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Marc Chase - President of Tribune Interactive!
SURELY YOU CAN’T BE SERIOUS? MARC CHASE - PRESIDENT OF TRIBUNE INTERACTIVE! Randy Michaels’ run of acquiring radio-management stars came to a screeching halt today with Chase’s appointment CHICAGO, April 7, 2008 – Another freaking Clear Channel Communications executive on the payroll and this one’s been named President of Tribune Interactive. Tribune Broadcasting’s Randy Michaels’ past finally caught up with him when Marc Chase obviously blackmailed his way into a position he is not remotely qualified to hold. Insiders are irate. Chase is a fraud. A source inside Tribune HR, who wished to remain anonymous, pointed out that Marc Chase’s resume (below) was obviously fabricated. First of all, his name isn’t even Marc Chase--it’s Mark Thompson. The whole thing is a sham. MARC CHASE 1600 Pennsylvania Avenue Washington DC 20500 202-456-1111 PROFESSINAL EXPERIENCE Vocabulary Advisorist for George W. Bush Washington DC, 2004-present President of the United States of America eBay San Jose, California 2003-2004 President of Buying Crap Google Mountain View, California 2001-2002 Executive Vice President of Finding Crap Anywhere Microsoft Seattle, Washington, 2000-2001 Senior Executive Vice President of Technology and Stuff CBS, ABC, NBC, FOX Television Los Angeles, California 1999-2000 Vice President of Watching TV A Lot Harvard University Cambridge, Massachusetts, 1998 Dean of School of Internetology EDUCASHION Nearly Graduated with Honers School of Alabama in Atlanta Georgia 1985 COMMUNITY SERVICE 400 Hours (reduced from 600) Judge gave time off for good behavior Chase was quoted as saying, “Timing and infrared photography are everything. I couldn’t be happier! I know Randy is relieved to finally have me on Sam’s payroll.” Tribune has undergone major changes in the past year, with billionaire Sam Zell acquiring the company last April in a complex deal that left it with $13 billion in debt. -
Guide to the Soul Train Awards Records
Guide to the Soul Train Awards Records NMAH.AC.1223 Alison Oswald. 2012 Archives Center, National Museum of American History P.O. Box 37012 Suite 1100, MRC 601 Washington, D.C. 20013-7012 [email protected] http://americanhistory.si.edu/archives Table of Contents Collection Overview ........................................................................................................ 1 Administrative Information .............................................................................................. 1 Arrangement..................................................................................................................... 3 Scope and Contents........................................................................................................ 2 Biographical / Historical.................................................................................................... 2 Bibliography...................................................................................................................... 4 Names and Subjects ...................................................................................................... 4 Container Listing ............................................................................................................. 5 Series 1: Award Programs, 1987 - 2004................................................................. 5 Series 2: Posters...................................................................................................... 7 Series 3: Ephemera, 2001, 1990............................................................................ -
A Note on Leveraged Buyouts, Defaults & Bankruptcy
A Note on Leveraged December 16 Buyouts, Defaults & 2014 Bankruptcy Bradley Drake Rajeev Kasthuri Vanitha Kathrotia Elaine Press A Note on Leveraged Buyouts, Defaults & Bankruptcy 2014 A leveraged buyout (“LBO”) is a transaction which involves the purchase of a controlling stake in a business most often by a financial sponsor such as a private equity firm or an investor utilizing substantial levels of debt. LBO debt is generally considered to be non-investment grade debt instruments; as a result of the higher default and loss given default-risk profiles, the investors demand higher rates of return to commensurate for the risk. Historical internal