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The botched block trade that spoiled bankers' Mother's Day

Major banks are stuck with the Hilton shares they underwrote when prices unexpectedly headed southwards
Thursday, July 23, 2015 - 05:50
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Blackstone Group unloaded a substantial number of Hilton shares in a block trade, but the stock price fell and continued to tumble without recovering.

New York

IT all started the morning of Mother's Day.

A rare Sunday e-mail from Blackstone Group LP invited banks to submit pitches to underwrite 90 million shares in hotel-chain Hilton Worldwide Holdings Inc that the private equity-firm needed to unload fast - a US$2.7 billion