The Daily Deal articles from October 2004

The Daily Deal archives from October 2004

Hollywood 101.
October 29, 2004... Byline: Richard Morgan in Georgetown, Del. Michael Ovitz had entered the building, his arrival signaled by a collective gasp in this 50-seat courtroom 200 miles south of New York. But which Michael Ovitz would it be? A hostile witness in...

Heilig hearing delayed a month.
October 29, 2004... Byline: Erik Moser After four years in court, another month is unlikely to make much difference to Heilig-Meyers Co. But the bankrupt furniture retailer still hopes this is all the time it needs to settle objections and win approval...

Carl Icahn picks up Panaco.
October 29, 2004... Byline: Soma Biswas A judge on Thursday, Oct. 28, approved a plan that hands over control of Houston oil and gas explorer Panaco Inc. to Carl Icahn's investment firm High River LP. Judge Letitia Clark signed off on the plan at a...

Miller Buckfire wins reprieve.
October 29, 2004... Byline: Terry Brennan Miller Buckfire Lewis Ying & Co. agreed Thursday, Oct. 28, to waive its $100,000 monthly fee for two months as financial adviser to Women's First Healthcare Inc. Chief Judge Mary Walrath in U.S. Bankruptcy Court...

Paul Allen unprotected in new reorg.
October 29, 2004... Byline: Jonathan Berke Neither billionaire Paul Allen nor any of his officers will receive any protection under a new amended reorganization plan Oregon Arena Corp. is due to file. The plan will create a liquidation trust that has...

Garden Ridge exclusivity stretched.
October 29, 2004... Byline: Shanon D. Murray A Delaware visiting judge has agreed to extend Garden Ridge Corp.'s exclusivity until Dec. 1 despite objections from an informal landlord committee. The informal committee alleges that Garden Ridge plans to...

Judge to reconsider Oglebay reject.
October 29, 2004... Byline: Shanon D. Murray Besides saying he would reconsider his order denying the confirmation of Oglebay Norton Co.'s reorganization plan, a Delaware visiting judge on Thursday, Oct. 28, said he will allow the mineral supplier to...

Triton PCS to buy Urban Comm.
October 29, 2004... Byline: Soma Biswas After six years in bankruptcy, Urban Comm-North Carolina Inc. will sell itself to Triton PCS Holdings Inc. for $113 million in cash. Urban Comm's main assets are wireless licenses, which its parent company, Urban...

Judge demands Dean papers.
October 29, 2004... Byline: Terry Brennan A judge has ordered Dean Foods Co. to turn over documents related to a supply contract it has with Parmalat USA Corp. Judge Robert Drain of U.S. Bankruptcy Court for the Southern District of New York in...

EDF may withdraw from Latin America.
October 29, 2004... Byline: Ross Tieman in Toulouse, France Electricite de France, the state-owned power giant, is undergoing a profound strategic and financial self-examination that could greatly shrink its global footprint. The re-think comes in...

Layoff roundup: Oct. 28, 2004.
October 29, 2004... Byline: David Ehrlich First-time jobless claims in the U.S. rose by 20,000 last week, the largest jump in a month, the Labor Department said on Thursday, Oct. 28. The initial filings climbed to 350,000 in the week ended Oct. 23 from an...

Shell revamp may fend off BP.
October 29, 2004... Byline: Claire Poole Oil giant Royal Dutch/Shell Group of The Hague announced plans Thursday, Oct. 28, to merge its two operating companies under group CEO Jeroen Van der Veer, a move that could make acquisitions easier and provide a...

Delta sets sights on paring debt.
October 29, 2004... Byline: Lou Whiteman With one big hurdle cleared, Delta Air Lines Inc. can now turn its attention to debtholders and other creditors as the troubled airline continues to dodge bankruptcy. The Atlanta-based company confirmed Thursday,...

Iowa diocese averts bankruptcy.
October 29, 2004... Byline: Matt Miller The Catholic diocese of Davenport, Iowa, announced Thursday, Oct. 28, that it has arrived at a $9 million settlement for 37 alleged sex abuse victims, forestalling a Chapter 11 bankruptcy filing that the diocese had...

