Getco Holding Co. has offered to merge with Knight Capital Group through a cash deal, valuing Knight at $538 million. Knight stock has fallen 75% over the past year, but news of the possible merger last week sent shares soaring.
Knight Capital has confirmed that it has received a proposal letter from market-maker Getco. However as a matter of policy, Knight doesn't comment on such matters.
Knight is a global financial services firm that engages in market-making and trading across global equities, fixed income, foreign exchange, options and futures. Located in New Jersey, Knight performs similar services as Chicago-based Getco. A specialist in high-speed market-making, Getco's central focus is trading for its own account. Knight, on the other hand, is a direct trader with online brokers servicing the orders of retail investors.
Getco and five other firms provided $400 million to bailout Knight in August after a trading program brought the company a loss of over $460 million.
Getco Chief Executive, Daniel Coleman, said in the proposal letter, "I am convinced that this merger would unlock tremendous value for the shareholders of both firms while establishing a global leader in market-making and agency execution." He continued, "The combined company's scale, footprint, and capability set would be a magnet to customers, talented traders and technologists, which is especially important in an environment of lower trading volumes and higher regulatory engagement."
Getco has a 23.8% stake in Knight Capital and the proposed merger originally came with a 41% premium over Knight's share price of $3.50 (prior to merger rumors surfacing).
Getco isn't the only firm eyeing Knight. Virtu Financial LLC is said to have submitted an all-cash bid that would ultimately turn Knight into a private company, according to the Wall Street Journal.
Wednesday, December 5, 2012
Wednesday, November 21, 2012
Black Friday Expected to Surpass 2011 in Sales
With the economy's continued sluggishness, 2012's Black Friday is as important as ever to retailers.
Black Friday deals will begin earlier than ever this year, with some stores opening on Thanksgiving Day as early as 8 p.m. Major retailers such as Target, Best Buy, and Wal-Mart will even open midnight on the eve of Thanksgiving and then re-open Thanksgiving night. With consumer spending making up two-thirds of the economy, the concern over the greatly discussed "Fiscal Cliff" could have an impact on Black Friday sales. As the Examiner notes, many retailers spend the year taking losses, with the Black Friday event pushing them into profitability. But a Pew poll shows 51% of Americans do not feel the Fiscal Cliff will be avoided by the first of the New Year.
Despite this, projections indicate that Black Friday crowds will be larger this year, with an estimated 152 million people shopping over the weekend according to a report by the National Retail Federation (NRF). The NRF projected that 138 million shoppers would show up in 2011, while in actuality, 212 million took part in the shopping weekend (CNN Money). With underestimations common for the NRF, and 2012's projection higher than that of 2011, retailers have reason for optimism in surpassing last year's sales. This, combined with the earlier opening of stores, should result in a big boost for retailers.
After the weekend comes to a close, retailers will shift their attention to Cyber Monday, which is expected to see sales reach $2 billion - a rise of 18% from 2011. The projection comes from Adobe Systems' Digital Index 2012 Online Shopping Forecast. Adobe also predicts that Black Friday will be the second-biggest online retail day of the year, as well as the biggest mobile shopping day of the year.
Black Friday deals will begin earlier than ever this year, with some stores opening on Thanksgiving Day as early as 8 p.m. Major retailers such as Target, Best Buy, and Wal-Mart will even open midnight on the eve of Thanksgiving and then re-open Thanksgiving night. With consumer spending making up two-thirds of the economy, the concern over the greatly discussed "Fiscal Cliff" could have an impact on Black Friday sales. As the Examiner notes, many retailers spend the year taking losses, with the Black Friday event pushing them into profitability. But a Pew poll shows 51% of Americans do not feel the Fiscal Cliff will be avoided by the first of the New Year.
Despite this, projections indicate that Black Friday crowds will be larger this year, with an estimated 152 million people shopping over the weekend according to a report by the National Retail Federation (NRF). The NRF projected that 138 million shoppers would show up in 2011, while in actuality, 212 million took part in the shopping weekend (CNN Money). With underestimations common for the NRF, and 2012's projection higher than that of 2011, retailers have reason for optimism in surpassing last year's sales. This, combined with the earlier opening of stores, should result in a big boost for retailers.