rates of return over a five-year period investment or above indicate returns exceed the public market equivalent. Specifically a 10- or 20-year investment in buyout funds indicate 14% / 13% returns vs. the S&P 500 returns of 7% over the same time horizon. (Bain Capital) Given the highly leveraged profile of the LBO’s, however, defaults are prominent during economic downturns, interest rate shocks, industry shifts, and operational disruptions, all which lead to severe deterioration in cash flow, with certain companies undergoing extreme distress and ultimately opting for bankruptcy. To provide a general overview, the paper will provide a discussion on the capital structure of an LBO, background on defaults, bankruptcies, recovery rates and similar occurrences to comparably rated non-LBO transactions. Following the outline of the general LBO discussion, the report will analyze three transactions: TXU or Energy Holdings’ 2014 announcement which is considered to be the largest LBO bankruptcy in history; Clear Channel Communications which has been long under speculation to enter bankruptcy and Tribune Company which entered bankruptcy at the height of the financial crisis in 2008; and finally The analysis will be structured around the LBO transaction details, the nuances and circumstances leading up to the announcement and if the bankruptcy could have been predicted utilizing the means of a Z”-score. -
To Download a PDF of an Interview with Sam Zell, Chairman, Equity
Setting an Example An Interview with Sam Zell, Chairman, Equity Group Investments EDITORS’ NOTE Sam Zell is U.S. had historically adopted a model of What is it in an entrepreneur that helps the Chairman of Equity Group over-reaching government infl uence, our him see challenges as opportunities? Investments, the private investment country would look more like Belgium It starts with an inordinate amount of self con- fi rm he founded some 45 years ago. today. My concern is that the federal poli- fi dence, which enables you to stick to your deci- He is also Chairman of Equity cies being put into place are moving us sion despite conventional wisdom or what others International, which he co-founded closer to a European model. So, yes, it is may or may not be doing. In addition, real entre- in 1999, and Chairman of fi ve pub- more diffi cult to build companies today. preneurs have an innate tendency to not just recog- lic companies listed on the New York Heavy-handed legislation like Sarbanes- nize problems, but to see solutions. These two traits Stock Exchange. Zell is also Chairman Oxley or regulation through the EPA or have repeatedly intersected throughout my career. of Tribune Company. Previously, he NLRB infl uence every decision that a There have been some very diffi cult rough patches served as Chairman for Equity Offi ce company makes today. over the past 40 years, but I always remained com- Properties Trust. He serves on the Nevertheless, we’ve seen the te- mitted to a solution, even if that meant going right JPMorgan National Advisory Board; Sam Zell nacity of creativity through companies when everyone else was going left. -
HBO: Brand Management and Subscriber Aggregation: 1972-2007
1 HBO: Brand Management and Subscriber Aggregation: 1972-2007 Submitted by Gareth Andrew James to the University of Exeter as a thesis for the degree of Doctor of Philosophy in English, January 2011. This thesis is available for Library use on the understanding that it is copyright material and that no quotation from the thesis may be published without proper acknowledgement. I certify that all material in this thesis which is not my own work has been identified and that no material has previously been submitted and approved for the award of a degree by this or any other University. ........................................ 