American Capital, Ltd. was a publicly traded private equity and global asset management firm, trading on NASDAQ under the symbol "ACAS" from 1997 to 2017 and a component of the S&P 500 Index from 2007 to 2009. American Capital was sold to Ares Management in 2017 at a sale price that totaled $ 4.1 billion. For those investors who bought American Capital stock in its August 29, 1997 IPO, and held their shares through the sale of American Capital on January 3, 2017, they received a 14% compounded annual return including dividends (not reinvested).
85-542: American Capital was founded by Malon Wilkus in 1986., who served as Chairperson and Chief Executive Officer (CEO) until the time of the sale of American Capital in 2017. The company was headquartered in Bethesda , Maryland. It made its first investment in the equity of an employee owned middle market company in 1990. By August 1997, American Capital had facilitated approximately 18 ESOP transactions ( Employee Stock Ownership Plans ) and had invested in
170-548: A "synthetic" collateralized debt obligation (CDO) called ABACUS 2007-AC1 where investors (such as the European banks IKB Deutsche Industrie, and ABN Amro, and the New York insurance company ACA Financial Guaranty) provided the "long" by taking the risk from subprime mortgage bonds, effectively providing Paulson with insurance in the case of subprime mortgage default. The deal was made in late April 2007 and several months later
255-547: A "One Stop Buyout" in which it funded senior debt, mezzanine and equity and was the controlling shareholder. American Capital and its affiliates invested from $ 10 million to $ 600 million per company in North America and €10 million to €300 million per company in Europe. At its peak, American Capital had over $ 100 billion of assets under management. European Capital Limited : European Capital Limited (ECAS)
340-545: A 710-acre (290-hectare) area in 1694 which became the first land grant in Bethesda. Tobacco farming was the primary way of life in Bethesda throughout the 1700s. The city avoided seeing action during the Revolutionary War , although it became a supply region for the fledgling Continental Navy . The establishment of Washington, D.C. , in 1790 deprived Montgomery County of its economic center at Georgetown, although
425-634: A Lower Middle Market Investment Team led by Managing Directors Sean Eagle, Eugene Krichevsky, David Steinglass and Justin DuFour . In addition, American Capital launched American Capital Senior Floating (ACSF). Also, S&P upgraded its rating of American Capital from BB− to B+ in August of this year. However, American Capital closed its Boston office. In January 2014, American Capital Senior Floating raised $ 150 million of equity through its IPO. During 2014, American Capital approved
510-534: A blacksmith shop, a church and school, and a few houses and stores. In 1871, postmaster Robert Franck renamed the settlement for the church. A streetcar line was established in 1890 and suburbanization increased in the early 1900s, and Bethesda grew in population. Communities near railroad lines had grown the fastest during the 19th century. In 1910, the Baltimore and Ohio Railroad completed its Georgetown Branch line from Silver Spring to Georgetown , including
595-401: A currency will continue to increase as the major central banks around the world continue to print money." In 2011 PCI was ranked as the "world's fourth-largest hedge fund" with $ 36 billion in assets under management . However, during the course of that year his Advantage fund lost 36% and Advantage Plus 52%. The funds also had double-digit losses the next year. An unsuccessful investment in
680-518: A gold fund focused on gold mining stocks and gold-related investments believing that the massive amount of balance sheet expansion from countercyclical monetary stimulus undertaken by the Federal Reserve and other central banks would eventually lead to inflation in the US dollar and other fiat currencies. In the words of John Paulson, "We view gold as a currency, not a commodity. Its importance as
765-714: A guest or prisoner (historical accounts differ). Fleet eventually secured funding for another expedition to the region and was later granted proprietary rights to 2,000 acres of land in the nascent colony and became a member of Maryland's colonial legislature. Raids from the Senecas and Susquehannock resulted in the creation of the Maryland division of Rangers in 1694 to patrol the frontier . Most settlers in colonial Maryland were tenant farmers who paid their rent in tobacco, and colonists continued to expand farther north in search of fertile land. Henry Darnall (1645–1711) surveyed
850-460: A lawsuit against Paulson for $ 120 million, claiming Goldman Sachs and Paulson "deceived ACA into believing Paulson was investing in the CDO". Paulson made money betting against ACA's position in the CDO. In 2013, Paulson asked a judge to dismiss the lawsuit, alleging ACA had relied on "mischaracterizations, emails unrelated to Abacus, and snippets of correspondence taken out of context". Paulson also has
