The Anatomy of Public Corruption

Showing posts with label TPG Newbridge Capital. Show all posts
Showing posts with label TPG Newbridge Capital. Show all posts

Connecting TPG CEO William McGlashan via Success Factors to Bennett

Connecting TGP Growth, McGlashan, Blum, Success Factors, Bennett

The Dubious Phone Call and Time Wasting Project
The folks at TPG will have to answer to my Whistleblower Complaints on the truly odd collection of RFPs emanating from companies connected to Richard Blum, William McGlashan, CBRE, Regency Centers, Trammel Crow, Lennar, Catellus.

My story is about witness murders, private equity, mergers and acquisitions linked back to the Matter of Bennett v. Southern Pacific lost in 1989.  It was a winnable case as long the witnesses testified.  

EX-8.1 g08859a3exv8w1.htm EX-8.1 OPINION OF ALSTON & BIRD LLP

Exhibit 8.1
Alston & Bird llp
One Atlantic Center
1201 West Peachtree Street
Atlanta, Georgia 30309-3424

Fax: 404-881-7777
December 6, 2007
Graphic Packaging Corporation
814 Livingston Court
Marietta, Georgia 30067
     Re: Combination of Graphic Packaging Corporation and Altivity Packaging LLC
Dear Ladies and Gentlemen:
     We have acted as counsel to Graphic Packaging Corporation, a Delaware corporation (“Graphic”), in connection with the transactions contemplated by the Transaction Agreement and Agreement and Plan of Merger, dated as of July 9, 2007 (the “Transaction Agreement”), by and among Graphic, Bluegrass Container Holdings, LLC, a Delaware limited liability company (“BCH”), TPG Bluegrass IV, L.P., a Delaware limited partnership (“TPG IV”), TPG Bluegrass IV — AIV 2, L.P., a Delaware limited partnership (“TPG IV — AIV”), TPG Bluegrass V, L.P., a Delaware limited partnership (“TPG V”), TPG Bluegrass V — AIV 2, L.P., a Delaware limited partnership (“TPG V — AIV”), Field Holdings, Inc., a Delaware corporation (“Field Holdings”), TPG FOF V-A, L.P., a Delaware limited partnership (“FOF-VA”), TPG FOF V-B, L.P., a Delaware limited partnership (“FOF V-B”), and BCH Management, LLC, a Delaware limited liability company (“BCH Management” and together with Field Holdings, TPG IV, TPG IV — AIV, TPG V, TPG V — AIV, FOF V-A, FOF V-B, and each owner of the BCH Equity Interests, the “Sellers”), New Giant Corporation, a newly organized Delaware corporation (“New Graphic”), and Giant Merger Sub, Inc., a newly organized Delaware corporation (“Merger Sub”). Capitalized terms not otherwise defined herein shall have the meanings specified in the Transaction Agreement.
     Pursuant to the Transaction Agreement: (a) Merger Sub shall be merged with and into Graphic, with Graphic surviving as a wholly owned subsidiary of New Graphic, and each share of Graphic common stock shall be converted into the right to receive one validly issued, fully paid and non-assessable share of New Graphic common stock (the “Merger”); and (b) the Sellers shall contribute to New Graphic all of the BCH Equity Interests in exchange for newly issued common stock of New Graphic (the “Exchange”) (the Merger together with the Exchange, the “Transactions”).
One Atlantic Center
90 Park Avenue3201 Beechleaf Court, Suite 600601 Pennsylvania Avenue, N.W.
1201 West Peachtree Street
New York, NY 10016Raleigh, NC 27604-1062North Building, 10th Floor
Atlanta, GA 30309-3424
212-210-9400919-862-2200Washington, DC 20004-2601
Fax: 212-210-9444Fax: 919-862-2260202-756-3300
Fax: 404-881-7777
Fax: 202-756-3333


