Tribune gets OK to sell Cubs

Web Posted: 09/25/2009 12:00 CDT

By Steven Church - Bloomberg Tribune Co., the bankrupt newspaper publisher, won court permission to sell the Chicago Cubs, paving the way for the baseball team to file bankruptcy to make the transaction final.

Under the sale process approved last month by U.S. Bankruptcy Judge Kevin Carey in Wilmington, Del., Tribune would transfer the Cubs to the family of TD Ameritrade Holding Corp. founder Joe Ricketts. The transaction would bring about $740 million to the company's creditors.

Because the transaction is a so-called leveraged partnership, it will enable Tribune to avoid paying about $300 million in taxes, said tax consultant Robert Willens, who teaches a class on tax law at the business school at Columbia University. The structure, however, probably will prompt questions from the Internal Revenue Service, Willens said.

“They are generally hostile toward leveraged partnership transactions,” Willens said, citing past IRS rulings. “And this leveraged partnership is such a high-profile one.”

Calls and e-mails for comment to Tribune spokesman Gary Weitman weren't immediately returned. Ricketts family spokesman Dennis Culloton declined to answer questions about the tax issue.

“This is another positive step for the Ricketts family and their effort to acquire the controlling interest in the Chicago Cubs,” Culloton said in an e-mailed statement. “The family looks forward to obtaining final approval from the court and from Major League Baseball owners so they can begin leading this great franchise.”

On Thursday, Carey approved the deal to transfer the Cubs to the Ricketts family. Before the sale wins final court approval and can close, the main holding company for the Cubs, Chicago National League Ball Club LLC, must file bankruptcy to shield the buyer from future lawsuits.

Another nice one here!

Hi Brick, glad you found this gem! Get ready!

Nice contiued action here!!

Oh yes, I am going to wait a little while until they actually clear them out, have you been watching the daily list, wow!!

Exactly, nice input, thanks!

Question, anyone else like the recent news about FINRA/SEC getting ride of over 51,000 inactive shells, IMO it could make the shell hunt tough or it might make it easier with less trash to sort through, time will tell!

I actually think the the SEC/FINRA move will be good for the shell hunters, its just a waiting game, once they have cleaned them out then we will see whats left and should be able to ascertain which ones have recent activity and potential for RM developments!

The shell game is about to be revived and no more playing the crazy IRP P & D's for me!!

May 29, 2009 On Thursday, May 28, 2009, FINRA published a general notice addressing the deletion of approximately 51,000 inactive, suspended or expired OTC Equity securities from the OTC Reporting Facility (“ORF”). Based on member firm and industry feedback relating to the bulk deletion, FINRA is postponing the deletion effective date until Friday, July 31, 2009.

To assist member firms and other industry participants in this undertaking, FINRA is providing a list of the OTC Equity securities identified for deletion in a pipe-delimited text file. The file can be found on the Secure FTP site, ftp://ftp.otcbb.com/symboldirectory/, entitled, OTC Equities Deletions 05292009.txt, that conforms to the Daily List file format. Please note that this list is for securities identified as of Friday, May 29, 2009 and is subject to change. FINRA will continue to publish security additions, deletions and modifications via the OTC Daily Lists.

Question, anyone else like the recent news about FINRA/SEC getting ride of over 51,000 inactive shells, IMO it could make the shell hunt tough or it might make it easier with less trash to sort through, time will tell!

I actually think the the SEC/FINRA move will be good for the shell hunters, its just a waiting game, once they have cleaned them out then we will see whats left and should be able to ascertain which ones have recent activity and potential for RM developments!

The shell game is about to be revived and no more playing the crazy IRP P & D's for me!!

May 29, 2009 On Thursday, May 28, 2009, FINRA published a general notice addressing the deletion of approximately 51,000 inactive, suspended or expired OTC Equity securities from the OTC Reporting Facility (“ORF”). Based on member firm and industry feedback relating to the bulk deletion, FINRA is postponing the deletion effective date until Friday, July 31, 2009.

To assist member firms and other industry participants in this undertaking, FINRA is providing a list of the OTC Equity securities identified for deletion in a pipe-delimited text file. The file can be found on the Secure FTP site, ftp://ftp.otcbb.com/symboldirectory/, entitled, OTC Equities Deletions 05292009.txt, that conforms to the Daily List file format. Please note that this list is for securities identified as of Friday, May 29, 2009 and is subject to change. FINRA will continue to publish security additions, deletions and modifications via the OTC Daily Lists.

