South Beach News
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Morgans Hotel Group Co. said it received a $7.50-a-share takeover offer from a “large international hotel company” late last year that it rejected as too low. The stock rose to the highest in a year and half.
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The excruciating melodrama is over, at least for now: Sacramento will remain the home of the Kings, presumably under new ownership. What’s less clear is the future of the franchise in today’s NBA.
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Morgans Hotel Group Co. can’t sell billionaire Ron Burkle two of its businesses and begin a $100 million recapitalization plan because directors didn’t properly approve the actions, a judge ruled.
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Morgans Hotel Group Co. board members faced threats by billionaire Ron Burkle to harm the hotel chain if they didn’t back his acquisition of several of Morgans’s businesses, a lawyer for one of the company’s directors said.
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Since the 1970s, James Turrell has been using the Roden Crater, an extinct volcano in Arizona’s Painted Desert, for an unusual work of art.
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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.’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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Morgans Hotel Group Co., which operates the Royalton and Mondrian boutique brands, put its 195- room Delano South Beach property in Miami Beach, Florida, on the market, according to the broker with the listing.
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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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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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