Berkowitz's Fairholme Is About to Get Diluted In AIG (AIG), But He Loves Its
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In an amended 13D filing on AIG (NYSE: AIG), large shareholder
Bruce Berkowitz of Fairholme Capital expressed strong support for the plan to payback the government and revitalize the company.
Fairholme owns 24 percent of AIG's common stock prior to the conversion of the government's stake. This percent stake will be dramatically reduced once the government stake is converted into common.
A Copy of the statement from Fairholme:
On behalf of our approximate 440,000 shareholders and clients, Fairholme owns approximately 24% of the outstanding common stock, 38% of the mandatory convertible bonds and other debt instruments of American International Group, Inc. (AIG).
Fairholme invested over $1.8 billion in AIG securities, more than 10% of assets under management, with the knowledge that for decades AIG was the premiere insurer - a shining example of how the United States can compete around the world. We also invested in AIG with the belief that such a past is not easily destroyed.
Nevertheless, all of us at Fairholme applaud and appreciate the yeomen's work of AIG's management and board of directors, the United States Treasury, the Federal Reserve System and its trustees and countless others involved in this most complex process.
We strongly support the proposed solution to revitalize AIG in a fair and equitable manner for all constituents, foremost our country's taxpayers, and look forward to a vibrant future for AIG and the U.S. economy."
Bruce Berkowitz of Fairholme Capital expressed strong support for the plan to payback the government and revitalize the company.
Fairholme owns 24 percent of AIG's common stock prior to the conversion of the government's stake. This percent stake will be dramatically reduced once the government stake is converted into common.
A Copy of the statement from Fairholme:
On behalf of our approximate 440,000 shareholders and clients, Fairholme owns approximately 24% of the outstanding common stock, 38% of the mandatory convertible bonds and other debt instruments of American International Group, Inc. (AIG).
Fairholme invested over $1.8 billion in AIG securities, more than 10% of assets under management, with the knowledge that for decades AIG was the premiere insurer - a shining example of how the United States can compete around the world. We also invested in AIG with the belief that such a past is not easily destroyed.
Nevertheless, all of us at Fairholme applaud and appreciate the yeomen's work of AIG's management and board of directors, the United States Treasury, the Federal Reserve System and its trustees and countless others involved in this most complex process.
We strongly support the proposed solution to revitalize AIG in a fair and equitable manner for all constituents, foremost our country's taxpayers, and look forward to a vibrant future for AIG and the U.S. economy."
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