Frank was handed a Xmas gift in the middle of the year. We were so stupid and it is the mistake of the century :
- FD stock was trading $22, company totally destroyed by Frank, received 30% premium on his huge ownership of FD stocks.
- FD was in trouble and couldn’t handle the $17B debt it had, it’s rating was horrible and it’s interest rate was high. Without FISV, FD would have been a $7 stock. Message from Jeff in analysts meetings: “Fiserv has said it expects to refinance First Data's approximate $17 billion debt immediately upon the deal's closing. While that is still a lot of debt, the combined entity will be able to swallow that bitter pill a bit more easily than First Data alone. “
- Power play took place at the board level when FB put his folks - Jeff forced out with an insane package: “At the agreement's closing, Fiserv shareholders will own 57.5% of the newly combined company, and First Data shareholders will own 42.5%. Fiserv CEO Jeffery Yabuki will remain the combined company's CEO, while First Data CEO Frank Bisignano will become chief operating officer.”
Story repeating itself, if you look at Frank’s career, he has been a disaster from the beginning, spying on Jamie Dimon, through a technician, he hired by the name Peter Cavicchia , when Jamie discovered he was spied on, he fired Peter, Peter is now your Fiserv CTO. FB ran FD to the ground, now Fiserv.
It Is extremely disappointing to have a d-mb / drunk guy like Frank having so much luck.