Exact terms of the deal could not be learned, but people involved in the talks said the transaction was worth about $200 million. Bank of America led the financing..
NEW YORK--(EON: Enhanced Online News)--USTC Holdings, LLC, an investor consortium led by private equity firms Forté Capital Advisors (“Forté”) and Manhattan Partners (“Manhattan”), announced today that it has acquired Xe Services
Jason DeYonker, Managing Partner of Forté...advised PRINCE through development of his early BLACKWATER business plan and expansion of the Moyock training facility, as well as supporting negotiations of its first training contracts with U.S. government agencies. (some paraphrasing)
Bingham McCutchen acted as legal counsel to USTC Holdings and the Chertoff Group in collaboration with Avascent Group performed strategic due diligence on USTC Holdings’ behalf.The Chertoff Group! Give us a freakin break!
Bank of America, the slimiest home forecloser in the country has no problem handing over $200,000,000 to Eric Prince for his Xe and millions to help private equity firm, Cerberus (Dan Quayle) to purchase DynCorp.
Talk about blatant Oligarchiness.
But God Forbid, BoA would help a family who, through no fault of their own because banks refuse to finance businesses was laid off, STAY IN THEIR DAMN HOMES!!!!
Is any average American still doing business with these people? If so, why?
Ok, breathe, breathe, Auuuuuummmmmmm Auuuummmmmmm, back to the point of the diary.
Well, you are probably thinking "Prince sold that for peanuts". Not to worry, Erik's doing well. Xe sells aviation unit to AAR for $200 million. That division has a fleet of 58 aircraft, many of which are used under U.S. government contract in Afghanistan. I wonder if Bank of American backed that sale, too.
Who the hell is running things like XE, while using our tax dollars to pay for their (mis)adventures? And if the owners are private and/or secret, how can we know we are safe from their influence?
Michael Chertoff, et al?
Maybe knowing who is a waste of time, time better spent building forts and motes to protect us from the US working for all these spooky private equity firms! As it is our dollars being used to enrich a few, who then use that money to buy up more and more of our so-called national security apparatus, we become more vulnerable. Are we frackin nuts?
I SMELL A MILLION RATS. Don't you?
Who now controls the Large XE Mercenary Army and all of its holdings?
I am sorry to report that I came up blank. Knowing a tad of CIA history, is it possible that the CIA, operating under cover of private, opaque holding/equity companies now owns XE? Many of it's staff are former CIA staffers, so it's not a totally stupid question, is it?
And if so, what would that mean?
I tried to track down some background on USTC, Forte, and the Manhattan Partners.
The results for USTC Holdings, LLC
"0" hits, no company recognizedHowever, USTC Holdings, LTD shows:
, ChinaAbout USTC Holdings, LLC
USTC Holdings, LLC is an investment holding company led by Forte CapitalThanks to Catte Nappe for finding this information.
Advisors and Manhattan Partners formed for the sole purpose of facilitating
the acquisition of Xe and its core operating subsidiaries.
The results for Forte' Capital Advisors
"0" hits, no company recognizedThe results for Manhattan Partners
"0" hits, no company recognizedIf it hadn't been for the great reporting of eonbusinesswire, we would have no names regarding the huge news of XE/Blackwater being sold on December 17, 2010.
The NYTimes also caught the story:
A team of New York Times reporters has identified the investors who are set to take over Erik Prince’s enormous mercenary business in a $200 million deal financed by Bank of America.Bank of America: $200 Million to finance the purchase of Xe by DeYonkers, who managed the Prince Family $100 million holdings, and coached Eric on starting the business AND who helped get contracts.
MERRY CHRISTMAS and Happy New Year to Erik Prince and his Dubai Family.
Oh, and to you, too, Mr. Chertoff.
ATTENTION RESEARCH WONKS: THIS IS THE MOST POWERFUL TOOL I HAVE FOUND TO FIND OUT WHOSE WHO IN BUSINESS, BOTH PUBLIC AND PRIVATE:
If there is a company you want to trace, the 'investingbusinessweek' link found in the intro above will thrill you. I share this because I watched our friends over at Democratic Underground struggle to find this information.
For some crazy reason that I can't figure out, I will never be able to contribute at DU. After trying many times, and I am no slouch at figuring things out, the DU system is hell bent on blocking me out. Shared to explain why this isn't offered at DU.
You will find CEOs, Board Members, recent acquisitions, and a host of other information. There's an interactive feature I particularly enjoy: You can find the other relationships a CEO or Board member might have.
I wrote a diary about how our national security has not only been privatized, even though it has been paid for with our tax dollars, but it is now mostly held by opaque, perhaps secretive private equity firms.
It galls me that our tax dollars, and soon our Social Security and Medicare dollars, pay for the creation of companies like Blackwater. Our government uses our money, funnels our $$ into the coffers of privately owned, secretive companies, enriching the Eric Prince's, while we slip further and further into a third world status. There is something really wrong with this.
While there, I also learned that James "Dan"forth Quayle JD was not only the Senior Advisor of the Board of Directors of Cerberus, but that he had 59 "other relationships". Veeeeeery interesting, and a very powerful rich man is Dan. But that's another whole story.
And it must pay to have a Former High Ranking Man like Dan on the Board, because the Banks fully financed the Cerberus Dyncorp purchase:We are watching the slow takeover of national security, but refuse to admit it, imo.
Cerberus plans to use as much as $1.17 billion in bank debt to finance its buyout of DynCorp.
Bank of America Corp.
Barclays Plc; and
Deutsche Bank AG
committed to provide a senior secured credit facility consisting of a $565 million term loan and a $150 million revolving credit line, DynCorp said today in a regulatory filing.
The banks also agreed to back $455 million in senior unsecured term loans
Without accountable, government operated national security what will we become?