Former Netjets Executive Joining Private Equity Firm by the ASSOCIATED PRESS - OCT

Total Page：16

File Type：pdf, Size：1020Kb

Former NetJets Executive Joining Private Equity Firm By THE ASSOCIATED PRESS - OCT. 29, 2015. OMAHA, Neb. — The former Berkshire Hathaway executive who earned praise from Warren Buffett while leading NetJets for four years is joining a private equity firm that invests in hotels. Four months after Jordan Hansell resigned in the midst of NetJets' contract dispute with its pilots' union, he took a job as president of Rockbridge Holdings. While at NetJets, Hansell had appeared alongside Buffett in interviews to discuss the cost-cutting turnaround he led from 2011 until June. But near the end of tenure, Hansell became the focus of the union's ire over concessions the company sought in prolonged talks. "Ultimately, it became a little bit about me as a leader, and I thought it was probably best if I got out of the way to see if they could come to a conclusion in those arrangements," Hansell said about why he left NetJets. The company's 2,700 pilots reached a tentative contract agreement with NetJets earlier this month. The company sells partial ownership interests in a fleet of more than 700 business jets. During Hansell's time with NetJets, Buffett praised his efforts to cut costs after demand for private jets plummeted in the midst of the Great Recession. Buffett did not respond to questions this week. Hansell seemed to tire of the challenging economic conditions NetJets faced. Now at Rockbridge, Hansell will get more opportunity to use the dealmaking skills he learned before joining NetJets as a mergers and acquisitions lawyer. "When I arrived at NetJets along with others, it was in 2009 in very difficult circumstances," Hansell said. "Rockbridge is in a position of strength and that gives us a different set of opportunities." Since 1992, Rockbridge has completed more than 300 hotel deals worth more than $5 billion as it mostly buys, improves and resells hotels. Both NetJets and Rockbridge are based in Columbus, Ohio, while Buffett's Berkshire Hathaway conglomerate is based in Omaha, Nebraska. Rockbridge CEO Jim Merkel said he wanted to hire Hansell because of his experience running a large, complicated business and because of his background. "With Jordan's exposure to and experience with Warren, we hope a little bit of that rubs off on our investments going forward and we'll do just fine," Merkel said. NetJets is one of nearly 90 companies Berkshire owns. The eclectic mix of companies includes Geico, General Re, BNSF railroad, Dairy Queen and others. Berkshire also holds big investments in companies like Coca-Cola Co., Wells Fargo & Co., International Business Machines Corp. and American Express Co. The New York Times – OCT O B E R 2 0 1 5 .

Copy Link

Recommended publications

0001193125-17-134664.Pdf
SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 13G (Rule 13d-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO § 240.13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO § 240.13d-2 (Amendment No. 1) LIBERTY MEDIA CORPORATION (Name of Issuer) SERIES A SIRIUSXM COMMON STOCK (Title of Class of Securities) 531229409 (CUSIP Number) April 19, 2017 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: ☐ Rule 13d-1 (b) ☒ Rule 13d-1 (c) ☐ Rule 13d-1 (d) * The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes.) 1 NAME OF REPORTING PERSON Warren E. Buffett 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒ (b) ☐ 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States Citizen 5 SOLE VOTING POWER NONE NUMBER OF 6 SHARED VOTING POWER SHARES BENEFICIALLY OWNED BY 10,683,800 EACH 7 SOLE DISPOSITIVE POWER REPORTING PERSON WITH NONE 8 SHARED DISPOSITIVE POWER 10,683,800 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,683,800 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐ Not Applicable.
