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American International Group, Inc. Message Board

  • itv_lbit itv_lbit Sep 20, 2008 1:44 PM Flag

    Greenberg to take control of AIG

    Hank Greenberg, prior CEO of AIG has developed a plan to take control of AIG, which was discussed on Charlie Rose program on Wed.

    1. Greenberg has indicated that he had received approval from the NY Governor to upstream $20 Billion from the insurance subsidiaries to AIG Holdings.

    2. He has been working with International Sovereign Wealth Funds, and indicates that he can raise an additional $30 Billion there.

    3. He plans a rights offering for existing shareholders in the amount of $10 Billion.

    4. And finally he proposes to sell off around $10 to $15 Billion in AIG assets.

    He does not feel the full amount of the $85 billion credit line would be needed and so in reality they would need less than the $85 billion to take back control of the company.

    This is going to happen, too many powerful investors and this is a profitable company, it is solvent and only needed a bridge loan, which is not a bail out as some call it.

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