Whole Network Accounting Compliance Ethics executive pay SOX strategy

 

Seminole Tribe buys Hard Rock

Filed in archive markets by leon on December 7, 2006

Seminole Tribe buys Hard Rock
One of the more extraordinary stories this year. It wasn't that long ago that the Seminole tribe of Florida was struggling in a cycle of chronic poverty and underemployment.

Now they have bought the Hard Rock business for $965 million from a British company, Rank Group PLC. They also get the world's biggest collection of rock memorabilia, some 70,000 pieces including Jimi Hendrix's Flying V guitar, one of Madonna's bustiers, a pair of Elton Johnlinks's high-heeled shoes and guitars formerly owned by Bob Dylan, Eric Clapton and Chuck Berry.

The first Indian tribe to get into gaming, the Seminoles claim they were never conquered in the American-Indian wars. They will finance the deal through both equity from the tribe and through debt issued by a new operating company, which will control Hard Rock. The deal is expected to close next March, pending approval from Rank shareholders.

Tribe Vice Chairman Max Osceola said: ''You're here for a special day in Seminole history. Our ancestors sold Manhattan for trinkets. We're going to buy Manhattan back, one burger at a time."

The tribe is locked in a legal battle over a contract involving with Power Plant Entertainment, a company that arranged financing for the two Hard Rock facilities.







Permalink: Seminole Tribe buys Hard Rock
Tags: Seminole  Tribe  Hard  Rock  business  tribe  hard+rock  seminole+tribe  buys+hard 

Trackback: http://www.creative-weblogging.com/cgi-bin/mt-tb.pl/45087





RSSrss   | See all blog subscribe options
Google google   |   What is RSS?
Yahoo! yahoo
Addthis Subscribe using any feed reader!
Bloglines Bloglines
Newsletter
Grouptivity

Use the search to look for other interesting posts



 
  • Advertise with us

  • Learn more about our advertising options or email advertising - at - creative-weblogging.com or give us a call at +1 (650) 331 4900.




  • Other blogs in the same channel in the Creative Weblogging Network







 

Tagcloud: Accounting boards of directors Compliance corporate crime corporate governance corporate reputation Ethics events executive pay litigation markets regulators risk shareholder activism SOX Sponsored Blog strategy