Word: buyouts
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Well, what choice does he have? For the moment, at least, NASDAQ isn't rolling out the welcome mat for most dotcoms, and high-flying Internet IPOs are practically a distant memory. Like his fellow VC wannabes, from buyout king Henry Kravis to anonymous Florida retirees, Newman isn't about to let a little thing like a bear market crush his dreams of jump-starting the next Yahoo and riding it to the bank. Never mind that the vast majority of VC bets have failed or that inexperienced players may have a tough time picking winners in a choppy market...
...elite living that the Pudding has come to epitomize. Trouble had long been brewing: club members, confined to smaller quarters and deprived of liquor, increasingly scoffed at the prospect of paying high dues and remaining in the club. In the end, the club's trustees agreed to a Harvard buyout, in the hopes of saving the decrepit building. The annual musical review will remain, along with the singing groups that make their homes in the Pudding's 12 Holyoke St. clubhouse, but the outfit will never be the same...
...With control of these high-quality drama houses, think about his ability to hammer out alliances with young playwrights who can produce good plays that also have film potential," says Stephen Bannon, managing director of the investment bank SG Cowen, who advised Stoll Moss's parent company in the buyout. And Lloyd Webber has the financial heft to produce plays himself in his new properties rather than simply rent the spaces to independent producers...
...reasoning is simple: the company has too much money. It spent $7.6 billion last year in dividends and stock buybacks. At today's share price that's enough cash to self-fund a buyout over six years--a good indication the stock won't sink much lower and stay there. Robert Sanborn, manager of the Oakmark Fund, estimates that without raising prices or touching the dividend, Philip Morris could pay $10 million a day--$2.5 billion a year--without twitching. Oakmark has a large stake in Philip Morris (and a small stake of Kadlec dollars) and has doggedly held...
...number of the SSI guards are former Harvard guards who accepted a buyout and switched to SSI, and some of the SSI guards, like Cort Ellis in Quincy House, have made an effort to learn students' names and understand the maze of entryways, floor numbers and other quirks of Harvard Houses. However, since SSI is an outsourcer trying to provide services at the lowest price, these cases are the exception rather than the rule...