What To Do When $14.5 Billion (On Paper) Disappears

Dealbook reports that AIG’s former CEO, Maurice R. Greenberg, might be doing more than just jawboning about AIG. Through his investment company CV Starr, Greenberg may attempt to acquire parts of AIG, if not the whole thing.

The company has hired Perella Weinberg Partners, a boutique investment firm to serve as an advisor according to SEC filings, that also mention a number of possible plans for AIG including, “…acquisitions of assets from the Issuer (and/or one or more of its subsidiaries), (ii) loans or other financings provided to the Issuer, (iii) further investments in the Issuer, (iv) seeking representation on the board of directors of the Issuer, (v) seeking to acquire control of the Issuer through a merger, proxy solicitation, tender offer, exchange offer or otherwise…”

Dealbook: As The New York Times reported on Tuesday, he and his lawyers asked on Saturday if he could play a role in overhauling A.I.G. The deadpan response, according to a person close to the company, was: If you are willing to make a multibillion-dollar equity investment, we are happy to talk.

It’s also worth remembering that Mr. Greenberg is also a major stakeholder in A.I.G. He has seen the value of his holdings plummet as A.I.G. shares have sunk. He holds about 39 million A.I.G. shares directly and an additional 243 million through his private equity firm, Starr International. The shares were worth about $15.8 billion at the beginning of this year, but just $1.3 billion as of Monday.

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