Found this in www.fortune.com:
Constellation said Wednesday it will pay Berkshire a $175 million termination fee. It will also convert the $1 billion preferred stock investment Berkshire made in Constellation - an infusion that kept Constellation afloat at the height of the market panic in September and October - into a $1 billion one-year note, 20 million Constellation shares and $418 million in cash.
With the note due to pay $140 million in interest between now and its Dec. 31, 2009, maturity, and Constellation shares fetching around $28 each, Berkshire stands to make a profit of around $1.3 billion over the coming year on a $1 billion initial investment in Constellation.
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This guy is a genius!
A billion here and a billion there, pretty soon you are talking about serious money.
Constellation said Wednesday it will pay Berkshire a $175 million termination fee. It will also convert the $1 billion preferred stock investment Berkshire made in Constellation - an infusion that kept Constellation afloat at the height of the market panic in September and October - into a $1 billion one-year note, 20 million Constellation shares and $418 million in cash.
With the note due to pay $140 million in interest between now and its Dec. 31, 2009, maturity, and Constellation shares fetching around $28 each, Berkshire stands to make a profit of around $1.3 billion over the coming year on a $1 billion initial investment in Constellation.
Click to read the complete story
This guy is a genius!
A billion here and a billion there, pretty soon you are talking about serious money.
