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09/07/2010

Shoe Manufacturer Negotiates
Sweet Barter Deal

Shoe manufacturer Steven Madden Ltd. is coming to the aid of a large shoe store chain (Bakers Footwear Group) that will be profitable for them in two ways, in addition to saving a large distribution entity as Bakers has 239 retail stores across the country. The deal evolved because Bakers required $5 million to settle up with Bank of America, in addition to needing operating income.

Madden provided the loan at 11% interest over the next decade. Plus Bakers agreed to a barter-type of agreement by providing Steven Madden a 20% stake in Bakers, or 1.8 million shares of Bakers stock to clinch the deal.

Editor�s note: This deal reminded us of the agreement super-dealmaker John Malone of Liberty Media did with Sirius XM Radio, when �blood was running in the street� back in 2008 and Sirius� position dictated money fast in order to survive. Malone loaned Sirius $500 million at 15% interest (since repaid), and in return received a warrant for $12,500, that would convert when Malone desired into 40% of Sirius common stock. That stock (40%) is now valued at an astounding $2.8 billion. (Malone has yet to convert the warrant.)



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