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Monday, 31 December 2007 |
Representatives for the king of Bahrain's son say he is suing pop star Michael Jackson for $7 million.
The Bell Pottinger Group says Sheik Abdulla bin Hamad Al Khalifa has filed a breach-of-contract case against the troubled singer at London's Royal Courts of Justice.
The suit is to be heard Monday afternoon. It comes a week after Jackson gave up the title to his Neverland ranch in California.
In 2006, Jackson announced he would put out a new album for Khalifa's record label 2 Seas Records. Media reports say Khalifa is arguing that the promised work was never delivered.
Jackson's finances fell apart following his arrest in 2003 on charges that he molested a 13-year-old boy at Neverland. He moved to Bahrain after being acquitted of the charges.
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Thursday, 20 December 2007 |
Industrial output posted a bigger-than-expected rebound in October after plunging in September by the largest amount in over 60 years.
The Federal Reserve says industrial output rose 1.3 percent last month, reflecting a return to more normal operations following hurricanes and a strike at aircraft manufacturer Boeing Co. the previous month.
Those disruptions along with the weak economy caused industrial production to fall by 3.7 percent in September, the biggest one-month drop since a 5 percent plunge in February 1946.
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Monday, 17 December 2007 |
Las Vegas Sands Corp. said Monday that doubts about its ability to continue as a going concern have been removed after the completion of an offering of common stock, preferred stock and warrants provided about $2.1 billion of additional capital.
The Las Vegas-based casino operator's independent accountants, PricewaterhouseCoopers LLP, said in a filing with the Securities and Exchange Commission that the actions taken Friday have helped to erase worries about the company's ability to continue to operate.
Las Vegas Sands also said it reissued 2007 financials and now feels it has enough liquidity and capital resources to fund ongoing operations and fulfill its new development plans.
Friday, Las Vegas Sands said it sold 200 million common shares for $5.50 apiece for $1.1 billion, which included 18.2 million shares purchased by the underwriters. The company also sold 5.2 million units consisting of one share of preferred stock plus a warrant to buy stock at $6 a share. The units sold for $100 each.
Founder and Chief Executive Sheldon Adelson and his wife also purchased roughly 5.25 million shares of preferred stock and warrants at the same terms as the public offering. The warrants included in the public offering and sale to the Adelsons could raise an additional $1.04 billion.
In addition, the couple converted $475 million in notes they purchased last month into 86.4 million common shares at a conversion price of $5.50 apiece.
Las Vegas Sands did not seek shareholder approval for its financing plan, claiming an exception in New York Stock Exchange rules, even though it more than doubles the number of outstanding shares and significantly dilutes shareholder value.
The company warned that any delay caused by getting shareholder approval "would seriously jeopardize the ability to complete the offerings as well as the financial viability of the company."
Las Vegas Sands said it planned to use proceeds to help fund construction and development projects, which it said would be significantly slowed down. Last Monday, the company said it would suspend construction at its $600 million St. Regis condominium tower in Las Vegas and two sites on the Cotai Strip in Macau.
The move is not uncommon these days, as several other casino operators have scaled back or abandoned development plans due to economic and credit conditions. Boyd Gaming Corp. recently postponed work on its $4.8 billion Echelon resort in Las Vegas, while MGM Mirage's default rating was downgraded by Fitch Ratings partly due to the company's difficulty paying for the $9.2 billion CityCenter complex in Las Vegas.
Las Vegas Sands is also looking to address some in-house concerns, disclosing in an SEC filing last week that its board created a committee to evaluate the company's decision-making and resolve disputes between Adelson and other senior managers. The filing said the committee was formed to address "a loss of confidence" by managers in how the company is being run.
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