Graphic Packaging Corporation
December 6, 2007
Page 2
     This opinion letter is being delivered in connection with, and as of the date of the consummation of the Transactions and the declaration of effectiveness by the Securities and Exchange Commission (the “SEC”) of the registration statement on Form S-4 and any amendments thereto (the “Registration Statement”), as filed with the SEC to which this opinion letter appears as an exhibit. In that connection, you have requested our opinion regarding (i) certain U.S. federal income tax consequences of the Merger, and (ii) the accuracy of the discussion of the material U.S. federal income tax consequences to the stockholders of New Graphic under the heading “The Transactions — Material U.S. Federal Income Tax Consequences to Graphic Stockholders” in the Registration Statement.
     In rendering the opinions expressed herein, we have examined the Transaction Agreement, the Registration Statement, and such other documents as we have deemed necessary or appropriate for purposes of our opinions. We have not, however, undertaken any independent investigation of any factual matter set forth in any of the foregoing. In addition, we have assumed with your consent that:
     (i) The Transaction Agreement and Registration Statement accurately and completely describe the Transactions, the Transactions will be consummated in accordance with the provisions of the Transaction Agreement and the Registration Statement, and the Transactions will be effective under the laws of the State of Delaware;
     (ii) The statements concerning the Transactions set forth in the Transaction Agreement and the Registration Statement are true, complete and correct and will remain true, complete and correct at all times up to and including the Effective Time;
     (iii) The parties have complied with and, if applicable, will continue to comply with, the covenants contained in the Transaction Agreement;
     (iv) The representations made by Graphic, New Graphic and BCH, in their respective letters delivered to us for purposes of this opinion letter (the “Representation Letters”) are true, complete and correct and will remain true, complete and correct at all times up to and including the Effective Time;
     (v) Any representations made in the Representation Letters “to the knowledge of” or similarly qualified are correct without such qualification; and
     (vi) All documents submitted to us as photocopies faithfully reproduce the originals thereof, such originals are authentic, all such documents have been or will be duly executed to the extent required, and all statements set forth in such documents are accurate.
     If any of the above described assumptions are untrue for any reason or if the Transactions are consummated in a manner that is different from the manner in which they are


Graphic Packaging Corporation
December 6, 2007
Page 3
described in the Transaction Agreement or the Registration Statement, our opinions as expressed below may be adversely affected and may not be relied upon.
     Based upon the foregoing, and subject to the assumptions set forth herein, for U.S. federal income tax purposes, we are of the opinion that:
     (i) The Merger, together with the Exchange, will constitute an exchange under Section 351 of the Internal Revenue Code of 1986, as amended (the “Code”), or the Merger will constitute a reorganization within the meaning of Section 368(a) of the Code, or both;
     (ii) No gain or loss will be recognized by Graphic as a result of the Transactions;
     (iii) No gain or loss will be recognized by holders of Graphic common stock on the exchange of their Graphic common stock for New Graphic common stock as a result of the Transactions; and
     (iv) The statements under the heading “The Transactions — Material U.S. Federal Income Tax Consequences to Graphic Stockholders” in the Registration Statement, to the extent that they describe matters of law or legal conclusions and subject to the qualifications, assumptions and limitations stated therein, are accurate in all material respects.
     Our opinions are based on current provisions of the Code, Treasury Regulations promulgated thereunder, published pronouncements of the Internal Revenue Service and case law, any of which may be changed at any time, possibly with retroactive effect. Any change in applicable laws or the facts and circumstances surrounding the Transactions, or any inaccuracy in the statements, facts, assumptions or representations upon which we have relied, may affect or change our opinions as set forth herein. We assume no responsibility to inform you of any such change or inaccuracy that comes to our attention, and we have no obligation to update our opinions. Finally, our opinions are limited to the tax matters specifically covered hereby, and we have not been asked to address, nor have we addressed, any other tax consequences of the Transactions.
     We express our opinion herein only as to those matters specifically set forth above and no opinion should be inferred as to the tax consequences of the Transactions under any state, local or foreign law, or with respect to other areas of United States federal taxation. We are members of the Bar of the State of Georgia, and we do not express any opinion herein concerning any law other than the federal law of the United States. Our opinions are not binding upon the Internal Revenue Service or the courts and there is no assurance that the Internal Revenue Service will not assert a contrary position.


Graphic Packaging Corporation
December 6, 2007
Page 4
     We hereby consent to the filing of this opinion as Exhibit 8.1 to the Registration Statement, and to the use of our name under the caption “The Transactions — Material U.S. Federal Income Tax Consequences to Graphic Stockholders” in the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended.