935-470: A long track record of investing in distressed debt , bankruptcies and restructurings . The Great Recession resulted in a record high level of defaults and bankruptcies across numerous industries, and Paulson was a large investor in many of them, including the Lehman Brothers bankruptcy and liquidation. At the end of 2008, following the collapse of Lehman Brothers and the subsequent turmoil in
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#17327802245691020-738: A mixed-use district including residential apartments and condos (100,000 ft ), retail (300,000 ft ), dining, office space (100,000 ft ), hotels, entertainment, public art and fountains, forming the new core of revitalized downtown Bethesda. Retail stores include an Apple Store , Anthropologie , and Bethesda Bagels. Bethesda is located in the Montgomery County Public School District . Public primary schools located in Bethesda include: Public middle schools located in Bethesda include: Public high schools located in Bethesda include: Private schools located in Bethesda include: Bethesda
1105-636: A new activist shareholder that had become the Company’s largest shareholder, American Capital announced a full strategic review of all alternatives in November 2015. On May 23, 2016, American Capital announced it had entered into a definitive agreement to sell American Capital to Ares Capital . At the same time, it announced a definitive agreement to sell American Capital Mortgage Management to American Capital Agency for $ 562 million, which closed on June 30, 2016. On December 15, 2016, ACAS shareholders approved
1190-838: A novel sale of a significant portion of its private equity investments to a third-party fund that it then managed. American Capital also received investment grade ratings from Moody’s , S&P and Fitch. In May 2006, European Capital was taken public and traded on the London Stock Exchange . In the Spring of 2007, American Capital was included in the S&;P 500 index of public companies. European Capital opened additional offices in Frankfurt and Madrid and formed specialized teams to invest in distressed debt and second lien loans. The Great Recession began at
1275-659: A number of other military medical and research institutions. Other federal institutions include the Consumer Product Safety Commission and the Naval Surface Warfare Center Carderock Division . The headquarters of defense conglomerate Lockheed Martin , managed health care company Coventry Health Care and hotel and resort chains Marriott International and Host Hotels & Resorts, Inc. are located in Bethesda. Software company Bethesda Softworks
1360-600: A nursing school. National Intelligence University is also in Bethesda. The Washington Japanese Language School, a supplementary weekend Japanese school , holds its classes at the Stone Ridge School of the Sacred Heart in Bethesda. The WJLS maintains its school office in North Bethesda , adjacent to Garrett Park . The institution, giving supplemental education to Japanese-speaking children in
1445-637: A plan to split the Company's businesses by transferring most of the Corporation's investment assets to two newly established business development companies (BDCs), American Capital Growth and Income and American Capital Income . American Capital would continue primarily in the asset management business and would manage these two new BDCs With the market failing to reflect support for its Spin Off plan, including lack of support from its major shareholders, and
1530-539: A statement saying that it was "not the subject of this complaint, made no misrepresentations and is not the subject of any charges". Goldman neither admitted nor denied the SEC allegations, but three months later paid $ 550 million to settle the charges (the largest penalty a Wall Street company has ever paid to the SEC), acknowledging that it gave investors "incomplete information". In 2011, ACA Financial Guaranty ACAFG.UL filed
1615-467: A stock dividend paid in 2009, which had the effect of a stock split, the $ 18.06 per share selling price translates to approximately $ 23.50 a share when compared to its share price at the time of its IPO. In addition, during its time as a public company, American Capital paid $ 30.32 per share in dividends. (millions $ ) (millions $ ) Stock Price (millions $ ) (millions $ ) Bethesda, Maryland Bethesda ( / b ə ˈ θ ɛ z d ə / )
1700-519: A storage yard there and multiple sidings serving industries in Bethesda. B&O successor CSX ceased train service on the line in 1985, so the county transformed it into a trail in the rails-to-trails movement. The tracks were removed in 1994, and the first part of the trail was opened in 1998; it has become the most used rail-trail in the United States, averaging over one million users per year. Subdivisions began to appear on old farmland in
1785-558: Is about two and one-half miles from Washington, D.C.'s western boundary, making Bethesda a close-in suburb of the nation's capital. Other focal points of downtown Bethesda include the Woodmont Triangle, bordered by Old Georgetown Road (Maryland Route 187), Woodmont and Rugby Avenues, and the Bethesda Row, centered at the intersection of Woodmont Avenue and Bethesda Avenue. Much of the dense construction in that area followed
