Apollo: consolation prize

L. Silva Laughlin Leon Black should prepare for a limp public debut. His buyout firm Apollo plans to leave the shadowy confines of the private Goldman Sachs exchange GSTrue for the bright lights of the New York Stock Exchange. That may give Black greater access to liquidity and capital. But given Apollo’s many challenges, he shouldn’t be surprised if investors treat him like a third-class citizen relative to buyout rivals Henry Kravis and Steve Schwarzman, the founders and top executives at Koh...