James Gorman was seen walking briskly out of the law office that is advising AIG on an upcoming huge share sale this morning — obviously because he’s just come from pitching the insurance giant.
AIG is planning a huge share sale that Morgan Stanley could underwrite — and make millions in fees from.
The sale could be one of the biggest in history — $20 billion, according to Reuters.
Gorman had cameras shoved in his face, but he didn’t look psyched, if that means anything.
Also, Jamie Dimon got there first.
Dimon was seen walking out of Davis Polk & Wardwell at 9 around 9:30 this morning, according to Reuters.
More on the sale, from Reuters:
Sources told Reuters on Wednesday that bankers were expected to pitch a fee structure of 75 basis points or less — low for a secondary offering, but still worth perhaps $150 million in fees to the winning banks if the share sale reaches $20 billion.
And from Bloomberg:
The insurer is set to issue 75 million warrants to shareholders next week as it works to repay the bailout. The 10- year contracts allow investors to purchase stock at $45 a share. The warrants changed hands for $23.60 at 10:04 a.m. as trading began for the contracts in New York today. More than 500,000 warrants changed hands.
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