Yukos to tap bank accounts.
October 29, 2004... Byline: Nick Watson OAO NK Yukos confirmed Thursday, Oct. 28, the Russian tax ministry has allowed it to access frozen bank accounts to pay off the remainder of its outstanding $3.4 billion tax bill for 2000, but the victory may be...

FoxHollow has strong debut.
October 29, 2004... Byline: Alex Lash FoxHollow Technologies Inc. can scrape plaque from arteries, and now it's scraping up cash on the public market as well. The medical device maker went public Thursday, Oct. 28, with 4.5 million shares at $14 a...

Market, Google fuel IPO drive.
October 29, 2004... Byline: David Shabelman Spurred by the after-market tear of Google Inc. and a surprisingly strong performance by Shopping.com, investor demand for initial public offerings is surging, with the number of new offerings reaching a high...

GMH Communities has tepid debut.
October 29, 2004... Byline: Phineas Lambert GMH Communities Trust closed down 5 cents in first-day trading Thursday on the New York Stock Exchange, the third REIT to experience a moderate debut. GMH's stock closed at $12 a share after opening at $12.05....

DreamWorks Animation up in debut.
October 29, 2004... Byline: Peter Lauria Jeffrey Katzenberg knows all too well the importance of opening big. And though he has an enviable record of successful Hollywood debuts, he recorded his biggest premiere on Wall Street on Thursday, Oct. 28, with the...

IPO outlook: Oct. 29, 2004.
October 29, 2004... Byline: edited by Jon Asmundsson Poland lists textbook publisher Poland's Treasury Ministry on Thursday, Oct. 27, sold 60% of school textbook publisher Wydawnictwa Szkolne i Pedagogiczne SA to Polish investors in an initial public...

IPO outlook: October 29, 2004.
October 29, 2004... Byline: edited by Jon Asmundsson edited by Jon Asmundsson Poland lists textbook publisher Poland's Treasury Ministry on Thursday, Oct. 27, sold 60% of school textbook publisher Wydawnictwa Szkolne i Pedagogiczne SA to Polish...

Cable splitter.
October 29, 2004... Byline: Robert Willens Adelphia Communications Corp. said late this month it would allow a joint bid for its assets by Time Warner Inc. and Comcast Corp. The statement came several weeks after Time Warner and Comcast, in response to a...

Gentlemen, start your lawsuits.
October 29, 2004... Byline: Jaret Seiberg Marsh & McLennan Cos. will be swamped with shareholder litigation stemming from its run-in with New York Attorney General Elliot Spitzer. In truth, such an outcome is almost assured in any corporate scandal,...

New & noteworthy: October 29, 2004.
October 29, 2004... Byline: edited by Greg Johnson edited by Greg Johnson First Horizon nabs Spear division Memphis, Tenn.-based First Horizon National Corp. said Thursday its capital markets division, FTN Financial, has agreed to buy the assets...

In play: October 29, 2004.
October 29, 2004... Byline: edited by Greg Johnson edited by Greg Johnson DOJ to appeal DFA ruling The Department of Justice informed a federal judge Thursday that it intends to appeal his decision permitting Dairy Farmers of America Inc. to own...

WMC rejects Xstrata bid.
October 29, 2004... Byline: Giles Parkinson in Sydney WMC Resources Ltd. on Thursday, Oct. 28, rejected a A$7.4 billion ($5.5 billion) bid proposal from Xstrata plc as the Swiss miner pursued its second multi-billion dollar deal in Australia in less than two...

Sumitomo may be OK with settlement.
October 29, 2004... Byline: Martin Foster in Tokyo Sumitomo Trust & Banking Co. Ltd. may have changed tack in its pursuit of troubled Japanese lender UFJ Holdings Inc.'s trust bank after a five-month tussle embittered the rival management teams. Even as...

NZ dairy coop moves on Nat'l Foods.
October 29, 2004... Byline: Giles Parkinson in Sydney New Zealand dairy giant Fonterra Co-operative Group Ltd. announced a hostile A$1.6 billion ($1.2 billion) cash bid Thursday, Oct. 28, for National Foods Ltd. to realize a long-held ambition to expand its...

