Due diligence

Part
01
of two
Part
01

Due Diligence: Background Bios

Lance West is a retired Chairman and CEO at Centerbridge Partners, Matthew Kabaker co-heads the global private equity investing activities at Centerbridge, John Kansas currently serves as a non-executive Chairman of BankUnited, and Felix Scherzer currently works at a managing director at Credit Suisse.

MATTHEW KABAKER

PROFESSIONAL BACKGROUND
EDUCATIONAL BACKGROUND
RECENT PRESS
INTERESTING FACTS
  • He is one of the speakers scheduled to speak at The Clearing House Association, Bank Policy Institute 2019 annual conference.
  • Between 2007 and 2008 he donated $7,300 to Obama’s political campaign.

JOHN KANSAS

PROFESSIONAL BACKGROUND
EDUCATIONAL BACKGROUND
RECENT PRESS COVERAGE
  • John Kanas announced his intentions to retire as Chairman of the board of directors for BankUnited.
  • INTERESTING FACTS
  • He once partook in a student demonstration protesting tuition hikes when he was the President of his class at LIU.
  • According to Wallmine, he has an estimated net worth of $53.1 million as of 15 March 2018.
  • He was recognized as the best regional bank CEO in America by Institutional Investor in 2005.
  • In 2007, he received the Woodrow Wilson Award for Corporate Citizenship.

FELIX SCHERZER

PROFESSIONAL BACKGROUND
  • Felix Scherzer currently works as a managing director at Credit Suisse. A position he has been holding since 2015.
  • Before joining Credit Suisse, he was a managing director at Morgan Stanley from 2010 to 2015, and managing director at Citigroup from 2006 to 2010.
  • He was also the Vice President, New York and Europe at Lazard from 1999 to 2006.
  • He had previously worked at BMW Group from 1997 to 1999.
EDUCATIONAL BACKGROUND
RECENT NEWS
  • There’s no recent news coverage on Felix Scherzer. His last mention in the press was in 2015.
INTERTESTING FACTS
He is married with four children; three girls and a boy.

LANCE WEST

EDUCATIONAL BACKGROUND
RECENT NEWS
  • There is no recent press coverage on Lance West.
INTERESTING FACTS
  • West is an avid donor to various political figures and nonprofit organizations like The Global Fund for Children, Lift, Inc., and Right to Rise USA. He donated a total of $11,500 to Barack Obama, Mitt Romney, Mark Steven Kirk, and Joe Lieberman political campaigns.
  • Lance West is married to Lisa West, a Trustee at Columbia Grammar and Preparatory School.

RESEARCH STRATEGY

Your research team was not able to provide information on any publications or books by Matthew Kabaker, Lance West, John A. Kanas, and Felix Scherzer. We searched for interviews with the mentioned individuals. We were hoping to find an interview in which they talked about their interests and any publications they had. The information found using this strategy was limited with no recent interviews on Matthew Kabaker, Lance West, and Felix Scherzer.

Next, we searched through online bookstores and databases like Amazon Books, Google Books, Open Library, ResearchGates, among others. We were hoping to find publications by any of the mentioned individuals; either as an editor, co-author or for works written entirely by them. Despite a thorough search, there were no books or publications written or edited by the individuals, although they were quoted or used as case studies in some publications.

Additionally, we searched media sites like Forbes, BusinessInsider, TwinCities, Reuters, Bloomberg, Bizjournal, among others. We were hoping to find mentions of these individuals in recent press releases. Unfortunately, Felix Scherzer and Lance West have not been featured in any recent media coverage, and there were no mentions of books or publications by any of the individuals. We couldn’t provide the requested information on publications or books by Matthew Kabaker, Lance West, John A. Kanas, and Felix Scherzer and we believe that none of the individuals have any published materials.
Part
02
of two
Part
02

Due Diligence: Class Action Lawsuits

Mathew Kabaker, John A. Kanas, E-Trade and Centrebridge have encountered class action lawsuits in the past. Mathew Kabaker and Centrebridge suits went through hearings for several years before the court dismissed the complaints. E-Trade and John A. Kanas suits were settled out of court through agreements between the defendants and the plaintiff. More details on the lawsuits are presented below.

MATHEW KABAKER

  • The federal securities class action lawsuit was filed on behalf of parties who acquired Santader's securities connected to its Registration Statement and Initial Public Offering (IPO). The plaintiff sought recovery of damages inflicted by the defendants' violation of the federal security law.
  • After the IPO, the company was requested to present its documents related to underwriting of subprime loans. The news triggered a decline in the company's share price. It is alleged that the Registration Statement and Prospectus contained falsified information and omitted critical information.
  • Mathew Kabaker was the director at this time and he signed the Registration Statement. The lawsuit claims that he had the power to control the information presented in the Registration Statement. It is further alleged that he was aware of the important facts being concealed from the public as well as false positive representations of the company.

JOHN A. KANAS

  • In 2006, Capital One acquired Northfork Bank headed and partially owned by John Kanas but he continued to work for Capital One until 2007. When leaving, John signed a non-compete covenant that restricted him from operating a banking business in New York area until 2012.
  • In 2011, John was the chairman of Bank United when it purchased Herald National Bank based in New York. While John claimed that he was not directly involved in Herald National Bank, Capital One argued that he not only headed the parent company, but he was also an active shareholder in the company.
  • The lawsuit was settled out of court in an agreement between John and Capital One. John paid Capital One $20 million to settle the case and he was restricted from taking a managerial role in Herald National Bank. In addition, he was restricted from opening any Bank United's branch in New York, Connecticut, and New Jersey until 2013.

E-TRADE

  • Lindsay Lohan accused E-Trade of violating her right to privacy when they aired a commercial Ad showing a "milkaholic" girl modeled after her personality and character without seeking Lindsay's consent.
  • In 2010, E-Trade aired a commercial during the SuperBowl depicting a baby girl named Lindsay. Lindsay Lohan filed a lawsuit against E-Trade in a New York State Court. She claimed that E-Trade violated her privacy without requesting proper permission.
  • Lindsay Lohan sought $50 million in exemplary damages and another $50 million in compensatory damages. In addition, she demanded that E-Trade surrender all copies of the Ad to her and desist from airing the Ad.

CENTREBRIDGE

  • Centrebridge was accused of breach of fiduciary duty in the shareholder class action suit.
  • In 2012, both P. F Chang and Centrebridge made a public announcement that Centrebridge would acquire P. F Chang. The shareholders filed a lawsuit against Centrebridge, P. F Chang, and its directors in the "Superior Court for Maricopa County, Arizona" and the "Court of Chancery of the State of Delaware". The shareholders claimed that P. F Chang was using an inadequate sale process, failed their fiduciary duty, and concealed information about the tender from the shareholders.
  • Centrebridge was accused of helping P. F Chang to achieve the unfair sales process at the expense of the shareholders.

RESEARCH STRATEGY

In order to find the details of the class action lawsuits, we consulted online databases for information about the cases filed against the defendants identified. We were able to find archived lawsuit files and we also searched the web for publications, press releases and annual reports that would provide more details regarding the lawsuits. Since most of the cases were filed years back, we have used older sources that cover the suits and court proceedings. However, the sources are from government, and institutional databases hence credible.
Sources
Sources