SCAMS-R-US

[XenaLives]

MacAndrews & Forbes, private compay that swindles the little guys? Definitely part of the Uber Klasse:

https://en.wikipedia.org/wiki/MacAndrews_%26_Forbes

Donald Drapkin, Investor Who Split With Perelman, Dies at 67

John Gittelsohn @johngitt.

February 22, 2016 — 11:13 PM EST Updated on February 23, 2016 — 2:16 AM EST


Donald Drapkin, the chairman of activist hedge fund Casablanca Capital who feuded with former business partner Ronald Perelman, has died. He was 67.

He died Monday at a Denver hospital after suffering a brain injury in a skiing accident on Feb. 15 in Aspen, Colorado, Sara Fitzmaurice, a family spokeswoman, said in an e-mail.

Drapkin’s New York-based investment firm lobbied for turnarounds at Cliffs Natural Resources Inc., the largest U.S. iron-ore producer, in 2014 and at electronics company Mentor Graphics Corp. in 2011. He won a $16 million jury verdict in a breach of contract dispute with his former employer, Perelman’s MacAndrews &; Forbes Holdings Inc., in 2012.

Drapkin sued MacAndrews &; Forbes in 2009 for violating a separation agreement, claiming he was owed severance and stock proceeds. He was hired by Perelman in 1987 as vice chairman and director, according to a profile on the Casablanca website. Drapkin said he served the firm as an in-house investment banker, but the relationship between the two men had deteriorated so much by 2006 that Drapkin’s salary had been slashed and his responsibilities cut.

“I was best friends with my partner for 25 years,” Drapkin said of his relationship with Perelman after the 2012 judgment, according to CNBC. “I mourn the loss of that friendship.”

Bloomberg

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ChitownMike Saturday, 12/06/14 12:54:48 PM
Re: mulaa post# 257060
Post #
257061
of 361447 Go
That's an easy answer and that answer is they won't when they can just go to the real king of 4k content and distribution.

www.prnewswire.com/news-releases/deluxe-selected-by-lg-electronics-to-process-and-deliver-native--re-mastered-4k-hollywood-and-local-content-275463641.html


About Deluxe

Deluxe Entertainment Services Group Inc. is a global leader in media and entertainment services across film, video and online original content from capture to consumption.

Since 1915, Deluxe Entertainment has been the trusted partner for the world's most successful Hollywood studios, independent film companies, TV networks, exhibitors, advertisers and others, offering best-in-class solutions in production, post production, distribution, asset and workflow management and new digital solution-based technologies.

The company employs nearly 6,000 of the most talented, highly honored and recognized artists and industry veterans worldwide. Deluxe Entertainment is a wholly owned subsidiary of MacAndrews &; Forbes Holdings Inc.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=108824498&txt2find=MacAndrews|&|Forbes

Member of the Council on Foreign Relations -

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=102796884&txt2find=MacAndrews|&|Forbes

Intersting holding company with thumbs in many pies, see director:

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=95393817&txt2find=MacAndrews|&|Forbes

Director MacAndrews & Forbes associated with penny P&D

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=89399057&txt2find=MacAndrews|&|Forbes

THE BIGGIE:

SEC Charges Revlon with Misleading Shareholders in Going Private Transaction

FOR IMMEDIATE RELEASE
2013-110

Washington, D.C., June 13, 2013 — The Securities and Exchange Commission today charged cosmetics and beauty care manufacturer Revlon with violating federal securities laws when the company misled shareholders during a ";going private transaction.";

Additional Materials
SEC Order
www.sec.gov/litigation/admin/2013/34-69750.pdf

Going private transactions can occur in many forms and typically involve the company delisting and deregistering its stock and cashing out their shareholders so the company or a private equity firm can acquire all of the outstanding shares. An SEC investigation found that during a voluntary exchange offer to satisfy a significant debt to its controlling shareholder, Revlon engaged in ";ring fencing"; that deprived its independent board members from knowing critical information: the transaction's consideration had been deemed inadequate by a third party who evaluated whether current and former employees invested in Revlon common stock through the company's 401(k) plan could exchange their shares.

Revlon agreed to settle the SEC's charges and pay an $850,000 penalty.

";Going private transactions create opportunities for shareholder abuse and can have coercive effects on minority shareholders,"; said Antonia Chion, Associate Director in the SEC's Division of Enforcement. ";By erecting informational barriers, Revlon kept critically important information from its board and, in turn, misled investors.";

According to the SEC's order instituting settled administrative proceedings, controlling shareholder MacAndrews and Forbes (M&;F) asked Revlon in 2009 to offer minority shareholders the option to exchange their common stock shares on a one-for-one basis for preferred shares with certain financial characteristics. The exchanged shares would then be provided to M&;F to pay down Revlon's debt. The trustee administering Revlon's 401(k) plan decided that 401(k) members could tender their shares only if a third-party financial adviser made an ";adequate consideration determination,"; which involved assessing whether the value of the preferred stock 401(k) members would receive was at least equal to the fair market value of the exchanged common stock shares. The third-party financial adviser ultimately found that the consideration offered in the transaction was inadequate for tendering 401(k) shareholders.

The SEC's order finds that Revlon did not want to disclose the third-party financial adviser's view on the adequacy of the transaction's consideration. In an attempt to avoid a potential disclosure obligation, the company engaged in what one employee termed as ";ring fencing"; to avoid receiving the adequate consideration determination from the third-party adviser:

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Removed Three Firms
And in 2010, the year after he joined the court, Laster removed three law firms from leadership roles in a suit filed by minority stockholders of Revlon Inc.
In that case, investors claimed they would be underpaid when the controlling shareholder, MacAndrews &; Forbes Holdings Inc., owned by billionaire Ronald Perelman, acquired all of the company’s publicly traded stock in exchange for new preferred shares.
In seeking fees, the judge wrote, plaintiffs’ attorneys appeared to have claimed undeserved credit for changes in the deal’s terms, exaggerated the benefits of “tweaks” and failed to notice red flags pointing to the transaction’s unfairness.

The attorneys tried to help New York-based Revlon circumvent a requirement that stockholders tender at least half of shares not held by New York-based MacAndrews, Laster wrote. Only 42 percent were tendered, he said.
The judge replaced as co-lead counsel Wolf Popper LLP in New York and Rigrodsky &; Long, as well as Rosenthal, Monhait &; Goddess PA as Delaware liaison counsel.

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