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“Given the size of a deal, the company’s debt capacity and cash flow, bankers seem similarly chary about this deal happening anytime soon,” said Stefan Selig, a former top Bank of America Corp (BAC.N) banker who is the founder of financial and strategic advisory firm BridgePark Advisors LLC, which is not involved in the deal. Bankers aspiring to advise on the deal are courting Musk and Tesla’s special board committee that will independently consider the merits of Musk’s expected offer.

Working for Musk could also come with reputational risk, given that the U.S, Securities and Exchange Commission is investigating the factual accuracy of his assertion on Twitter that funding for the deal was secured, sources have said, However, many bankers said this would not be cartier cufflinks replica a deterrent given the magnitude of the potential deal, “That’s likely not enough to color a banker’s view on whether or not there is an opportunity,” said Ted Smith, a co-founder and partner of Union Square Advisors, a technology boutique investment bank, Union Square is not trying to win a role in the Tesla deal..

Musk, who owns about a fifth of Tesla, said in a blog post (link - last week the effective size of the deal would be much smaller than the $72 billion equity valuation of his offer, because, according to his estimate, two-thirds of the company's shareholders would choose the option he will offer them of 'rolling' their stakes and continue to be investors in a private company, rather than cash out. Musk also said that Saudi Arabia’s PIF, which became a Tesla shareholder earlier this year with a stake of just under 5 percent, could help him fund the cash portion of the deal, through sources close to the secretive sovereign wealth fund have played down that prospect.

There is no precedent for major institutional shareholders and thousands of mom-and-pop investors rolling their stakes in a transaction of this size, and legal experts have warned that carrying this out would require navigating a regulatory minefield, If the deal was structured like a leveraged buyout, advisers to Tesla could cartier cufflinks replica earn $90 million to $120 million in fees, while advisers to Musk’s investor group would earn $30 million to $50 million, and debt financing fees could reach $500 million, according to estimates from financial advisory firm Freeman & Co..

However, if the Tesla deal is done with equity partners and little debt, as Musk envisions, the fees would be substantially lower, according to Freeman, making it more of a trophy rather than a lucrative assignment for bankers. Last week, bankers at Goldman Sachs Group Inc (GS.N) decided to take the plunge by offering to advise Musk. Goldman bankers have had close ties with him for more than a decade, leading Tesla’s initial public offering in 2010. Goldman Sachs declined to comment. Morgan Stanley equity research analysts said on Tuesday they had ceased coverage of Tesla, and sources confirmed that the bank was also close to being hired by Musk.

Tesla has declined to comment on the matter, This is despite Morgan Stanley currently advising aspiring Tesla rival Lucid Motors cartier cufflinks replica Inc on attracting a potential investment from PIF, sources told Reuters, Morgan Stanley has been a top financier of Tesla over the years, making it a prime candidate to arrange any debt financing needed, the sources said, Morgan Stanley declined to comment, Still up for grabs is the financial advisory mandate to be awarded by Tesla’s special committee, Evercore Partners Inc (EVR.N), which advised Tesla two years ago in its $2.6 billion acquisition of renewable energy company SolarCity and is also advising PIF on its potential investment in Lucid Motors, is one of the banks vying to advise Tesla’s special committee, according to the sources, Evercore declined to comment..

DENVER/SHANGHAI (Reuters) - Two U.S. airlines on Tuesday cut routes between China and the United States, underscoring increasingly tough competition from state-backed Chinese rivals as they aggressively expand their fleets with cut-price tickets. American Airlines (AAL.O), the largest U.S. carrier by passengers, said it would drop a route between Chicago and Shanghai, canceling the second direct flight from the U.S. city to China in four months. It had canceled a flight to Beijing in May, although it still operates daily flights to the capital from Los Angeles and Dallas-Fort Worth, Texas.

“The two China routes ., have been colossal loss makers for us,” said Vasu Raja, vice president of network and schedule planning, adding that high cartier cufflinks replica fuel costs had also made the route unsustainable, Hawaiian Airlines [HAII.UL] said it would from October suspend its thrice-weekly nonstop service between Honolulu and Beijing, which it opened in 2014, citing slower-than-expected growth in demand, Competition from Chinese airlines is expected to grow with the anticipated easing of China’s near-decade-old “one route, one airline” policy, which would allow more local airlines to fly long-haul international routes..

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