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BUSINESS
March 22, 2013 | By Chad Terhune, Los Angeles Times
UCLA and the nation's largest Catholic healthcare system are teaming up on a potential acquisition of St. John's Health Center, a storied Santa Monica hospital up for sale after a recent management shake-up. The partnership between UCLA Health System and Ascension Health Alliance in St. Louis is one proposal under consideration by St. John's and its nonprofit Catholic owner, the Sisters of Charity Leavenworth Health System in Denver, according to people familiar with the matter. "No decisions have been made" about a possible sale of the hospital, St. John's interim Chief Executive Mike Wall told physicians this week in an internal memo.
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ENTERTAINMENT
March 21, 2013 | By Richard Verrier
Prime Focus, the Indian visual effects and 3-D conversion company, has emerged as a possible buyer for Rhythm & Hues, the prominent visual effects company which recently filed for bankruptcy protection. Prime Focus had previously attempted to provide $20 million in financing to Rhythm & Hues, but the deal fell through prior to the company's bankruptcy filing last month. Now Prime Focus, one of India's leading visual effects and post-production companies, with a large operation in Hollywood, is one of three leading bidders to acquire El Segundo-based Rhythm & Hues, according to a source close to the studio who was not authorized to discuss bids.
BUSINESS
March 14, 2013 | By Ricardo Lopez
Billionaire Philip Anschutz said Thursday he has decided not to sell AEG, the entertainment giant that controls the Staples Center, LA Live and the Los Angeles Kings. Anschutz said he plans to resume a more active role in the company. He announced in September that he was seeking bidders in a sale that some insiders said could fetch $7 billion. AEG: A look back Potential bidders for the company were said to be Los Angeles billionaire Patrick Soon-Shiong, and well-known names such as Mark Cuban and powerhouse Santa Monica investment firm Colony Capital.
ENTERTAINMENT
March 8, 2013 | By Richard Verrier
JS Communications Co., a South Korean entertainment and media company, has signed a letter of intent to acquire the assets of El Segundo-based Rhythm & Hues, the visual effects house that recently filed for bankruptcy protection from creditors. JS Communications, a diversified entertainment and media company, on Thursday agreed to enter into negotiations to buy Rhythm & Hues, according to a document filed in U.S. Bankruptcy Court in Los Angeles. Rhythm & Hues retained investment banking firm Houlihan Lokey Capital Inc. to solicit bids for Rhythm & Hues, which recently won an Oscar for its work on the Ang Lee movie "Life of Pi," and is one of Hollywood's premiere visual effects companies.
BUSINESS
January 29, 2013 | By Tiffany Hsu and Ricardo Lopez
The dismantling of Hostess Brands Inc. continued this week as bidders, including the owner of Pabst Brewing Co., emerged to buy the bankrupt company's bread and cake brands. C. Dean Metropoulos & Co., the private equity firm that owns the popular Pabst beer label, is one of the likely stalking horse bidders for Hostess cake brands such as Twinkies, Ho Hos, Ding Dongs and CupCakes, according to a person close to the deal. Metropoulos would be joined by Apollo Global Management, a private equity firm that owns major companies such as Carl's Jr. parent CKE, the source said.
BUSINESS
January 22, 2013 | By David Undercoffler, Los Angeles Times
A pair of classic Ferraris sold for more than $8 million apiece. The original Batmobile fetched more than $4.6 million. A racing Porsche from 1959 brought in $3.1 million. At a series of Arizona classic car auctions last week, these and hundreds of other cars sold for an average of more than $100,000 - a big jump over the average of about $85,000 last year, according to Hagerty Insurance Agency, which insures and tracks values of classic cars. The total take for the auctions in Scottsdale and Phoenix jumped 22% from last year, to nearly $224 million.
BUSINESS
January 12, 2013 | By Tiffany Hsu
Following a week of uncertainty, a federal bankruptcy judge in Seattle confirmed that actor Patrick Dempsey beat out bidders such as Starbucks to win control of Tully's Coffee. The stud known as McDreamy emerged triumphant after a court hearing Friday in which Judge Karen Overstreet decided that the “Grey's Anatomy” actor could take over bankrupt Tully's for $9.15 million. “I'm thrilled that we prevailed,” Dempsey said in a statement. “From Day One, we have been focused on saving jobs, keeping Tully's independent and infusing new life and enthusiasm into the company.” Dempsey's company Global Baristas - which pitched its interest in Tully's as a way to save the company's 500 jobs - had gone up in an auction earlier this month against six other suitors, many with larger offers.
BUSINESS
January 10, 2013 | By Tiffany Hsu, Los Angeles Times
Patrick Dempsey may enjoy the return Thursday of the "Grey's Anatomy" TV series, but the would-be owner of the Tully's Coffee chain will be in a more somber mood Friday as a U.S. bankruptcy judge decides whether the actor's bid for the Seattle firm wins out. Last week, Dempsey, nicknamed McDreamy by his adoring fans, triumphantly announced that the company had chosen his $9.15-million bid. Dempsey's group, Global Baristas, said it would keep Tully's...
BUSINESS
January 10, 2013 | By Tiffany Hsu
It's not just the “Grey's Anatomy” mid-season premiere Thursday night weighing on Patrick Dempsey's mind - the would-be coffee company owner is facing several objections to his pending purchase of Seattle's Tully's chain. Last week, the actor known as McDreamy triumphantly announced that his group Global Baristas' $9.15-million bid for Tully's was deemed the winner by the bankrupt company. Several of the six other bidders, however, now say they won't go away without a tussle.
BUSINESS
November 30, 2012 | By Tiffany Hsu, Los Angeles Times
Hostess Brands Inc., in the midst of winding down its business, won approval Thursday from a federal bankruptcy judge to give as much as $1.75 million in bonuses to its executives. The money is intended as an incentive for 19 top-level managers to remain with the Twinkies and Ding Dongs maker to oversee its liquidation. The payouts will be granted only if managers "achieve a set of specific tasks and goals within a specified time frame that are designed to speed and lower the cost of the wind-down," Hostess spokesman Lance Ignon said.
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