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Some industry experts believe that returns from these investments could rival the huge profits pocketed by investors during the Government Resolution Trust Corp. bailout of the savings-and-loan debacle of the late 1980s and early '90s. Back then, vulture investors picked up distressed assets at pennies on the dollar, and returns often exceeded...
Investors may be jittery, having watched a number of mortgage REITs, such as New Century Financial Corp. and American Home Mortgage Investment Corp., file for Chapter 11 bankruptcy protection over the past couple of years, and others, such as Arbor Realty Trust and Gramercy Capital, struggling to stay afloat. Even Starwood's newest offering could stir concerns if investors check out the sour performance of one of Sternlicht's previous specialty finance companies, iStar Financial...
That is true even of Sheldon Adelson, who has lost more during this recession than anyone else on the planet. The 76-year-old chairman of the Las Vegas Sands Corp., which owns the Venetian hotel, the Sands Expo and Convention Center and the Venetian Macao, was in 2007 and '08 the third richest person in the world, with - by his estimate - a net worth of $40 billion. By February of this year, he said he had lost $36.5 billion - more than the GDP of half of the countries in the world. In the years before that slide, banks were...
...learn that Murdoch didn't have an e-mail address, could barely use his cell phone and had not been on the Internet unaided. "Technology," writes Wolff, "has always been regarded as one of those things, like fancy hotels, or long-form writing, that are not part of [News Corp.'s] culture...
There's a third way, suggests Doctor, which Murdoch might actually be envisaging. He thinks a type of all-access pass to News Corp.'s media properties would work. It could be delivered to any screen - a phone or other wireless device, an e-reader, a computer or a TV - all for $10 to $15 a month. Conventional wisdom is that it can't be done any other way, that people simply won't pay for news on their computer when they can get it elsewhere for free...