2 Abstract The thesis offers a revised institutional history of US cable network Home Box Office that expands on its under-examined identity as a monthly subscriber service from 1972 to 1994. This is used to better explain extensive discussions of HBO‟s rebranding from 1995 to 2007 around high-quality original content and experimentation with new media platforms. The first half of the thesis particularly expands on HBO‟s origins and early identity as part of publisher Time Inc. from 1972 to 1988, before examining how this affected the network‟s programming strategies as part of global conglomerate Time Warner from 1989 to 1994. Within this, evidence of ongoing processes for aggregating subscribers, or packaging multiple entertainment attractions around stable production cycles, are identified as defining HBO‟s promotion of general monthly value over rivals. Arguing that these specific exhibition and production strategies are glossed over in existing HBO scholarship as a result of an over-valuing of post-1995 examples of „quality‟ television, their ongoing importance to the network‟s contemporary management of its brand across media platforms is mapped over distinctions from rivals to 2007. -
To Download a PDF of an Interview with Sam Zell, Chairman, Equity
PURPOSE Passion and Purpose An Interview with Sam Zell, Chairman, Equity Group Investments My career has been all about making We’re also proud of all the work we have an impact – changing something for the bet- done in entrepreneurship. If I’m successful in ter – and it has worked because I am person- my mission, I will have weaponized a whole ally involved. I set a vision, give guidance on cadre of future business leaders. In Israel, strategy, establish accountability, manage risks with the Zell Entrepreneurship Program, we and so on. have 400 alumni who have collectively Sam Zell It dawned on me that day – if I wanted to monetized their start-ups for almost $1 bil- really make a difference in my philanthropy, I lion, which is really incredible. We have also EDITORS’ NOTE Sam Zell is a global, opportunis- had to apply the same approach. I had to com- created a broader community, combining the tic and often contrarian investor. He specializes bine my own passion with a focus. In other students and alumni of our other entrepre- in identifying market anomalies and emerging words, I had to invest both fi nancial capital and neurship programs at University of Michigan trends and has a long track record in turning personal capital. and Northwestern, and now they all mentor around troubled companies and assets, leading I went from giving $1,000 to everybody each other, support each other and invest industry consolidations, and bringing companies and having nothing to do with any of them with each other. to the public markets. -
Florida Memorial University to Inaugurate Dr. Henry Lewis III As Its
University of South Florida Scholar Commons Newspaper collection The Weekly Challenger 2012-02-09 The Weekly Challenger : 2012 : 02 : 09 The Weekly Challenger, et al Follow this and additional works at: https://scholarcommons.usf.edu/challenger Recommended Citation The Weekly Challenger, et al, "The Weekly Challenger : 2012 : 02 : 09" (2012). Newspaper collection. 111. https://scholarcommons.usf.edu/challenger/111 This is brought to you for free and open access by the The Weekly Challenger at Scholar Commons. It has been accepted for inclusion in Newspaper collection by an authorized administrator of Scholar Commons. For more information, please contact [email protected]. Presort Std U.S. Postage PAID Permit #2271 St. Petersburg, FL OPINION COMMUNITY ENTERTAINMENT SPORTS Julianne Malveaux on Women in Black History 2 Remembering Mrs. Ophelia Love 4 Remembering Don Cornelius 7 Eli’s Elite, For Sure 8 50¢ We Value Diversity. We Value Education. We Value History. St. Petersburg • Clearwater • Largo • Tarpon Springs • Dunedin • Safety Harbor VOLUME 44 NUMBER 24 FEBRUARY 9 - FEBRUARY 15, 2012 ST. PETERSBURG, FLORIDA John Johnson Honored With Florida Memorial 2012 USPS Black Heritage Stamp University To Inaugurate Dr. Henry Lewis III As Its 12th President BY ZACHARY RINKINS pharmacy and science exciting SPECIAL TO THE to them.” CHALLENGER Lewis started his career at COPPS as an instructor and MIAMI GARDENS - Florida assistant director of clinical Memorial University (FMU), programs in 1974. He was named South Florida’s only historically dean in 1994. During his tenure at black university, is poised to inau- COPPS, he increased the college’s gurate Dr. Henry Lewis III, as its endowment from $1 million to 12th president in a Feb. -
Shift from WGN Recalls Old Comfort Zone for Fans, Station, Cubs