By:  /s/ Gerald V. Thomas II  
Gerald V. Thomas II, Partner 


TPG Newbridge and TPG Growth - The Richard Blum Bribery Team



SEC Form 3
Washington, D.C. 20549


Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB Number:3235-0104
Estimated average burden
hours per response:0.5
1. Name and Address of Reporting Person*



2. Date of Event Requiring Statement (Month/Day/Year)
3. Issuer Name and Ticker or Trading Symbol 
e.l.f. Beauty, Inc. [ ELF ]
4. Relationship of Reporting Person(s) to Issuer 
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
5. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)2. Amount of Securities Beneficially Owned (Instr. 4)3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)4. Nature of Indirect Beneficial Ownership (Instr. 5)
No securities beneficially owned(1)(2)0D
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)2. Date Exercisable and Expiration Date (Month/Day/Year)3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)4. Conversion or Exercise Price of Derivative Security5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. William E. McGlashan, Jr. is a TPG Partner. TPG is affiliated with TPG elf Holdings, L.P. ("TPG elf Holdings"), which directly holds 17,337 shares of Common Stock of e.l.f. Beauty, Inc. (the "Issuer") and 84,828.419 shares of Preferred Stock of the Issuer.
2. Mr. McGlashan disclaims beneficial ownership of all of the securities that are or may be beneficially owned by TPG elf Holdings or any of its affiliates. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), this filing shall not be deemed an admission that Mr. McGlashan is, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owner of any equity securities of the Issuer for purposes of Section 16 of the Exchange Act or otherwise.
(3) Michael LaGatta is signing on behalf of Mr. McGlashan pursuant to the authorization and designation letter dated September 16, 2016, which is attached here as an exhibit.
/s/ Michael LaGatta on behalf of William E. McGlashan, Jr. (3)09/21/2016
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Company Overview of TPG Capital, L.P.

Let's do lunch

Company Overview of TPG Capital, L.P.

Executive Profile

David Bonderman

Co-Founder, Founding Partner, Managing Partner & Director, TPG Capital, L.P.
Age Total Calculated Compensation This person is connected to 18 Board Members in 18 organization across 47 different industries.

