As Fisker Automotive speeds toward a bankruptcy deal, the future of whether the Karma, Fisker’s luxury hybrid sports car, will ever be produced in Delaware remains uncertain. However, a glimmer of hope remains in a recent deal between the U.S. Department…
Saturday, December 21, 2013
Tuesday, December 17, 2013
A yoga-loving billionaire with a private zoo and priceless modern art collection, Georgia's enigmatic Prime Minister Bidzina Ivanishvili rose from dire poverty to the pinnacle of power in the ex-Soviet state. Tycoon Ivanishvili —- a self-styled anti…
Monday, December 16, 2013
taos ski valley is synonymous with a new mexico winter... for nearly 60 years it's also been synonymous with the blake family... but that era will soon be over-- a hedge-fund billionaire has bought the resort for an undisclosed price from the family…
Friday, December 13, 2013
Dec. 2 (Bloomberg) --- James Dyson talks to Bloomberg Businessweek about what he looks for in potential hires. (Source: Bloomberg) -- Subscribe to Bloomberg on YouTube: http://www.youtube.com/Bloomberg Bloomberg Television offers extensive coverage…
Wednesday, December 4, 2013
Dec. 2 (Bloomberg) --- The owner of one of the world's most prestigious super-yacht builders is investing millions in a new shipyard. In a rare interview, Omani owner Mohammed al-Barwani, told Bloomberg the super-yacht business is expanding and new,…
Monday, December 2, 2013
Billionaire gambling tycoon James Packer has reportedly found love with top Australian model Miranda Kerr, just weeks after both announced marriage break-ups. Packer recently split with wife Erica Baxter, mother of his three young children, with the…
Monday, November 25, 2013
Saturday, November 23, 2013
Friday, November 22, 2013
How do tech billionaires spend it all? Check out the toys and palatial homes owned by 10 of geekdom's rich and famous. It's been a month since Oracle Team USA's sensational comeback to victory in the 34th America's Cup. And in the wake of this win --…
Thursday, November 21, 2013
According to a report by Sahara Reporters, the Special Enforcement Unit of Federal Inland Revenue Service has arrested billionaire businessman, Jimoh Ibrahim, over a tax fraud that runs into N6.8b. Sources within the unit told Sahara reporters that…
Wednesday, November 20, 2013
Nov. 20 (Bloomberg) -- In today's "Movers & Shakers," Bloomberg's Deirdre Bolton reports that News Corp CEO Rupert Murdoch is nearing a divorce settlement to end his 14-year marriage. She speaks on Bloomberg Television's "In The Loop." -- Subscribe…
Tuesday, November 19, 2013
Would you turn down $3 billion? According to The Wall Street Journal, the founders of communications-startup Snapchat did just that, after Facebook approached them about a possible buyout. The newspaper quoted anonymous sources “briefed on the matter…
Monday, November 18, 2013
Video News by NewsLook The billionaire casino owner says children and the poor are at risk thanks to easy access to online gambling.
Saturday, November 16, 2013
Friday, November 15, 2013
Thursday, November 14, 2013
Flamboyant mining tycoon Clive Palmer was elected to Australia's parliament on Thursday after he won a marathon recount for a seat in his home state of Queensland, reports said. The billionaire, famous for building a full-scale replica of the Titanic…
Wednesday, November 13, 2013
Our farm system is totally rigged for generally very wealthy (made wealthier with our tax dollars) agribusiness participants. But the Republicans won’t attack this kind of welfare because it benefits constituencies in rural and generally Republican…
Tuesday, November 12, 2013
"No matter what you start with, it's never what you end up with," says Lynn Tilton, founder of Patriarch Partners, LLC. "You have to stay flexible and move with the variables and the obstacles. Holding on tight to a business plan will usually not get…
Monday, November 11, 2013
Saturday, November 9, 2013
"The funding comes to people who are creating the products that people want.... The best venture capitalist is your customer," says Naveen Jain, founder of the World Innovation Institute, Intelius, Moon Express, inome and Infospace. Watch more 'Startup…
Monday, October 21, 2013
Chinese billionaire, Wang Gongquan, a supporter of the fragile Chinese civil rights movement, is thrown in jail for mouthing off against the powers that don't want to hear this nonsense.