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#17327802245691870-462: Is an unincorporated , census-designated place in southern Montgomery County, Maryland , United States. Located just northwest of Washington, D.C. , it is a major business and government center of the Washington metropolitan region and a national center for medical research. According to the 2020 census , the community had a total population of 68,056. It takes its name from a local church,
1955-768: Is home to a federally funded and operated health science university, the Uniformed Services University of the Health Sciences (USU). The primary mission of USU is to prepare graduates for service in the Medical Corps of the U.S. Army , Navy , and Air Force , and the Public Health Service . The university consists of the F. Edward Hebert School of Medicine, a medical school, and the Graduate School of Nursing,
2040-866: Is one of the Madonna of the Trail monuments, erected by the National Old Trails Association with the Daughters of the American Revolution ; U.S. President Harry S. Truman presided over the dedication of the Bethesda monument, on April 19, 1929. Nearby is the Bethesda Post Office. Also starting in the heart of downtown Bethesda is the Capital Crescent Trail , which follows the old tracks of
2125-575: Is reported to have earned a total of £280m after reducing its short position in RBS in January 2009. To help protect their bets, PCI and others successfully prevented attempts to limit foreclosures and rework mortgage loans. Paulson has been criticized in the ABACUS investment for paying Goldman $ 15 million to put together a collection of "toxic" subprime securities with his help (creating "the concept" of
2210-613: The 2011 U.S. Open , won by Rory McIlroy . The National , a golf tournament hosted by Tiger Woods , was played at Congressional seven times between 2007 and 2016. Bethesda is also home of the exclusive Burning Tree Club , Bethesda Country Club, and the Bethesda Big Train , a summer collegiate baseball team. A number of ambassador residences are in Bethesda, including those of Bangladesh , Haiti , Cape Verde , Guyana , Honduras , Lesotho , Morocco , Nicaragua , Uruguay , and Zimbabwe . Also located in downtown Bethesda
2295-531: The Baltimore and Ohio Railroad from Georgetown in Washington, D.C. , to Silver Spring. Walter Reed Medical Center and the Bethesda Theater are two important Art Deco architectural structures in the suburbs of Washington, D.C. Federal Realty Investment Trust has developed much of the west side of downtown Bethesda into an area called Bethesda Row , incorporating principles of new urbanism and
2380-640: The Bethesda Meeting House (1820, rebuilt 1849), which in turn took its name from Jerusalem 's Pool of Bethesda . Bethesda is located in the traditional territory of the indigenous Native Piscataway and Nacotchtank at the time of European colonization . Fur trader Henry Fleet became the first European to visit the area, reaching it by sailing up the Potomac River . He stayed with the Piscataway tribe from 1623 to 1627, either as
2465-665: The Red , Green , and Orange lines of the Washington Metro transportation system, as well as to MARC and Amtrak trains, without needing to ride into central Washington, D.C. Local buses include: Long-distance buses include: Paulson %26 Co. Paulson & Co., Inc. is a family office based in New York City . Previously, it was a hedge fund established by John Paulson in 1994. Specializing in "global mergers, event arbitrage, and credit strategies",
2550-496: The Sino-Forest Corporation and a drop in the price of gold were in part responsible. In August 2013, Paulson entered into a merger agreement for the acquisition of Steinway Musical Instruments in a transaction valued at approximately $ 512 million. The company initiated a tender offer within five days for all of the outstanding stock, and Steinway Musical Instruments board recommended that shareholders accepted
2635-531: The U.S. Census Bureau , the CDP has a total area of 13.2 square miles (34 km ), of which 13.1 square miles (34 km ) is land and 0.1 square miles (0.26 km ) (0.38%) is water. The main commercial corridor that passes through Bethesda is Maryland Route 355 (known as Wisconsin Avenue in Bethesda and as Rockville Pike and Hungerford Drive in more northern communities), which, to the north, connects Bethesda with
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2720-664: The Washington, D.C., area , was founded in 1958, making it the oldest Japanese government-sponsored supplementary school in the U.S. The Writer's Center in Bethesda publishes Poet Lore , the longest continuously running poetry journal in the United States. Notable companies based in Bethesda include: Downtown Bethesda is managed by the Bethesda Urban Partnership, a non-profit organization established in 1994 by Montgomery County. Washington Metro 's Red Line services two primary locations in Bethesda:
2805-438: The "ethically challenged 'synthetic' securities") to be sold by Goldman to long investors so that Paulson could bet against it, a process critics called "sleazy", or the work of those lacking a "moral compass", though not illegal. Paulson has replied that they "were not involved in the marketing of any Abacus products to any third parties," and that "Paulson did not sponsor or initiate Goldman's Abacus program." In April 2010,