Repsol YPF's chairman replaced.
October 29, 2004... Byline: Danny Fortson in Barcelona Spanish businessman Antoni Brufau culminated his coup Thursday, Oct. 28, in replacing Repsol YPF SA chairman Alfonso Cortina, a power play that could have repercussions far beyond the boardrooms of the...

HVB buys ING unit's loan portfolio.
October 29, 2004... Byline: Andrew Bulkeley in Berlin Germany's No. 2 lender agreed Thursday, Oct. 28, to buy [Euro]2 billion ($2.5 billion) in corporate loans from ING Group NV of the Netherlands to expand its position among Germany's "Mittelstand," or...

Marriott franchisee to sell hotels.
October 29, 2004... Byline: Lauren Mills in London British leisure group Whitbread plc, the main franchisee for Marriott International Inc. in the U.K., on Thursday, Oct. 28, hoisted a "for sale" sign on hotel and restaurant assets worth [pounds...

Ex-chairman plots Prime return.
October 29, 2004... Byline: Jonathan Berke Michael Reschke didn't ride off into the sunset after all, for the former chairman of Prime Group Realty Trust, who lost his stake in the Chicago office building owner has returned as part of a group that is now...

SportingBet buys Paradise Poker.
October 29, 2004... Byline: Danny Fortson in London Online betting company SportingBet plc made a big wager Thursday, Oct. 28, on online poker house Paradise Poker, agreeing to pay [pounds sterling]169.1 million ($309.2 million) in cash and stock for the San...

Movers & shakers: Oct. 29, 2004.
October 29, 2004... Byline: compiled by Baz Hiralal Banc of America Securities LLC hired Abhishek Gami as a senior equity research analyst covering the computer and IT services sector. Based in New York, he will report to Susan Silverstein, global director...

Affinity closes $700M fund.
October 29, 2004... Byline: Vyvyan Tenorio The newly independent Affinity Equity Partners Ltd., formerly UBS Capital Asia Pacific Ltd. until its spinout in March, has closed a $700 million fund to focus on emerging opportunities in control-oriented buyouts...

Genstar to get huge profit in IPO.
October 29, 2004... Byline: David Carey Drug tester PRA International set a price range Thursday, Oct. 28, for its planned initial public offering under which its backers would reap a profit of than 470% on their investment. A private equity consortium...

Tech movers: Oct. 29, 2004.
October 29, 2004... Byline: compiled by Matthew Wurtzel Authentidate names new CEO Software company Authentidate Holding Corp. on Wednesday said Suren Pai, who most recently served as chief executive of privately held Enquera Inc., would become its new...

Bush frees Inmarsat and Intelsat from IPOs.
October 29, 2004... Byline: Ron Orol President Bush on Monday, Oct. 25, signed a bill into law that frees Inmarsat Ventures plc and Intelsat Ltd. from a federal requirement to launch initial public offerings on a government-mandated schedule. U.S....

Comverge nets $13.6M B round.
October 29, 2004... Byline: Clifford Carlsen Comverge Inc. has raised $13.6 million in a second round of venture capital to boost sales of its wireless technology for electrical utilities and to expand a 2-year-old program to enter into long-term contracts...

T3Ci Inc. gets $9.4M.
October 29, 2004... Byline: Paul Bonanos Another startup seeking to mine the emerging radio-frequency identification field has announced new venture funding. T3Ci Inc. of Mountain View, Calif., emerged from stealth mode by announcing that three venture...

DealFlow: October 29, 2004.
October 29, 2004... Byline: compiled by George White compiled by George White Software Icido Stuttgart, Germany-based Icido GmbH, a software company that specializes in virtual reality applications, has raised a [Euro]5 million ($6.4 million)...

Buyout firms win auction for Supra.
October 28, 2004... Byline: Chris Nolter Miami-based Supra Telecommunications and Information Systems Inc. concluded a Chapter 11 auction late Tuesday, Oct. 26, with private equity firms Endeavor Capital Management LLC and HIG Capital Management Inc....