[Show full text]
What Tech's Survivalist Billionaires Should Be
WHAT TECH’S SURVIVALIST BILLIONAIRES SHOULD BE DOING INSTEAD COULD AMAZON'S JEFF BEZOS, THE WORLD'S SECOND RICHEST MAN, BE HUMANITY'S LAST HOPE? By IMD Professor Howard Yu IMD Chemin de Bellerive 23 PO Box 915, CH-1001 Lausanne Switzerland Tel: +41 21 618 01 11 Fax: +41 21 618 07 07 [email protected] www.imd.org Copyright © 2006-2017 IMD - International Institute for Management Development. All rights, including copyright, pertaining to the content of this website/publication/document are owned or controlled for these purposes by IMD, except when expressly stated otherwise. None of the materials provided on/in this website/publication/document may be used, reproduced or transmitted, in whole or in part, in any form or by any means, electronic or mechanical, including photocopying, recording or the use of any information storage and retrieval system, without permission in writing from IMD. To request such permission and for further inquiries, please contact IMD at [email protected]. Where it is stated that copyright to any part of the IMD website/publication/document is held by a third party, requests for permission to copy, modify, translate, publish or otherwise make available such part must be addressed directly to the third party concerned. WHAT TECH’S SURVIVALIST BILLIONAIRES SHOULD BE DOING INSTEAD | Could Amazon's Jeff Bezos, the world's second richest man, be humanity's last hope? Amazon’s CEO, Jeff Bezos, recently passed Warren Buffett to become the world’s second-richest person, behind only Bill Gates. And on Wednesday, Bezos revealed that he has been selling about $1 billion in Amazon.com AMZN +1.41% stock a year to fund space travel, with the commitment of flying paying customers as soon as 2018.
[Show full text]
Warren Buffett Faces Insider Trading: a Case Study by Christian Koch, University of South Florida
Volume 4, Number 1 Example Case Study 8 SEPTEMBER 2020 Warren Buffett Faces Insider Trading: A Case Study By Christian Koch, University of South Florida illionaire Warren Buffett has amassed a tially committed insider trading. Sokol resigns large following among those in the invest- from his position unexpectedly. In rank, Sokol Bment world and the numerous sharehold- is behind Charlie Munger, Buffett’s long-time ers of Berkshire Hathaway. Headquartered in business partner. Sokol is Chairman of sever- Omaha, Nebraska, Berkshire Hathaway oper- al Berkshire subsidiaries and has had a long, ates as a conglomerate that owns and operates successful relationship working with Buffett. businesses with famil- In fact, Sokol is consid- iar brand names like ered Buffett’s protégé Fruit of the Loom, GE- and the lead candidate ICO, Dairy Queen and In March 2011, Warren Buffett to replace Buffett upon Duracell. It also oper- stepped into chaos. The Chairman retirement. ates a large marketable of one of Berkshire Hathaway sub- In a March 30, 2011 securities portfolio run sidiaries, David Sokol, had resigned press release, Buffett by Buffett. Some top his position, but there was more to states, “in our first talk equity holdings are Co- the story. about Lubrizol, Dave ca-Cola, Bank of Amer- Sokol mentioned that ica, American Express, he owned stock in the Wells Fargo and Kraft company. It was a pass- Heinz. ing remark and I did not ask him about the date Buffett learns days after the public announce- of his purchase or the extent of his holdings” ment of the all-cash deal to acquire Lubrizol, (Busines Wire, March 30, 2011).
