The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Does Gabelli Do Windows? Mario and Bill G in Talks Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, July 16, 2004

Does Gabelli Do Windows? Mario and Bill G in Talks

Reported by Theresa Sim

Gabelli Asset Management is in talks with Bill Gates to keep Gates from converting his debt in the company into stock, Reuters reported on Thursday.

If Gates exercises the option on the debt, he could own approximately 6 percent of Gabelli. For the time being, the notice period for the option has been pushed back to August 5, reported Reuters.

Gates first entered into the agreement with Gabelli in August of 2001. At that time, the the New York Times reported that Gates would invest $100 million in the Rye, New York-based asset manager to help the company expand into Europe.

In exchange for the $100 million, Gates received a 10-year convertible note, which could convert to a six percent stake in Gabelli.

Gabelli pays 6.5 percent on the note in the first year and 6 percent thereafter, reported the NYTimes.

The deal is not the first that Gates and Gabelli have struck up. The NYTimes reported that Gates lent $25 million to Gabelli in December 1999 in exchange for a 17 percent share of Gabelli's telephone business, Lynch Interactive. Gates and Mario Gabelli, head of Gabelli Asset Management, also both attended a computer conference in Idaho.

Cascade Investment LLC, Gates' personal investment firm, holds the debt for Gates. Michael Larson is the primary manager at Cascade. The firm is based out of Kirkland, Washington. 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2022
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use