Thomas estate seeks $37M.
October 28, 2004... Byline: Terry Brennan A Kentucky judge on Wednesday, Oct. 27, took under advisement whether liquidating Wallace's Bookstores Inc. owes $54 million to the heirs of Wendy's International Inc. founder Dave Thomas. Judge William Howard...

Group questions Congoleum extension.
October 28, 2004... Byline: Jonathan Berke A group involved in Congoleum Corp.'s bankruptcy case thinks the floor tile maker is asking for more time than it needs in an extension request on its exclusivity rights. The committee for future asbestos...

Gadzooks pays dearly for Christmas.
October 28, 2004... Byline: Jonathan Berke Christmas will come at a heavy price for Gadzooks Inc., the bankrupt retailer that has had to resort to taking a $5 million loan at Grinch-like rates to fund its inventory purchases because its debtor-in-possession...

ATA files as discounters clash.
October 28, 2004... Byline: Lou Whiteman The dismantling of ATA Airlines Inc. could be a harbinger of things to come as low-fare airlines increasingly turn their competitive sights on each other. Parent ATA Holdings Corp. filed for Chapter 11 protection...

Trenwick plan gets confirmed.
October 28, 2004... Byline: Shanon D. Murray A Delaware judge on Wednesday, Oct. 27, confirmed Trenwick America Corp.'s reorganization plan, which was proposed by disgruntled holders of $110 million in unsecured bonds. Trenwick America is the U.S....

Malden Mills bid too low.
October 28, 2004... Byline: Terry Brennan Nobody is saying what Aaron Feuerstein's rejected bid is for Malden Mills Industries Inc., but one thing's clear: It's not the minimum $150 million that a three-year purchase option he holds requires. ...

FAO liquidation confirmed.
October 28, 2004... Byline: Erik Moser FAO Inc. has taken one of the last steps to ending its march through Chapter 11 with the confirmation of its liquidation plan. This begins to close the company's second trip through the U.S. Bankruptcy Court for...

IPO outlook: Oct. 28, 2004.
October 28, 2004... Byline: edited by Jon Asmundsson PortalPlayer sets IPO price range Santa Clara, Calif.-based semiconductor maker PortalPlayer Inc. notified the Securities and Exchange Commission on Wednesday that its 6.25 million-share initial...

IPO outlook: October 28, 2004.
October 28, 2004... Byline: editted by Jon Asmundsson editted by Jon Asmundsson PortalPlayer sets IPO price range Santa Clara, Calif.-based semiconductor maker PortalPlayer Inc. notified the Securities and Exchange Commission on Wednesday that its...

EU Commission in crisis.
October 28, 2004... Byline: Renee Cordes in Brussels The European Commission will remain in office indefinitely after a clash with the European Parliament plunged the 25-nation EU into an unprecedented political crisis, casting some doubt on antitrust chief...

Samoa faces patent struggles.
October 28, 2004... Byline: Alex Lash A tree that grows on South Pacific archipelago nation of Samoa may be the source of a breakthrough AIDS drug, and the U.S. researchers working on the drug are trying to make sure Samoa and its people reap potential...

In play: October 28, 2004.
October 28, 2004... Byline: edited by Greg Johnson edited by Greg Johnson Carver bank purchase is off Carver Bancorp Inc. of New York, the largest African-American-run bank in the U.S., has said it would not buy Independence Federal Savings Bank of...

New & noteworthy: October 28, 2004.
October 28, 2004... Byline: edited by Greg Johnson edited by Greg Johnson Ryerson Tull acquires Integris Chicago-based metals processor Ryerson Tull Inc. has agreed to purchase Integris Metals Inc. for $660 million, it announced Wednesday. Ryerson...

Alcoa, BHP to sell Integris.
October 28, 2004... Byline: Peter Moreira Pittsburgh-based Alcoa Inc. and Australian-British mining company BHP Billiton plc agreed Tuesday, Oct. 26, to sell their metal distribution joint venture to Ryerson Tull Inc. of Chicago for $660 million in cash and...