2890-514: The 19 years it was public, and held the shares through to the sale on January 3, 2017, 70% of those 20 investments would have outperformed the S&P 500 Financial Sector over the same time periods. These results were achieved through two recessions, including the Great Recession. From the time of its IPO through 2015, American Capital produced a 16% Economic Return, that is, a 16% growth in its book value plus dividends paid. And, despite
2975-590: The 1984 expansion of Metrorail with a station in Bethesda. The Bethesda Metro Center was built over the Red line metro rail, which opened up further commercial and residential development in the immediate vicinity. In the 2000s, the strict height limits on construction in the District of Columbia led to the development of mid-and high-rise office and residential towers around the Bethesda Metro stop. According to
3060-455: The 2000 census, Bethesda was the best-educated city in the United States of America, with a population of 50,000 or more. 79% of residents 25 or older have bachelor's degrees, and 49% have graduate or professional degrees. According to a 2007 estimate, the median income for a household in the CDP was $ 117,723, and the median income for a family was $ 168,385. Males had a median income of $ 84,797 versus $ 57,569 for females. The per capita income for
3145-593: The Bradley Woods subdivision of Bethesda said, "No part of the land hereby conveyed, shall ever be used, or occupied by or sold, demised, transferred, conveyed, unto, or in trust for, leased, or rented, or given to negroes, or any person or persons of negro blood or extraction or to any person of the Semitic Race, blood, or origin, which racial description shall be deemed to include Armenians, Jews, Hebrews, Persians, Syrians, Greeks and Turks, or to any person of
3230-631: The CDP was $ 58,479. About 1.7% of families and 3.3% of the population were below the poverty line , including 1.8% of those under age 18 and 4.1% of those age 65 or over. Many commute to Washington, D.C. , for work. The average price of a four-bedroom, two-bath home in Bethesda in 2010 was $ 806,817 (which ranks it as the twentieth most expensive community in America). Bethesda is often associated with its neighboring communities, Potomac , Chevy Chase , Great Falls , Virginia , and McLean , Virginia, for their similar demographics. The ethnic makeup in 2020
3315-574: The Great Recession, the $ 5 billion American Capital invested in the equity of its One Stop Buyouts produced a 16% compounded annual return. American Capital built seven billion-dollar financial institutions over the years which included: American Capital, American Capital Equity I, European Capital, American Capital Agency, American Capital Mortgage, American Capital Equity III and American Capital Asset Management. American Capital took five companies public and invested over $ 33 billion in middle market companies to support their buyouts and growth. During
3400-446: The Great Recession, was taken private by merging into American Capital during 2009. In April 2010, through a direct equity offering primarily with Paulsen & Co . Inc, $ 295 million of equity was raised. A refinancing agreement was reached with American Capital creditors in mid-2010. Under the terms of the transaction, lenders and note-holders had the option of receiving either cash or new secured debt, in each case in
3485-473: The Great Recession. In 2012, it refinanced its debt in June and raised $ 250 million of debt in August. American Capital raised $ 362 million of debt for its third externally managed CLO. At the same time, American Capital created American Capital Infrastructure, and an Annapolis , MD office was opened . The year 2013 allowed American Capital to form a Leveraged Finance Investment Team and
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3570-531: The Health Sciences . As of the census of 2000, there were 55,277 people, 23,659 households, and 14,455 families residing in the CDP. The population density was 4,205.8 inhabitants per square mile (1,623.9/km ). There were 24,368 housing units at an average density of 1,854.1 per square mile (715.9/km ). The racial makeup of the CDP was 85.86% White , 2.67% Black or African American , 0.17% Native American , 7.92% Asian , 0.05% Pacific Islander , 1.23% from other races , and 2.11% from two or more races. 5.43% of
3655-771: The John Paulson's hedge funds had $ 19 billion assets under management , compared to $ 18 billion in September 2013 and $ 36 billion in early 2011. Almost 60 percent of the assets under management belong to the firm's own employees, including John Paulson's, as of 2012. External investors in the Paulson funds included financial institutions, corporate and public pension funds, endowments, foundations and high-net-worth individuals. The hedge funds previously managed by Paulson & Co, included: Areas of expertise include: At one time there were around 15 investment professionals in
