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Some Crap

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Submitted By sdhar
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could not make a believable promise to disgorge the cash. Paying out today's cash balance ($54 million) would not solve the problem. Borrowing and paying the proceeds to shareholders served to reinforce managements's promise not to retain future excess cash.

Sealed Air's management faced many alternative uses for the company's cash. Among them were launching a capital expenditure program, buying another company, increasing the regular dividend, or starting to manage a portfolio of securities. One could argue that the decision to recapitalize demonstrates a failure on the part of the top management team; they should have been able to find something productive to do with the money.

In fact, Dunphy felt strongly that his job was not to be a portfolio manager, nor did he want to waste shareholders' money on a second-rate acquisition. He decided not only to pay out the cash on hand, but to borrow against the company's future cash flows and pay the $40 special dividend. Dunphy felt the market was "substantially undervaluing" the company's stock and seriously considered paying out $45 - almost the entire stock price - to demonstrate that there was excess value to be realized. Future cash flows would be committed to lenders who had a legally enforceable claim on a specified cash flow stream.

Financing the Transaction

Many shareholders felt this leverage would make the company riskier. Moreover, the banks had a negative reaction. First, management, as shareholders, would receive a substantial payout. Second, the company would end up with negative net worth. Many banks could not get a deal with negative net worth past the loan committee.

Despite these problems, Sealed Air managed to finance the special dividend. Banker's Trust led a

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