See Board Relationships
76 --


Mr. David Bonderman, J.D. is a Co-Founder, Founding Partner and Managing Partner of TPG Capital, L.P. and serves as its Chairman. Mr. Bonderman has been a Principal at TPG since December 1992. He is a Co-Founder of TPG Newbridge Capital and serves as its Principal and Co-Chairman. He serves as an Officer at 1996 Air G.P., Inc. He co-founded Indigo Partners LLC. He served as the President of Surgical Care Affiliates, Inc. Prior to forming TPG in 1992, Mr. Bonderman served as Chief Operating Officer of the Robert M. Bass Group, Inc. (RMBG), now doing business as Keystone Group, L.P. He was also a co-founder of both and CoStar Group, Inc., He served as the President of ASC Acquisition LLC. Mr. Bonderman was Co-Founder of The Northstar Group. He was founder of The Halifax Group. He served as the Chief Operating Officer at Keystone Group, L.P. He joined Keystone Group, L.P. in 1983. Mr. Bonderman served as a Partner of Arnold & Porter LLP, where he specialized in corporate, securities, bankruptcy and antitrust litigation. He served as Treasurer of Wilderness Society. He was a Special Assistant to the U. S., Attorney General in the civil rights division from 1968 to 1969. He served as an Assistant Professor at Tulane University School of Law in New Orleans from 1967 to 1968. Mr. Bonderman serves as a Member of the Board at Metro-Goldwyn-Mayer Studios Inc. He was the Chairman of Pace Holdings Corp. since September 11, 2015. He is the Director of Allogene Therapeutics, Inc since April 2018. He served as a Director of Pace Holdings Corp. (formerly known as Paceline Holdings Corp.) from July 2015 to March 2017. He has been Chairman of TPG Pace Holdings Corp. since June 27, 2017 and Director since April 2017. He has been the Non Executive Chairman of Ryanair Holdings plc and Ryanair Limited since December 1996. From 1993 to 1996, Mr. Bonderman served as the chairman of Continental Airlines, Inc. Mr. Bonderman served as Vice Chairman of the Board of Gemplus International S.A since December 19, 2001. He has been Independent Non Executive Director of Ryanair Holdings and Ryanair Limited since August 23, 1996. He has been Director of Univision Communications Inc. since October 9, 2017. Mr. Bonderman serves as a Director of World Wildlife Fund, Inc. He has been Director of Caesars Entertainment Operating Company, Inc. since June 27, 2014. He serves as a Director at Hotwire, Inc. and Boston Championship Basketball, LLC. Mr. Bonderman serves in the General Partner Advisory Board roles for Air Partners III, Aqua International, Newbridge Asia Partners, Newbridge Latin America and TPG Ventures. Mr. Bonderman serves as a Director at XOJET, Inc. He serves as a Director at Banner Seventeen LLC, Agenesys Inc., Armstrong Worldwide Industries, Inc., Virgin Cinemas Ltd., Urogenesys Inc., New SAC, Co-Star Realty Information Inc. and Air G.P. Inc. Mr. Bonderman serves as a Member of Advisory Board of eVolution Global Partners, L.L.C. He has been a Director of Energy Future Holdings Corp. (Formerly known as Texas Utilties) since October 2007. He serves as a Member of International Advisory Board at Russian Direct Investment Fund. He serves as a Director of STX Productions, LLC. Mr. Bonderman serves on the Board of Directors of the University of Washington Foundation as well as the Harvard Law School Dean's Advisory Board. He has been Director at TPG Pace Energy Holdings Corp. since April 2017. He serves on the board of Airbnb, Inc., Cushman & Wakefield and The Rock and Roll Hall of Fame Foundation. He serves as a Director of the American Himalayan Foundation. He has been a Non-Executive Director of China International Capital Corporation Limited since November 2010. He serves as a Director and Trustee of the Grand Canyon Trust. He serves as Board Observer of LifeSync Holdings, Inc. He served as Director of Oxford Health Plans, LLC. He served as a Director of CoStar Group Inc. from May 1995 to June 3, 2015. He served as an Independent Director of Armstrong World Industries, Inc. from September 2009 to June 22, 2012. He served as Independent Director of Kite Pharma, Inc. from March 2011 to October 2, 2017 and also served as its Lead Independent Director since June 2014 until October 2, 2017. Mr. Bonderman served as a Director at Caesars Entertainment Corporation (formerly known as Harrah’s Entertainment, Inc.) from January 2008 to October 2017 and VTB Group from March 2011 to June 2014. He served as a Member of the Supervisory Council at JSC VTB Bank since June 8, 2012 until June 19, 2014. Mr. Bonderman served as a Member of the Supervisory Board at freenet AG from January 13, 2006 to January 13, 2006. He served as a Director of Uber Technologies, Inc. He served as a Director of General Motors Company since July 24, 2009 until June 10, 2014. He served as an Independent Member of the Supervisory Council of CJSC VTB Bank (Belarus). He served as a Member of the Supervisory Board at Mobilcom AG. Mr. Bonderman served as a Director of Gemplus International SA since December 19, 2001 and Motors Liquidation Company since July 24, 2009. He is a Director or Trustee of Wilderness Society, The. He served as Director of Univision Communications Inc. from April 2007 to October 06, 2011. He served as a Director of Portland General Electric Company. He served as a Director of Seagate Technology Public Limited Company (also known as Seagate Technology PLC and Seagate Technology Holdings) from November 2000 to April 29, 2004 and New SAC until April 29, 2004. Mr. Bonderman served as a Director of Washington Mutual Bank, J Crew Operating Corp. and J. Crew Group, Inc. He served as a Director of Veritas Software Technology Corporation and Standard Chartered Bank Korea Ltd. and Bowe, Bell & Howell Postal Systems Inc. He served as a Director of Voyager Learning Company (also known as ProQuest Co.) from December 1987 to November 5, 2004 and WMI Holdings Corp. (now WMIH Corp.) from April 15, 2008 to December 12, 2008. Mr. Bonderman served as a Director of ON Semiconductor Corp. from August 1999 to July 1, 2003. He serves as Director at Univision Holdings, Inc. He served as Director of Bell & Howell Co, since February 1993. He served as a Director of Magellan Health Services Inc. (now Magellan Health, Inc.) since December 1999, Gemalto NV from June 2, 2006 to May 19, 2010 and Burger King Worldwide, Inc. (now Restaurant Brands International Inc.) from December 2002 to June 30, 2008. Mr. Bonderman served as a Director of Agensys, Inc. and AerCap Ireland Limited. Mr. Bonderman served as a Director at Ducati Motor Holding S.P.A since 1996 and Korea First Bank Ltd. He served as a Director of IASIS Healthcare Corporation, Qantas Airways Limited, National Education Corp. since 1993, Seagate Software (Cayman) Holdings Corporation until April 29, 2004, Bell & Howell Holding Co., BHOC, from December 1987 to February 1993, Denbury Resources Inc., from 1996 to September 15, 2003, Paradyne Networks, Inc., from June 1999 to Augu

