MacFadyen: The (Sad) Re-emergence of Continental Illinois
June 20, 2011
Anyone still remember Continental Illinois? Long before "too big to fail" was a book title or an HBO movie, Continental Illinois was among the first major financial institutions to earn the dubious sobriquet back in the mid-Eighties. The FDIC rescued the bank with a $4.5 billion infusion in 1984, which for nearly a quarter century stood as the largest ever bank failure -- at least until Washington Mutual had to be saved in 2008.
Fast forward to today, and the Continental Illinois name lives on, although its steward is having trouble finding the same level of respect. Matthew Lechner, who bills himself as the CEO and chairman of Continental Illinois, fired off multiple emails last week looking into a possible bid for a bankrupt restaurant operator. He CC'd me on one of the emails, apparently after his initial inquiries into the advisor running the sale process went unreturned.
The Continental Illinois brand, according to a story in Brand Channel last year, was acquired for under $10,000 by Gloria Lechner.
Matt Lechner, in response to an email from Mergers & Acquisitions, didn't detail his possible funding sources were he to proceed with a bid for the company in question. But he sounded surprised that an inquiry from Continental Illinois didn't fetch a response, attributing the non reply to critical remarks he has made in the past. (He claims he has "rather vigorously" spoken out against derivatives and "banking secrecy jurisdictions" in the past.)
It's perhaps a sign that brand equity only gets you so far, at least in M&A.
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Posted by: jon p | September 1, 2011 4:33 PM
Continental Illinois became insolvent due, in part, to bad loans purchased from the failed Penn Square Bank N.A. of Oklahoma--loans for oil & gas producers and service companies and investors in the Oklahoma and Texas oil & gas boom of the late 1970s and early 1980s. -GAR Labs
Posted by: Gar L | August 26, 2011 12:50 PM
I was not yet born when Continental Illinois experienced the hardest time of their lives. My parents often mention this bank name whenever they hear about bank failures. And now, still a sad re-emergence. With best regards, Emie Williams of Magnetic Sponsoring Ebook
Posted by: Rose T | August 26, 2011 7:18 AM
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Posted by: Dan N | August 22, 2011 1:24 AM
and since the apparent "work stoppage" of Moelis & Co. with respect to our inquiry has made the press here, let's be clear about where the chain broke so there is no misunderstanding
there is a central receptionist who takes in all general mail emails for the company - she confirmed receipt of our email and said it had been forwarded to the bankers
the so-called bankers are the ones who refused to answer
Posted by: Matt L | June 21, 2011 1:29 AM
And, to give a fairer picture of what we said, informally speculating why Moelis & Company would not acknowledge our contact to them - you should give the context of our comments. That being, we felt and still feel that possibly our having vigorously spoken out against derivatives and banking secrecy jurisdictions, yes. But, why is it relevant here, or why do we think it might be the reason ? Because the restaurant chain's broker or banker, however he defines himself, Mr. Moelis, was associated with a Swiss bank for many years as a senior officer in investment banking. So most likely, our clearly voiced opposition to banking secrecy rubbed him the wrong way (too bad) because he was associated with Swiss banking for many years, and also since he was head of the Swiss bank's investment banking unit during the heyday of derivatives sales to everyone and their cousin - most likely our opposition to derivatives also offended him (also too bad). And furthermore, since they had not even acknowledged our initial contact - we were and are nowhere near a point where we would know what financing is required and precisely where we would seek to source and structure what is needed. Our firm Continental Illinois Holding Corporation is structured as a Delaware C-corporation in order to facilitate securities-based acquisitions going forward, in principle. As to whether we would propose a securities based offer in this situation, or potentially multiple classes of securities - where they will not even show us what is for sale - we don't know. So the issue is not, as far as we can tell, adequacy and strength of an offer; they would not even show us what is for sale. They would not even return our email. Ok, not a problem - this is not the only company that is for sale in this world. In some circumstances, a seller's agent is required by law to respond properly to an inquiry; in theory, one would think that an investment bank would do that whether required by law or not. As to what their reasons were, or are, exactly, for refusing to answer - we'll leave that for Sherlock Holmes I guess. Also, my apology of misspelling "intangible".
Matthew W. Lechner - CFP, CRPS, FRM Chairman of the Board CONTINENTAL ILLINOIS HOLDING CORPORATION
individually named "one of America's top financial planners 2005-2010"
Posted by: Matt L | June 20, 2011 10:26 PM
And, p.s., we don't think there is anything sad about it at all.
To the contrary, we think it is an exciting and worthwhile endeavor to have such a trademark, which was once the trademark of the largest bank in the American Midwest, and now to be working toward the attainment of viable and productive investments and business participations.
If it makes you sad, Mr. MacFadyen, well, we're sorry to hear that.
Posted by: Matt L | June 20, 2011 3:00 PM
Continental Illinois(tm) is a registered trademark of Continental Illinois Holding Corporation (CIHC), a non-bank Delaware corporation. CIHC is not affiliated with the former Continental Illinois entities, which to our understanding were completely wound down, except intangiably through ownership of the trademark and certain goodwill, which were lawfully purchased via a public auction which was advertised in The Wall Street Journal.
www.ContinentalIllinois.com
Posted by: Matt L | June 20, 2011 2:53 PM
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