Re: nbkg549 RE: BOK relationship/Kaiser 29-Jul-08 12:15 pm
The so called Chief Credit Officer-in-waiting was the ramrod on this relationship. He's the one that created a structure that could not be sufficiently sold down. He's the porcine bugger that should find himself selling pencils on the street corner.
Why Pickryl? How was he the "ramrod"? Pickryl is a relative newcomer in the BOK scheme of things, and absolutely doesn't have the stroke to keep the lid on a pile of crap for months like SemGroup. It didn't just go bad overnight, and Lybarger runs the bank as CEO and calls the shots, unless Kaiser gets involved. He brought Kivisto to BOK; not Pickryl. Lybarger and Kivisto go back almost 40 years to the campus in Manhattan, KN, and KU Jayhawk blood is thicker than water.
As somebody said today on the SGLP board, "maybe Lybarger's only sin was to cover and downplay a huge deteriorating situation that he had brought into George's bank a few years earlier, and then had used his CEO/"old KU buddy" status to finance scores of acquisitions and diversification into the asphalt business (ASPHALT....kinda sounds like a rectal problem, doesn't it?). I'll bet Stanley, who was "on cloud 9"...th floor for a long time, is trying to keep a low profile these days, and maybe is praying that he can just quietly slip into early retirement, without having to develop the usual "health problem" mode of defense."
mrsilviodante - BoA was Agent on the MLP credit deal. To what deal are you specifically referring? PLease describe the structure. BOK doesn't have the sales desk to complete a large general syndication. They generally do smaller deals that are very "club" like and are mostly regional (like SemGroup). All good Agents take a read on the market before they do a syndicated deal and receive indications from potential Lenders regarding the size they are willing to commit. Was it a fully underwritten deal? If they appear as anything other than the first name or named Agent, it's highly (99%) likely they weren't involved in the syndication. Are you suggesting they participated at a higher level than their comfortable hold level, anticipating they could sell down? Again, unlikely. That's not part of their modis operandi. The MLP had ~19 Lenders (I think), so there was plenty of appetite for their paper and no need for BOK to take a higher allotment.