Word: springered
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Dates: during 2000-2009
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...explaining the melee he instigated at a press conference to announce his upcoming heavyweight title bout with Lennox Lewis. Because of what Tyson called a "miscommunication," he got in a scuffle with Lewis' bodyguard, sparking the type of free-for-all rarely seen outside the set of the Jerry Springer Show. Tyson, who despite his pugilistic power insists on doing battle with his teeth, reportedly bit Lewis on the leg. Chances are the incident will not go over well with the Nevada State Athletic Commission, which suspended Tyson's license in 1997 after he bit off a piece of Evander...
...eponymous media empire, which is carrying up to $5 billion in bank debt and faces at least $2.1 billion in additional financial obligations. Kirch?s investors and creditors are becoming twitchy, jockeying for position to salvage any slices from what may be a crumbling pie. Last week, Axel Springer, a German publishing concern, exercised a "put" option that required Kirch to purchase $662 million-worth of shares. Later this year, British TV station BSkyB, which has a $1.5 billion "put" option, may follow suit...
Last week Axel Springer said it would exercise its $662 million "put" option to sell to Kirch an 11.5% stake in broadcaster ProSiebenSat.1 Media. (A "put" option is a risk-averse instrument that gives the holder the right to sell an asset at a predetermined price.) It demanded that the payment be settled by April. Kirch challenged the move?s legality, since the deal?s structure was reportedly left open to accommodate changes in German tax law. But as with so many of Kirch?s corporate dealings, there are subplots within subplots...
...Kirch empire?s main arms, KirchMedia already holds a 53.5% stake in ProSiebenSat.1, and is expected to merge with that company should a planned stockmarket float go ahead later this year. But another subgroup, KirchBeteiligungs, holds a 40% interest in Axel Springer. Why would Kirch permit a company in which it has such a sizable stake to cause it so much potential inconvenience? One theory is that the Springer family wants to reacquire shares in their company that Kirch bought in the late 1980s during a failed takeover attempt, and are exercising the "put" option as an arm-twisting tactic...
DIED. JOHN SPRINGER, 85, fiercely protective, proudly star-struck Hollywood publicist who more often than not tried to keep his top-of-the-A-list clients, including Marilyn Monroe, Judy Garland and Cary Grant, out of the news; in New York City. "Trust is what it's all about," he said of his job. "I feel my obligation is something like the seal of a confessional...