Sunday, January 10, 2010
Shogun Heading to Negotiating Table This Week
-While the rematch between Lyoto Machida and Shogun Rua has been tentatively scheduled for May, this week should be key in firming up contest. Shogun's Manager Eduardo Alonso tweeted "Should be an important next week, with some negotiations starting...". Lining up an extension on Shogun's contract will be the main point of contention. Shogun is four fights into his career and should be nearing the end of his original contract. The UFC has been more proactive in getting these extensions prior to a title shot, with the policy being mandated due to the BJ Penn abdication after his defeat of Matt Hughes. The UFC will want to have Shogun linked to a longer term contract in the event that he is able to take the title off of Machida.
Tahnoon Investment tied to Gracies Return a good thing?
Prince Tahnoon of Abu Dhabi has been rumored to have made a minority investment in the UFC. The sale of a portion of the UFC gives Zuffa a cash infusion to further expand their efforts in expanding the worldwide reach of the UFC. The investment from Tahnoon also ushered in the return, it seems, of a few of his favorite Gracies. Renzo Gracie has been tabbed for a return against Matt Hughes at UFC 112 in Abu Dhabi, while Rolles Gracie will face off with Mustapha Al-Turk at UFC 109. Both signing were announced prior to the news of Tahnoon's buy in but were obvious after effects of the Sheik's investment.
The Gracies are the first family of MMA and deserving of the utmost respect but the respective places in their career of Rolles and Renzo give credence to the notion that but for the Sheik's purchase they would be outside the Octagon looking in. Renzo will have been away from the MMA competition for three years when he steps back into the cage against Hughes and at 42 years old, is a bit long in the tooth to be making his Octagon debut as the kick-off to a rumored six fight deal. Rolles, on the other hand, is young in his MMA career with a 3-0 record, with his most recent fights being in another of Tahnoon's MMA dalliances, the China-based Art of War promotion that has put on events in Macau and Beijing.
Tahnoon's being a Renzo student and Rolles being involved with the ADCC and having a training base in Abu Dhabi seem to be the main impetus for their UFC inclusion, not their recent in-cage resumes. Quid Pro Quo is how deals get done but does it serve the sporting aspect of MMA? UFC Prez Dana White of all people is well aware of the hidden benefits of having billionaire friends, but having well-heeled chums shouldn't be a guiding factor on personnel decisions.
The Gracies are the first family of MMA and deserving of the utmost respect but the respective places in their career of Rolles and Renzo give credence to the notion that but for the Sheik's purchase they would be outside the Octagon looking in. Renzo will have been away from the MMA competition for three years when he steps back into the cage against Hughes and at 42 years old, is a bit long in the tooth to be making his Octagon debut as the kick-off to a rumored six fight deal. Rolles, on the other hand, is young in his MMA career with a 3-0 record, with his most recent fights being in another of Tahnoon's MMA dalliances, the China-based Art of War promotion that has put on events in Macau and Beijing.
Tahnoon's being a Renzo student and Rolles being involved with the ADCC and having a training base in Abu Dhabi seem to be the main impetus for their UFC inclusion, not their recent in-cage resumes. Quid Pro Quo is how deals get done but does it serve the sporting aspect of MMA? UFC Prez Dana White of all people is well aware of the hidden benefits of having billionaire friends, but having well-heeled chums shouldn't be a guiding factor on personnel decisions.
Friday, January 1, 2010
The Family Back in Galveston
Rich Bergeron of Unlimited Fight News has done an excellent job of fleshing out the backstory of what was left unsaid between Lorenzo and Ms Jackson Lee:
The Maceo brothers were very well respected and treated their business customers with the utmost courtesy. They were also experts at hiding their income and their illegal activities. When the heat finally came down on the family enterprise only one bean counter, Sam “Books” Serio, would come forward while every other member of the conspiracy remained silent. Serio reported to authorities in 1951 that the enterprising family outfit took in over $3.5 million in fiscal year 1950. Three of the family’s bosses were Fertittas at the time: Frank J. Fertitta Sr., Victor J. Fertitta, and Anthony J. Fertitta. 23 indictments came down against the Maceos, Fertittas and many of their other associates this time. But there were no convictions in the long run. The Fertittas and Maceos maintained an iron grip on their illegal gaming enterprises in Galveston until long after both Sam and Rosario Maceo were in their graves. When Texas Rangers finally broke the back of the Texas mob in Galveston, it was a long abandoned Maceo family property that actually proved to be the scene of one of the biggest breaks in the case. In the summer of 1957, Sam Maceo’s Hollywood Supper Club became a slot machine storage area while Texas Rangers squatted in all the local casinos trying to dissuade customers from sticking around while they snooped around for whatever clues they could find to bring down the operation...