3740-511: The Mongolian Race, blood, or origin, which racial description shall be deemed to include Chinese, Japanese, and Mongolians, except that this paragraph shall not be held to exclude partial occupancy of the premises by domestic servants of the purchaser or purchasers." In practice, covenants excluding "Semitic races" were generally used to exclude Jews as Montgomery County did not have notable Armenian, Greek, Syrian, or Turkish populations at
3825-590: The Montgomery Farm Woman's Cooperative Market and the Bethesda Central Farmer's Market. In summer 2021, Fox Television Stations moved the broadcast facilities of its Washington-area television stations, WTTG and WDCA , to Bethesda. Bethesda is the home of Congressional Country Club , which is recognized as one of the world's most prestigious private country clubs. Congressional has hosted four major golf championships, including
3910-1402: The New Century By 2000, American Capital opened offices in Los Angeles and Philadelphia . It also formed an internal Operations Team headed by Gordon O’Brien, composed of former C-level executives and vice presidents who would work onsite at its portfolio companies to maximize returns. During 2001, American Capital formed an internal financial analysis and compliance team headed by Jay Beam, to perform financial due diligence for buyout investments and to provide financial and information technology (IT) advisory services to portfolio companies and to conduct internal valuations. The team had approximately 90 finance, IT and accounting personnel at its peak. In 2005, American Capital raised €750 million of equity for European Capital Ltd. (ECAS) and ECAS opened offices in Paris and London. Nathalie Faure Beaulieu and Jean Eichenlaub were appointed Managing Directors. In addition in 2005, American Capital expanded its investment strategy by establishing specialized investment teams focusing on Special Situations, Syndication, Energy, Commercial Mortgage Asset Management Group, and Leverage Finance. American Capital’s growth continued in 2006 with
3995-557: The Paulson advisory Board were Alan Greenspan (President of Greenspan Associates LLP), Christopher Thornberg (Economist, Beacon Economics LLC), Edward Altman (Professor, Stern School of Business , NYU ), and Martin Feldstein (Professor, Harvard University ). Paulson was registered with the U.S. Securities and Exchange Commission (SEC) in the United States, the Financial Services Authority (FSA) in
4080-538: The U.S. Securities and Exchange Commission (SEC) sued Goldman Sachs over the ABACUS Synthetic CDO alleging Goldman had represented the assembler of the mortgage package underlying the CDOs as an objective third party (ACA Management), when in fact a "short" standing to reap great financial benefit in the event the CDO's default (Paulson) had a major role in assembling the mortgage package. Paulson released
4165-499: The US and the UK that had high degrees of leverage, high concentrations of assets in deteriorating sectors and rising credit costs. Sectors include mortgage finance companies, specialty finance companies and regional, national, and global banks. In September 2008, Paulson bet against four of the five biggest British banks including a £350m bet against Barclays ; £292m against Royal Bank of Scotland ; and £260m against Lloyds TSB . Paulson
4250-524: The bid price on these companies as a large shareholder. In 1997, Paulson, which owned a 6.2% stake in Washington National Corp., opposed PennCorp Financial Group Inc.'s $ 400 million deal to takeover Washington National, calling the terms of the deal "inadequate". This holding out paid off when another suitor, Conseco Inc., purchased Washington National for $ 410 million. In 2005, Paulson Co. analyst Paolo Pellegrini convinced John Paulson of
4335-565: The bonds began to default and Paulson eventually made about $ 1 billion total from those investors' losses. In total Paulson reportedly earned $ 15 billion on $ 12.5 billion of investment in 2007—a return of over 100%. In 2008, Paulson's bearish outlook on the credit markets continued. Paulson believed that credit problems would expand beyond subprime mortgages into consumer, auto, commercial and corporate credit, stressing financial institutions and causing some to fail. This led them to take short positions in several large financial institutions in
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#17327802245694420-860: The clubhouse of the Woodmont Country Club on land that is now part of the National Institutes of Health (NIH) campus. Merle Thorpe 's mansion "Pook's Hill" (1927, razed 1948) became the home-in-exile of the Norwegian royal family during World War II . Before the passage of the Fair Housing Act of 1968 , restrictive covenants were used in Bethesda to exclude racial and ethnic minorities—primarily African-Americans, but also Asian-Americans and ethnic groups regarded as "Semitic", including Armenians, Jews, Iranians, Greeks, Turks, and Syrians. One 1938 restrictive covenant in
4505-696: The communities of North Bethesda and Rockville , ending, after several name changes, in Frederick . Toward the South, Rockville Pike becomes Wisconsin Avenue near the NIH Campus and continues beyond Bethesda through Chevy Chase , Friendship Heights and into Washington, D.C. , ending in Georgetown . The area commonly known as Downtown Bethesda is centered at the intersection of Wisconsin Avenue, Old Georgetown Road and East-West Highway. This intersection