Question, anyone else like the recent news about FINRA/SEC getting ride of over 51,000 inactive shells, IMO it could make the shell hunt tough or it might make it easier with less trash to sort through, time will tell!

I actually think the the SEC/FINRA move will be good for the shell hunters, its just a waiting game, once they have cleaned them out then we will see whats left and should be able to ascertain which ones have recent activity and potential for RM developments!

The shell game is about to be revived and no more playing the crazy IRP P & D's for me!!

May 29, 2009 On Thursday, May 28, 2009, FINRA published a general notice addressing the deletion of approximately 51,000 inactive, suspended or expired OTC Equity securities from the OTC Reporting Facility (“ORF”). Based on member firm and industry feedback relating to the bulk deletion, FINRA is postponing the deletion effective date until Friday, July 31, 2009.

To assist member firms and other industry participants in this undertaking, FINRA is providing a list of the OTC Equity securities identified for deletion in a pipe-delimited text file. The file can be found on the Secure FTP site, ftp://ftp.otcbb.com/symboldirectory/, entitled, OTC Equities Deletions 05292009.txt, that conforms to the Daily List file format. Please note that this list is for securities identified as of Friday, May 29, 2009 and is subject to change. FINRA will continue to publish security additions, deletions and modifications via the OTC Daily Lists.

hmmm, nice action!

Gezz that was funny, ROTFLMFAO

zardiw spoke to him within the last few days

Nice action today, IMO they have Home Treasures coming in as an additional Subsidiary of the Company, it means they are diversifing in order to bring more value to the company!

Hoping for update today or tommorrow here :)))

If Safeway had a sale -- 25% off everything in the store -- the supermarket would be swamped. Yet, when real estate has big discounts (often called a crash or a burst bubble), that same shopper runs away from an asset sale. Instead, they wait until prices are high and other fools are bidding them up further to finally buy. - Robert Kiyosaki

I did the same Fireman, been here since 2006 and lost some $$$ and made some $$$, cancelled my membership last week, with these recent developments I feel there is way too much BS going on behind the scenes to make me comfortable, it used to be about DD and finding the gems, over the last year or two its been about getting on the band wagon of the IRP plays to just squeeze 10-20% profits before they dump! IMO the hub has turned into a who knows who and if your run with the folks that pump these pos's! Back in the good old days the RM's where the best % plays out there, but now it seems that 70% of the volume here comes from the IRP's and thier groups that are in the know before the play happens, they all seem to just know that news is coming on a play a day or two before news actually hits, that is what really brought up some red flags, inside information being leaked to an IRP and his groupies, I believe this is just the tip of the iceberg, many more heads will roll IMO!!

Yes, they want this to be trading above .25 asap, adding value by bringing in this entity under IWTT umbrella of subsidiaries!!

Excited to know more, Home Treasures expects to sell permanent and semi-permanent decorative products, via the internet, to home owners wishing to upgrade and enhance the value of their homes. Tesoro Distributors, Inc.'s president, Henry J. Boucher said that "Home Treasures expects its web site to be up and running by the end of May 2009".

Ready for more updates this week!

What happens to greedy pigs, they squeel!!!!

Greedy Pigs get slaughtered, rule 1 in pennyland!

Ricketts lines up financing for Cubs deal
Comments

May 19, 2009

BY DAVID ROEDER droeder@suntimes.com
Corporate bond dealer Thomas Ricketts is close to finalizing terms of his nearly $900 million purchase of the Chicago Cubs from Tribune Co.

But his friends shouldn't start hassling him for tickets yet. Complications in the process, including Tribune's Chapter 11 bankruptcy, should keep the sale from being approved until the heat of this year's pennant race, if then.

» Click to enlarge image

Tom Ricketts has lined up $450 million in financing from three banks to complete his $900 million purchase of the Cubs. Ricketts has also approached a trio of celebrities to seek additional financing, including actors John Cusack, Jim Belushi and Bill Murray (inset).
(John H. White/Sun-Times)


Sources said Ricketts has lined up $350 million in bank financing for the acquisition. They said the money is coming from JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp.

