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Allied Capital Corporation was founded in 1958 and completed its first public offering of stock in 1960 on the OTC. [citation needed] In February 1997, Chairman and CEO David Gladstone resigned. [4] In 2001, Allied was listed on the New York Stock Exchange. Allied's stock was repeatedly noted for a high dividend yield. [5]
Allied Corp. was a major American company with operations in the chemical, aerospace, automotive, oil and gas industries. It was initially formed in 1920 as the Allied Chemical and Dye Corporation as an amalgamation of five chemical companies. In 1958, it was renamed Allied Chemical Corporation when it diversified into oil and gas exploration.
Einhorn started Greenlight Capital in May 1996 with $900,000 in start up capital. In May 2002, he gave a speech at the Sohn Investment Research Conference where he recommended shorting a mid-cap financial company called Allied Capital eventually disclosing that he himself had a substantial short position.
Ares won its new set of assets at a fire-sale price, so we Allied survivors got stock in the acquirer at rates of pennies on the dollar. Maybe that Einhorn guy wasn't so crazy after all. The lesson(s)
The merger of Allied and Signal made aerospace the new company's largest business sector. [4] The combined company adopted the name Allied-Signal on September 19, 1985. [ 5 ] It dropped the hyphen to become AlliedSignal in 1993 to reinforce a one-company image and signify the full integration of all of its businesses. [ 4 ]
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