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How to turn a quick million...
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FINCEN
Administrative Assassin


Joined: 08 Mar 2006
Posts: 1351

PostPosted: Wed Mar 14, 2007 10:08 pm    Post subject: How to turn a quick million... Reply with quote

Over a 10 day period Landry's restaurant head Tilman Fertitta invested $5,309,510 purchasing 726,000 shares of New York restaurant firm Smith & Wolensky. The first purchase saw Landry's gobble up 680,000 shares which had a market value of 7.13 per share. The next day Landry's purchased another 20,000 shares @ $7.25 per. The final purchase of 26,000 shares valued @ $7.38 per brought Landry's ownership stake in Smith & Wolensky to 8% at which time it was announced that Landry's intended to buy the restaurant chain. Landry's offered $7.50 per share "Jan 15, 2007," which sparked a run on Smith & Wolensky stock. The value of which increased 45% after the announcement.

The total value of the deal was $64.4 million cash plus assumed debt secured from Landry's working capital and funds borrowed from Landry's revolving credit facility with Wachovia Bank. The deal appeared to be over-priced considering Smith & Wolensky lost money in every quarter five consecutive years. The closing price of Smith & Wolensky stock on Jan 12, was a mere $5.03 per.

What transpired over the next 8 weeks was Smith & Wolensky shares continued to climb as the market watched the proceedings with interest. Out of nowhere came a second offer from Patina Restaurant Group, LLC for an aggregate purchase price of approximately $80 million

The acquisition price of $9.25 in cash per share provided a premium of approximately 84% over Smith & Wollensky’s stock price before the unsolicited proposal brought fourth by Landry's. Tilman Fertitta immediately announced he would not counter the offer and sold off his shares for $9.13 per share. The 40 day episode earned Landry's a $1,318,870 profit.

Tilman Fertitta is the cousin of Frank Fertitta Jr., the founder of Stations Casinos Inc. Other Fertitta relatives include Frank and Lorenzo Fertitta of Stations Casino Inc., owners of the Ultimate Fighting Championship Series. Blake Sartini of Golden Gaming as well as T.J. Falgout III., of Americas-CarMart formerly operated under the name Isle of Capri Casinos. Much more to come on the Fertittas.

http://crimefile.servertalk.in/viewtopic.php?t=107
Fertitta family history...
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beemoe
Commission Member


Joined: 07 May 2006
Posts: 845

PostPosted: Thu Mar 15, 2007 6:27 am    Post subject: From Beemoe Reply with quote

So do you think this is some type of bust-out?
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FINCEN
Administrative Assassin


Joined: 08 Mar 2006
Posts: 1351

PostPosted: Sat Mar 17, 2007 3:10 am    Post subject: Nothing to gain... Reply with quote

I wouldn't call it a bust out scam but definately a skilled manipulation of the stock price. We will see soon enough as Landry's re-entered the bidding with an offer to purcahse Smith & Wolensky Restaurant Group Inc., for $9.75 per share. This is a .50 per share., increase over the offer S&W received from Patina Restaurant Group. I don't think Landry's is serious about buying S&W because it makes no sense to cash out their 8.5% ownership stake at $9.15 per share only to re-acquire it at $9.75 a couple weeks later. That would erase the $1.3 million profit he earned on the original deal. It makes absolutely no sense considering the same number of shares at the proposed $9.75 price would equal a $450,120 loss in market value.
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beemoe
Commission Member


Joined: 07 May 2006
Posts: 845

PostPosted: Sat Mar 17, 2007 6:24 am    Post subject: From Beemoe Reply with quote

Speaking of stock manipulation......I`ve found Adrian Du Plessis he was the "amateur forensic accountant" who discovered YBM was a dummy company owned by Mogilevitch. I`m going to try to get the "YBM Files" and post them here. "The YBM Files" were one of the bases for Alan Block`s book "All Is Clouded By Desire". From my understanding YBM Magnex was the main conduit for the laundering of that 15 billion via BONY.
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