Corporate Headquarters

301 Commerce Street
Fort Worth, Texas 76102

United States

Phone: 817-871-4000
Fax: 817-871-4001

Board Members Memberships

Co-Founder, Founding Partner, Managing Partner & Director
Co-Founder, Principal and Co-Chairman
Non-Executive Chairman
Non-Executive Director
Lead Independent Director
Chairman of the Board


BA 1963
University of Washington
JD 1966
Harvard Law School

Other Affiliations

Annual Compensation

There is no Annual Compensation data available.

Stocks Options

There is no Stock Options data available.

Total Compensation

There is no Total Compensation data available.

TPG Capital Buys Catellus Assets for $505M

TPG Capital Buys Catellus Assets for $505M

Buyout shop TPG Capital will pay roughly $505 million for a portfolio of U.S. retail and mixed-use assets currently owned by ProLogis. The properties include Los Angeles Union Station, four shopping centers, two office buildings and two residential development joint ventures, among others. The assets were acquired when ProLogis merged with Catellus Development Corp. in 2005. Private equity firm TPG Capital has more than $48 billion under management.
ProLogis (NYSE: PLD), the leading global provider of distribution facilities, announced today that it has entered into a definitive agreement with affiliates of
TPG Capital (TPG) to sell a portfolio of U.S. retail and mixed-use assets and the Catellus name for a total purchase price of approximately $505 million.
The properties, owned directly or through equity interests, to be sold in the transaction include: four shopping centers, two office buildings, 11 mixed-use projects with related land and development agreements, two residential development joint ventures, Los Angeles Union Station, certain ground leases and other right-of-way leases. The transaction is expected to be substantially completed in the first quarter of 2011, subject to customary closing conditions. Net proceeds will be used for the repayment of debt and to fund future development activity.
“These assets were acquired in our 2005 merger with Catellus Development Corporation. We have built upon Catellus’ legacy for the past five years and are pleased to see these assets and people transfer to TPG, which has significant experience in real estate and a commitment to building the business. The Catellus assets are high-quality with good long-term prospects, but they are not in keeping with our strategy to concentrate our investment in core industrial properties in the world’s major logistics corridors,” Walter C. Rakowich, ProLogis chief executive officer, said.
“We are excited to partner with the strong Catellus management team in the next chapter of the company’s evolution,” said Kelvin Davis, TPG senior partner. “The company is already well positioned through its diverse portfolio of high-quality, well-occupied assets in growing markets. As a standalone company, we believe the new Catellus will be in an excellent position to capitalize on the economic recovery and build on its strong footprint.”
Ted R. Antenucci Expected to Join New Catellus Entity Mid-2011
It is anticipated that the majority of ProLogis employees associated with the retail/mixed-use properties will be offered employment with Catellus. Following the closing of the sale to TPG, it is expected that ProLogis’ president and chief investment officer Ted R. Antenucci, who joined ProLogis with the Catellus merger in 2005, will rejoin Catellus after a transition period concluding in mid-2011. Mike Curless, managing director of global investments, is expected to assume Antenucci’s investment role upon Antenucci’s departure.
“I would like to thank Ted for his many contributions over the past five years,” Rakowich said. “Not only was he instrumental in the seamless integration with Catellus in our merger, but his efforts as we worked through the de-risking and de-leveraging of ProLogis over the past two years were invaluable. We wish Ted the best in this anticipated next phase of his career with Catellus.
“At the same time, we are fortunate to have Mike Curless with us to take Ted’s place. Mike was formerly the president of Lauth, a major real estate development company, and was with ProLogis from 1995 to 2000. He has been leading our land review and other investment processes throughout the latter part of this year and will work closely with Ted through the anticipated transition.”
ProLogis will retain a preferred equity interest in Catellus of approximately $70 million, which will earn a preferred return at an annual rate of 7 percent for the first three years of the term, 8 percent for the fourth year of the term and 10 percent thereafter until redeemed. Partial or full redemption can occur at any time at TPG’s discretion or after the five-year anniversary at ProLogis’ discretion. ProLogis also will provide $30 million first mortgage financing on Los Angeles Union Station, which will bear interest at 7 percent.
Update to Anticipated Impairments and Other Fourth Quarter Charges
