The News Review:
- Merisel, Inc. to Be Acquired by an Affiliate of American Capital…
- Maxim Power Corp. (‘MAXIM’) Announces Financial and Operating…
- Basra fight widens rift among Shiite factions
- Bloomberg.com: Investment Tools
- Gulf not ready to pull trigger on currency reform
- Daily Briefing
- (Art Zucker, chair of the board of trustees; Toni Murdock, chancellor….
Merisel, Inc. to Be Acquired by an Affiliate of American Capital…
Market Wire (press release) – Mar 28, 2008
, Merisel’s largeststockholder, who collectively own approximately 60% of the company’soutstanding common stock, have entered into an agreement to vote in favorof the transaction. Approval of the transaction requires the affirmativevote of a majority of the outstanding Merisel shares and is subject tocertain other customary closing conditions. The shares held by theaffiliates of Stonington Partners represent more than a majority ofMerisel’s outstanding shares of common stock. The transaction is expectedto close during the second quarter of 2008. The exact timing of the closingof the transaction is dependent on the review and clearance of necessaryfilings with the Securities and Exchange Commission and satisfaction ofother customary closing conditions… Uzzi, Chairman and CEO. “Revenues increased by 10% fueled by afull year of sales from our 2006 acquisitions as well as solid organicrevenue growth. We continue to increase client service offerings andexpand our client base. Concurrently we improved gross margin by 240 basispoints through continuing production labor efficiencies and lower rawmaterial costs driven by centralized procurement. Merisel is a strongerenterprise today and a leading service provider to the VisualCommunications and Brand Imaging Solutions market. Results of Operations (In thousands except per share amounts) 2007 2006 —————————- —————————- Existing Expanded Total Existing Expanded Total Operati- Operati- Operati- Operati- Operati- Operati- ons ons ons ons ons onsNet sales $ 79,713 $ 13,468 $ 93,181 $ 78,452 $ 6,268 $ 84,720Gross profit 37,183 6,707 43,890 34,061 2,938 36,999Selling, general, and administrative 33,141 5,175 38,316 30,484 2,179 32,663Restructuring charge – – – 724 – 724Interest expense (828) (31) (859) (1,054) (12) (1,066)Interest income 448 25 473 481 – 481For the purposes of the above table and the following discussion, “ExistingOperations” refers to the Company’s businesses acquired during the fiscalyear ended December 31, 2005, and “Expanded Operations” refers to theCompany’s businesses acquired during the fiscal year ended December 31,2006, specifically DCS and AdProps which were acquired in May 2006 andFuel, which was acquired in October 2006.
Maxim Power Corp. (‘MAXIM’) Announces Financial and Operating…
NewsBlaze – Mar 28, 2008
(2) Generation capacity is manufacturer’s nameplate capacity net of minority ownership interests of third parties. OPERATING RESULTSDuring 2007, MAXIM outperformed the 2006 record operating results in terms of revenue, megawatt hours (“MWh”) generated, EBITDA, and cash provided by operations. MAXIM earned revenue from electricity sales of $124. 8 million versus $111. 2 million for 2006, an increase of $13… The transaction is expected to close early in the second quarter of 2008 subject to satisfying remaining conditions precedent to closing and will be financed with cash on hand. In conjunction with this purchase, a ten year tolling agreement will be entered into with FirstEnergy Solutions, a subsidiary of FirstEnergy Corp. and an affiliate of JCP&L, for the entire capacity of the plant. This project is strategically located in New Jersey and includes 30 acres of land and existing infrastructure to support future development of additional generating capacity on site. French AcquisitionsMAXIM is pleased to announce that Comax France S.
