FTX ch 11 it says:
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My Twitter LBO model that shows a 20% private equity IRR just might be possible:.
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Princeton endowment head says 40% allocation to PE was, in retrospect, not his best idea:.
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BANK: Please estimate how much $$$ in fees you brought in this year. MANAGING DIRECTOR: [fills in crazy number not aware that this is easily verifiable].
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Oaktree lamented throughout the 2010s that there were few good distressed debt deals. So it pivoted into growth equity and direct lending. Here is one result:.
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a tradition like no other: trashing this year’s class of investment banking analysts as the worst ever:.
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banker life in 3 acts:. 1) 2020- buy beach house to WFH. 2) 2022- bank forces return to NYC office. 3) 2023- lose banking job so only income is renting out beach house:.
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Jefferies analysts calculate possible 95% recovery on SVB insured deposits based on 2% writedown on loan book and 20% writedown on HTM portfolio:
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there is a pipeline of NY Giants qb to private capital:
BREAKING: Minutes after being released by the New York Giants, Daniel Jones has narrowed down his next two teams to KKR & Blackstone, per @flexupfirstyear
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There is a tech startup consumer credit collections company called “Debtsy”
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Carvana Palace Coup? Company in 2023 threatens drop-down which forces Apollo to take $1.3bn haircut on $5.6bn of unsecured junk bonds. Stock goes from $4 to $250, $50bn(!) of value creation all for equityholders. You do gotta hand it to Ernie Garcia:.
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wait, Stevie had material, non-public information which he then quickly disseminated to the market?.
Mets’ owner Steve Cohen tweeted the news of their game postponement almost an hour ahead of the team announcement
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Twitter lawyers want to sanction Musk for not producing Signal messages which they say Musk has denied using but the Twitter lawyers got from Marc Andreessen a screenshot of a Signal message between him and Musk:
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Samantha Algaze today named partner at Elliott-- the first woman partner ever at Elliott. She is a central figure in the Caesars case and here is how we introduced her in the book:
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whoever is doing merchandising at this Barnes & Noble gets it:
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NEW: Carlyle thought it had saved a troubled $7bn software company by engineering a slick merger and debt restructuring. And then Elliott showed up. Story w/ @AntoineGara: .
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Wachtell's pitch to Twitter when Elon started to get cold feet in June 2022: .
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when the Golden Age of Private Credit reaches its “damage control” phase:.
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NEW: Carlyle Group and its fintech partner would like to buy a convertible bond from you backed by your home equity:.
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excited to buy 97 cent first-class stamps from Blackstone/ BlackRock/Brookfield/Mubadala consortium to fund a 2 and 20 vehicle running my 401k:.
BREAKING: Trump confirms our scoop over the weekend that he is looking at privatizing the United States Postal Service.
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NEW: Apollo says its private credit machine can now replace billion dollar investment grade credit facilities and bond issuances for mega cap companies:.
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FTX nominal claims of $12bn. Recoveries will be ~$15bn. Claims initially traded in secondary market at ~15 cents/$, per @VladimirVjel data. Gross trough-to-peak gains will be ~$13bn. FTX will be of the greatest trades in distressed market ever:.
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CS Additional Tier 1 Capital Notes getting a 0 while CS common shareholders get some recovery seems like shocking outcome
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not good when your DCF ends up in an SEC enforcement action:.
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NVIDIA: get rich, do interesting things, work easy hours, live in California:.
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the nice guy private equity firm I keep reading about is charging a $32mn fee AND a 17% annualized interest rate on the $143mn super senior DIP loan it is extending to Yellow Corp:
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QXO, the Brad Jacobs shell company, whose current sole asset is a cash balance of $5bn, has a current market cap of. $100bn. The $150mn that Jared Kushner invested on Monday is now worth $2,200mn:.
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Harvard endowment: We totally crushed public market benchmarks*. * because our private portfolio hasn’t been marked down yet.
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this well-dressed person on the 1 train has the season’s hottest accessory: hardcover copy of Caesars Palace Coup
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Lumen probably should have filed for ch 11 last year. Instead did absurd LME to push off bankruptcy for like two years. By some miracle, has become AI meme stock and equity now near $10bn. Wildest 2024 special sit this side of Carvana:.
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Jake definitely won’t be doing on-campus recruiting this year:.
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as we wrote in the book, Marc and Leon dispatched Josh to Short Hills in the middle of Caesars mess to see if he could cut a deal with Tepper. That… didn’t work and Appaloosa went on to make $1bn off Apollo. Sort of a rematch today:
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NEW: Anaplan tells Thoma Bravo, post signing $11bn LBO, new hire bonuses going to cost $32m more than what disclosures to merger agreement had set aside. Thoma Bravo says that is a violation of contract and subsequently wins $400m price cut:.
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I totally respect that these alleged insider traders respected investment banking convention of shading hard-coded Excel inputs in blue.
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Apollo and Angelo Gordon at great length told me uptiers are beyond the pale while dropdowns are fine (e.g. basket capacity for DD knowable while uptier simply shreds the contract). I take no pleasure in reporting that 5th Circuit agrees with them:.
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NEW: Darden Restaurants owned Red Lobster and Olive Garden a decade ago. My look at the different outcomes of the respective OpCo/ PropCos that came out of each. More importantly, this is a chance to revisit these iconic slides:.
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nearly all U.S. bankruptcy judges let the big debtors counsel law firms do as they please. But one Virginia-based judge recently put his foot down. My look at an almost unprecedented decision that will frighten private equity:.
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Regulators won’t let Citigroup do more mass layoffs so the plan now is to… demote employees and slash their pay:.
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NEW: 10 years ago Steve Schwarzman spun off the Blackstone financial advisory business. That group is now worth $7bn in total and the Schwarzman and Paul Taubman respective stakes each worth ~$1bn:.
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the best part, however, is the plea to keep hiring expensive lawyers no matter the lax environment.
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The 1996 NYT wedding announcement of Joe Bae, the new KKR co CEO, appears to have been written by Bret Easton Ellis:.
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The one company in America that instead of buybacks, set up a rainy day fund .
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