Once again, a firm that operates almost exclusively in private, opaque markets is coming into the public eye. Apollo Global Management, LLC, the fund run by Michael Milken apprentice Leon Black, has filed for a public offering on the NYSE. Until now, the Firm's stock has been trading on the GSTRuE market, a market for institutions only. The stock, which debuted around $40, now trades at $14. After the huge drops in share price for competitors Blackstone (BX) and Fortress (FIG), one wonders why Black has continued with the listing process (and why he hasn't pulled the listing from GSTRuE, as he must move from GSTRuE to the public markets within 240 days.) While it may sound far-fetched, why doesn't Apollo buy back its own stock?
Below is the prospectus filed with the SEC:
Apollo Global Management, LLC
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