Shift from WGN recalls old comfort zone for fans, station, Cubs By George Castle, CBM Historian Posted Monday, June 9th, 2014 Wowww! Let’s go, batter up, we’re taking the afternoon off….It’s a beautiful day for a ballgame, for a ballgame today. The fans are out to get a ticket or two, from Walla Walla, Washington to Kalamazoo… Everything changes – even the most comfy things that fit to a tee. Familiarity and memories of childhood soundtracks of summer is why we’re all wrung out with the news the Cubs’ radio rights have shift- ed to WBBM-Radio from their 57-season home 60 kc down the dial at WGN. The news wasn’t unexpected. WGN re- opened its Cubs contract – not the other way around – before this season because it was losing its financial shirt, unable to re- coup enough ad revenue to cover produc- tion costs when the baseball ratings had gone in the dumper. A move like this be- came inevitable – just the timing was in question – after Tribune Co. sold the Cubs to the cash-hungry Ricketts family, which is saddled with a heavy debt service man- dated by corporate shark Sam Zell as the structure of the sale. Lou Boudreau (top) and Jack Quinlan in WGN- As long as Tribune Co. -- which acquired Radio's first season with the Cubs radio rights in the embryonic WGN in 1924 -- had um- 1958. brella ownership of the Cubs and WGN TV -radio properties, change was going to be far off in the future. But all bets were off once the team and broadcasters diverged under www.ChicagoBaseballMuseum.org [email protected] separate corporate entities. -
Tribune Executives Must Contribute Personal Assets to $200 Million Settlement
riskinsights JUNE 2019 TRIBUNE EXECUTIVES MUST CONTRIBUTE PERSONAL ASSETS TO $200 MILLION SETTLEMENT Billionaire Sam Zell and other former executives of the bankrupt Tribune Company have reached a $200 million deal to settle the bankruptcy trustee’s adversarial claims against them arising out of the disastrous 2007 leveraged buyout (LBO) of the company. According to press reports about the settlement, the $200 million settlement amount, which is still subject to bankruptcy court approval, will “significantly” exceed the company’s remaining D&O insurance. The settlement amount in excess of the remaining insurance is to be split among the various individual defendants. bankruptcy and subsequent adversarial In 2010, the bankruptcy trustee initiated an adversarial proceeding both arose out of the proceeding against former Tribune CEO Dennis The December 2007 LBO in which Zell and FitzSimmons, Zell, and eventually, a total of approximately other investors took the Tribune Company private. The 50 other former Tribune executives. The trustee’s complaint Tribune Company owns or owned the Chicago Tribune, sought damages from the defendants for a variety of the Los Angeles Times, and a number of other media alleged violations, including breaches of fiduciary duty; properties. The LBO transaction resulted in an enormous unjust enrichment (based on payments made to certain debt load for the company. The transaction timing was of the defendants in connection with the LBO as well as poor as the global financial crisis arose only months after incentive compensation payments made to certain of the deal was completed. Within a year of the LBO, the the executives); illegal dividends; as well as certain other company filed for bankruptcy. -
The Zell/Lurie Real Estate Center Spring Members' Meeting
The Zell/Lurie Real Estate Center Spring Members’ Meeting 2021 Award Booklet Agenda Friday, April 30, 2021 ___________________________________________________________ 10:45 to 11:00 a.m. Welcoming Remarks Matthew J. Lustig, Chairman of Investment Banking, North America; Head of Real Estate & Lodging, Lazard; Chair, Advisory Board, Zell/Lurie Real Estate Center at the Wharton School Joe Gyourko, Nancy A. Nasher and David J. Haemisegger Director, Zell/Lurie Real Estate Center at the Wharton School 11:00 to 11:50 a.m. A Conversation with Jon Gray, President & Chief Operating Officer, Blackstone Moderator: Joe Gyourko 11:50 to 11:55 a.m. Break 11:55 to 12:45 p.m. A Conversation with Greg Davis, Managing Director & Chief Investment Officer, Vanguard, on Investment Markets Moderator: Maisy Wong, James T. Riady Associate Professor of Real Estate; Assistant Director, Grayken Program in International Real Estate, Zell/Lurie Real Estate Center at the Wharton School 12:45 to 12:55 p.m. Break 12:55 to 1:55 p.m. Panel Session: “New Economy Real Estate: Opportunities and Challenges” Moderator: Matthew J. Lustig Panelists: Panelists: Will Germain, Senior Investment