4590-652: The danger of weak credit underwriting standards, excessive leverage among financial institutions and a fundamental mispricing of credit risk particularly in the housing market. Paulson began " shorting " this credit risk by purchasing the hitherto obscure derivative known as credit default swaps to "insure" debt securities (Paulson Co. did not own the securities it was "insuring", but merely believed they would default) they thought would decline in value due to weak credit underwriting. The bubble continued to grow through 2005 and 2006, but by 2007 began to deflate. In one later widely publicized deal, Goldman Sachs put together
4675-671: The downtown area at the Bethesda station , and the area near the National Institutes of Health and the Walter Reed Medical Center at the Medical Center station . The Maryland Transit Administration 's Purple Line , a light rail line currently under construction, will provide a direct connection from Bethesda to Silver Spring , the University of Maryland , College Park , and New Carrollton . The Purple Line will allow riders from Bethesda to move between
4760-434: The dramatic depreciation of its assets, American Capital defaulted on its debt and began negotiations with its creditors. In the third quarter, American Capital terminated its regular quarterly dividend and was removed from the S&P 500 index in early 2009. European Capital, whose stock price and performance was subject to the same depreciating environment as American Capital and other financial assets during
4845-494: The equity of 7 employee buyouts. Based on third party valuations and net realized gains, the return on these investments was 36% per annum prior to its IPO. American Capital went public on August 29, 1997 in a $ 155 million equity offering. At the time of its IPO , American Capital changed its operations and tax status to a Business Development Company (BDC). In 1998, American Capital expanded and opened additional offices in Chicago and Dallas . Entering
4930-405: The establishment of a technology investment team headed by Virginia Turezyn and Andy Fillat, who were appointed Managing Directors, with offices in Boston and Palo Alto . Bob Grunewald was appointed Managing Director of the newly formed American Capital Financial Services Group. The company raised its second externally managed private equity fund, American Capital Equity I, through
5015-402: The event had little effect on the small farmers throughout Bethesda. Between 1805 and 1821, Bethesda became a rural way station after the development of the Washington and Rockville Turnpike , which carried tobacco and other products between Georgetown and Rockville , and north to Frederick . The Bethesda Meeting House, a Presbyterian church, was built in 1820. The church burned in 1849 and
5100-401: The firm had a relatively low profile on Wall Street until its hugely successful bet against the subprime mortgage market in 2007. At one time the company had offices in London and Dublin . Paulson & Co. Inc. was established by John Paulson, its founder and president, in 1994. Paulson has invested in a number of undervalued companies that are acquisition targets, aiming to increase
5185-463: The firm, including John Paulson who was the Portfolio Manager for all funds under management. Other key investment professionals included Andrew Klaber , Andrew Hoine, Nikolai Petchenikov, Sheru Chowdry, Sihan Shu, Michael Waldorf and Ty Wallach. Paulson & Co had an external Advisory Board of well known economists that met on a monthly basis to discuss investment themes, macroeconomic risks, and global fiscal and monetary policy. Past members of
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#17327802245695270-422: The firms to survive the crisis while Paulson would profit from recovery by buying at the market bottom. Amongst some of the holdings disclosed in Paulson's June 30, 2009 13F filings were 2 million shares of Goldman Sachs as well as 35 million shares in Regions Financial . Paulson also purchased shares of Bank of America in the spring of 2009 when the bank was forced to recapitalize its balance sheet following
5355-647: The full principal amount of their pre-transaction debt. Lenders and note-holders holding $ 1.03 billion of debt, 44% of pre-transaction debt, selected and received 100% cash for their debt, while lenders and note-holders holding $ 1.31 billion of debt, 56% of pre-transaction debt, elected to receive new secured loans or notes of various series. By 2011, American Capital Agency raised $ 4.4 billion of equity through offerings in January, March, June and November. It also initiated an IPO of newly formed American Capital Mortgage Investment Corp (NASDAQ: MTGE). American Capital continued to re-leverage its balance sheet after
5440-569: The late 19th century, becoming the neighborhoods of Drummond, Woodmont, Edgemoor, and Battery Park. Farther north, several wealthy men made Rockville Pike famous for its mansions. These included Brainard W. Parker ("Cedarcroft", 1892), James Oyster ( "Strathmore", 1899 ), George E. Hamilton ("Hamilton House", 1904; now the Stone Ridge School ), Luke I. Wilson ("Tree Tops", 1926), Gilbert Hovey Grosvenor ("Wild Acres", 1928–29), and George Freeland Peter ("Stone House", 1930). In 1930, Armistead Peter 's pioneering manor house "Winona" (1873) became
