September 25, 2009 |
Tom Barrack is considered one of the savviest commercial real estate investors of the last 20 years. But his bid to lure public investors to join with him fell far short this week. Barrack, the 62-year-old founder of L.A.-based real estate and private-equity giant Colony Capital, wanted to raise $500 million via a new real estate investment trust that would buy troubled commercial property debt. His Wall Street bankers could rustle up only half that sum from investors. The initial public stock offering of Colony Financial Inc. raised $250 million Wednesday by selling 12.5 million shares at $20 each, instead of the 25 million shares Barrack had wanted to issue.
August 26, 2013 |
After the coffee. Before Joe changes his passwords. The Skinny: I missed the MTV Video Music Awards, but here's my token reaction: One Direction won for song of the summer over Robin Thicke and Daft Punk? How does that make sense? Today's headlines include "The Butler's" box-office win and a new deal between Lionsgate and Tandem Communications. Daily Dose: Lionsgate has teamed up with the Munich, Germany-based company Tandem Communications to co-produce TV series internationally.
March 19, 2012 |
Stanley Gold and the family of the late Roy Disney were reinstated to the Dodgers bidding Monday, leaving five parties in contention to buy the team. The decision was disclosed by two people familiar with the sale process but not authorized to comment. The Gold/Disney bid had been rejected last week by a committee of Major League Baseball owners, amid concerns over the structure of an offer that included private equity financing to back the launch of a regional sports network.
March 15, 2012 |
Stanley Gold and Leo Hindery, the leaders of the two Dodgers bid groups rejected by Major League Baseball, will appeal to a court-appointed mediator, two people familiar with the process said Thursday. Joseph Farnan, the mediator overseeing the sale of the Dodgers for the U.S. Bankruptcy Court, is scheduled to hear from Gold and Hindery on Monday, the people said. Farnan is expected to rule Tuesday. The 30 major league owners are expected to vote to approve or reject all remaining bidders next Thursday or Friday.
CALIFORNIA | LOCAL
May 31, 2013 |
Michael Jackson lost $26 million on the first leg of the HIStory tour in the mid-1990s and was in debt for sound, lighting and other expenses, according to testimony Friday in the wrongful death suit his family has filed. Paul Gongaware, now co-CEO of AEG Live/Live Nation, testified he was brought as tour executive for the 40 concerts that made up the second leg of the world tour. “I had to go in and cut a lot of expenses," Gongaware said. "There was so much excess. " FULL COVERAGE: AEG wrongful death trial Gongaware said HIStory, at the time considered one of the most ambitious tours ever, eventually broke even.
June 27, 2013 |
After the coffee. Before going back to my salad diet. The Skinny: Had dinner at the iconic diner Pann's on Wednesday night and now I can't move. But it was worth it. Thursday's headlines include a potential scandal involving a top Miramax executive, CNN bringing back "Crossfire" and moguls getting ready for Allen & Co.'s annual Sun Valley, Idaho, conference. Daily Dose: While Food Network personality Paula Deen continues to get beaten up by the media and business partners (see below)
April 10, 2012 |
Troubled film financier David Bergstein has sued the owners of Miramax, alleging that they denied him money and an equity stake owed for his role in the acquisition of the film label from Walt Disney Co. in 2010. The suit, filed Monday in Los Angeles Superior Court by the law firm Weingarten Brown, contends that Bergstein — who has been involved in dozens of lawsuits, many related to his activities in the film business — played a crucial role in the deal to acquire Miramax. It asserts that Santa Monica private equity firm Colony Capital, one of Miramax's new owners, and its principal Richard Nanula conspired to deny Bergstein a $6.1-million fee and 3.3% stake they agreed to provide him as part of the purchase.
January 24, 2001 |
Two affiliates of buyout firm Colony Capital of Los Angeles have terminated their previously announced plan to buy casino operator Pinnacle Entertainment Inc. in a deal valued at about $1.3 billion. Glendale-based Pinnacle said the parties involved, which had previously agreed on a Jan. 31 extension of their deadline to close the deal, "mutually agreed that the merger agreement and all related transaction documents have been terminated."
November 2, 2012 |
Tom Barrack's Colony Capital is taking a big step into foreclosures. The Santa Monica real estate investment firm won an auction by the federal government to purchase 970 foreclosed homes in California, Arizona and Nevada from mortgage titan Fannie Mae for $176 million. Barrack, owner of Colony Capital in Santa Monica, has had his name associated as a contender for several high-profile deals this year. He tried unsuccessfully to buy the Dodgers and he is considered a potential bidder for Anschutz Entertainment Group, better known as AEG, the Los Angeles sports and entertainment giant behind Staples Center and L.A. Live.