Officer, Research & Innovation, Ventas Katherine Motlagh, Executive Vice President and Chief Financial Officer, CyrusOne Steve Vondran, Executive Vice President and President, U.S. Tower Division, American Tower Corporation 1:55 to 2:00 p.m. Break 2:030 to 3:00 p.m. A Conversation with Sam Zell, Chairman, Equity Group Investments, and Barry Sternlicht, Chairman & Chief Executive Officer, Starwood Capital Group Moderator: Joe Gyourko 3:00 p.m. Closing Comments Ronald J. Kravit, Senior Managing Director, Tracker Capital Management LLC; Vice Chair, Advisory Board, Zell/Lurie Real Estate Center at the Wharton School Joe Gyourko Student Awards Adam Anhang Memorial Fellowship Robert E. -
Case 1:11-Cv-09569-WHP Document 126 Filed 10/04/12 Page 1 of 39
Case 1:11-cv-09569-WHP Document 126 Filed 10/04/12 Page 1 of 39 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK : : : Consolidated Multidistrict IN RE: TRIBUNE COMPANY FRAUDULENT : Litigation CONVEYANCE LITIGATION : : 11 MD 2296 (WHP) : : DEUTSCHE BANK TRUST COMPANY AMERICAS, in : its capacity as successor indenture trustee for certain series : of Senior Notes, LAW DEBENTURE TRUST : COMPANY OF NEW YORK, in its capacity as successor : indenture trustee for certain series of Senior Notes, and : WILMINGTON TRUST COMPANY, in its capacity as : successor indenture trustee for the PHONES Notes, : : Plaintiffs, : : vs. : 11 CV 9569 (WHP) : BANK OF AMERICA N.A./GWIM TRUST : (Transferred from the OPERATIONS, : Northern District of Texas) COMERICA BANK & TRUST, NATIONAL : ASSOCIATION, in its corporate capacity and as sponsor : SECOND AMENDED of its collective investment funds, : COMPLAINT : DOUBLE BLACK DIAMOND OFFSHORE LTD. f/k/a : DOUBLE BLACK DIAMOND/OFFSHORE LDC, : FROST NATIONAL BANK, : JPMORGAN CHASE BANK, NATIONAL : ASSOCIATION, : LYXOR/BLACK DIAMOND ARBITRAGE FUND : LIMITED, : PENSON FINANCIAL SERVICES CENTURION : xxxxx9192, : : PENSON FINANCIAL SERVICES CRAWFORD, : PENSON FINANCIAL SERVICES MUSHIN TRA, : PENSON FINANCIAL SERVICES OPUS BBX, : PENSON FINANCIAL SERVICES SPECTRUM T, : PENSON FINANCIAL SERVICES, INC., : : (caption continued on next page) : 2752850.1 Case 1:11-cv-09569-WHP Document 126 Filed 10/04/12 Page 2 of 39 PENSON FINANCIAL SERVICES, INC./RIDGE, : PENSON FINANCIAL SERVICES SANO INVES, : : PENSON FINANCIAL SERVICES TRACK DATA, : STICHTING SHELL PENSIOENFONDS, : VALIC COMPANY I, : WORLDWIDE TRANSACTIONS LIMITED, : FIDELITY MANAGEMENT TRUST COMPANY, : CUSTODIAN, AND TIMOTHY L. O’ROURKE, : BENEFICIARY, TIMOTHY L. O’ROURKE IRA, : : BELLSOUTH/ALLIANCE, and : BELLSOUTH HEALTHCARE S&P 500, : : Defendants. -
Tribune Co. in Deal with Creditors to Emerge from Bankruptcy 9 April 2010
Tribune Co. in deal with creditors to emerge from bankruptcy 9 April 2010 Tribune Co. chief executive Randy Michaels described it as a "significant step forward as we continue to transform our media businesses, attract and retain talented people, and seize opportunities to grow." The Tribune Co. said that under the plan, holders of senior notes would receive 7.4 percent of the company's distributable value, which would be paid in a combination of cash, debt and stock. It said senior credit facility lenders would receive cash and debt and stock representing over 91 Chicago Tribune newspapers are offered for sale in Chicago, Illinois. The Tribune Co. announced an percent of the equity of the reorganized company. agreement with its major creditors Thursday that would allow the owner of the Chicago Tribune, Los Angeles Chicago real estate titan Sam Zell led an eight- Times and other newspapers to emerge from billion-dollar leveraged buyout of the Tribune Co. in bankruptcy. 2007. Besides the Chicago Tribune and Los Angeles Times, the Tribune Co. also owns the Baltimore The Tribune Co. announced an agreement with its Sun, the Orlando Sentinel, the Hartford Courant major creditors Thursday that would allow the and several other newspapers. It owns 23 owner of the Chicago Tribune, Los Angeles Times television stations. and other newspapers to emerge from bankruptcy. The Tribune Co. sold the Chicago Cubs baseball The Tribune Co., which filed for bankruptcy franchise and its iconic stadium, Wrigley Field, last protection in December 2008, said the deal could year. see the Chicago-based newspaper publisher and television station owner exit from bankruptcy later (c) 2010 AFP this year.