5525-420: The markets, Paulson became selectively bullish . It launched a fund dedicated to restructuring and/or recapitalizing companies such as investment banks, hedge funds, insurance and hotel, that were feeling the pressure of the more than $ 345 billion of write downs of under-performing assets linked to the housing market. By providing capital to companies at " trough valuations ", Paulson believed it would enable
5610-451: The new realities facing the company, in 2008, American Capital closed offices in Los Angeles, Palo Alto, Philadelphia and San Francisco, continuing to operate offices in Bethesda, Boston, Dallas, Providence and New York. European Capital closed offices in Frankfurt and Madrid, continuing to operate offices in London and Paris. Also, in 2008, American Capital launched and took public American Capital Agency (NASDAQ: AGNC ). Due to
5695-518: The offer. In September 2013, Paulson announced the completion of acquisition of Steinway Musical Instruments. In April 2018, the firm has taken a stake in Viacom Inc ., an American media company and has become one of the top-25 shareholders. The firm was a partnership, the partners being John Paulson and 10+ other members of the firm. Paulson provided services to investment vehicle pools and manages accounts for banking institutions, corporations and pension and profit sharing plans. As of December 2015
5780-419: The opening of the Bethesda station on the Red Line of the Washington Metro rapid transit system, also located at this intersection and the centerpiece of the Bethesda Metro Center development. The Medical Center Metro stop lies about 0.7 miles north of the Bethesda stop, Medical Center , which serves the NIH Campus, the Walter Reed National Military Medical Center , and the Uniformed Services University of
5865-436: The population were Hispanic or Latino of any race. There were 23,659 households, out of which 28.0% had children under the age of 18 living with them, 53.4% were married couples living together, 6.0% had a female householder with no husband present, and 38.9% were non-families. 32.2% of all households were made up of individuals, and 11.6% had someone living alone who was 65 years of age or older. The average household size
5950-417: The restructuring investments we have added to our portfolio and our ability to generate above-average returns in large positions." In February 2010, PCI was linked to the restructuring and recapitalization of the publisher Houghton Mifflin Harcourt . The agreement included restructuring about $ 4 billion of its $ 7 billion debt load by converting it to new equity issued to the senior debt holders, one of whom
6035-402: The results of the bank stress tests conducted by the US government, and was reported to have a 1.22% stake in the bank in 2011. According to Bloomberg, Paulson purchased the shares expecting the stock to double by 2011. Paulson's invested in Citigroup and reportedly earned $ 1 billion in 2009 through the end of 2010, which John Paulson called a demonstration of "the upside potential of many of
6120-435: The sale of American Capital on January 3, 2017, they received a 14% compounded annual return including dividends (not reinvested). This compares favorably to the 10% return made by investors in shares of Berkshire Hathaway over the same period. However, it wasn’t just investors in its IPO who outperformed the market. For a stockholder who invested in one share of ACAS at its IPO and one share of ACAS on January first of each of
6205-433: The sale of American Capital to Ares Capital and the transaction was finalized on January 3, 2017. The purchase price, including the sale of American Capital Mortgage Management, totaled $ 4.1 billion. American Capital did not file a form 10-K for 2016, due to the approved merger with Ares Capital Corporation. For those investors who bought American Capital stock in its August 29, 1997 IPO, and held their shares through
6290-1101: The time American Capital was public, it owned and or controlled over 155 companies and invested in over 600 companies, including well-known companies such as AAMCO , Aeriform Corporation, Affordable Care, Algoma Group, Bumble Bee Foods , Bushnell Outdoor Products , CamelBak Products , Case Logic , Confluence Kayaks, Crosman Corporation , Cycle Gear, Electrolux , Explorer Pipeline, Euro-Pro, Evenflo Company, Gibson Guitars , Meadows of Wickenburg (addiction center), Nancy’s Specialty Foods , New England Confectionery Company (NECCO), Parts Plus, Piper Aircraft , Potpourri, Riddell Sports Group , Ranpak, Rug Doctor and Service Experts. American Capital, Ltd.: American Capital (ACAS), both directly and through its asset management business, originated, underwrote and managed investments in middle market private equity, leveraged finance and structured products. It participated in management and employee buyouts either by providing mezzanine and senior debt financing for buyouts led by private equity firms or by providing capital directly to companies through