“We are pleased with the progress we have made during the fourth quarter to reposition the company through non-strategic and non-core asset sales, as well as a successful equity issuance and debt tender offers,” Rakowich said. “As a result of these actions, as well as a review of our land bank and other assets and certain restructuring activities, we will incur charges in the fourth quarter associated with the following initiatives.”
* As disclosed on October 26, 2010, in connection with the anticipated disposition of its retail, mixed-use and ground lease assets noted above, the company determined that it expected to recognize a non-cash impairment charge in the fourth quarter. In addition to the charge associated with the planned sale of the Catellus non-core assets, the company expects to incur non-cash charges and impairments related to various other real estate investments (other than land) that are expected to be sold in 2011. The total of all the charges and impairments associated with these activities is expected to range from $170 to $190 million.
* As disclosed on October 25, 2010, the company made a strategic decision to more aggressively pursue land sales, which was expected to result in further land impairments roughly in line with discount ranges presented in the company’s recent investor presentations. As this analysis is now nearing completion, the charges to be taken in the fourth quarter are expected to be $640 to $680 million, representing roughly 27 to 29 percent of the land book basis at September 30, 2010.
* As planned in conjunction with the company’s equity offering and disclosed on December 7, 2010, ProLogis purchased approximately $1.3 billion aggregate principal amount of notes in its senior debt tender offers, which will result in a charge of approximately $139 million to earnings and funds from operations (FFO) in the fourth quarter of 2010. In addition, ProLogis will recognize a loss of approximately $15 million on the repurchase of $303 million aggregate principal amount of convertible debt and a charge of $6 million due to the reduction in capacity on its credit facility from $2.3 billion to $1.6 billion. The total debt-related charge is expected to be approximately $160 million, of which $33 million is non-cash.
* Finally, as previously disclosed on October 25, 2010, in the fourth quarter the company intended to close out various derivative positions in light of the current and anticipated interest rate environment and has identified potential cost savings from platform and organizational efficiencies. Implementation of the derivative cancellations and the efficiency initiatives are expected to result in one-time cash charges of approximately $25 to $30 million.
Additionally, the company is undertaking its standard review of goodwill in conjunction with the preparation of its year-end financial statements. Total goodwill is approximately $400 million, with roughly 60 percent of that amount associated with assets in North America, one-third in Europe and the remainder related to ProLogis’ investment management business.
William E. Sullivan, chief financial officer, said, “All of the items and related charges detailed above have been previously communicated. We are happy to have completed the analyses and to be putting this process behind us, thereby simplifying our reporting. As we move into 2011, we look forward to focusing on growth in our core business.”
2010 Guidance for Core Funds From Operations Unchanged
Excluding all the cash and non-cash charges noted above, the company’s most recent 2010 per diluted share guidance for core FFO and for FFO, excluding significant non-cash items and non-recurring charges, remains unchanged. The charges outlined above equate to per share losses of $2.02 to $2.16 based on the anticipated full-year weighted average share count for 2010.
About ProLogis
ProLogis is the leading global provider of distribution facilities, with more than 475 million square feet of industrial space owned and managed (44 million square meters) in markets across North America, Europe and Asia. The company leases its industrial facilities to more than 4,400 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. For additional information about the company, go to
About TPG Capital
TPG Capital is the global buyout group of TPG, a leading private investment firm founded in 1992, with more than $48 billion of assets under management and offices in San Francisco, Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, Shanghai, Singapore and Tokyo. TPG Capital has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. TPG seeks to invest in world-class franchises across a range of industries. Real estate-intensive businesses constitute a core area of investment focus and expertise for TPG, including ST Residential (a $4.5 billion portfolio of mortgage loans and REO assets previously owned by Corus bank), Harrah’s Entertainment, Fairmont Raffles Hotels International , Neiman Marcus, ParkwayLife REIT, PETCO and Surgical Care Affiliates

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