Slovakia, Enel at odds over utility.
October 28, 2004... Byline: Nick Watson in Prague The Slovak government on Wednesday, Oct. 27, threatened to reopen bidding in the privatization of its largest electric utility amid control-related disputes with the preferred bidder Enel SpA. Slovakia...

Denmark's TDC wins Song.
October 28, 2004... Byline: Patricia Koza Danish telecom TDC A/S claimed victory Wednesday, Oct. 27, in the battle for Swedish broadband provider Song Networks Holding AB after raising its bid to 5.5 billion Swedish kronor ($778 million) and gaining a...

Ratings Review: Oct. 27, 2004.
October 28, 2004... Byline: Gerald C. Magpily When two highly leveraged companies unite, credit rating agencies such as Standard & Poor's sound the alarms. So when real estate investment trusts Colonial Properties Trust and Cornerstone Realty Income Trust...

Keyhole deal gives peek at Google.
October 28, 2004... Byline: David Shabelman and Cheryl Meyer Google Inc.'s purchase of digital mapping software maker Keyhole Corp., its first acquisition as a public company, offers a glimpse into the Internet giant's acquisition and business strategy. ...

GE Money buys AFIG for $298M.
October 28, 2004... Byline: Giles Parkinson in Sydney GE Money, the consumer credit division of Fairfield, Conn.-based General Electric Co., has paid around A$400 million ($298 million) for Australian Financial Investments Group, the nation's biggest...

Crescent bids for water company.
October 28, 2004... Byline: Jonathan Braude in London The London-based buyout arm of Bahrain's First Islamic Investment Bank EC has made a recommended cash offer for listed British water utility South Staffordshire Water plc, putting an enterprise value on...

Celanese buying Acetex for $489M.
October 28, 2004... Byline: Andrew Bulkeley in Berlin German chemicals group Celanese AG agreed Wednesday, Oct. 27, to buy Canadian acetyl products company Acetex Corp. for C$600 million ($489 million) in cash and debt as Celanese's new private equity...

Movers & shakers: Oct. 28, 2004.
October 28, 2004... Byline: compiled by Baz Hiralal Morgan Stanley opened an office, to be headed by managing director Panos Goutakis, in Athens. Goutakis is responsible for business development in Greece as well as in the greater Balkan region. Also,...

VC Sector Watch: Computer hardware & software.
October 28, 2004... Byline: George White After starting out the first half of 2004 at a strong and steady pace dealflow in the computer hardware and software sector slowed dramatically in the last three months. Through the first six months of this year...

Permira takes Marazzi stake.
October 28, 2004... Byline: Heather O'Brian in Milan One of the most visible players in the Italian private equity sector, London-based Permira, has continued its buying spree in the Bel Paese with the acquisition of a minority stake in family-owned Italian...

Warner Chilcott accepts $3B bid.
October 28, 2004... Byline: Jonathan Braude in London New York buyout firms DLJ Merchant Banking Partners and J.P. Morgan Partners LLC appeared to have won the battle for Northern Ireland drugmaker Warner Chilcott plc on Wednesday, Oct. 27, beating rival...

Providence cashes out of Eircom.
October 28, 2004... Byline: Vyvyan Tenorio and David Carey Providence Equity Partners Inc. has cashed out most of its remaining stake in Irish telecommunications carrier Eircom Group plc, netting an additional [Euro]43 million ($55 million) after cashing out...

Interface lands $8.2M first round.
October 28, 2004... Byline: Phineas Lambert Interface Biologics Inc. of Toronto has landed its first institutional round of venture financing, a C$10 million ($8.2 million) Series A round, after 15 months of effort. The round, which closed Sept. 30 but...

Vocera's lapel pins draw $6M.
October 28, 2004... Byline: Paul Bonanos The possibility of persuading healthcare professionals, retail salespeople and manufacturing workers to communicate via lapel pins has earned Vocera Communications Inc. a $6 million fifth round of venture financing...

