fortress investment grp-cl a (FIG) Key Developments
Fortress And Unicredit Talks Taking Time
Jan 20 15
UniCredit S.p.A. entered exclusive talks with a team comprising Fortress Investment Group LLC (NYSE:FIG) and Prelios S.p.A. (BIT:PRS) last October but talks are taking longer than expected.
Banca Etruria Seeks To Sell Non-Perfroming Loans
Jan 13 15
Banca Popolare dell'Etruria e del Lazio - Società Cooperativa (BIT:PEL) is reportedly going ahead with its restructuring plans. According to MF-Milano Finanza, Banca Popolare is planning to sell €2.8 billion of non-performing loans and started negotiations with a number of US funds, including Fortress Investment Group LLC (NYSE:FIG).
Two Putative Shareholder Class-action Lawsuits Files against MicroFinancial, its Directors, MF Merger Sub, MF Parent and Fortress Investment Group LLC
Jan 6 15
Two putative shareholder class-action lawsuits were filed against MicroFinancial Inc., its directors, MF Merger Sub Corp., MF Parent LP and Fortress Investment Group LLC after MicroFinancial's announcement that it agreed to be acquired by MF Parent and MF Merger Sub. The lawsuits each allege claims for breaches of fiduciary duties against the board related to the transactions contemplated by the merger agreement and that MF Parent, MF Merger Sub and Fortress Investment Group aided and abetted the purported breaches of such duties. The lawsuits seek, among other things, certification of the putative class, certain forms of injunctive relief, the board's disclosure of all material information relating to the transactions, rescission of the transactions or the award of damages, and an accounting for damages the defendants caused and for all profits or benefits the defendants obtained as a result of their alleged breach of fiduciary duties. The defendants believe that the lawsuits are without merit and intend to vigorously defend against all asserted claims.
Lone Star Reportedly Acquires Popolare Di Bari NPL
Jan 2 15
Banca Popolare di Bari, Società cooperativa per Azioni is said to have sold its assets to Lone Star Funds. MF-Milano Finanza reported that Banca Popolare di Bari has sold €400 million worth of non-performing loans (NPLs) to Lone Star. MF added that Popolare di Bari sold to Lone Star the deteriorated loans of its units, Banca Tercas SpA (Cassa di Risparmio di Teramo) and Banca Caripe S.p.A. (Cassa di Risparmio di Pescara). Lone Star outbid Fortress Investment Group LLC (NYSE:FIG), Deutsche Bank AG (DB:DBK), and Christofferson, Robb & Company, LLC (CRC), who had also intended to buy the portfolio, the report added.
Fortress Reportedly Puts TRAC For Sale
Dec 18 14
Fortress Investment Group LLC (NYSE:FIG) intends to sell TRAC Intermodal LLC. The sale could be values at more than $1.7 billion, including debt, according to people familiar with the matter. The sources asked not to be identified because the sale process is confidential. Fortress has hired Morgan Stanley to run an auction for TRAC, and expects first-round bids in January 2015, the people said.