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Jan 23, 2012

Breakingviews-ING should further carve up Asian insurance sale

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own)

By George Hay

LONDON, Jan 23 (Reuters Breakingviews) – ING’s (ING.AS: Quote, Profile, Research)
disposal of its insurance arm keeps getting smaller. The Dutch
bancassurer’s 2008 bailout left it needing to offload its entire
insurance business, which it first planned to do via separate
listings of the U.S. and Eurasian parts. Now it plans to hive
off its Asian operations to dispose on their own. To get the
best price, ING should do the splits one more time.

Jan 22, 2012

The Los Angeles Dodgers’ scramble begins

By Sue Zeidler and Tom Hals

(Reuters) – It’s almost put-up or shut-up time for the high rollers and big talkers circling one of baseball’s most storied franchises.

Monday is the targeted deadline for first-round bids for the Los Angeles Dodgers: the century-old team, the stadium and the related assets that, appropriately enough, helped usher in the modern era of big-business televised sports.

Jan 12, 2012
via Breakingviews

UniCredit’s glum backers have crumbs of comfort

By George Hay
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

UniCredit’s underwriters must need a stiff drink. The Italian bank’s 7.5 billion euro rights issue has prompted a sharp sell-off that has left its shares hovering dangerously close to the 1.94 euro subscription price. A further slump could stuff the 26 other banks that have guaranteed the offering with large quantities of unwanted shares. That would be embarrassing, but need not be a disaster.

Jan 11, 2012

Breakingviews-UniCredit’s backers have crumbs of comfort

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own)

By George Hay

LONDON, Jan 11 (Reuters Breakingviews) – UniCredit’s
(CRDI.MI: Quote, Profile, Research) underwriters must need a stiff drink. The Italian
bank’s 7.5 billion euro rights issue has prompted a sharp
sell-off that has left its shares hovering dangerously close to
the 1.94 euro subscription price. A further slump could stuff
the 26 other banks that have guaranteed the offering with large
quantities of unwanted shares. That would be embarrassing, but
need not be a disaster.

Jan 10, 2012

Exclusive: The troubled history of PIP’s implants man in America

WILMINGTON, Delaware (Reuters) – When the French firm at the center of a breast implant scandal sought to expand its U.S. business a decade ago, it turned to Donald McGhan, a pioneer in the implant industry with a history of legal troubles.

McGhan’s career traces back to the laboratory at Dow Corning where the first breast implants were made in the early 1960s. By the time he partnered with France’s Jean-Claude Mas, founder of Poly Implant Prothese (PIP), in 1999, he had been sued by shareholders who accused him of stealing money, was being investigated by the Securities and Exchange Commission for false accounting and had been replaced from his position as chief executive at one of the world’s leading implant makers.

Dec 23, 2011

Fox wins stay of LA Dodgers media rights sale

By Tom Hals

(Reuters) – Fox Sports won a round in the battle over telecast rights to Los Angeles Dodgers games starting in 2014 when a federal judge on Friday granted the News Corp company’s request to temporarily halt sale of the rights.

The media rights sale process, which is expected to be worth billions of dollars and is central to the bankrupt team’s search for new ownership, had been approved by a bankruptcy court, but Friday’s order by Delaware District Court judge Leonard Stark stayed that ruling until January 12.

Dec 19, 2011

Attorneys in Southern Copper case nab $285 million fee

WILMINGTON, Delaware (Reuters) – The plaintiffs’ attorneys in a shareholder lawsuit involving Southern Copper Corp won a blockbuster $285 million fee award from Delaware’s Chancery Court on Monday.

It is believed to be the biggest fee award ever by the court, one of the busiest venues in the United States for commercial litigation.

Dec 15, 2011

U.S. settlement reached in Chinese drywall case

By Tom Hals

(Reuters) – Owners of thousands of U.S. homes tainted with foul-smelling Chinese drywall agreed to a legal settlement worth up to $1 billion on Thursday, according to an attorney for the homeowners.

The settlement is to be paid by German manufacturer Knauf International, whose Chinese subsidiary made the tainted product that has been blamed for producing a stench and fumes that damage air conditioning, wiring and fixtures. The pact requires court approval.

Dec 14, 2011

Judge approves settlement over “icky” J Crew buyout

, Dec 14 (Reuters) – A judge
approved a shareholder class action settlement over the
controversial buyout of J Crew Group Inc on Wednesday, and
blasted the retailer’s sale process as “icky.”

The settlement caps a buyout in which J Crew Chief
Executive, Millard Drexler negotiated the $3 billion sale before
telling his board. Shareholders approved the deal narrowly, in a
cliff-hanger vote.

Dec 13, 2011

Lead plaintiff opposes settlement of J Crew lawsuit

By Tom Hals

(Reuters) – A shareholder leading a class lawsuit over the J Crew Group Inc buyout has taken the unusual step of fighting his attorneys, accusing them of settling the case for a pittance, according to court documents.

J Crew investor Martin Vogel accused the attorneys representing him and other lead plaintiffs of conflicts of interest and rushing to settle, and asked Delaware’s Chancery Court to reject the settlement.

    • About George

      "George Hay writes about the banking and property sectors. He joined from Thomson Financial News, where he was a companies correspondent. Before that he worked at United Business Media, where he was news editor of Building Magazine. He has a first in English Literature from Edinburgh University, and was nominated in two categories at the 2009 Business Journalist of the Year Awards."
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