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Monday, January 11, 2010

The TCW-Gundlach Divorce: A Timeline

Reported by InvestmentWires Staff, 

The MFWire pieces together a timeline based on news reports, press releases and allegations contained in TCW's lawsuit against its ex-CIO Jeff Gundlach and three other former TCW employees.

2009

  • January 26 - TCW's owner, Societe Generale, agrees to merge its asset management arm with that of Credit Agricole. TCW is not included in the deal. SocGen reportedly unveils a plan to spin off TCW within the next five years.

  • June 1 - TCW announces that CEO Robert Beyer is retiring at the end of the month. Marc Stern is appointed interim CEO. (see the press release)

  • July - Societe Generale reportedly taps Citigroup to look into possible changes to TCW's ownership setup. (see Bloomberg article).

  • September - By September, Gundlach said he started hearing from sources that TCW planned to oust him and he offered to lead a $700 million buyout, to be partially financed by SocGen. (source: Gundlach in his media interviews after his December ouster).

  • September 1 - The New York Post reports that Kohlberg Kravis Roberts is one of the private equity firms that has held talks with SocGen with an eye toward a buyout of TCW. Reacting to the Post report, Gundlach tells Reuters: "No private equity firm has spoken to me with definitive interest and it is very unlikely to me that any buyer advancing beyond a preliminary stage would do so without talking to me, since I manage 70 percent of assets."

  • September 3 - In a meeting with interim CEO Stern, Gundlach allegedly threatens to quit the firm and take key people with him if his demands aren't met and after the meeting, appears satisfied with the company's proposed solution (source: complaint)

  • September 7 - Ex-TCW managing director and now DoubleLine's COO Cris Santa Ana -- one of the defendants in the case -- allegedly starts downloading confidential and proprietary TCW information to an external hard drive. By the time he was fired on December 4, Santa Ana has allegedly downloaded data over the course of 37 days. (source: complaint)

  • September 30 - Ex-TCW senior vice president Barbara VanEvery, another defendant, allegedly inks a contract with a real estate agent, giving him the task of locating a 24,000 square foot commercial space. (source: complaint)

  • October 23 - A limited liability corporation is registered in Delaware under the name "Able Grape LLC" (source: complaint)

  • November 22 - The names "DoubleLine LLC" and "DoubleLine Inc." are reserved in the State of Delaware (source: complaint)

  • December 4 - TCW makes the twin announcements of Gundlach's ouster and its deal to buy Metropolitan West Asset Management. TCW also removes "interim" from interim CEO Marc Stern's title. (see the press release)

  • December 9 - Gundlach conducts a Webcast for former and prospective clients, says he expects to be managing money again within the next 30-40 days.

  • December 14 - Gundlach announces the formation of DoubleLine LLC, in which OakTree Capital Management is a minority investor. The press release states that more than 30 ex-TCW employees have joined Gundlach's new venture. (see the press release)

  • December 18 - DoubleLine says it hired Ron Redell, former president and CEO of TCW Funds, to lead its mutual fund business. In the press release, DoubleLine says more than 40 ex-TCW portfolio managers, analysts, traders and trading assistants have joined the company. (see the press release)

  • December 22 - TCW names Chuck Baldiswieler as the new president and CEO of TCW Funds. (see the press release) Also that day, Gundlach conducts his second Web cast since leaving TCW.

  • December 23 - DoubleLine announces that the SEC has has approved its application for registration under the Investment Advisers Act. Gundlach says his team plans to launch funds early in the New Year. (see the press release)

  • December 29 - Gundlach conducts his third Web cast since his departure from TCW.

    2010

  • January 5 - DoubleLine says it hired Luz Padilla, ex-lead portfolio manager and managing director of TCW's emerging markets fixed income group, and two senior members of her team, Mark Christensen and Su Fei Koo (see the press release)

  • January 7 - TCW files a 39-page complaint against Gundlach, three other former TCW employees and DoubleLine CapitaL LP  

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