LOS ANGELES, May 9 (Reuters) – Hostess Brands Inc said it
expects several interested parties to submit bids for the
bankrupt maker of Twinkies by Wednesday’s deadline.
“There are interested parties. Bids are due today,” said a
spokeswoman for Hostess, which late last week warned all of its
18,500 employees they may be laid off.
LOS ANGELES (Reuters) – The group that paid a record $2.15 billion to buy the Los Angeles Dodgers baseball team expects to boost the return on their investment by creating value with stadium improvements, aggressive investment on talent and by exploring a regional sports network after a TV contract with Fox ends.
“It’s a lot of money, but if we do our jobs right … the long-term point of view is that people will see that the value was there,” said Mark Walter, the team’s new chairman who is also chief executive officer of private equity firm Guggenheim Partners, at a news conference.
By Sue Zeidler
(Reuters) – The Los Angeles Dodgers’ $2 billion sale creates a new game plan for loss-making sports teams hoping to command top dollar — file for Chapter 11.
The deal, sealed on Tuesday, saw the team sold to a consortium including basketball legend Earvin “Magic” Johnson, came after months of bickering and side-step efforts by Major League Baseball (MLB) to control the process.
LOS ANGELES (Reuters) – Toyota Motor Corp (7203.T: Quote, Profile, Research, Stock Buzz) has won the tentative dismissal of some claims in the class-action lawsuit brought by owners of its vehicles over problems with sudden acceleration.
In what would be a victory for Toyota if the ruling becomes definitive, U.S. District Judge James Selna in Santa Ana, California, said New York and Florida class representatives cannot bring claims under their states’ laws for lost value in their vehicles due to Toyota’s recalls for sudden, unintended acceleration.
LOS ANGELES (Reuters) – Singer-songwriter Carly Simon, 66, known for 1970s smash hits like “You’re So Vain,” is being honored this week with the prestigious ASCAP (American Society of Composers, Authors and Publishers) Founders Award.
The award comes four decades after Simon released her first solo record, the self-titled “Carly Simon” with the break-through hit “That’s the Way I’ve Always Heard it Should Be,” followed quickly by her “Anticipation,” album and then “No Secrets” with the single, “You’re So Vain.”
/LOS ANGELES, April 13 (Reuters) – The Los
Angeles Dodgers’ sale to a group led by basketball legend Earvin
“Magic” Johnson for $2.1 billion and the Major League Baseball
team’s plan to exit Chapter 11 this month were approved by a
U.S. bankruptcy judge on Friday.
The approval was needed by midnight to allow the team to
exit bankruptcy by April 30 and provide the cash for outgoing
owner Frank McCourt to meet a deadline for paying his ex-wife
Jamie McCourt about $130 million.
March 28 (Reuters) – He didn’t go to a Major League Baseball
game until he was 20, yet at age 51, Mark Walter is leading the
group buying the Los Angeles Dodgers for a record $2.1 billion.
Walter, CEO of financial services firm Guggenheim Capital
LLC, is the money guy in a disparate consortium that includes
basketball icon entrepreneur Earvin “Magic” Johnson, long-time
baseball executive Stan Kasten and Hollywood heavyweight Peter
LOS ANGELES (Reuters) – A group spear-headed by former basketball great Earvin “Magic” Johnson agreed to buy the Los Angeles Dodgers baseball team for a record $2 billion, team owner Frank McCourt announced on Tuesday, capping a two-year drama that started with McCourt’s divorce and wound its way through bankruptcy court.
The buyers under the deal, unveiled hours before the storied franchise was scheduled to hold an auction with three bidders, were led by the investment banking firm Guggenheim Partners. Mark R. Walter, chief executive officer of Guggenheim Capital, will be controlling partner of the ownership group.
March 19 (Reuters) – As bidding for the Los Angeles Dodgers
enters its final innings, News Corp’s Fox sports unit
and Time Warner Cable are headed toward what could be a
multi-billion dollar showdown over the rights to telecast the
Time Warner, which announced an agreement last year
to launch a pair of cable channels with the Los Angeles Lakers
pro basketball team, has been talking with bidders still
involved in the Dodgers sale, according to two sources with
knowledge of the process.
By Ronald Grover and Sue Zeidler
(Reuters) – The legal fisticuffs between Steve Wynn and Kazuo Okada, Wynn Resorts’ largest shareholder, escalated further as Okada counter sued in U.S. federal court, alleging that the casino company’s board breached its fiduciary duties and violated racketeering laws by voting to redeem Okada’s shares.
Okada “disputes that any redemption has occurred,” the Japanese businessman said in his suit, which also alleges that Wynn Resorts “under took a secret investigation” to force him off the board and “committed a series of predicate acts of racketeering, which include fraud.”