December 8, 2012
Re "Rethinking Prop. 13," Editorial, Dec. 6 Proposition 30 raises taxes on everyone, landed and landless. That's fair. Nevertheless, the only part of Proposition 13 that should be revisited is the two-thirds vote requirement to legislate taxes. The 1% cap on the purchase price must be left alone. In California, property changes hands so often that there is no shortage of revenue. To go back to the days of levying taxes based on current market value would increase costs of administration and would be unfair to those who don't flip houses for sport.
July 24, 2012 |
Pratt & Whitney Rocketdyne, the pioneering rocket engine manufacturing business in the San Fernando Valley, has been sold by its parent company of seven years to Sacramento aerospace and technology firm GenCorp Inc. for $550 million. The sale of Rocketdyne to GenCorp marks the combination of two iconic California rocket companies - and longtime competitors. GenCorp also owns Aerojet, the Sacramento aerospace firm founded in 1942. The deal is the latest chapter of consolidation in the aerospace industry, which has unfolded over the last two decades and has cost tens of thousands of jobs throughout the Southland.
July 1, 2012 |
If you buy a dog from a pet store or commercial breeder, California's so-called Puppy Lemon Law gives you some protections in case the animal becomes ill shortly after purchase. The law, officially known as the Pet Breeder Warranty Act, applies to cases in which the purchased dog gets sick due to an illness or disease that existed within 15 days of purchase. It also applies if problems arise in the first year after the sale because of a congenital or hereditary condition. If you want to keep the dog, the law entitles you get your money back from the seller plus up to an additional 50% of the purchase price for veterinary costs.
May 31, 2012 |
Sycamore Partners is buying Talbots Inc. for $369-million, plus debt -- a steal considering that the struggling women's retailer had snubbed earlier, higher bids. The private equity firm will take over Talbots for $2.75 a share in a board-approved deal expected to close in the third quarter. Last week, Sycamore walked away from talks with the retailer after offering $3.05 a share. In early May, Talbots had sniffed that a $3-a-share proposal was “inadequate.” Why the change of heart?
May 21, 2012 |
DaVita Inc., whose biggest shareholder is billionaire Warren Buffett's Berkshire Hathaway Inc., agreed to pay about $4.42 billion in cash and stock to acquire HealthCare Partners, continuing an international spending spree on providers of medical care. DaVita, a U.S. provider of kidney dialysis services, will pay about $3.66 billion in cash, plus 9.38 million shares of its stock, which had a value of $758 million as of May 18, for closely held HealthCare Partners, the companies said.
March 30, 2012 |
The Mega millions jackpot has soared to $640 million. Imagine what you could buy with that kind of money -- a medium-sized island, a lifetime supply of In-N-Out for a small country, or even a share of a sports team. Magic Johnson was part of a group that bought the Los Angeles Dodgers for a record $2.15 billion. If you win the lottery, you could own 31.2% of the team. Before the Dodgers deal, the previous record for the purchase price of an American sports team belonged to the Miami Dolphins, which sold for $1.1 billion in 2009.