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Basra fight widens rift among Shiite factions
Christian Science Monitor – Mar 28, 2008
No retreat, no compromise, no accords,” said Maliki during a meeting with local tribal leaders in Basra. He remains in the city to oversee the battle there that has killed at least 50 people so far. The continuation of fighting marks a serious escalation in a long-simmering battle between Iraq’s rival Shiite factions that pits Sadr, whose influence extends into key government ministries and spans across Baghdad and nine southern provinces, against factions allied to Maliki’s Dawa Party such as the Islamic Supreme Council of Iraq and its affiliate the Badr Organization. The fight in Basra is also having global implications. After news broke that one of Iraq’s main oil export pipelines from Basra exploded, cutting at least a third of the exports from the city that provides 80 percent of the government’s revenue, oil prices jumped more than $1 a barrel, Reuters reported. However, according to Jamal Hamed al-Fraih, spokesman for the South Oil Company, it was a pipeline feeding crude oil to one of the main refineries in the province that was struck… The continuation of fighting marks a serious escalation in a long-simmering battle between Iraq’s rival Shiite factions that pits Sadr, whose influence extends into key government ministries and spans across Baghdad and nine southern provinces, against factions allied to Maliki’s Dawa Party such as the Islamic Supreme Council of Iraq and its affiliate the Badr Organization. The fight in Basra is also having global implications. After news broke that one of Iraq’s main oil export pipelines from Basra exploded, cutting at least a third of the exports from the city that provides 80 percent of the government’s revenue, oil prices jumped more than $1 a barrel, Reuters reported. However, according to Jamal Hamed al-Fraih, spokesman for the South Oil Company, it was a pipeline feeding crude oil to one of the main refineries in the province that was struck. Fraih said that a fire that raged for hours Thursday has come under control but that now the main refinery of Shuaiba has come to a standstill because of a power outage. “Oil exports are still flowing but they are less than a few days ago,” he said adding that oil exports from Basra, Iraq’s main outlet, had been averaging 1.
Bloomberg.com: Investment Tools
Bloomberg – Mar 28, 2008
AIG claims Greenberg and six other former executives,including ex-Chief Financial Officer. , orSICO, in 2005. Starr is AIG's largest shareholder. AIG claimsthe defendants put themselves on Starr's board and converted thestock into a private investment vehicle for their benefit. “Greenberg engineered a coup d'etat to usurp full controlof SICO's board of directors,'' AIG said in a complaint filedyesterday in New York state court in Manhattan… prosecutors and regulators. In 2003, Bristol-Myers erased $2. 5billion in revenue from 1999 to 2001 related to the practice. Prosecutors said in court papers that they won't seek tointroduce evidence of the deferred prosecution, the investorlawsuits or the restatement unless needed to respond to Schiff'sevidence or cross-examination of government witnesses. Hochberg previously ruled prosecutors cannot use the phrase“channel stuffing'' at the trial. For the full Bloomberg story, click here.
Gulf not ready to pull trigger on currency reform
Khaleej Times – Mar 28, 2008
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Daily Briefing
Atlanta Journal Constitution – Mar 28, 2008
That’s up from $192. 6 million, or 38 cents per share, a year ago when results were depressed by a recall of Peter Pan peanut butter. Revenue rose to $3. 53 billion, up from $2. 9 billion a year ago. Lennar swings to quarterly lossMiami —- Lennar Corp. , one of the nation’s largest home builders, said Thursday that it swung to a loss in the first quarter as it absorbed charges to adjust land values at the same time new home sales and prices sank… LEGAL: AIG sues former chief executiveAmerican International Group Inc. , the world’s largest insurer by assets, sued the company’s former chief executive, Maurice “Hank” Greenberg, claiming he “misappropriated” AIG shares worth $20 billion. AIG claims Greenberg and six other former executives, including former Chief Financial Officer Howard Smith, took over company stock held by an AIG affiliate, Starr International Co. , or SICO, in 2005. Starr is AIG’s largest shareholder. AIG claims the defendants put themselves on Starr’s board and converted the stock into a private investment vehicle for their benefit. “Greenberg engineered a coup d’etat to usurp full control of SICO’s board of directors,” AIG said in a complaint filed Wednesday in New York state court in Manhattan.
(Art Zucker, chair of the board of trustees; Toni Murdock, chancellor….
Dayton Daily News (subscription) – Mar 28, 2008
If you take away all the assets of the college then it gives bankers pause. ”Which begs an interesting question: How important are the college’s assets to the bonds? College faculty, staff and alumni critical of the administration have questioned the university in the past on whether the college’s assets have served as collateral on bonds. The university has always maintained that the bonds were financed based on each campus’ projected revenue, and the college assets were never at risk. But it appears that nonetheless, the university’s eggs are in one basket. Murdock on the phone said it needed some assets – either the college, or the $12. 2 million in cash – if it hoped to secure future loans on other campuses that need updates (Los Angeles, Santa Barbara). Another sticking point was WSYO, the NPR affiliate station based in Yellow Springs… Murdock on the phone said it needed some assets – either the college, or the $12. 2 million in cash – if it hoped to secure future loans on other campuses that need updates (Los Angeles, Santa Barbara). Another sticking point was WSYO, the NPR affiliate station based in Yellow Springs. The ACCC wanted WYSO as part of the $12. 2 million purchase; the university said it wanted to keep WYSO but would let the college use it. They couldn’t work that out. Members of the ACCC said in a statement today the rejected proposal was its “best and final offer,” and it appears their attempt to take control of the college is over.
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