SAN FRANCISCO - Equity commitments from a prominent group of money managers, including several turnaround funds, were key to the success of Glendale Federal Bank's recapitalization, according to a list obtained by American Banker.

The financial reorganization of the nation's fifth-largest thrift, which was announced last week, hinged on getting investors to buy unsold shares in a $250 million rights offering to current shareholders.

That offering is the biggest part of the recap by the subsidiary of Glenfed Inc. The standby investors include 21 groups acting on their own behalf or for accounts they manage.

Tiger Management Corp., the New York City hedge fund, committed the largest amount - up to $30 million. Mutual Series, a New Jersey mutual funds group, will put in as much as $28 million.

Committing up to $10 million were: Merrill Lynch Global Allocation Fund, the Bass Brothers, West Highland Capital, Omega Advisors, Strome-Susskind & Co., Wellington Management Co., Investment Advisors Inc., and Boston Co.

Pledging up to $1.5 million were: First Boston Special Situations Fund, Merrill Lynch Phoenix Fund, Perry Partners, West Broadway Partners, FAC Capital Management, Carl Marks & Co., Third Avenue Fund, Ryback Management Corp., Ethos Capital Management, Furman Selz, and Arnhold and S. Bleichroeder.

The exact investment amounts depend on the extent to which current shareholders exercise their rights to buy additional shares.

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