Ron Burkle News
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The much-traveled Sacramento Kings should remain in that city rather than move to Seattle in a sale headed by Valiant Capital Management founder Chris Hansen, the National Basketball Association’s relocation committee said.
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Morgans Hotel Group Co., the boutique-hotel operator under pressure from its largest shareholder, said Yucaipa Cos. will swap interests in the company’s convertible notes and preferred stock for its ownership in the Delano South Beach and the Light Group.
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Morgans Hotel Group Co. directors’ vote to approve a recapitalization plan with billionaire Ron Burkle’s Yucaipa Cos. was invalid, a dissident director contends in a lawsuit over control of the hotelier’s board.
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Morgans Hotel Group Co. today agreed to postpone a $6-a-share rights offering until at least May 16, while dissident investors seek to block a recapitalization plan with billionaire Ron Burkle’s Yucaipa Cos., court papers show.
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Morgans Hotel Group Co.’s largest shareholder called a swap for a Florida hotel and a $100 million rights offering “insider dealings” that would benefit board member Ron Burkle’s investment firm.
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Relativity Media LLC, the independent movie and television studio run by Ryan Kavanaugh, raised a $115 million credit facility to buy and produce movies and television shows.
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Morgans Hotel Group Co. was sued by a company director seeking to block a recapitalization tied to Yucaipa Cos.’ acquisition of one of Morgan’s properties.
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Barnes & Noble Inc.’s shareholders voted to keep Chairman Leonard Riggio on the board of the company he founded, rejecting an attempt by Ron Burkle’s Yucaipa Cos. to shake up the largest U.S. bookstore chain.
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A group led by 24 Hour Fitness Worldwide Inc. founder Mark Mastrov submitted an official bid to buy the Sacramento Kings and keep them from moving to Seattle.
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Yucaipa Cos.’ Ron Burkle told a judge he wants to improve Barnes & Noble Inc. ’s business as he seeks to invalidate the bookseller’s poison-pill defense against takeovers and buy more shares.
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