peHUB First Read

* Huntsman v. Hexion is finally over, with Hexion owner Apollo Management agreeing to pay around $1 billion in total penalties (some of which involve the purchase of Huntsman convertible securities). Add to this whatever Apollo shelled out in legal fees, and it’s a disastrous deal. Only way it could have been worse were if Huntsman had refused to settle, and taken Apollo for billions in court.

* The Private Equity Council this morning released a new study on how the U.S. can maintain its “global economic leadership.” Not PE-specific, although there is some stuff about enabling private investment in infrastructure. Here’s the full report.

* Morning Call: U.S. futures point lower, FTSE up a bit at mid-day, other European shares also rise, Nikkei and Hong Kong both up.

* VC-backed companies assume that once they’ve raised money at a certain valuation, that’s that. But BitTorrent is learning a different lesson, after it’s investors insisted on renegotiating both the dollar amount and valuation of a recent “$17 million” round.

* What’s the value of my startup?

* Just another nonprofit destroyed by Bernie Madoff. There are dozens of these. So where the hell was the SEC? And I agree with Ritholtz — how could no one else in that organization have known? And I also agree with my father, who asked why Madoff was given bail? Is there a more likely flight risk (and I mean that with all euphemistic conotations)?

* Identifying the “financial advisor” named in the Blago complaint.

* Salmon on Stein.