***S&P is not happy with the SEC’s ratings overhaul, claiming it’ll cost ‘em $16 million a year to comply with, not to mention a $57 million initial cost.
***Not the bottom yet, says David Eihnorn.
***According to Dealscape, the auction for Unilever’s laundry business was hotly contested between Vestar’s Huish, Henkel, and Colgate. I presented a slightly different take, and should say I was skeptical of Henkel’s interest because of its recent deal to buy Imperial Chemical Industries for around $5.4 billion. Not exactly a deal to sneeze at. Still, I hadn’t considered Colgate as a potential suitor.
Naked Shorts on SemGroup’s blow-up. Since I had never heard of Ritchie Capital Management, the third guy in the room with Carlyle and Riverstone, the little backgrounder proved helpful.
“Ritchie has been a slow motion tank farm fire (formerly train-wreck) for about three years now, in a process featuring an endless stream of excuses for not returning investors’ funds, punctuated by restructuring plans of dubious efficacy, some abandoned along the way, a bankruptcy filing by two funds that lost an alleged $700 million in life settlement assets after partner Coventry First LLC was sued by New York State, a $40 million settlement for its involvement in the mutual fund market timing morass…well you get the general idea.”