All three banks are Tribune creditors because they provided financing for owner Sam Zell's $8.2 billion Tribune buyout. The deal closed in December 2007 and left the company with more than $13 billion in debt just as its newspaper publishing core began seeing major losses in advertising.

The Ricketts have also approached three celebrities, including actors and longtime Cub fans John Cusack, Jim Belushi and Bill Murray, according to the Chicago Tribune.

Zell took Tribune into bankruptcy one year later to wrangle new terms from creditors. He plans to sell the Cubs, one of the most coveted franchises in Major League Baseball, to pay down the debt.

Ricketts and his father, Joseph Ricketts, founder of the Ameritrade discount brokerage, plan to inject $450 million into the deal, sources said. They also said they plan to raise $100 million by selling preferred shares, which include a guaranteed dividend and perks, such as front-row seats and a chance to hobnob with players. But the shares wouldn't include a voice in team management.

Thomas Ricketts, chairman of Chicago-based Incapital LLC, did not return calls Monday and his spokesman declined to comment. The publication SportsBusiness Journal broke the news about his bank financing.

The Cubs sale can't be final until it is approved by 75 percent of the MLB's 30 teams. The owners hold their regular quarterly meeting this week but won't be taking up the sale.

Even if there is an agreement between Ricketts and the Cubs over the next few days, it first has to go to bankruptcy court. The court review is expected to take 30 to 45 days.

The owners could vote on the sale at their August meeting, or they could call a special session earlier.

Ricketts and Tribune have been in tense talks over how to structure the sale. Tribune wants a leveraged deal to reduce capital gains taxes, but Ricketts has wanted to limit borrowing because baseball owners don't like debt-laden acquisitions.

Yes I am :)))

LTV Corp Form 8-K 5/20/09

released on Wednesday, 5/20/09, a 2-document, 6-page '8-K'

Current Report -- Form 8-K

for the period ended Wednesday, 5/20/09

filed as of Wednesday, 5/20/09
________________________________________________________________

This filing: '8-K' -- # 0000950152-09-005471 @ 090520-172004 --
http://www.secinfo.com/$/SEC/Filing.asp?D=sVS7.s5Ag&CIK=60731

Hank needs to chill!

100% agree on that!!

TNXT moving on volume this afternoon +800%

The number of shares outstanding of our Common Stock, $0.001 par value per
share, as of November 8, 2004 was 47,940,860 shares.

NRTLQ +10% .23

Saw that Zman, monster in the making

In STNLQ

Estimated Market Cap
$186,472 as of May 7, 2009
Outstanding Shares
93,236,104 as of Nov 1, 2007
Number of Share Holders of Record
213 as of Apr 2, 2007

STNLQ on Breakout, this is why:

Dear Visitor,

Pardon us for the temporary unavailability of STI’s website for reinsurance technologies. Our website is being reconstructed and the new site will be released shortly under the name of ReTech Ltd, a fully owned operating subsidiary of Reinsurance Technologies, Ltd.

In the meantime, please feel free to contact Joel H. Bernstein at +1-703-906-8625 , or Dan L. Jonson at +1-301-606-2702 for additional information.

Your patience is much appreciated as we are preparing to introduce the new site.

Thank you!

STNLQ WILL BE NEXT FOLKS,GLTUA :)

Here's a tip, May 20-21 TRBCQ finalize Cubs Sale, should see a pgpdq move or better, runs like a rabbit with volume

Tribune Co. needs a closer to salt away Chicago Cubs deal
By Ameet Sachdev | Tribune reporter
May 6, 2009
The sale of the Chicago Cubs has taken on the timeless quality of a baseball game.

Cubs officials first hoped to close the $900 million deal with the Ricketts family by the start of the baseball season in April. What could be more perfect than beginning a season with a new owner to perhaps change the hapless team's fortunes?

Opening Day came and went. Then, Sam Zell, chairman of Tribune Co., which is selling the team, told a news outlet that he expected to complete the transaction by the end of May. The second deadline carried more practical significance, as both sides were eager to present a deal to baseball owners, who have to approve the change in ownership, in time for their quarterly meeting May 20-21.

Despite good intentions on both sides, the transaction will not be completed by the owners meeting, said sources familiar with the negotiations. But a second blown deadline is not an indication that the deal is in trouble, sources said.



