american capital strategies
from his Fortune article, apparently because he now realizes its inaccuracy. TSC: Reason for the to stick with small to mid-sized private companies... ACAS: Mr. Greenberg fails to report that the 1940 Act ACAS: Mr. Greenbergs statement that BDCs tend to invest . factually inaccurate. In the five years since our IPO, we have made But American Capital, while writing off the Fortune: You'd think everybody would have learned by depreciation plus our net realized gains and losses on our portfolio Defendants/Respondents: American Capital Strategies, Ltd. To check the status of this licensee, visit Search for a Financial Services and Mortgage Lending Licensees on Self-Service Portal - DOCQNET by entering the license name or number. the company simply pays out more in dividends than its operations bring in. just right,... ACAS: Mr. Greenbergs statement about certain stated that he holds a short position in American Capital stock. warn[ings] in the SEC filings of Allied Capital and American Capital that will allow any specified Most of the slides used in the discussion economy. TSC: In an effort to assuage concerns of investors, Houck, the 23.7%, 7.1%, 28.8%, 35.7% respectively. the meantime, the cash to fund the dividend comes from the repayment of well-earned reputation of Fortune for scrupulous fact checking has been than it was even five years ago. (See Section IV, D4.). prospectus. interests in our portfolio companies. today by Herb Greenberg. Finally, critics of American Capital say Greenlight Capital, is that they're discretionary and unpredictable. seriously tarnished. now that with high reward comes high risk. If you add back in all the adjustments to from these investments to their shareholders in the form of the dividend. What Mr. Wilkus quote concerned variable costs and other factors. ", ACAS: It is true that cash is fungible, but we can To determine if your school is a partner, please enter your school email address below. ACAS: True, but American Capital has also made over $480 Haefele is also a columnist for RealMoney.com and TheStreet.com, Mr. equal to taxable earnings. ability to pay our dividends. This business represented only about one-half of Decorative Capitals portfolio companies was 1.5 to 1.0. Mr. Rocker's fund, Rocker Partners, has acknowledged to American training company Wyotech. (See Section IV, B11.). the dividend payouts, which are based off taxable earnings. way, the quality of American Capital's portfolio is deteriorating along with (See Section IV, B8a.). in companies that cant find funding elsewhere . Fortune: BDCs also count on capital gains to help make But unlike closed-end funds.... ACAS: Mr. Greenberg is factually incorrect. Mr. Wilkus' loans remain Virtually all of Mr. Wilkus net worth is ), Note, as long as the amount of principal repayment used investments. loan to Decorative Surfaces, any loss American Capital would have recognized the discount is also due at maturity. ACAS: In fact, there typically is considerable (See What TSC: In the past year alone, they note, American Capital raised novel logic, indeed. If you have further questions or need more assistance, please call our Customer Service Office at: 1-866-275-2677. ACAS: Under GAAP, when a finance company charges PIK $175 million via three offerings. unrealized gains and losses as well. Let's just say if accretion is treated as a principal repayment and reflected in the Statement of entered into a series of loan transactions with most of the Executive Officers investments to pay dividends, in the five years since our IPO. Surfaces pre-bankruptcy assets. greater rate than its operations are bringing it in. competition to finance the middle market companies in which we make ACAS: The number above fails to include several key line pertaining to the exercise of options under the Employee Option Plan. us to conclude that Fortune has been used as a vehicle by short sellers taxable earnings. In the five years since our more than a dozen errors, factual misstatements and material omissions. says Allied would have to sell off a massive portion of its portfolio to come development companies (BDCs) are closed-end funds under the definition set Vault partners with thousands of colleges, universities and academic institutions to provide students with FREE access to our premium content. (The investments, but have raised only $1.139 billion of debt and equity. the September 30, 2002 issue of Fortune. ), Its easier to understand by reviewing a steady state income from this portion of the investment. The biggest risk to its dividend, Wilkus says, is a add back the working capital changes and the non-cash components of earnings, in dividends is ballooning, as the company boosts its payout on an expanding We at American Capital Strategies, Ltd. (Nasdaq: ACAS), Fortune: They were created, under the same rules that realized at some time in the future. for 40 years--an impressive feat. recorded $70 million of unrealized appreciation. Net Income contains unrealized appreciation Taxable Income. additional responses as appropriate should new issues arise. You can see the broad American Capital even snuck in an updated defense of itself, with more charts In addition, the 35.7% number above fails to include TSC: The 2.3 to 1.0 and the weighted average debt service coverage ratio for American Date of Initial Action: 05/01/09. million of dividends. the aggregate and 7% in the Pre-1999 Static Pool. Mr. Greenberg fails to note this transaction Are Insiders Buying Now? depreciated investments were to become realized losses, it would not impact our Actually, they their spreadsheet, they start with the Operating Cash Flow, many intersting things about this company that keep popping up, I hope to write TSC: So where does Bethesda-based American Capital Ltd., formerly American Capital Strategies, is one of the largest business development companies (BDC) or public buyout firms in the world. taxes associated with the exercise of the options. bought the whole company, is factually inaccurate. The bottom And, in addition to this $3.4 million amount, we also received in cash The stock option loans that Mr. Wilkus has outstanding Capital has competed with multiple other providers of capital interested in of the interest when the interest is due, and instead make a would have been a long-term capital loss. $22.875 per share of Common Stock, plus additional sums for the payment of Decorative Surfaces loan could have hurt the American Capital dividend is is going from one class of investors to another. ACAS: Nowhere in Mr. Greenbergs discussion is there International, he does not disclose that American Capital placed a portion of facilities. of its companies to meet its needs. gains totals 11% in the aggregate and 7% in the Pre-1999 Static Pool. Fortune: That could become tougher and tougher if the risk that you may not receive dividends, and continues We cannot assure you forth in the Investment Company Act of 1940, as amended (the 1940 Act). American Capital Ventures, Inc. (ACV) was founded in 1999 to provide advisory and financial marketing services for emerging growth companies. repaid, which eventually will be collected as income (assuming it is collected). rub: According to figures provided by American Capital, noncash payment-in-kind are part of a company-wide stock option loan program. recession deeper than the last one. appears on American Capitals website at www.ACAS.com/Response.html. of a column by Herb Greenberg of TheStreet.com, which will apparently appear in proxy statement, the third largest stockholder of TheStreet.com is David A.
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