The Beijing crackdown continues.
Saturday, October 19, 2013
In the aftermath of another wild week of trading in which the US Dollar Index closed below the key psychological level of 80, today billionaire Eric Sprott told King World News that gold and China will dominate the world going forward. The Canadian…
Friday, October 18, 2013
Fidelity Billionaire Johnson Taps ETFs as Profits for Funds Fade When Abigail Johnson began her apprenticeship at Fidelity Investments 25 years ago, the Boston-based firm founded by her grandfather was the nation’s biggest mutual-fund company and…
Thursday, October 17, 2013
Basketball team owner, (alleged) insider trader, entrepreneur and charmer of Texas juries with many women says after his aquital:
"I am glad this happened to me," Cuban told The Wall Street Journal. "I am glad I am wealthy enough to stand up to the SEC."
Wednesday, October 16, 2013
Tuesday, October 15, 2013
Sony's chief executive on Friday brushed off suggestions of bitter relations with a US hedge fund boss after the company rejected his call to spin off its entertainment arm. The affair was widely portrayed as a clash of corporate cultures, pitting a…
Monday, October 14, 2013
Sunday, October 6, 2013
Saturday, October 5, 2013
Oct. 2 (Bloomberg) --- Italy continues to be on the brink of a political meltdown, with Silvio Berlusconi's People of Freedom party trying to torpedo the government. Bloomberg Television's David Tweed looks at the numbers behind the former prime minister…
Thursday, October 3, 2013
The CEO of Mamma.com told billionaire Mark Cuban that the company planned to sell more shares to the public which would dilute the value of Cuban's stake.
"I was upset," Cuban testified Thursday in court in Dallas. But he said he couldn't remember anything else that would help prosecutors convict him.
Wednesday, October 2, 2013
A report by the French Institute of Demographic Studies projected there would be 10 to 11 billion people on the planet earth by the end of the century.
Tuesday, October 1, 2013
Monday, September 30, 2013
The insider-trading case against Mark Cuban goes to trial
The billionaire owner of the Dallas Mavericks, Mark Cuban, goes to trial where he is accused of using insider information sell stock in an Internet company in 2004 before the shares fell dramatically. Cuban avoided $750,000 in losses to live the lifestyle he is accustomed to living in the Big D.
Friday, September 27, 2013
Thursday, September 26, 2013
At a recent fundraiser at Harvard, Microsoft co-founder Bill Gates, admits that the keyboard shortcut Ctrl-Alt-Del was "a mistake." One button would have done the trick.
Thanks Bill. We appreciate the update.
But, wait. He pasted the blame on to the guy from IBM who designed the keyboard who has confessed to the thoughtlessness. Thanks IBM.
So to conclude, it was "a mistake" - not a bug or a feature.
Wednesday, September 25, 2013
Tuesday, September 24, 2013
Lynn Tilton founded Patriarch Partners, LLC in 2000 and now manages more than 75 companies with revenues exceeding $8 billion. "This business really started with a mission orientation. I really wanted to come back and prove that making money and making…
Monday, September 23, 2013
Sept. 23 (Bloomberg) --- Billionaire hedge funder John Paulson has just bought the seven star St. Regis Bahia Beach resort. This purchase may mark the first step in Paulson becoming a central figure in the Puerto Rican business world. Bloomberg Television…
Friday, September 20, 2013
Speaking at Georgetown University's Business School alongside with crony capitalist CEO Brian Moynihan, Warren Buffett has some rules millionaires and billionaires.
First: The "rich must learn to live on $500 million" and donate the rest.
