Former Rep. Bill Delahunt Applies To Open Pot Dispensaries

Lazard hits new 52 week high

Zachs Equity Research

November 16th 2013.

Shares of Lazard Ltd.  reached a new 52-week high, touching $41.66 at the second half of the trading session on Nov 18. However, the stock closed the session at $41.26, which reflects a solid year-to-date return of 34.7%.The trading volume for the session was 0.5 million shares. Despite the strong price appreciation, this Zacks Rank #3 (Hold) stock has plenty of upside left, given its strong estimate revisions over the last 30 days and expected long-term earnings growth of 12.0%. Growth Drivers Impressive third-quarter 2013 results comprising a positive earnings surprise of 31.64%, top-line growth, a strong capital position and higher assets under management (AUM) were the primary driving factors for Lazard. On Oct 24, Lazard reported third-quarter 2013 adjusted earnings of 46 cents per share, outpacing the Zacks Consensus Estimate of 35 cents. Moreover, this compared favorably with 26 cents earned in the prior-year quarter. On a year-over-year basis, Lazard experienced 10.0% rise in both revenues and AUM, which acted as positives for the quarter. AUM growth resulted from market appreciation and rise in net inflows. Additionally, the company’s capital ratios depict its strong position. However, a 4.3% increase in expenses was the headwind for the quarter. Further, Lazard has delivered positive earnings surprises in 3 out of the last 4 quarters with an average beat of 35.95%. Estimate Revisions Show Potency Over the last 30 days, 3 out of 7 estimates for 2013 have been revised upward, lifting the Zacks Consensus Estimate by 4.7% to $1.77 per share. For 2014, 4 out of 7 estimates moved north, helping the Zacks Consensus Estimate advance 6.1% to $2.44 per share.

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Flaton, Formerly at Lazard, Joins Zolfo Cooper

By: Emily Glazer

Carol Flaton, most recently a Lazard banker specializing in restructurings, has moved to turnaround firm Zolfo Cooper LLC to help strengthen its advisory practice.

Ms. Flaton, 49, started as managing director at New York-based Zolfo Cooper, which has about 50 people.

“I’ve known the guys for 15 years,” she said of people she’s worked with at Zolfo. “The middle of the night conference room negotiations either on my side or against it – the mettle is tested.”

The closely held firm had an advisory practice since it was founded in 1985. It advised restaurant chain Friendly’s and creditors in American Airlines Inc. and Eastman KodakKODK -0.40%. Zolfo Cooper also worked on Enron Corp.’s bankruptcy and film studio Metro-Goldwyn-Mayer Studios Inc. before and during its bankruptcy proceedings.

The firm has an “interim management” business, where its executives serve as chief restructuring officers, a temporary role to improve companies’ operations in distressed situations.

Ms. Flaton most recently served as a managing director in Lazard’s restructuring advisory group until this past fall. She worked on situations including real estate finance company Capmark Financial Group Inc.CPMK -8.54%, telecommunications firm LightSquared Inc. and energy producer Dynegy Inc.

Among other prior roles, Ms. Flaton worked on creditor-side advisory work at CitigroupInc.C -0.79% and spent roughly a decade at Credit Suisse Group AG, including a five-year stint in Europe.

Former Bush aide now top private equity lobbyist

Ken Mehlman, the public affairs chief at Kohlberg Kravis Roberts & Co. who was previously a leading Republican operative in Washington, is now the top lobbyist for the private equity industry.

Mehlman was elected Thursday as the chairman of The Private Equity Growth Capital Council, the most prominent industry advocacy group for firms like TPG Capital, Silver Lake, Apollo Global Management, Carlyle Group and Blackstone Group.

He will continue several long-running fights in Washington, including higher taxes for PE firms from a potential change in the treatment of carried interest and increased registration and disclosure rules from the Dodd-Frank Act.

Mehlman succeeds Mark Tresnowski, the top lawyer for Madison Dearborn Partners. PEGCC, launched in 2007, is also led day-to-day by president and chief executive officer Steve Judge.

Mehlman joined KKR in 2008 from Akin Gump Strauss Hauer & Feld, where he was a partner in the law firm's legislative and regulatory counseling practice. He is best known for his work on behalf of conservative politicians before: chairing the Republican National Committee and running George W. Bush's presidential reelection campaign in 2004.

Mehlman is also a prominent gay rights advocate and serves as a director of the American Foundation for Equal Rights.

Mehlman's primary responsibilities will be to "help expand the PEGCC's outreach efforts to educate and engage a broad set of stakeholders about the value of a vibrant and dynamic private equity industry," according to a statement from the association.

"I have enormous respect for the PEGCC's important work engaging with public policy makers to encourage more economic growth and retirement security for millions of Americans," Mehlman said. "I also share the PEGCC's goal of building a community of investors who seek superior returns while also emphasizing active, responsible governance, long term investment and measuring success in years not quarters."

Mehlman also credited Tresnowski for his work in helping block changes to carried interest taxes as yet and countering negative views of the private equity industry that emerged during former Bain Capital executive Mitt Romney's failed presidential bid.

—By CNBC's Lawrence Delevingne

Lazard sends George Bilicic to Chicago to reinvigorate the office.

George Bilicic new lead Lazard Ltd. investment banker in ChicagoTwo senior bankers on the deal-making side of Lazard Ltd.'s advisory business have exited the Chicago office earlier this year. In response Lazard has send George Bilicic Jr. to take control and reinvigorate the company office in Chicago. This is Mr. Bilicic second stint working with the Chicago office. He first started supervising the office remotely in 2006. When asked about his previous experience Mr. Bilicic said, "The chief lesson learned from that was that you couldn't be a suitcase banker and be successful with companies in the Midwest." In this round of work Mr. Bilicic is moving to the windy city with his family. He has never lived in Chicago before and plans to expand business by becoming active in city business as well as the civic scene, joining organization boards in the city and having his bankers to the same.

While Bilicic has not stated any specific boards or charities he plans to participate in his direct superior, Lazard CEO Kenneth Jacobs is a member of the board of trustees for the University of Chicago.  Lazard is a midsize international financial advisory and faces competition from Larger entities such as Goldman Sachs Group Inc. The company has about 2,400 employees world wide and aims to cut around 250 this year while expanding growth.  Lazard earning nearly doubled in the second quarter with $59.9 million. This is in part due to its jump in deals in its consumer, health care services and technology areas.

http://assetsandmanagement.blogspot.com/2013/10/lazard-sends-george-bilicic-to-chicago.html

When I heard that the Supreme Court is seriously considering removing buffer zones at planned parenthood

After offending much of his market base, Lululemon chairman and founder Chip Wilson will step down, according to a press release from the company. 

Wilson has been at the center of a firestorm of bad press after he said some women’s bodies just “don’t work” in the brand’s pants. This fall, Wilson responded to criticisms of low quality by saying that women’s thighs that rub together were eroding the pricey brand’s athletic clothing.

(Photo by Lucas Jackson/Reuters)