Word: marriott
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Under a plan announced last fall, Marriott will divide into Marriott International, a hotel operation: and Host Marriott, a real estate, airport and toll road concessions business that will carry most of the company's $2.9 billion in debt...
According to the terms of the split, Harvard will no longer receive a dividend on its preferred stock, and those shares will be convertible only into shares of the highly leveraged Host Marriott...
...University owns 480,300--or 12 percent--of Marriott's four million preferred shares, an investment which, as of yesterday, is worth more than $35 million...
...essence, Allen said in his decision that if the University was so concerned about the split, it should not have invested so heavily in Marriott. The judge wrote that Harvard continued to purchase preferred stock in Marriott even after March 15, when the company first announced there would be no dividends...
Allen also dismissed a charge made by Harvard's lawyers that the split was rigged to keep three Marriott family members on the company's board of directors. The judge called that suggestion "dark" and "Machiavellian...