Monday, December 21, 2009
Brit WW Star Jim Wallhead Inks Multi-Fight Deal with Bellator
CHICAGO, Ill. (December 21, 2009) – In yet another off-season coup, Bellator Fighting Championships announced Monday the acquisition of one of the top free-agent mixed martial artists in all of Europe, 18-5 British welterweight Jim Wallhead.
Wallhead—also known as “Judo Jim”—has won each of his last six fights and nine out of his last 11. He was recently lauded by Sherdog.com as “the top 170-pound fighter in Europe yet to be signed by a major promotion.”
With his signing, Wallhead has been invited to compete in Bellator’s upcoming eight-man welterweight tournament, which commences during Bellator’s Season 2 kickoff on April 8, 2010. Bellator will also conduct tournaments at 145, 155, and 185 lbs. with the winners of this year’s tournaments being declared No. 1 contenders to Bellator’s current roster of champions.
“Adding Jim to our welterweight division is magic for Bellator,” said Bellator founder and CEO Bjorn Rebney. “As one of Europe’s top welterweights, Jim will no doubt use our April tournament on Fox Sports Net to introduce U.S. MMA fans to what European fans already know. Jim is the real deal. As a fan, I can’t wait to see Wallhead, Askren, McClintok and Hornbuckle face off.”
A native of Leicester, England, Wallhead, 25, earned his black belt in Judo at age 16 and won Britain’s under-21 Judo championship at the age of 19. He made his professional MMA debut in 2005 at the age of 21 and has since compiled wins over top MMA talents like UFC veterans Jason Tan and Steven Lynch. In his most recent fight, Wallhead won a unanimous decision against former TUF participant Che Mills in Wales.
Wallhead said that he was drawn to Bellator because of the opportunity to match up against other top welterweights and the chance to spread his notoriety to MMA fans in the U.S. via Bellator’s historic multi-tiered TV distribution alliance. Each of Bellator’s 24 fights during Seasons 2 and 3 will be distributed live in primetime on Thursday nights on FOX Sports Net and its regional sports network affiliates. The top moments from each week’s live events will then be condensed into an action-packed 30-minute highlight show, broadcast every Saturday night, late night, on NBC. A one-hour highlight show will air in Spanish on Telemundo every Saturday night from midnight to 1 a.m.
“I’ve been looking for a home in a big promotion for quite a while, so I’m just over the moon about signing with Bellator,” said Wallhead. “I watched the Bellator shows last year, and it’s really just a great, high-standards promotion. I’m relishing the challenge to let it all hang out, to take some risks and, hopefully, to have some success against the top competition in the world.”
Wallhead currently resides in Loughborough, England, with his wife and three-year-old daughter.
For more information, please visit Bellator.com.
Thursday, December 10, 2009
Wednesday, November 25, 2009
Unite Here Local 226 talks about Station Casino Bankruptcy
Press Release from Culinary Workers Union Local 226:
Report Shows Station Casinos Insiders, Not the Recession, Drove the Company into Bankruptcy: Labor Union Calls on Company Creditors to Demand Significant Equity Investment from Insiders
Las Vegas—In light of the Chapter 11 bankruptcy of Station Casinos, Inc., the Culinary Workers Union Local 226 is calling on creditors to demand a significant equity investment by insiders, who have amassed over $1 billion from the company. According to an analysis released by the union, the company could have averted bankruptcy if not for the substantial debt it took on largely to enrich a small group of company insiders. The report examines how this debt enabled insiders to extract over a $1 billion from the company in recent years and that these insiders, not the global recession, drove the company into bankruptcy.
Station Casinos is a major employer in the Las Vegas Valley, many of whose over 13,000 employees are family members or friends of Culinary Union workers. The union’s members, as well as the larger community, are rightly concerned about the continuing uncertainty over the future of the company and its impact on Las Vegas.
“Station Casinos is a uniquely Las Vegas company that owes it success to Las Vegas locals like our members,” said D. Taylor, Culinary Workers Union Local 226 Secretary-Treasurer. “The company has a special obligation to our community. Its owner-managers have a responsibility not just to their Wall Street lenders and investors, but to their employees, customers, suppliers, and vendors right here in this community. The livelihoods of a lot of people and their families are closely tied to this company’s financial well-being. Clearly, the owner-managers and other insiders were more interested in extracting wealth from the company for themselves than ensuring its and its employees’ future. Now it’s time for them to give back.”
The report shows:
· Company insiders, led by members of the Fertitta family, nearly tripled the company’s long-term debt load between 2005 and the end of 2007 from $1.9 billion to $5.2 billion.
· Of the new debt incurred during this period, more than two-thirds was used to buy back shares and to complete a management-led buyout, both of which significantly benefited a small group of insiders.
· In 2006 and 2007, the company borrowed $990 million to buy back 14 million in outstanding shares. This was the true cost of the company’s stock compensation program over the previous years, which had been described by an independent proxy advisory firm as “the most expensive and liberal we have reviewed” and an “excessive transfer of wealth” to insiders.