Got that? The new Buffett rules. They apply to everyone else expect old Warren himself. See you at the country club Warren.
Thursday, September 19, 2013
Wednesday, September 18, 2013
Heavily invested in precious metals and natural resources, Ned isn't bullish at all on the greenback despite its very nice recent rise against the Canadian Dollar. Economists expect the US Dollar to appreciate this year against the looooooonie.
Good old Ned warns us that: "during this period, it is likely to get quite ugly...."
Ugly? Like the lack of recent success of Canadian teams with the Stanley Cup?
Monday, September 16, 2013
Yes, Mark Zuckerberg is back in the top 20 on the Forbes list of the 400 richest Americans. The Facebook co-founder and CEO saw his net worth double over the past year to $19 billion.
The reason for the "Greed is Good at Facebook" article title is that Zuckerberg owns over 20% of Facebook's outstanding common stock. This is truly amazing for a founder or co-founder of any public company to exert this much control and to have retained this percentage of shares.
The business press will not emphasize this, but your reliable reporters at Think Billions will.
Zuckerberg's net worth doubled because Facebook's stock has recovered nicely in 2013. It is as simple as that.
Facebook: the ultimate job security for Mark Zuckerberg.
Saturday, September 14, 2013
Friday, September 13, 2013
Tuesday, September 10, 2013
Monday, September 9, 2013
I continue to believe that the price being paid by Michael Dell/Silver Lake to purchase our company greatly undervalues it, among other things, because:
Dell is paying a price approximately 70% below its ten-year high of $42.38; and The bid freezes stockholders out of any possibility of realizing Dell’s great potential.
Although the board accepted Michael Dell/Silver Lake’s offer in February, it promised stockholders that the Company would hold a meeting at which stockholders could make the final decision as whether or not to accept the transaction. The board recommended that stockholders vote in favor of the proposed transaction because it was Michael Dell/Silver Lake’s “best and final offer”. Icahn and Southeastern argued that stockholders should not give up the huge potential of Dell and therefore should reject the proposed transaction. We won, or at least thought we won, but when the board realized that they lost the vote, they simply ignored the outcome. Even in a dictatorship when the ruling party loses an election, and then ignores its outcome, it attempts to provide a plausible reason to justify their actions. Andrew Bary at Barron’s wisely observed, “In an action worthy of Vladimir Putin, Dell postponed a vote scheduled for last Thursday on Michael Dell’s proposed buyout of the company when it became apparent that there was insufficient shareholder support for the deal.” But the Dell board felt they needed no excuse when they changed the voting standard and changed the record date of those eligible to vote, which allowed arbitrageurs to vote a much greater percentage of the stock when the polls reopen and scheduled the annual meeting for October. The board simply relied on the usual “business judgment” catchall and Delaware law to uphold their actions. We jokingly ask, “What’s the difference between Dell and a dictatorship?” The answer: Most functioning dictatorships only need to postpone the vote once to win.
As a result of 1) the change in the record date allowing new stockholders to vote on the proposed Michael Dell/Silver Lake transaction on September 12th, 2) Chancellor Strine’s ruling that a gap period between the September 12th meeting and the annual meeting was legal under Delaware law and 3) the raise in the bid by Michael Dell/Silver Lake, we have determined that it would be almost impossible to win the battle on September 12th.. We have therefore come to the conclusion that we will not pursue additional efforts to defeat the Michael Dell/Silver Lake proposal, although we still oppose it and will move to seek appraisal rights.
I realize that some stockholders will be disappointed that we do not fight on. However, over the last decade, mainly through “activism” we have enhanced stockholder value in many companies by billions of dollars. We did not accomplish this by waging battles that we thought we would lose. Michael Dell/Silver Lake waged a hard fought battle and according to Chancellor Strine, the actions by Dell were within the Delaware law. We therefore congratulate Michael Dell and I intend to call him to wish him good luck (he may need it).
