Monday, April 2, 2007

Monday Notes: New Century Busts, Starwood CEO Out

In what was a huge surprise to no one, New Century filed for Chapter 11 this morning (Bloomberg) as the subprime fallout continues. In the press release posted on DealMaker, the CEO made a plea that CIT and Greenwich would retain many of the Associates, even as New Century let a few thousand of them go, announced earlier in the day.

Steven Hayer announced his resignation from the CEO position at Starwood Hotels (Atlanta Business Chronicle), after a rumored "tense" weekend meeting in which the board expressed its collective lack of confidence in his leadership of the company.

Italian investment group Ifil closed on its acquisition of a majority 71.5% stake in Cushman & Wakefield ( today. The $675 million deal values the company at around $875 million.

And finally, either Quill has designed a new "SmartClip", or I was working too late again last night and self-medicating too much. (Though probably the latter).

Edit, 8:15 PM: Welcome to The All-Nighter readers, and thanks to Monkey for the link -- 3C

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