Dish Network Corp. won Blockbuster Inc. in a bankruptcy auction for about $320 million, a move that could see the second-largest U.S. satellite TV provider tapping the movie rental chain’s online content to strengthen its offerings. Get the full story »
Inside these posts: Carl Icahn
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Dish, Icahn reportedly make bids for Blockbuster
Dish Network Corp., the satellite-television company controlled by Charlie Ergen, and billionaire investor Carl Icahn have each submitted bids for Blockbuster Inc. before a bankruptcy court auction next week, said people familiar with the matter. Get the full story »
Dynegy warns of bankruptcy, names 4 directors
Dynegy Inc. warned it could seek bankruptcy protection if it cannot amend or replace its existing loan facility, the latest twist in the power company’s bumpy effort to restructure itself.
Investors seemed to mostly shrug off the warning, made in a regulatory filing, as the company’s shares fell 1.7 percent. Get the full story »
Blockbuster faces possible evictions as woes mount
Blockbuster’s landlords want to evict the bankrupt movie rental chain from dozens of stores if they are not immediately paid past-due rent, adding to the company’s woes in Chapter 11.
Blockbuster is already facing demands from the film studio behind the hit “Twilight” vampire series that it pay its bills or liquidate. Get the full story »
Icahn’s investment in Motorola declines in value
From Bloomberg News | Activist investor Carl Icahn is loading up on shares of Clorox, his most recent investment, after the shares of some of his other investments have declined in value. According to Bloomberg data, Motorola Inc. and Lions Gate Entertainment Corp. are worth less now than when Icahn’s stakes in the companies were first disclosed.
Blockbuster prepares itself for sale
Blockbuster Inc., which filed for bankruptcy last year, is preparing to put itself up for sale after creditors disagreed on plans to give the chain more cash, the Wall Street Journal reported Thursday, citing unnamed sources. Get the full story »
Blockbuster hits creditors up for another $250M
Blockbuster Inc. is asking creditors to put up more money to help it exit bankruptcy protection, prompting a debate among bondholders about whether to invest further in the struggling video chain or put it up for sale, people familiar with the matter said.
When Blockbuster filed for Chapter 11 protection in September, the company had agreed to turn ownership over to its creditors. But after poor holiday sales and new estimates for a costlier turnaround, the company is asking bondholders for an additional $200 million to $250 million to be used after the chain exits court protection. Get the full story »
Icahn takes 11.4% stake in Motorola Mobility
Carl Icahn in 2007. (Terrence Antonio James/Chicago Tribune)
Activist investor Carl Icahn owns 11.4 percent of the newly formed Motorola Mobility, according to regulatory documents filed with the U.S. Securities and Exchange Commission.
Icahn had been steadily building his stake in the old Motorola Inc. prior to the company’s separation into two independent, publicly traded companies on Jan. 4. Motorola Mobility, which makes mobile phones and TV set-top boxes, was spun off from Motorola. The remaining company, which makes communications equipment for government and business customers, was renamed Motorola Solutions.
According to regulatory filings, Icahn has 33.5 million shares in Motorola Mobility. His stake in the new company is roughly on par with his stake in the old Motorola. Get the full story »
FTC clears Icahn takeover of Dynegy
Carl Icahn’s $665 million cash takeover of power producer Dynegy Inc. received clearance from the Federal Trade Commission Tuesday.
The billionaire investor’s deal follows a failed bid by private equity firm Blackstone Group LP. Icahn, Dynegy’s largest shareholder, opposed the $5 per share deal arguing it undervalued the company. Get the full story »
Creditor sues Icahn over Blockbuster bankruptcy
Disgruntled Blockbuster Inc. creditor Lyme Regis Partners LLC has sued Carl Icahn, alleging that the billionaire investor set the video-rental chain up to fail so he could take it over.
In the lawsuit filed last week in the U.S. Bankruptcy Court in Manhattan, junior bondholder Lyme Regis said Icahn took advantage of his “insider” status, including his approval of a 2009 bond issuance while he served as a Blockbuster board member, to put himself in a position to own the company upon its emergence from Chapter 11. Get the full story »
Carl Ichan to buy Dynegy for $665M
Billionaire investor Carl Icahn said he had agreed to buy power producer Dynegy Inc for $665 million in cash, just three weeks after a bid by private equity firm Blackstone Group failed to win over Dynegy shareholders.
The offer of $5.50 a share by Icahn Enterprises LP is 10 percent higher than Blackstone’s bid and calls for Dynegy to continue soliciting other buyers until Jan. 24, the companies said in a press release. Get the full story »
Dec. 9, 2010 at 8:29 a.m.
Filed under: Mansueto joins billionaires giving away half of wealth
Joe and Rika Mansueto at their home in Chicago on May 9, 2008. (Handout)
Another 17 U.S. billionaires, including Facebook co-founders Mark Zuckerberg and Dustin Moskovitz as well as Morningstar’s Joe Mansueto, have pledged to give away at least half their fortunes in a philanthropic campaign led by Warren Buffett and Bill Gates.
A total of 57 billionaires now have joined The Giving Pledge, which was launched by Microsoft founder Gates and investor Buffett in June. The campaign announced the new pledges in a statement late Wednesday.
Gates, his wife Melinda, and Buffett have asked U.S. billionaires to give away at least half their wealth during their lifetime or after their death, and to publicly state their intention with a letter explaining their decision. Get the full story »
Dec. 1, 2010 at 10:32 a.m.
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Filed under: Cell phones, Chicago executives, Personnel moves, Technology Motorola introduces new board of directors
Motorola unveiled Wednesday its board of directors for Motorola Solutions, one of the two new companies that will result from a planned split in January.
The separation is scheduled for Jan. 4, 2011. On that date, Motorola will spin off Motorola Mobility, a company led by current co-Chief Executive Sanjay Jha that will focus on mobile devices and television set-top boxes. The remaining company, headed by co-CEO Greg Brown, will become Motorola Solutions and trade on the New York Stock Exchange under the ticker symbol “MSI.” Motorola Solutions will make communications equipment and software for public safety, government and industrial sectors. Get the full story »
Icahn raises stake in Motorola to 11.3%
Activist investor Carl Icahn has increased his stake in Schaumburg-based Motorola Inc. to about 11.3 percent, up from a 10.7-percent holding he disclosed at the end of August.
In filings with the U.S. Securities and Exchange Commission, Icahn said he spent about $120.9 million to buy 15.2 million additional shares of Motorola on Tuesday. Get the full story »
Blockbuster shareholder group stands up to Icahn
A large group of Blockbuster Inc. shareholders is seeking a better offer for the bankrupt movie rental chain than the deal that would put billionaire Carl Icahn and a group of hedge funds in control.
Shareholder Greg Maggipinto said he and other investors who own up to 40 percent of the stock think Icahn’s deal, which would wipe out his holdings, undervalues the company. Get the full story »
