The last DLJ Merchant board member exited the board at the end of 2001.
DLJ, Schroders and Spear Leeds Kellogg (all of which have since been bought by others).
The loan also included warrants for American Tissue and reserved a seat for DLJ on American Tissue's board.
Today, there are few pure research outfits like DLJ was then (it, too, is into investment banking now).
A. partners, DLJ studied businesses in the field, looking for the good and the bad based on fundamentals.
In 2000, DLJ was acquired by Credit Suisse, and I became a director in the Private Banking Division.
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Foster constantly knocked heads with his DLJ-dominated board of directors, which insisted on signing off on every capital expenditure.
DLJ, from which it has hired at least 250 people, although Wall Street gossips put the figure much higher.
The suit says that back in 1999, DLJ advised American Tissue it would have to bolster its balance sheet to make the bond deal happen.
The 300-unit project, which is slated to start this summer and finish in the fall of 2015, is in partnership with DLJ Real Estate Capital Partners.
The suit accuses DLJ of using its board seat and warrants as leverage to make sure it got paid back at the expense of American Tissue's creditors.
By last month DLJ Merchant, now part of Credit Suisse First Boston Private Equity, had sold its entire stake in Charles River for four times what it had paid 36 months earlier.
Longtime rival Credit Suisse, aided by its acquisition of America's DLJ Direct, is offering both an online and a "personal banker" service, but its target market extends to slightly less prosperous customers.
Middle American's parent, Super American Tissue, owned by Gabayzadeh and Elghanayan, ended up retiring the DLJ bonds, giving DLJ a 42% return in less than two years, partly with American Tissue's funds, the suit says.
No shame here--the company has made some smart moves, such as unloading the securities firm DLJ before the onset of the bear market--but it has not gotten the celebrated jump on the American International Group.
In addition to investing in private equity firms run by Credit Suisse, like DLJ Offshore Partners IV, Reijtenbagh invested in big buyout and real estate opportunity funds, some of which are believed to have been hit hard by the markets.
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