对问题资产救助计划认股权证的首次协商回购进行估值

CGN: Shareholders in Corporate Governance (Topic) Pub Date : 2009-10-18 DOI:10.2139/SSRN.1404069

Linus Wilson

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引用次数: 7

摘要

Old National Bancorp是第一家回购其资本购买计划(CPP)权证的上市银行。该公司支付了120万美元，低于本报对权证公平市场价值估计的低端。《华尔街日报》估计，这些权证的价值在190万至690万美元之间。从纳税人的角度来看，这种低谈判价格表明，美国财政部向第三方投资者推销这些权证可能会获得更好的价格。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Valuing the First Negotiated Repurchase of the TARP Warrants

Old National Bancorp was the first publicly traded bank to buy back its Capital Purchase Program (CPP) warrants. It paid $1.2 million, which is below the low-end of this paper’s estimates of the fair market value of the warrants. This paper estimates the warrants are worth between $1.9 and $6.9 million. This low negotiated price from the perspective of taxpayers indicates that the U.S. Treasury would have probably gotten a better price marketing those warrants to third party investors.

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CGN: Shareholders in Corporate Governance (Topic)

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