Hunter Hopcroft
speaker
537 appearances
1 recordings
1 series
first heard Mar 2025
last heard Mar 2025
Hunter Hopcroft’s voice in public audio — every appearance, attributed to the second.
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Appearances
And then Josh Harris is a deal maker.
And so that is where Apollo comes from.
And that's how they get their start is stepping into this opportunistic opportunity that's left after Drexel Burnham collapses.
Right.
Here's where we have to caveat this entire discussion with again, Apollo is drawn to complexity, but Drexel Burnham background obviously gives them a fantastic network.
And what really gets Apollo off the ground is basically a mandate from the largest French bank at the time, Credit Lyonnais, to manage through some of the distress debt situations that arise after the collapse of Drexel.
And so there's this keystone deal that sets Apollo on its course to being one of the largest alternative asset managers.
Executive Life is a California life insurance company that's faced with insolvency in 1991 due to their own junk bond portfolio.
Credit Leon A wants to get their hands on some of the things in that portfolio, but there is a
Law prohibiting foreign banks from owning US insurers.
So basically what Create LayNet does is they set up a shell insurance company called Aurora, and they set up a US subsidiary called Altis.
Altus provides the financing for Aurora to go and win the bid to buy executive life.
And then through a series of transactions, this distressed debt portfolio that was hiding in executive life slowly gets transferred to Apollo's management.
To fill the mandate from credit liaison A.
This again speaks to a recurring theme in Apollo's life cycle.
This deal is considered highly controversial.
In fact, there's decades long legal fallout when it becomes apparent that Credit Leonnay was effectively secretly controlling Aurora.
Apollo's never found of any wrongdoing.
Ultimately, Credit Leon A pleads guilty to fraud and pays over seven hundred and seventy one million dollars in settlements, but the deal is a blockbuster for Apollo and really sets them on their course.
Well, I I think it goes back to that original quote is
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