Spokesmen for Tribune Co. and Tom Ricketts, a Chicago investment banker who is leading his family's bid for Cubs, declined to comment.

Sources blamed the slow pace of negotiations on several factors. The recession and a financial-sector meltdown has made it difficult for the Ricketts family to secure financing. The family raised $400 million for the deal by selling personal stock holdings and planned to borrow the rest.

The need for loans is being partly being driven by Tribune Co.'s desire to minimize taxes in selling the Cubs, Wrigley Field and a 25 percent stake in Comcast SportsNet Chicago, a regional sports network. Tribune Co.'s plan also requires the company to carry a small ownership interest in the package of assets going forward, further complicating the documentation of the transaction.

Finally, lawyers on both sides need to make sure the complex deal will gain approval from a bankruptcy judge. Tribune Co., owner of the Chicago Tribune, filed for Chapter 11 protection in December.

Still, the longer negotiations drag on, the more chance there is for the unexpected. Zell knows this firsthand. The lengthy auction for the team got sidetracked by the unexpected financial meltdown last fall and the bankruptcy filing, which probably hurt the value of the franchise. When Zell put the team up for sale in 2007, many predicted that team might fetch more than $1 billion.

Now, both sides are reluctant to put a timetable on completing the deal.

asachdev@tribune.com

Tribune Co. needs a closer to salt away Chicago Cubs deal
By Ameet Sachdev | Tribune reporter
May 6, 2009
The sale of the Chicago Cubs has taken on the timeless quality of a baseball game.

Cubs officials first hoped to close the $900 million deal with the Ricketts family by the start of the baseball season in April. What could be more perfect than beginning a season with a new owner to perhaps change the hapless team's fortunes?

Opening Day came and went. Then, Sam Zell, chairman of Tribune Co., which is selling the team, told a news outlet that he expected to complete the transaction by the end of May. The second deadline carried more practical significance, as both sides were eager to present a deal to baseball owners, who have to approve the change in ownership, in time for their quarterly meeting May 20-21.

Despite good intentions on both sides, the transaction will not be completed by the owners meeting, said sources familiar with the negotiations. But a second blown deadline is not an indication that the deal is in trouble, sources said.



Spokesmen for Tribune Co. and Tom Ricketts, a Chicago investment banker who is leading his family's bid for Cubs, declined to comment.

Sources blamed the slow pace of negotiations on several factors. The recession and a financial-sector meltdown has made it difficult for the Ricketts family to secure financing. The family raised $400 million for the deal by selling personal stock holdings and planned to borrow the rest.

The need for loans is being partly being driven by Tribune Co.'s desire to minimize taxes in selling the Cubs, Wrigley Field and a 25 percent stake in Comcast SportsNet Chicago, a regional sports network. Tribune Co.'s plan also requires the company to carry a small ownership interest in the package of assets going forward, further complicating the documentation of the transaction.

Finally, lawyers on both sides need to make sure the complex deal will gain approval from a bankruptcy judge. Tribune Co., owner of the Chicago Tribune, filed for Chapter 11 protection in December.

Still, the longer negotiations drag on, the more chance there is for the unexpected. Zell knows this firsthand. The lengthy auction for the team got sidetracked by the unexpected financial meltdown last fall and the bankruptcy filing, which probably hurt the value of the franchise. When Zell put the team up for sale in 2007, many predicted that team might fetch more than $1 billion.

Now, both sides are reluctant to put a timetable on completing the deal.

asachdev@tribune.com

Here's a tip, May 20-21 TRBCQ finalize Cubs Sale, should see a pgpdq move or better, runs like a rabbit with volume

Tribune Co. needs a closer to salt away Chicago Cubs deal
By Ameet Sachdev | Tribune reporter
May 6, 2009
The sale of the Chicago Cubs has taken on the timeless quality of a baseball game.

Cubs officials first hoped to close the $900 million deal with the Ricketts family by the start of the baseball season in April. What could be more perfect than beginning a season with a new owner to perhaps change the hapless team's fortunes?

Opening Day came and went. Then, Sam Zell, chairman of Tribune Co., which is selling the team, told a news outlet that he expected to complete the transaction by the end of May. The second deadline carried more practical significance, as both sides were eager to present a deal to baseball owners, who have to approve the change in ownership, in time for their quarterly meeting May 20-21.