[Show full text]
Acme Brick Company: 125 Years Across Three Centuries Is One of His Latest
ACME BRICK COMPANY 125 YEARS ACROSS THREE CENTURIES ACME BRICK COMPANY ACME BRICK COMPANY 125 YEARS ACROSS THREE CENTURIES by Bill Beck Copyright © 2016 by the Acme Brick Company 3024 Acme Brick Plaza Fort Worth, TX 76109 All rights reserved, including the right to reproduce this work in any form whatsoever without permission in writing from the publisher, except for brief passages in connection with a review. For information, please write: The Donning Company Publishers 184 Business Park Drive, Suite 206 Virginia Beach, VA 23462 Lex Cavanah, General Manager Nathan Stufflebean, Production Supervisor Richard A. Horwege, Senior Editor Chad Harper Casey, Graphic Designer Monika Ebertz, Imaging Artist Kathy Snowden Railey, Project Research Coordinator Katie Gardner, Marketing and Production Coordinator James H. Railey, Project Director Library of Congress Cataloging-in-Publication Data Names: Beck, Bill, author. Title: Acme Brick Company : 125 years across three centuries / by Bill Beck. Description: Virginia Beach, VA : The Donning Company Publishers, [2016] | Includes index. Identifiers: LCCN 2016017757 | ISBN 9781681840390 (hard cover : alkaline paper) Subjects: LCSH: Acme Brick Company—History. | Acme Brick Company—Anniversaries, etc. | Brick trade—Texas—Fort Worth—History. | Brickworks—Texas—Fort Worth—History. | Acme Brick Company—Biography. | Fort Worth (Tex.)—Economic conditions. Classification: LCC HD9605.U64 A363 2016 | DDC 338.7/624183609764—dc23 LC record available at https://lccn.loc.gov/2016017757 Printed in the United States
[Show full text]
An Investment Lesson from Warren Buffett
The VIEW from BURGUNDY APRIL 2012 “Predicting Rain Doesn’t Count, Building Arks Does” AN INVESTMENT LESSON FROM WARREN BUFFETT PEOPLE OFTEN APPROACH INVESTMENTS without fi rst approach to portfolio construction. First, that only understanding what they are trying to achieve. ownership could generate the returns he desired, and Many end up with poor long-term returns and second, that losses would erode compounding’s even more confused than when they started. “magic.” Buffett would go on to apply these insights Warren Buffett, on the other hand, has accumulated a enthusiastically and with extraordinary success for $44 billion fortune in one lifetime of investing, starting many decades. from scratch, and has never been confused about how The Power of Ownership he earned it.i In this View from Burgundy, we will uncover how Buffett frames his investment approach. The Oracle of Omaha’s fi rst epiphany was about the The investment lesson learned, properly applied, power of ownership and it came at a young age. As a is sure to help us generate improved long-term results. teenager, Buffett purchased some farmland and split the annual crop income with the tenant farmer. After A Deﬁ ned Goal and Timeline fi ve years, when the land was sold and Buffett doubled How did the Sage of Omaha create a huge fortune his original investment, he learned that although the from scratch? First, he knew what he was trying to owner risks the initial capital, only the owner benefi ts achieve. From a young age, Buffett’s goal was to from any capital gains.
[Show full text]
Lna 2006 Profiles J.Qxp
1 | Advertising Age | June 26, 2006 SpecialSpecial ReportReport:100 Profiles LEADING NATIONAL ADVERTISERSSupplement SUPPLEMENT June 26, 2006 100 LEADING NATIONAL ADVERTISERS Profiles of the top 100 U.S. marketers in this 51st annual ranking INSIDE TOP 100 RANKING COMPANY PROFILES SPONSORED BY The nation’s leading marketers Lead marketing personnel, ranked by U.S. advertising brands, agencies, agency expenditures for 2005. contacts, as well as advertising Includes data from TNS Media spending by media and brand, Intelligence and Ad Age’s sales, earnings and more for proprietary estimates of the country’s 100 largest unmeasured spending. PAGE 8 advertisers PAGE 10 This document, and information contained therein, is the copyrighted property of Crain Communications Inc. and The Ad Age Group (© Copyright 2006) and is for your personal, non-commercial use only. You may not reproduce, display on a website, distribute, sell or republish this document, or information contained therein, without prior written consent of The Ad Age Group. Are proud to connect you with the leading CMOs See all the interviews at adage.com/point LAUNCHING JUNE 28 © 2006 Crain Communications Inc. www.adage.com 3 | Advertising Age | June 26, 2006 Special Report 100 LEADING NATIONAL ADVERTISERS SUPPLEMENT ABOUT THIS PROFILE EDITION THE 51ST ANNUAL 100 Leading National the Top 100 ($40.13 billion) and for all measured spending in 18 national media, Advertisers Report crowned acquisition- advertisers ($122.79 billion) in the U.S. Yellow Pages Association contributed ladened Procter & Gamble Co. as the top U.S. ad spending by ad category: This spending in Yellow Pages and TNS Marx leader, passing previous kingpen General chart (Page 6) breaks out 18 measured Promotion Intelligence provided free- Motors Corp.
