American International Group's
former CEO Maurice Greenberg has asked the company's current CEO for the chance to bid on AIG assets as the company seeks to repay an emergency loan from the federal government, according to published reports.
Greenberg made the request to CEO Edward Liddy in a letter dated Sept. 29, and said the process of the selling of assets has been taking place "without transparency and without providing the opportunity for the participation of alternative purchasers" that would help AIG get the best price for shareholders.
The letter was first reported on the Web site of the
Wall Street Journal
, and was later verified by a Greenberg spokesman,
Liddy was named chairman and CEO of AIG about two weeks ago after the U.S. government bailed out the insurance giant. AIG received an $85 billion bridge loan from the
aimed at keeping the insurer out of bankruptcy in exchange for a 79.9% stake in the company.
AIG has been preparing to sell off assets to begin paying off that loan as a group of shareholders seeks to keep control of the company,
This article was written by a staff member of TheStreet.com.