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03-09-2011, 02:53 PM #1
AIG Repays Treasury $6.9 BILLION From MetLife Stock Sale
AIG Repays Treasury $6.9B From MetLife Stock Sale
MarketNewsVideo.com ,
03.09.11, 12:15 PM EST
The offering, part of deal for Alico unit, closed Tuesday.
MetLife said late Tuesday it and American International Group subsidiary ALICO Holdings have closed their recently announced stock offering.
MetLife ( MET - news - people ) offered just under 68.6 million shares of common stock, for gross proceeds of $2.97 billion, which were used to repurchase and cancel about 6.86 million shares of contingent convertible preferred stock owned by AIG ( AIG - news - people ).offered 78.2 million shares of MetLife common stock, which it received it exchange for the sale of Alico ( ALCO - news - people ), as well as 40 million common equity units, for total proceeds of $6.7 billion.
AIG received proceeds of $9.6 billion, before expenses, $3 billion of which was placed in escrow. In turn, AIG announced it had repaid in full the liquidation preference and accrued return on one of the special purpose vehicles created as part of the government's bailout.
It also made a substantial payment on the preferred interests in another special purpose vehicle. In total, AIG repaid $6.9 billion to the Treasury Department yesterday. It has repaid a total of $36 billion in 2011.
http://www.forbes.com/2011/03/09/aig-re ... video.htmlNO AMNESTY
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03-09-2011, 07:01 PM #2
It is all just paper.
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