[Show full text]
2000 Chairman's Letter PDF Version
Note: The following table appears in the printed Annual Report on the facing page of the Chairman's Letter and is referred to in that letter. Berkshire’s Corporate Performance vs. the S&P 500 Annual Percentage Change in Per-Share in S&P 500 Book Value of with Dividends Relative Berkshire Included Results Year (1) (2) (1)-(2) 1965 ............................................... 23.8 10.0 13.8 1966 ............................................... 20.3 (11.7) 32.0 1967 ............................................... 11.0 30.9 (19.9) 1968 ............................................... 19.0 11.0 8.0 1969 ............................................... 16.2 (8.4) 24.6 1970 ............................................... 12.0 3.9 8.1 1971 ............................................... 16.4 14.6 1.8 1972 ............................................... 21.7 18.9 2.8 1973 ............................................... 4.7 (14.8) 19.5 1974 ............................................... 5.5 (26.4) 31.9 1975 ............................................... 21.9 37.2 (15.3) 1976 ............................................... 59.3 23.6 35.7 1977 ............................................... 31.9 (7.4) 39.3 1978 ............................................... 24.0 6.4 17.6 1979 ............................................... 35.7 18.2 17.5 1980 ............................................... 19.3 32.3 (13.0) 1981 ............................................... 31.4 (5.0) 36.4 1982 ............................................... 40.0 21.4 18.6 1983
[Show full text]
11 Warren Buffett Quotes That'll Make You a Smarter Investor
11 Warren Buffett quotes that'll make you a smarter investor The world’s third-richest person and Berkshire Hathaway (BRK-A, BRK-B) chairman and CEO Warren Buffett is known for his folksiness, pith, and ability to distill complex investing and economic concepts into super simple ideas. His annual letter to shareholders is often the forum Buffett uses to not only explain Berkshire’s wins and losses over the previous year, but also to espouse certain lessons the most novice investor can heed. Ahead of the annual Berkshire Hathaway shareholder meeting on May 5, which Yahoo Finance is livestreaming from Omaha, we’ve collected a few of his notable quotes (as we’ve done before). Many touch on themes and ideas that he comes back to again and again; they all speak to his broad ideas about investing, money, and life in general. You don’t have to understand advanced investment theory to be a good investor “To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses – How to Value a Business, and How to Think About Market Prices.” -1996 shareholder letter “…an investor needs some general understanding of business economics as well as the ability to think independently to reach a well-founded positive conclusion.
[Show full text]
Krupa Global Investments Announces Holiday Campaign to Save Kraft Heinz; Will Bring Campaign Directly to Buffett
Krupa Global Investments Announces Holiday Campaign to Save Kraft Heinz; Will Bring Campaign Directly to Buffett The Central Europe based investment firm, previously known as Arca Capital, is arranging for billboards and demonstrations during the holiday season to advance its campaign for an $80/share buyout of Kraft Heinz from Berkshire Hathaway PRAGUE, Dec. 21, 2018 -- Krupa Global Investments ("KGI"), one of the largest shareholders in Kraft Heinz, has announced that it will continue its campaign for an $80/share buyout throughout the holidays in an effort to convince Warren Buffett to make investors whole on funds invested when Kraft Heinz first went public in 2015. Kraft Heinz shares have fallen approximately 40 percent since the IPO. The holiday campaign will involve demonstrations in Omaha with canvassers distributing flyers complete with a direct appeal from ordinary shareholders to Buffett. That letter can be found on Krupa Global Investments website at www.KrupaInvestments.com. Demonstrations have also been taking place in New York earlier this week outside the offices of various Berkshire Hathaway Board members. Pavol Krupa, Chairman of Krupa Global Investments, had the following remarks on the letter and the campaign, "We at Krupa Global Investments wish Mr. Buffett and all board members of Berkshire Hathaway a Merry Christmas and Happy Holidays. Krupa Global Investments stands ready to meet with Mr. Buffett, even during the holidays, to build consensus for a constructive resolution that will build billions of dollars in shareholder value for ordinary investors and Buffett alike." About Krupa Global Investments: Krupa Global Investments, previously known as Arca Capital, is a private investment group with a focus on energy, real estate, retail and service activities, as well as regulated activities focused on building and managing fund structures focusing on energy, real estate and financial services.
