The D. E. Shaw Group Hires Head of Direct Capital Unit; New Unit Expands Scope and Reach of Firm's Activities.Business EditorsNEW YORK--(BUSINESS WIRE)--Feb. 23, 2004 The D. E. Shaw Group announced today that Robert T. Ladd has joined the firm as head of its newly formed Direct Capital unit, which will provide debt and equity capital to businesses in a variety of industry sectors throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . The Direct Capital unit will focus on providing acquisition financing, mezzanine capital Mezzanine capital (or mezzanine debt) is a broad financial term that refers to unsecured, high-yield, subordinated debt or preferred stock that represents a claim on a company's assets that is senior only to that of a company's shareholders. , and growth funding. In addition, the unit will be active in rescue finance and will provide financing for enterprises experiencing operational or financial distress Financial distress Events preceding and including bankruptcy, such as violation of loan contracts. . The new unit will be headquartered in Houston, Texas. Mr. Ladd joins the D. E. Shaw group after serving as President and Chief Executive Officer of Duke Capital Partners and President of Duke Energy North America, both wholly-owned subsidiaries of Duke Energy Corporation. He also previously served as the firmwide managing partner of the Corporate Restructuring Group of Arthur Andersen LLP LLP - Lower Layer Protocol , and has held executive positions in commercial banking with First City Bancorporation of Texas, Inc. "I have known Rob Ladd for 19 years," said Max Holmes, Managing Director of D. E. Shaw & Co., L.P. and senior portfolio manager of D. E. Shaw Laminar laminar /lam·i·nar/ (lam´i-nar) 1. pertaining to a lamina or laminae. 2. laminated. 3. of, pertaining to, or being a streamlined, smooth fluid flow. Portfolios, L.L.C. "He is the gold standard in direct lending and rescue finance, and we are delighted to have him on our team." Todd Overbergen and Josh Davis, both formerly of Duke Capital Partners and Arthur Andersen LLP, will join Mr. Ladd in founding the Direct Capital unit's Houston headquarters. The D. E. Shaw Group, headquartered in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , is a specialized investment and technology development firm that comprises a number of entities with over $7 billion in aggregate capital. |
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