After the weekend comes to a close, retailers will shift their attention to Cyber Monday, which is expected to see sales reach $2 billion - a rise of 18% from 2011. The projection comes from Adobe Systems' Digital Index 2012 Online Shopping Forecast. Adobe also predicts that Black Friday will be the second-biggest online retail day of the year, as well as the biggest mobile shopping day of the year.
Friday, November 9, 2012
North Mill Equipment Finance, LLC Created from Colford Capital Acquisition
Colford Capital has acquired Equilease Financial Services, creating North Mill Equipment Finance LLC. Dan Zwirn is a co-manager and co-owner of ALDA Capital which holds a minority stake in Colford Capital.
Colford Capital is a New York City based holding company focusing on building an industry leading, diversified, specialty finance and asset management business. Colford also owns North Mill Capital, a national asset based lending and receivable factoring company.
Equilease has been originating equipment leases and loans under 55 years of experience. They have also had a history of purchasing and servicing equipment lease and loan portfolios from banks and other finance companies. Since 2002, Equilease has bought over 30 lease and loan portfolios totaling over $1 billion of asset value. According to their website, they have done this primarily in the following industries:
Equiliease President, CEO and owner, Gary Silverhardt, will remain President and CEO of North Mill and own a minority stake of shares. The Equilease team will remain in place and in their location in Norwalk, Connecticut, while joining North Mill.
Colford currently manages over $2 billion in capital and is majority owned by Monitor Clipper Partners. ALDA Capital, co-managed and co-owned by Dan Zwirn and Al Gordon, is the other primary investor.
Full Press Release
Colford Capital is a New York City based holding company focusing on building an industry leading, diversified, specialty finance and asset management business. Colford also owns North Mill Capital, a national asset based lending and receivable factoring company.
Equilease has been originating equipment leases and loans under 55 years of experience. They have also had a history of purchasing and servicing equipment lease and loan portfolios from banks and other finance companies. Since 2002, Equilease has bought over 30 lease and loan portfolios totaling over $1 billion of asset value. According to their website, they have done this primarily in the following industries:
- Transportation
- General Construction
- Road Construction
- Manufacturing
- Distribution
- Recycling
- Plastics
- Packaging
- Printing
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| Dan Zwirn's ALDA Capital is an investor in Colford Capital, which has acquired Equilease Financial Services. |
Equiliease President, CEO and owner, Gary Silverhardt, will remain President and CEO of North Mill and own a minority stake of shares. The Equilease team will remain in place and in their location in Norwalk, Connecticut, while joining North Mill.
Colford currently manages over $2 billion in capital and is majority owned by Monitor Clipper Partners. ALDA Capital, co-managed and co-owned by Dan Zwirn and Al Gordon, is the other primary investor.
Full Press Release
Wednesday, October 31, 2012
Dan Zwirn Reacting to Market
Dan Zwirn is looking into the shadow banking sector according to a report in the the HF Review.
The new business would be based on the notion that private groups need to take the place of banks in lending to middle-market companies. Illiquid strategies such as corporate lending and real estate are being considered. Zwirn, the former head of D.B. Zwirn & Co., believes the best opportunities could be those between hedge funds and private equity.
The new business would be based on the notion that private groups need to take the place of banks in lending to middle-market companies. Illiquid strategies such as corporate lending and real estate are being considered. Zwirn, the former head of D.B. Zwirn & Co., believes the best opportunities could be those between hedge funds and private equity.
Tuesday, October 16, 2012
Dan Zwirn Holds Chat with M&T Club
Dan Zwirn conducted his undergraduate studies at the University of Pennsylvania in the Moore School of Electrical Engineering as well as The Wharton School.
Combining Penn Engineering and The Wharton School is the Jerome Fisher Program in Management and Technology (M&T). Students in M&T can obtain degrees from both schools concurrently. Dan Zwirn received a B.S. in Economics and a B.A.S. in Computer Science from the schools in 1993. On October 16, Zwirn visited campus and conducted a coffee chat with students and staff of the M&T Club.
Dan Zwirn discussed his life after Penn, which included his previous stint as Managing Partner and Chief Investment Officer of D.B. Zwirn & Co. where he generated nearly $3 billion in gross profits. Zwirn is now the Managing Member of Zwirn Family Interests, LLC and Arena Investors, LLC.