[Show full text]
Kraft Heinz Merger
Kraft Heinz Merger Mohd Sakib Agenda n Overview of Merger Companies n Deal Terms and Merger Structure n Synergies and Risks n Effects on Investors – 3G Capital and Berkshire Hathaway n Future of Kraft Heinz 4/22/15 Wall Street Club 2 Overview of Kraft n Kraft Foods Group, Inc. is a consumer packaged food and beverage company founded in 1903 – Operates in six segments; portfolio of >70 major brands – Primarily serves supermarket chains, club stores, retail food outlets, etc n Kraft split into Kraft Foods, focusing on grocery products in North America, and Mondelez International Inc., focused on snacks – Stable financial performance – $18 Billion in annual sales – 9 brands with more than $500 Million in annual sales 4/22/15 Wall Street Club 3 Overview of Heinz n H.J. Heinz Company is a global food player that was established in 1869 – Three core categories: Ketchup and Sauces, Meals and Snacks, and Infant/Nutrition – Products have #1 or #2 market share in 50+ countries n Acquired by Warren Buffett and 3G Capital for $28 Billion in 2013 – Appealing due to strong, durable brands and global presence – Strong international presence with emerging market sales consisting of 25% of total revenue 4/22/15 Wall Street Club 4 Deal Terms and Merger Structure n Stock for stock merger possibly valued at $46.6 Billion and orchestrated by Berkshire Hathaway and 3G Capital – Heinz will control 51% whereas Kraft will own remaining 49% n $10 Billion special cash dividend to be paid out by 3G and Berkshire – Kraft shareholders will receive $16.50 a share, representing
[Show full text]
0001193125-17-043891.Pdf
SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 13G (Rule 13d-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO § 240.13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO § 240.13d-2 (Amendment No. ) LIBERTY MEDIA CORPORATION (Name of Issuer) SERIES A SIRIUSXM COMMON STOCK (Title of Class of Securities) 531229409 (CUSIP Number) December 31, 2016 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: ☐ Rule 13d-1 (b) ☒ Rule 13d-1 (c) ☐ Rule 13d-1 (d) * The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes.) 13G CUSIP No. 531229409 Page 2 of 21 Pages 1 NAME OF REPORTING PERSON Warren E. Buffett 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒ (b) ☐ 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States Citizen 5 SOLE VOTING POWER NONE NUMBER OF 6 SHARED VOTING POWER SHARES BENEFICIALLY OWNED BY 10,058,800 EACH 7 SOLE DISPOSITIVE POWER REPORTING PERSON WITH NONE 8 SHARED DISPOSITIVE POWER 10,058,800 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,058,800 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐ Not Applicable.
[Show full text]
Berkshire's Corporate Performance Vs. the S&P 500 2
Berkshire’s Corporate Performance vs. the S&P 500 Annual Percentage Change in Per-Share in S&P 500 Book Value of with Dividends Relative Berkshire Included Results Year (1) (2) (1)-(2) 1965 ................................................... 23.8 10.0 13.8 1966 ................................................... 20.3 (11.7) 32.0 1967 ................................................... 11.0 30.9 (19.9) 1968 ................................................... 19.0 11.0 8.0 1969 ................................................... 16.2 (8.4) 24.6 1970 ................................................... 12.0 3.9 8.1 1971 ................................................... 16.4 14.6 1.8 1972 ................................................... 21.7 18.9 2.8 1973 ................................................... 4.7 (14.8) 19.5 1974 ................................................... 5.5 (26.4) 31.9 1975 ................................................... 21.9 37.2 (15.3) 1976 ................................................... 59.3 23.6 35.7 1977 ................................................... 31.9 (7.4) 39.3 1978 ................................................... 24.0 6.4 17.6 1979 ................................................... 35.7 18.2 17.5 1980 ................................................... 19.3 32.3 (13.0) 1981 ................................................... 31.4 (5.0) 36.4 1982 ................................................... 40.0 21.4 18.6 1983 ................................................... 32.3 22.4 9.9 1984
[Show full text]