DealFlow: October 28, 2004.
October 28, 2004... Byline: compiled by George White compiled by George White Software Clear2Pay Brussels-based Clear2Pay, a payment processing software developer, has raised [Euro]6.1 million ($7.8 million) in its third round of financing,...

Nursing home operator bankrupt.
October 27, 2004... Byline: Paul Burton Reflections Homes Inc. is the latest senior-care provider in the Duluth, Minn., area to experience financial woes. Its filing for Chapter 11 bankruptcy protection follows the closure of four homes in the region...

Galey & Lord sale approved.
October 27, 2004... Byline: Jonathan Berke Judge Mary Grace in the U.S. Bankruptcy Court for the Northern District of Georgia in Atlanta approved Patriarch Partners LLC's $188 million bid to acquire textiles maker Galey & Lord Inc. on Tuesday. An...

Twinlab to court: Bless $3M accord.
October 27, 2004... Byline: Paul Burton Twinlab Corp., a Hauppauge, N.Y., vitamin supplements producer, has requested the U.S. Bankruptcy Court for the Southern District of Manhattan to approve a $3.2 million settlement with shareholders. A hearing has...

Uniflex seeks extension.
October 27, 2004... Byline: Peter Edmonston Specialty bag maker Uniflex Inc. wants more time to wrap up a reorganization plan now that its majority owner has pulled out of an equity investment deal. The Hicksville, N.Y.-based company has asked the U.S....

Garden Ridge-landlord duel on tap.
October 27, 2004... Byline: Shanon D. Murray A judge is set to consider several controversial motions Wednesday, Oct. 27, that are at the core of Garden Ridge Corp.'s dispute with its landlords. The Houston-based craft retailer filed a motion to extend...

Owens Corning gets breathing room.
October 27, 2004... Byline: Erik Moser Owens Corning Inc. had a day of extensions on Monday, Oct. 25, winning approval to extend its exclusivity period and also pushing back the maturity date on its debtor-in-possession. The Toledo, Ohio-based company...

Maxim to prep for cramdown.
October 27, 2004... Byline: Jonathan Berke Bankrupt Maxim Crane Inc. will send out a disclosure statement for a proposed reorganization plan that may lead to a cramdown. Judge Bruce McCullough of the U.S. Bankruptcy Court for the Western District of...

Adelphia: TW-Comcast bid OK.
October 27, 2004... Byline: Peter Lauria Adelphia Communications Corp. said it would allow Comcast Corp. and Time Warner Inc. to bid jointly for its assets, which investment banks UBS and Allen & Co. are auctioning out of bankruptcy. Adelphia's board...

ATA Airlines falls to Chapter 11.
October 27, 2004... Byline: Lou Whiteman The parent of ATA Airlines filed for bankruptcy protection late Tuesday, Oct. 26, the latest casualty of high oil prices and cutthroat competition in the U.S. airline industry. ATA Holdings Corp. listed assets of...

Keystone Consolidated, retiree groups settle.
October 27, 2004... Byline: Paul Burton Bankrupt Keystone Consolidated Industries Inc. of Dallas has reached agreement with three retiree groups over nonpension benefits. The agreement includes a lump-sum cash payment, continuance of life-insurance...

FedMogul wins new DIP.
October 27, 2004... Byline: Soma Biswas A bankruptcy court judge approved a $1.9 billion financing package for Federal-Mogul Corp. Judge Raymond Lyons signed an order after an Oct. 22 hearing in the U.S. Bankruptcy Court for the District of Delaware in...

Trump Hotels turns to Morgan.
October 27, 2004... Byline: Jonathan Berke Trump Hotels & Casino Resorts Inc. late Tuesday, Oct. 26, secured a $500 million line of credit with Morgan Stanley & Co. that will be used as exit funding. Donald Trump's publicly traded casino company is...

IPO Outlook: October 26, 2004.
October 27, 2004... Byline: compiled by Peter Moreira Shopping.com IPO prices at $18 a share Internet shopping Web site Shopping.com Ltd.said Monday, Oct. 25, its initial public offering would be launched at $18 a share -- the top of the previously...