The M&T Club has the following mission:
Combining Penn Engineering and The Wharton School is the Jerome Fisher Program in Management and Technology (M&T). Students in M&T can obtain degrees from both schools concurrently. Dan Zwirn received a B.S. in Economics and a B.A.S. in Computer Science from the schools in 1993. On October 16, Zwirn visited campus and conducted a coffee chat with students and staff of the M&T Club.
Dan Zwirn discussed his life after Penn, which included his previous stint as Managing Partner and Chief Investment Officer of D.B. Zwirn & Co. where he generated nearly $3 billion in gross profits. Zwirn is now the Managing Member of Zwirn Family Interests, LLC and Arena Investors, LLC.
The M&T Club has the following mission:
- To serve as a representative forum for M&Ts
- To foster and develop a sense of community among M&Ts
- To facilitate ties between current and alumnus M&Ts
- To create, promote and increase academic and professional opportunities for M&Ts
- To enhance relationships between M&Ts and the wider Penn community
With the clever tag line "It feels like two degrees in here...," the M&T Club organizes events and creates relationships within the M&T community. M&T alumni have started companies such as Stubhub, Traffic.com and Register.com. With over 1800 alumni, there is a great deal of interaction between students and alumni which the M&T Club seeks to capitalize on.
Monday, October 1, 2012
NEW Supported by Dan Zwirn
Nontraditional Employment for Women (NEW) is an organization that prepares, trains and places women in careers in the skilled construction industry. This includes utility and maintenance trades. The goal of the organization is to help women achieve economic independence.
Dan Zwirn and Monica Keany have made NEW one of the organizations that they have supported over the past couple of years. This is not the only women’s organization they have supported as Dan Zwirn is a contributor and member of the Board of Trustees for Barnard College, a women’s College providing a liberal arts education in New York City.
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| Dan Zwirn supports NEW. |
NEW develops women for careers within skilled and unionized jobs that are manual labor. Serving low-income women in New York City, it aims to provide these women with the skills to begin a career. NEW works with labor unions, contractors and government to place women in 10% of all new apprenticeship spots. Since 2005, over 600 women from the NEW program have found work in positions as carpenters, plumbers, electricians and many others. On top of that, 255 more women have found careers in energy transportation and facilities management industries.
NEW’s website notes that in 1978, under 2% of all construction workers were women. By 2005, that number had risen to 3% and will continue to climb as NEW increases the influence on both women and the workforce in the New York City area.
Friday, September 14, 2012
Dan Zwirn is a New York Botanical Garden Donor
A frequently visited spot in New York City by both residents and tourists is The New York Botanical Garden. Dan Zwirn and Monica Keany have donated to the Garden, which helps to understand and preserve Earth’s plant life.
The New York Botanical Garden contains more than 100 PhD. Scientists, researcher, Ph.D. candidates, research associates, technical staff, interns and volunteers. They conduct research on plans and fungi to better understand ecosystems. Located in the Bronx in New York City, The Garden stretches over 250 acres of Bronx Park. Plants and fungi from all over the world are collected and studied to help identify them and understand evolutionary relationships.
Modern Laboratories using DNA analysis are used; meaning contributions from the public and businesses are vital in the maintenance of the programs. These methods among others work towards identifying plant species at the risk of extinction and allow for the scientists to decipher conservation methods. In addition to donations, through a fee, individuals can become members of the Garden to receive benefits that can include unlimited visits; guest passes, parking passes, early-access and special events.
Receiving more than 800,000 visitors annually, the Garden has exhibitions such as the current “Monet’s Garden” exhibit. Claude Monet was a gardener in addition to being a famous painter, and the Garden features some of his most famous subjects such as varieties of water lilies that he grew.
Learn more about Dan Zwirn on About.me.
The New York Botanical Garden contains more than 100 PhD. Scientists, researcher, Ph.D. candidates, research associates, technical staff, interns and volunteers. They conduct research on plans and fungi to better understand ecosystems. Located in the Bronx in New York City, The Garden stretches over 250 acres of Bronx Park. Plants and fungi from all over the world are collected and studied to help identify them and understand evolutionary relationships.
 |
| Dan Zwirn has contributed to the NY Botanical Garden. |
Receiving more than 800,000 visitors annually, the Garden has exhibitions such as the current “Monet’s Garden” exhibit. Claude Monet was a gardener in addition to being a famous painter, and the Garden features some of his most famous subjects such as varieties of water lilies that he grew.
Learn more about Dan Zwirn on About.me.
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