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As I posted earlier this month, Blackstone Group's CEO Stephen Schwarzman gave an interview to the Wall Street Journal with a compelling theme -- Schwarzman is the Napoleon of private equity. Napoleon-watch tracks his moves on the business battleground.
It looks like The Blackstone Group (NYSE: BX) would have been much better off staying private.
Bloomberg News reports that Blackstone is responsible for two of the worst IPOs of 2007. The first one? Its own last month -- which tumbled down to $23.25 yesterday before rebounding to $25.70 right before the bell -- down 17% since going public. The second lousy IPO is that of Blackstone's travel website Orbitz Worldwide, Inc. (NYSE: OWW), which is down 14% from its July 17 IPO.
Two busted IPOs from Blackstone! As they say, pride goeth before the fall. And look out below.
Peter Cohan is president of Peter S. Cohan & Associates He also teaches management at Babson College and edits The Cohan Letter.
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