A group of investors led by former AIG Chairman and CEO Hank Greenberg may be plotting to take over the battered insurance firm. Bloomberg:
The investors also are considering acquiring New York-based AIG’s subsidiaries or making loans to the company, Greenberg said today in a regulatory filing. AIG, the largest U.S. insurer by assets, declined more than 90 per cent this year, prompting the action, he said.
“AIG was his baby — they took it away from him, and he’s been trying to find a way to get it back,” said Phillip Phan, professor of management at the Johns Hopkins Carey Business School in Baltimore. “This is the perfect opportunity.”
Greenberg, who retired under pressure from regulators in 2005, may be trying to regain control of AIG amid the insurer’s struggle to survive a liquidity squeeze sparked by credit-rating downgrades. Greenberg controls the largest stake in AIG, about 11 per cent, through investment firms and personal holdings, and saw the value of the holdings plunge by more than $16 billion this year.
…The AIG investors are reviewing their options “in light of current circumstances relating to” the insurer, the filing said. The group is using Perella Weinberg Partners LP as an adviser.
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