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Archive for November, 2006
Wednesday, November 22, 2006 Kerkorian wants more of MGM By Ian Mylchreest MGM Mirage majority owner Kirk Kerkorian is looking for a bigger stake in the company, reports MarketWatch. His investment vehicle, Tracinda Corp., has offered to buy 15 million shares at $55 each.
The news has sent the stock higher, pushing towards the target price. The offer will cost Kerkorian $825 million to take his stake in MGM Mirage from [...]
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Tuesday, November 21, 2006 Just say no By Steve Sebelius We knew that when the city and county and university system formed a task force to study whether Las Vegas needed a new arena that the real question was going to be, "how can we get these suckers in Las Vegas to pay for it." C’mon, everybody knew that. They barely pretended otherwise when the [...]
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Tuesday, November 21, 2006 Tuesday Quick Hits By Steve Sebelius » Aldous Huxley’s Savage once told the people who ran the brave, new world that he liked the inconveniences. Well, he’d have loved living in Las Vegas. Not only does it seem that every single road between you and your daily destination is constantly under construction, but when you finally get fed up and want [...]
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Tuesday, November 21, 2006 Delta fights back By Ian Mylchreest The bankrupt target of US Airways takeover, Delta, has decided to stand alone, or at least try to as it emerges from bankruptcy, reports Reuters. "We’ll come out with a strong plan (in mid-December) that our creditors will view with much more confidence and certainty" than US Airways, CFO Ed Bastian told the Financial Times.
The airline is [...]
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Tuesday, November 21, 2006 Reform of the reforms is well under way By Ian Mylchreest The steady drumbeat of news out of Washington about amending Sarbanes-Oxley is making it clearer everyday that the administration plans to push Congress to rejig the dreaded s. 404. Treasury Secretary Henry Paulson was the latest official to announce the change of attitude, reports the New York Times.
Last week it was Securities and Exchange Commission Chairman [...]
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Monday, November 20, 2006 Buyers aplenty for team of (lost) dreams By Ian Mylchreest Most wannabe team owners are looking for a winner, or at least a team that has a chance of being made into a winning combination in the proprietor’s lifetime. But, reports the Chicago Tribune, it’s a different universe around the shores of Lake Michigan.
Plenty of hopefuls are putting together groups to buy the Cubs if [...]
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Sunday, November 19, 2006 And (surprise, surprise) it’s more big equity deals By Ian Mylchreest Another week and another $100 billion worth of private equity deals hit the headlines. Blackstone’s deal to buy Equity Office Property Trusts sets a new record for a PE deal, reports the New York Times.
The Chicago-based property group with office buildings in 16 states and the
District of Columbia is being sold for $36 billion. [...]
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Sunday, November 19, 2006 Station here, Station there, Station everywhere By David McKee That Joel Stein portrait of les freres Fertitta, of Station Casinos fame, has resurfaced on the CNN Money Web site. Thankfully, the spectacular Red Rock Resort is no longer referred to as "Red Rocks [sic]."
Unfortunately, the Fertitta Bros. exceedingly disingenuous account of why Station left Missouri remains intact. And Stein’s portrayal of the Fertittas may not [...]
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Friday, November 17, 2006 David’s is sold By Ian Mylchreest David’s Bridal, the wedding outfitting operation that has a big operation on West Sahara to cater to the Strip’s wedding industry, has been sold, reports Reuters. Federated Department Stores has been shopping the business around as part of a rationalization and the deal has taken a while to finish. There are 269 David’s stores nationwide.
The price [...]
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Friday, November 17, 2006 It’s IPO city By Ian Mylchreest Hertz finally started trading Thursday after a rocky road to its public launch. The rent-a-car company has become the poster child for the bad side of private equity when they put in a small stake but load a company up with debt. Ford Motor Co. sold Hertz last December to Clayton Dubilier & Rice Inc., [...]
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