Excerpts: “The Hedge Fund Vampire That Bleeds Newspapers Dry Now Has The Chicago Tribune by the Throat.” Alden isn’t the only hedge fund or private equity player that has muscled its way into the U.S. newspaper industry. Through the $1.2 billion merger of GateHouse and Gannett in November, Fortress Investment Group, owned by SoftBank, now […]
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January 31, 1984: Apple Reorganizes
Excerpts: January 31, 1984: Apple Reorganizes Apple announced they would split up the Cupertino based company into three divisions – Apple II (handling all Apple III computers as well), the Apple 32 division (Lisa, and new Macintosh line of computers) and Accessory Products (Printers, keyboards, etc). Delbert Yocam led the Apple II group which Steve
Excerpts: “Are Syndicated Term Loans Securities?” The LSTA (joined by the Bank Policy Institute) argues vehemently that they are not and explains the materially negative consequences to borrowers and other stakeholders in the $1.2 trillion market for institutional term loans (and the $600MM+ CLO market) were a court to reach the opposite conclusion. Loans are
Excerpt: Official Committees of Unsecured Creditors: Why You Should (Or Should Not) Serve Unsecured creditor committees arise in the context of large to medium-sized Chapter 11 bankruptcies and are designed, in part, to deal with the hierarchy of creditor claims. Creditors in bankruptcy cases are sorted into different groups based on the type of claim
Excerpts: “Buffa’s Bad Tuna: Debtor Owning 99% Of LLC Dodges Charging Order By Paying Oversized Salary To Wife.” Buckeye Retirement Co. v. Buffa, 2011 WL 3439022 (D.Conn., Slip Copy, Aug. 5, 2011) Anthony Buffa is a private equity investor who got behind on his promissory note to First Third Bank and stipulated to judgment against
Excerpts: “Sam Zell and other former execs agree to pay $200M” During court-ordered mediation in March, more than 50 former Tribune directors and senior executives agreed to settle with the litigation trust for $200 million, according to a motion filed May 31. The deadline for objections to the agreement is Monday, with a court approval
Excerpts: “Zell, Ex-Tribune Execs Reach $200M Leveraged Buyout Deal” Sam Zell, the real estate mogul, and other former officers and directors of Tribune Co. have agreed to a $200 million settlement that resolves allegations of fraudulent transactions related to the company’s 2007 leveraged buyout. Some 50 individuals including former CEO Dennis FitzSimons are parties to
Excerpts: “Morgan Stanley to pay $130 million to California pensions.” California Democratic Attorney General Xavier Becerra announced the settlement with Morgan Stanley on Thursday. The bank will pay $150 million. Of that, $122 million will go to the California Public Employees’ Retirement System and $8 million will go to the California State Teachers’ Retirement System.
Excerpts: Cosmopolitan may be for sale on Las Vegas Strip The Blackstone Group LP, a major player in the Southern Nevada real estate market, has retained Deutsche Bank AG and PJT Partners, Inc. to explore strategic alternatives for the property, including a sale, according to sources familiar with the deal. Chad Beynon, an analyst with
Excerpts: “Park Electrochemical Corp. Celebrates 65 Years In Business” Park was founded by Jerry Shore and Tony Chiesa on March 31, 1954. The Company was started in a very small factory in Woodside, Queens, New York with five employees. The Company’s first year’s revenues were $124,206.59 and its first year’s after tax profit was $621.17.