Chris Flowers Wants His Bank Back

[Mulboyne]

Forbes: J.C. Flowers A Perennial In Seeding Shinsei Bank
Shinsei Bank said Tuesday that a group of investors led by New York-based J.C. Flowers will bid for a 22.7% stake in the bank at 425 yen per share. In addition, the consortium will further subscribe for 50 billion yen worth of newly issued Shinsei shares after the offer, subject to regulators' approval...Upon completion of these transactions, the bidding consortium would become the bank's major shareholder, with up to a 32.6% stake, exceeding that of Japanese government. The state currently owns 12% of Shinsei and could raise its holding to about 27% after converting all of its preference shares...This is the second capital injection by J.C. Flowers into Shinsei...In March 2000, Flowers joined hands with private equity firm Ripplewood Holdings to buy the collapsed Long-Term Credit Bank...The price of Shinsei shares have dropped more than 40% this year as investors worry about the bank's subprime exposure in the U.S. market...more...