While we of course are saddened at our losing the battle to control Dell, it certainly makes the loss a lot more tolerable in that as a result of our involvement, Michael Dell/Silver Lake increased what they said was their “best and final offer”. As a result of this increase all stockholders are to receive many hundreds of millions of dollars more than the board originally accepted. We will never know how much more stockholders might have received if the board had allowed the annual meeting to proceed at the same time as the rescheduled special meeting which we believe would have put pressure on Michael Dell/Silver Lake to increase their bid.
One of the great strengths of our country is that we abide by the rule of law. However, state laws dealing with corporate governance often favor incumbent corporate boards and management and are weak in many areas. While we must abide by these laws, we believe that they can and must be changed. Among many other things, boards should not be able to treat elections as totalitarian dictatorships do; where if they lose, they simply ignore the results.
The Dell board, like so many boards in this country, reminds me of Clark Gable’s last words in “Gone with the Wind,” they simply “don’t give a damn.” If you are incensed by the actions of the Dell Board as much as I am, I hope you will choose to follow me on Twitter where from time to time I give my investment insights. I also intend to point out what I consider to be unconscionable actions by boards and discuss what remedies shareholders may take to change the situation.
I wish to take this opportunity to thank all Dell shareholders who supported Southeastern and Icahn.
Very truly yours,
Thursday, September 5, 2013
The English Premier League's standing as the world's richest sporting competition remains intact after the transfer window closed late on Monday night. The 20 Premier League clubs between them shelled out a massive total of £630 million ($1,012 million…
Tuesday, August 27, 2013
via the Financial Times.....
US authorities are demanding JPMorgan Chase pay more than $6bn to settle allegations it mis-sold securities to government-backed mortgage companies in the run-up to the financial crisis.....
Monday, August 26, 2013
Thursday, August 22, 2013
Spoke to Tim. Planning dinner in September. Tim believes in buyback and is doing one. What will be discussed is magnitude.— Carl Icahn (@Carl_C_Icahn) August 22, 2013
Monday, August 5, 2013
Friday, August 2, 2013
Mike Ilitch is a Detroit-born American entrepreneur and founder of Little Caesars Pizza. He owns the sports teams: the Detroit Red Wings of the National Hockey League and Detroit Tigers of Major League Baseball.
Ilitch was born in Detroit to Macedonian immigrants. His father was a tool-and-die maker.
In an attempt to do something positive for his Red Wings hockey team and the city of Detroit, the new hockey arena has emerged and been finalized.
As a result, the critics and haters have emerged as well. Why? That is their profession. They hate and critique. And hate some more.
Just remember, Mike, your haters and critics could not survive 20 seconds out on the ice even in a pond hockey pick up game. Good luck with your hockey arena in Detroit.
Wednesday, July 17, 2013
Stockholders of Yahoo should love Marissa Mayer since the stock is up 13% over the past year.
Employees of Yahoo seem to love both her focused and demanding style at the same time.
Wall Street is giving her mixed reviews due to the recent Q2 earning release and lack of confidence in revenue guidance going forward. Yes, profits are up, yet sales are flat and are drifting lower.
The honeymoon is now over. Can Marissa Mayer save the day?
Tuesday, July 16, 2013
Friday, July 5, 2013
Steve Cohen, Chicago billionaire hedgy, is without doubt enjoying his 4th of July weekend holiday. Throw some more dogs on the grille, baby. It's party time. Invite the neighbors, honey.
It looks as if the federal prosecutors have either botched the case against him or didn't have enough of a case all along.
This case was about the insider-trading scheme run by SAC portfolio manager, Mathew Martoma.
Insider trading is always so very tough to prove. However, it gives lawyers on both sides something to do. And in a tough employment environment for jobs for lawyers, it could be viewed on win-win terms for the legal industry.
Enjoy watching Cubs baseball this weekend!