· In 2007, the company took on $1.6 billion of new debt to complete a management-lead buyout. More than $660 million – or 40% – of the proceeds went to company insiders. The Fertitta family received $495 million alone as a result of the buyout.
· If the company had forgone these two non-productive transactions – the share buybacks and the buyout – it would have $2.6 billion less debt, significantly less interest expense, and could have averted bankruptcy.
· Since 2001, company insiders received more than $1 billion in executive compensation and from the buyout even as they led the company down the path toward bankruptcy. In contrast, other stakeholders in the company have had to suffer the consequences of their financial mismanagement. Not only is the company in Chapter 11 reorganization under the bankruptcy code, the company stopped matching employees’ 401(k) contributions, more than doubled PPO health care premiums for rank-and-file workers, slashed shifts and cut hours for workers, and terminated hundreds of long-time employees by replacing coffee shops with subcontracted restaurants.
The Culinary Workers Union, Local 226, an affiliate of UNITE HERE, is the largest local labor union in the gaming industry. The Culinary represents approximately 55,000 casino and resort workers on the Las Vegas Strip, in downtown Las Vegas, and in downtown Reno.
For a copy of the report please contact Ken Liu at 702-387-7001 or kliu@culinaryunion226.org.
http://www.culinaryunion226.org/
Report Shows Station Casinos Insiders, Not the Recession, Drove the Company into Bankruptcy: Labor Union Calls on Company Creditors to Demand Significant Equity Investment from Insiders
Las Vegas—In light of the Chapter 11 bankruptcy of Station Casinos, Inc., the Culinary Workers Union Local 226 is calling on creditors to demand a significant equity investment by insiders, who have amassed over $1 billion from the company. According to an analysis released by the union, the company could have averted bankruptcy if not for the substantial debt it took on largely to enrich a small group of company insiders. The report examines how this debt enabled insiders to extract over a $1 billion from the company in recent years and that these insiders, not the global recession, drove the company into bankruptcy.
Station Casinos is a major employer in the Las Vegas Valley, many of whose over 13,000 employees are family members or friends of Culinary Union workers. The union’s members, as well as the larger community, are rightly concerned about the continuing uncertainty over the future of the company and its impact on Las Vegas.
“Station Casinos is a uniquely Las Vegas company that owes it success to Las Vegas locals like our members,” said D. Taylor, Culinary Workers Union Local 226 Secretary-Treasurer. “The company has a special obligation to our community. Its owner-managers have a responsibility not just to their Wall Street lenders and investors, but to their employees, customers, suppliers, and vendors right here in this community. The livelihoods of a lot of people and their families are closely tied to this company’s financial well-being. Clearly, the owner-managers and other insiders were more interested in extracting wealth from the company for themselves than ensuring its and its employees’ future. Now it’s time for them to give back.”
The report shows:
· Company insiders, led by members of the Fertitta family, nearly tripled the company’s long-term debt load between 2005 and the end of 2007 from $1.9 billion to $5.2 billion.
· Of the new debt incurred during this period, more than two-thirds was used to buy back shares and to complete a management-led buyout, both of which significantly benefited a small group of insiders.
· In 2006 and 2007, the company borrowed $990 million to buy back 14 million in outstanding shares. This was the true cost of the company’s stock compensation program over the previous years, which had been described by an independent proxy advisory firm as “the most expensive and liberal we have reviewed” and an “excessive transfer of wealth” to insiders.
· In 2007, the company took on $1.6 billion of new debt to complete a management-lead buyout. More than $660 million – or 40% – of the proceeds went to company insiders. The Fertitta family received $495 million alone as a result of the buyout.
· If the company had forgone these two non-productive transactions – the share buybacks and the buyout – it would have $2.6 billion less debt, significantly less interest expense, and could have averted bankruptcy.
· Since 2001, company insiders received more than $1 billion in executive compensation and from the buyout even as they led the company down the path toward bankruptcy. In contrast, other stakeholders in the company have had to suffer the consequences of their financial mismanagement. Not only is the company in Chapter 11 reorganization under the bankruptcy code, the company stopped matching employees’ 401(k) contributions, more than doubled PPO health care premiums for rank-and-file workers, slashed shifts and cut hours for workers, and terminated hundreds of long-time employees by replacing coffee shops with subcontracted restaurants.
The Culinary Workers Union, Local 226, an affiliate of UNITE HERE, is the largest local labor union in the gaming industry. The Culinary represents approximately 55,000 casino and resort workers on the Las Vegas Strip, in downtown Las Vegas, and in downtown Reno.
For a copy of the report please contact Ken Liu at 702-387-7001 or kliu@culinaryunion226.org.
http://www.culinaryunion226.org/
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