Blackstone Group CEO Steven Schwarzman has been declared the poster boy of private equity by Fortune. A little of it might be the lavish party he threw for 500 of his friends. But most of it comes from the billions Blackstone is raising and spending to buy companies like Pinnacle Foods and Equity Office Properties. When you’re king of the hill it’s not a surprise people take you seriously even though you don’t really know what you’re talking about.
The Fortune article peers into the Monday Blackstone meeting where all their deals are examined. From buyouts to real estate to hedge funds everything is poured over. With $124 billion in purchasing power Blackstone’s weekly meetings won’t get boring anytime soon.
For more private equity goodness here’s Fortune’s “Private Equity Power List” which just ranks firms’ money-raising power along with peHUB’s Dan Primack complaining about the magazine’s methodology. Then there’s John Carney who’s tired of business mag lists.
Midwest Airlines (MEH) scored a minor victory in fighting off AirTran’s (AAI) $345 million bid. A New York judge ruled Midwest didn’t have to hand over a list of shareholder names to AirTran. In the spin Midwest sees it as Wisconsin corporate law taking precedence while AirTran yelped about “full disclosure.”
It won’t matter how many names AirTran gets. If they don’t up their offer from $13.25/share there will be no deal. Midwest closed yesterday at $13.80/share.