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#1
10-26-2006, 07:04 AM
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HARRAH\'S SUED
Harrah's sued by shareholders on buy-out offer
Class action lawsuit states the 'inadequate' offer of $81 per share is a disguised management buyout. October 10 2006: 5:28 PM EDT "LOS ANGELES (Reuters) -- Two shareholders of Harrah's Entertainment Inc. have sued the company, its board and its proposed buyers, alleging that a $15.1 billion takeover offer is an "apparent camouflaged management buyout." Private equity firms Texas Pacific Group and Apollo Management have offered to buy Las Vegas-based Harrah's (Charts) for $81 a share, a price called "inadequate" by shareholders Henoch Kaiman and Joseph Weiss........" 
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#3
10-26-2006, 12:30 PM
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Re: HARRAH\'S SUED
Another waste of time of our judicial system. You don't sell a $15B publicy traded gaming company 'camouflaged' or disguised in any way shape or form. You know how many government agencies are pulling out their fine toothed combs as we speak gearing up for analyzing this deal?
These are two guys who want $81/share to become $121/share and are doing what they can to keep the buzz going on this before the buyers can get it the cheapest possible price.
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#4
10-26-2006, 01:40 PM
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Re: HARRAH\'S SUED
[ QUOTE ]
These are two guys who want $81/share to become $121/share and are doing what they can to keep the buzz going on this before the buyers can get it the cheapest possible price. [/ QUOTE ] It's the fiduciary duty of manangement to get those two, and all other shareholders, the highest possible price.
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#5
10-26-2006, 01:53 PM
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Re: HARRAH\'S SUED
[ QUOTE ]
how many shares do these 2 own i wonder. Also, does anyone know of connections between these two companies and executives. [/ QUOTE ] Just read an interesting case in Civ Pro where a Greyhound stock holder filed suit because the higher ups at Greyhound got sued for various stuff, cost money etc. Turns out the guy suing had one share that he bought for his kid. Lawyers see opportunities to sue big companies and need to find someone that owned their stock in order to bring suit. This way, the lawyers can get all sorts of legal fees.
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#6
10-27-2006, 12:11 AM
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Re: HARRAH\'S SUED
[ QUOTE ]
Another waste of time of our judicial system. You don't sell a $15B publicy traded gaming company 'camouflaged' or disguised in any way shape or form. You know how many government agencies are pulling out their fine toothed combs as we speak gearing up for analyzing this deal? These are two guys who want $81/share to become $121/share and are doing what they can to keep the buzz going on this before the buyers can get it the cheapest possible price. [/ QUOTE ] Lol How many government officials are looking at this ? My guess would be none or any ones that are aren't getting out the fine tooth comb they're getting out the big rubber OK stamp and inking it up. The SEC didnt say boo when Harrahs bought out Ceasers, Didnt say boo when they bought out Jack binion. They wont say boo now.... The only way this will get scrutinized will be if the share holders complain....
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#7
10-27-2006, 11:23 AM
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Re: HARRAH\'S SUED
[ QUOTE ]
Another waste of time of our judicial system. You don't sell a $15B publicy traded gaming company 'camouflaged' or disguised in any way shape or form. You know how many government agencies are pulling out their fine toothed combs as we speak gearing up for analyzing this deal? These are two guys who want $81/share to become $121/share and are doing what they can to keep the buzz going on this before the buyers can get it the cheapest possible price. [/ QUOTE ] I don't think you know what you are talking about. Sure, there are probably regulatory approvals needed for this deal (although maybe moreso from the state gambling officials). No, that doesn't mean the government will be investigating whether the shareholders are getting a fair price, or whether it's a disguised management buyout. That's not the government's job to check out. Yes, these guys are looking for more money. But that's the only correct thing you said. They could very well be right, and they could save all of the shareholders from getting screwed over.
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#8
10-27-2006, 11:45 AM
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Re: HARRAH\'S SUED
[ QUOTE ]
[ QUOTE ] Another waste of time of our judicial system. You don't sell a $15B publicy traded gaming company 'camouflaged' or disguised in any way shape or form. You know how many government agencies are pulling out their fine toothed combs as we speak gearing up for analyzing this deal? These are two guys who want $81/share to become $121/share and are doing what they can to keep the buzz going on this before the buyers can get it the cheapest possible price. [/ QUOTE ] Lol How many government officials are looking at this ? My guess would be none or any ones that are aren't getting out the fine tooth comb they're getting out the big rubber OK stamp and inking it up. The SEC didnt say boo when Harrahs bought out Ceasers, Didnt say boo when they bought out Jack binion. They wont say boo now.... The only way this will get scrutinized will be if the share holders complain.... [/ QUOTE ] I think you are confusing the FTC and SEC.
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#9
10-27-2006, 02:06 PM
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Re: HARRAH\'S SUED
[ QUOTE ]
[ QUOTE ] [ QUOTE ] Another waste of time of our judicial system. You don't sell a $15B publicy traded gaming company 'camouflaged' or disguised in any way shape or form. You know how many government agencies are pulling out their fine toothed combs as we speak gearing up for analyzing this deal? These are two guys who want $81/share to become $121/share and are doing what they can to keep the buzz going on this before the buyers can get it the cheapest possible price. [/ QUOTE ] Lol How many government officials are looking at this ? My guess would be none or any ones that are aren't getting out the fine tooth comb they're getting out the big rubber OK stamp and inking it up. The SEC didnt say boo when Harrahs bought out Ceasers, Didnt say boo when they bought out Jack binion. They wont say boo now.... The only way this will get scrutinized will be if the share holders complain.... [/ QUOTE ] I think you are confusing the FTC and SEC. [/ QUOTE ] No I don't believe I am... The Federal Trade Commission (FTC) would investigate Harrahs for Consumer fraud (price fixing, non competitive practices etc..), the Securities Exchange Commission(SEC)deals with how shares of publicly traded companies are handled it reviews the purchases of a public company by another public or private company to prevent Anti-Trust issues (of which they have been lax for the past 15 years) or shenanigans dealing with the stock prices (Martha Stewart/ImClone would be an example). Why do you think the FTC would be the governing body ?!?!?
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#10
10-27-2006, 03:21 PM
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Re: HARRAH\'S SUED
[ QUOTE ]
It's the fiduciary duty of manangement to get those two, and all other shareholders, the highest possible price. [/ QUOTE ] Looks like Harrah's puts the douche in fiduciary.
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