Archive for July 2nd, 2008Columbia Business School : Columbia Business School College of Business & Behavioral Science Small Business Lawyer, Attorney, Law, Legal Help - FindLaw for … Business and Financial News - New York Times Yellow Pages : Superpages Yellow Pages, Maps, Driving Directions … Technology news and opportunities - Business 2.0 on CNNMoney Long Island Business and New York City Business, including NYSE … Raleigh Business | News & Observer Filed under: Deals, Law, Bank of America (BAC), Countrywide Financial (CFC)
Up until now, Bank of America (NYSE:BAC), which is buying Countrywide, has been sticking to its story that it will close on its purchase of the mortgages company. The media has written a million times that the huge money center bank might pull out of the deal. That actually became a bit more likely with the new states’ actions. According to The Wall Street Journal, Kurt Eggert, a law professor at the School of Law at Chapman University stated, “Countrywide could be required to give back its profit on all those loans and conceivably give back houses on which it has foreclosed.” Since that number could be well into the billions of dollars, the potential damages are rising fast. Countrywide could spend tens of millions of dollars on legal fees and countless hours in court over the next several years. That has become much clearer in the last few days. BAC would be superior off to let CFC go out of business and just purchase its assets. Maybe the bank never intended to close the deal. Maybe that was its plan all along. Douglas A. McIntyre is an editor at 247wallst.com. Filed under: Deals, Google (GOOG), Microsoft (MSFT), Yahoo! (YHOO)
“Our board of directors and management made a great effort — and conducted in-depth negotiations — to elicit a feasible proposal from Microsoft that made strategic and financial sense for Yahoo, but without success,” the executives wrote, according to The Wall Street Journal. The comments are bogus on the face of it. Microsoft’s offer got as high as $33 toward the end of negotiations. Yahoo! now trades at $22. That number almost certainly factors in two things that the market already knows. One is that Yahoo! plans to reorganize management to make the company more efficient. The other is that Google (NASDAQ: GOOG) will sell some of Yahoo!’s search ads, which should make the process more profitable. Looking back on the entire Yahoo! and Microsoft mess, there’s only one thing to remember. Yahoo! traded at $21.94 a week before the offer. It trades near the same price now. The only reason the company was ever worth more is because Microsoft needed it. And, now that’s over. Douglas A. McIntyre is an editor at 247wallst.com. Filed under: Deals, Google (GOOG), Microsoft (MSFT), Yahoo! (YHOO), Time Warner (TWX) Microsoft (NASDAQ:MSFT) may try to buy Yahoo! (NASDAQ:YHOO) again, but it does not want the whole company. It finds the search business useful as part of its battle with Google (NASDAQ:GOOG). The content portal business does not have much attraction, and Redmond wants a company like Time Warner (NYSE:TWX) to pick up that piece. According to The Wall Street Journal, Microsoft “approached other media companies in recent days about joining it in a deal that would effectively lead to Yahoo’s breakup.” The new deal just might work. Yahoo! dropped below $20 yesterday, putting its stock back where it traded before the first buy-out offer. The No. 2 search company’s shares reached as high as $33. Investors, especially Carl Icahn, are steamed that Yahoo! didn’t grab all of that extra money. Even if Microsoft can’t find a partner to take the Yahoo! content business, it might move ahead. It only has 10% of the US search business. Yahoo! has about 20% and Google around 60%. Microsoft still needs Yahoo!, and with its stock down by a third, Yahoo! needs a buyer. Douglas A. McIntyre is an editor at 247wallst.com.
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