Despite good intentions on both sides, the transaction will not be completed by the owners meeting, said sources familiar with the negotiations. But a second blown deadline is not an indication that the deal is in trouble, sources said.



Spokesmen for Tribune Co. and Tom Ricketts, a Chicago investment banker who is leading his family's bid for Cubs, declined to comment.

Sources blamed the slow pace of negotiations on several factors. The recession and a financial-sector meltdown has made it difficult for the Ricketts family to secure financing. The family raised $400 million for the deal by selling personal stock holdings and planned to borrow the rest.

The need for loans is being partly being driven by Tribune Co.'s desire to minimize taxes in selling the Cubs, Wrigley Field and a 25 percent stake in Comcast SportsNet Chicago, a regional sports network. Tribune Co.'s plan also requires the company to carry a small ownership interest in the package of assets going forward, further complicating the documentation of the transaction.

Finally, lawyers on both sides need to make sure the complex deal will gain approval from a bankruptcy judge. Tribune Co., owner of the Chicago Tribune, filed for Chapter 11 protection in December.

Still, the longer negotiations drag on, the more chance there is for the unexpected. Zell knows this firsthand. The lengthy auction for the team got sidetracked by the unexpected financial meltdown last fall and the bankruptcy filing, which probably hurt the value of the franchise. When Zell put the team up for sale in 2007, many predicted that team might fetch more than $1 billion.

Now, both sides are reluctant to put a timetable on completing the deal.

asachdev@tribune.com

Interesting info Serf, Nice DD!

There was PR yesterday about emerging out of BK

SHSNQ on fire, nice board, marked!!!

It cost them over 15g to become a OTX memeber which they have, I think they are building up steam and hopefully by end of may we will get a lot more info on Home Treasures.

Henry J. Boucher said that "Home Treasures expects its web site to be up and running by the end of May 2009".

Mr. Boucher noted, "With New Stream Capital's strength and support, we'll be positioned to better serve our customers with swift deliveries of orders and samples and overall superior customer service. We will continue to create products that can be marketed through a variety of channels."

The terms of the transaction were not disclosed. Both companies are privately held.

Here is how they are connected:

Jan 29, 2008 11:22 ETNew Stream Capital LLC Acquires International Wholesale Tile
RIDGEFIELD, CT and PALM CITY, FL--(Marketwire - January 29, 2008) - New Stream Capital announced today that it has acquired the assets of International Wholesale Tile (IWT), a supplier of premium quality porcelain, ceramic and natural stone tile products.

IWT supplies its products to retail floor-covering stores, design centers and specialty tile shops across the country. At its main distribution center in Palm City, IWT houses more than 10 million square feet of inventory from international sources such as Italy, Spain, Brazil, and Turkey. The company's Tesoro collection is one of the top-selling brands of ceramic tile in the retail tile industry.

The company does not expect to make any substantive changes to the management structure or ongoing operations at its two locations as a result of the acquisition. Paul Boucher will remain President of the company. Kathryn Spencer will continue to serve as Vice President of operations, and Ann Marie Renze will serve as CFO.

"IWT is known for selling the highest quality tile to independent dealers and stocking distributors," said Matthew S. Galvez, Managing Director of New Stream. "We look forward to working with the management team to build on the company's reputation as one of the most innovative and reliable suppliers in the industry."

Mr. Boucher noted, "With New Stream Capital's strength and support, we'll be positioned to better serve our customers with swift deliveries of orders and samples and overall superior customer service. We will continue to create products that can be marketed through a variety of channels."

The terms of the transaction were not disclosed. Both companies are privately held.

About IWT: Founded in 1994, International Wholesale Tile (IWT) markets premium imported tile products to retail stores, design centers and specialty tile shops across the country. The company is headquartered in Palm City, FL, and it ranks as one of the largest tile distributors in the Southeast United States. (www.internationalwholesaletile.com)

About New Stream Capital: New Stream Capital, based in Ridgefield, Connecticut, is a private investment firm focused on providing funding solutions for unique, complex and opportunistic transactions for a wide range of industries. These direct investments offer customized structured finance solutions for growth capital, working capital, acquisition, project finance, regulatory capital, and other specialty finance opportunities. (www.newstreamcapital.com)