![From attack to defence: Credit Suisse investment banking head Michael Stock.](/content/dam/images/g/r/f/0/e/v/image.related.afrArticleLead.620x350.grf017.png/1473759934303.jpg)
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We were fascinated by the news in our sibling column Street Talk on Monday that investment bank Credit Suisse is "in the box seat" to land the mandate as defence adviser to under-siege listed aged-care operator Estia Health, "its nose in front of arch rival UBS". No wonder UBS Equities still won't budge its ludicrous $6.95 price target.
Remember it was UBS banker Michael Stock who led the December 2014 Estia float (capably assisted by Morgan Stanley and Deutsche) on behalf of its private equity owners Quadrant. The company hit the ASX boards at $5.75.
Less than two years later, the company is in deep trouble – its shares trading at $3.20, profit guidance just downgraded and in an industry buffeted by Commonwealth funding changes. And who comes to its rescue? Credit Suisse, whose new head of investment banking is none other than the bloke who IPO'd the damned thing in the first place, UBS defector Michael Stock.
The bloke's got more angles on this one than Fishing World! No really. Because, not only has Stock switched Zurich powerhouses, and from attack to defence, we understand he's also a private investor in equity manager VGI Partners (though VGI wasn't commenting when we asked the firm on Tuesday), which has aggressively shorted Estia and its listed peers Japara and Regis, to stunning effect, having been the first to comprehend the sectoral impact of changes to the Aged Care Funding Instrument announced in May's federal budget.
All bases covered then. Well and truly ...