Submitting Reviews

Thursday 9:00 a.m.-2:30 a.m.

Today was the day I submitted reviews to the recruiters for who I wanted to review me. We were supposed to give names of 4-6 bankers we have worked with. I ended up submitting all the bankers I have worked with (8 total) to review me. Even the ones that chewed me out. I am confident that the mean will be good strong reviews, but I am sure to here some feedback which is good. The last thing I want is that false impression that things are on course for a full time offer and then hear, "well we can't give you one because of this or that."

This morning was slow, and I was really hoping to not have another day like I did yesterday. I had a conference call at 11:00 a.m. and I don't say anything at all. In fact, just so the ones on the call have no idea I am there I always dial before the meeting starts to avoid the beep you hear when the meeting has started and somebody joins because then you hear the moderator say, "Who just joined?" Oh, me the intern:) Not a chance, the only one who knows I am on the call is the analyst I am working with and that is all that needs to know. I just push mute, and listen.

Around 3:00 one of the analyst cleaned out a Accretion/Dilution Model for me to re-build for practice. These things are huge and very dynamic, lots of inputs and outputs. Basically an Accretion Dilution model tells you what will happen to your Earnings Per Share (EPS) if a merger or acquisition takes place with cash, cash and stock, or just stock. The factors that are most interesting are the interest income and interest expense because that is what changes in the transaction which changes the bottom line which of course effects your EPS. I am still new to this so by all means post comments if I am wrong or if you have questions.

One thing you don't want to do is sending an email asking a simple question, and getting a return email with a movie poster of "The Rookie" with Dennis Quaid. Basically my question I could have figured out on my own. I mean, we all got a good laugh, but the reason I asked the question was becasue the analyst I asked I knew had the answer and I wouldn't have to go digging for it. I felt comfortable just throwing the question out expecting a quick return...lesson learned--as an intern, never be too comfortable.

About 7:00 work showed up! We have to throw together this presentation to the Board of a company that wants to get away from the public markets. This is the live deal I have been on, and now things are really heating up because we just received a "non-binding letter of interest" basically there is a buyer for this company (we are advising the sell side) sell side just means that--in a transaction for ownership there is a buyer, and a seller and each will have their advisors, usually investment bankers. Anyway, the buyer basically was like, "We don't want to commit to anything...but we are interested." So we have to kick it in gear. One thing that you will learn is most people would like to gravitate to the "Buy Side" because the sell side is at the mercy of to the buy side. When a buyer wants information on the target, the sell side has to get it to them and like selling anything has to make it look good.

Here is a funny story. I was asked to go pick up cigarettes for by 2 analysts yesterday. They gave me some money and told me to go to the 7-11. I have pretty good relationship with both and did have a problem, but when I got there and realized what I was doing I said to myself, "I need to avoid all appearence of evil. I am not doing this again." So I got to thinking and this is what I did...I went back in the office and one of the analysts who had not purchased the cigarettes said, "Man, you guys! You sent to religious intern to do your dirty work." So I said to the two analyst. "You know, buying cigarettes makes me look like I am in favor of your nasty habits. Here's the deal--I will give you these cigarettes if you come to church with me on Sunday." They kind of looked at me. One said, "You can keep the cigarettes." The other one was like, "Okay, I will come." So some good came out of it and I didn't feel like I had to walk on eggshells because they knew what they were asking, and it was only fair to return the request. Needless to say, I have a pack of Marlboro Lights if anyone wants to come to church:)