6375-601: The time. World War II and the subsequent expansion of government fed the rapid growth of Bethesda. Both the National Naval Medical Center (1940–42) and the NIH complex (1948) were built just to the north of the developing downtown, and this drew government contractors, medical professionals, and other businesses to the area. Bethesda became the major urban core and employment center of southwestern Montgomery County. This recent vigorous growth followed
6460-605: The turn of 2007, striking a blow to the world’s economies, capital markets and asset valuations in that year and in 2008. American Capital was not immune from the economic crisis affecting the U.S. and global financial and business markets. As a BDC , American Capital had to fair value its assets quarterly. Therefore, American Capital had to dramatically depreciate its assets, whether they were performing or not, in line with comparable market valuations. Performance declined, in many cases materially, at some of its portfolio companies and investments. To address
6545-415: Was 2.30, and the average family size was 2.92. In the CDP, 21.8% of the population was under the age of 18, 4.6% from 18 to 24, 29.2% from 25 to 44, 27.1% from 45 to 64, and 17.2% was 65 years of age or older. The median age was 41 years. For every 100 females, there were 87.7 males. For every 100 females age 18 and over, there were 84.0 males. Bethesda is a very wealthy and well-educated area. According to
6630-413: Was 69.5% non-Hispanic white, 8.9% Hispanic or Latino, 4.9% black, 11.7% Asian, 0.3% American Indian, and 8.2% of two or more races. 24.4% of the population was foreign-born. Important medical institutions located in Bethesda include the National Institutes of Health campus , Walter Reed National Military Medical Center , and the adjoining Uniformed Services University of the Health Sciences , as well as
6715-425: Was Paulson. Through this debt to equity conversion, Paulson would reportedly become the company's largest equity investor. Another one of Paulson's specialties is proxy event investment. In May 2008 Carl Icahn launched a proxy fight at Yahoo to replace its board and a 13F filing for the quarter ending March 31, 2008 showed ownership by Paulson of 50 million shares of Yahoo. In November 2009 Paulson announced
6800-425: Was an externally managed BDC investing predominately in senior secured debt of middle and large market U.S. companies and equity tranches of CLOs. American Capital went public in August 1997 at $ 15.00 per share, raising $ 155 million, making it the first private equity firm to go public in the United States. American Capital was sold on January 3, 2017 for $ 4.1 billion or $ 18.06 per share. Adjusted for
6885-492: Was an externally managed private equity and mezzanine fund. The mission of European Capital was to provide in Europe mezzanine and senior debt financing for buyouts led by private equity firms or to provide capital directly to companies through a "One Stop Buyout" in which it funded senior debt, mezzanine and equity and was the controlling shareholder. Paris and London were the first of several offices. American Capital Agency : American Capital Agency (AGNC)
6970-584: Was appointed CEO, John Erickson was appointed its CFO and Richard Santoroski was appointed Managing Director. American Capital Equity I : This was American Capital’s second externally managed private equity fund. American Capital Equity III : This was another externally managed private equity fund, managed by the American Capital Lower Middle Market Buyout group American Capital Senior Floating : American Capital Senior Floating (ACSF),
7055-593: Was formed as an agency real estate investment trust, REIT , which it externally managed and played an important role in the growth of American Capital Management and the re-appreciation of American Capital’s balance sheet . American Capital Mortgage Investment Corp : American Capital Mortgage Investment Corp (MTGE) was a hybrid mortgage REIT, raising $ 581 million. American Capital Energy & Infrastructure : American Capital Energy & Infrastructure (ACEI) invested in global energy infrastructure assets. Paul Hanrahan, former CEO of AES Corporation,
7140-466: Was originally located in Bethesda but moved to Rockville in 1990. The Discovery Channel also had its headquarters in Bethesda before it moved to Silver Spring in 2004. On the professional services side, numerous banks (PNC, Capital One Bank) brokerage firms (MorganStanley, Merrill Lynch, Charles Schwab, Fidelity) and law firms (Ballard Spahr, JDKatz, Paley Rothman, Lerch Early & Brewer) maintain offices in Bethesda. Bethesda has two farmers markets :
7225-560: Was rebuilt the same year about 100 yards (91 m) south, and its former location became the Cemetery of the Bethesda Meeting House. In 1852, the postmaster general established a post office in the area and appointed Rev. A. R. Smith its first postmaster. By 1862, a small settlement had grown around a store and tollhouse along the turnpike known as "Darcy's Store" for the store's owner, William E. Darcy. It consisted of
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