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The latest financial sap...
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FINCEN
Administrative Assassin


Joined: 08 Mar 2006
Posts: 1351

PostPosted: Fri Aug 10, 2007 4:17 am    Post subject: The latest financial sap... Reply with quote

With hedge funds on life support, the bond market in the toilet and private equity on the run, where do you think the boys at Station Casinos Inc., ran for a quick infusion of cash? Why to a pension fund of course. The Texas Teacher Retirement System to be exact. Hey and why not, their board decided recently to open the coffers on their $112 billion dollar fund to the likes of the Fertitta boys so who can blame them.

Actually they gave their pin number to L&B Diversified Strategic Partners LP, a commingled fund operated by Colony Capital Partners LP. Colony Capital is intimately involved with the Fertittas through Fertitta Colony Partners, a holding company organized specifically to help the Fertitta's take Stations private. I'll tell ya, the boys from Texas stick together like peas and carrots.

The man behind Colony Partners is noneother than Thomas Barrack who like Richard Rainwater and David Bonderman of TPG, got his start working for the Robert M. Bass Group of Dallas. You would think a pension fund would be cautious lending money to a firm with extensive ties to organized crime (alledgedly) and gambling, but not a problem here as the fund has full disclosure that their $100 million sum will go directly to finance the bid to remove Stations from the public market. All Fertitta Colony Partners have to do is raise the other $8.3 billion and they can sail off into the Sunset.

Maybe Frank Jr and his boys can wrestle alittle from the generous Texas teachers to help cousin Tilman out of his $400 million jam? Hey just a thought.
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beemoe
Commission Member


Joined: 07 May 2006
Posts: 845

PostPosted: Thu Aug 23, 2007 11:42 pm    Post subject: From Beemoe Reply with quote

It`s obvious you have a hard-on(hehehe) for Fertitta and the people backing him. It`s interesting that the Texas gangsters basically legitimized themselves into power. You would have thought the New York boys would have gone that way first. This is kind of that breathtaking middle-ground that Larner, Herrera, Rothstein, AK, Sassakawa have operated in.
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beemoe
Commission Member


Joined: 07 May 2006
Posts: 845

PostPosted: Mon Dec 21, 2009 6:38 pm    Post subject: From Beemoe Reply with quote

This episode reminds me of how easy it is to raise capital if you know how. The difference between the working-class world and the world of the ultra-wealthy. I can really see why a person like Elijah Muhammad wanted scientists and financiers in his organization versus entertainers and athletes. The scientists, financiers and politicos go it all everybody else. Just an observation.
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FINCEN
Administrative Assassin


Joined: 08 Mar 2006
Posts: 1351

PostPosted: Tue Dec 22, 2009 6:30 pm    Post subject: More Fertitta antics Reply with quote

On the opposite side of the Fertitta family gambling sphere, Tilman Fertitta the cousin and former business partner of the recently deceased Frank Fertitta Jr., has been hit with a lawsuit charging him with possible trading violations in an attempt to secure a better buyout price for Landry's Restaurant group, the owner of the Golden Nugget Casino in Las Vegas. Jack Capers, a senior partner at King & Spalding testified in a deposition that on at least one occasion, Mr. Fertitta arranged for Landry’s to issue press releases on behalf of the company concerning the buyout without the committee’s approval.

According to the motion, Mr. Capers testified that Mr. Fertitta caused:

Landry’s to issue a press release on October 7, 2008 announcing that the $21 per share going-private transaction was in jeopardy. The press release was sent for review and comments to Jefferies before it was issued. However, despite Mr. Capers’ earlier request, it was not sent to the Special Committee for review or approval. Fertitta, who stood to personally benefit if Landry’s stock went into a tailspin, omitted material facts from the press release, including his then-current $17 bid and the Special Committee’s then-current $19 counteroffer in any renegotiated deal.

In short Capers accused Fertitta of committing securities fraud, because the press release issued did not mention the $17-a-share bid and a counteroffer. This is significant because in the wake of the press release, Landry’s share price fell to $9 a piece, and Mr. Fertitta subsequently lowered his offer to $13 a share.

By failing to disclose his per-share offer, Mr. Fertitta was able to let a market in the throes of the financial crisis to set the price.
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beemoe
Commission Member


Joined: 07 May 2006
Posts: 845

PostPosted: Thu Dec 24, 2009 5:54 pm    Post subject: From Beemoe Reply with quote

Hey Jiggy what did you think about the hedge fund trader who made 7 billion in one year?
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FINCEN
Administrative Assassin


Joined: 08 Mar 2006
Posts: 1351

PostPosted: Sun Dec 27, 2009 9:26 pm    Post subject: Thoughts Reply with quote

I am disturbed by the continuing flaunting of the system by that small yet tremendously influential Goldman Sachs contingent that is manipulating the state of financing in the extreme. You can't honestly call this business. This is wagering. What other business can you "wager" on the outcome of a matter of dire consequence to the future of the Nation and then turn around and celebrate your "winnings," while the future of the nation that protects the very system you and others of your profession have manipulated for profit? That is my opinion. Hedge Fund operators and Private Equity firms are operating modern day bucket shops but I suppose we shouldn't care because its all fiat money anyhow right.
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