Word: stakes
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...deal looks like a vintage Li maneuver?he is legendary for scooping up unfashionable assets at bargain prices and selling them later for a fat profit. Among other recent coups, the billionaire bought into American e-tailer Priceline.com following the crash of Internet stocks, and saw his stake triple in value. The Global Crossing bailout would hand the partnership majority ownership in a state-of-the-art, globe-spanning telecommunications infrastructure for an outlay equal to less than one-tenth the cost of building it. "I think at that price it's very attractive as an investment," says To Chee...
...interest in the company is partly defensive. Hutchison Whampoa has already sunk $400 million in Global Crossing through a convertible-bond holding, which Li could lose in the bankruptcy. Hutchison Whampoa assumed the bond when it took a stake in Asia Global Crossing, a regional subsidiary of Global Crossing...
...really knows what we have at stake,” Krimsky says. “We don’t want to have [radiation] in the air, we don’t want to have it in dust particles, we don’t want it blown over Agassiz school...
...month. Bayerische Landesbank - which is 50% owned by the Bavarian state, where Stoiber has been premier since 1993 - is Kirch?s biggest lender, with an estimated $1.7 billion in loans. Last year, the regional government saw to it that the bank provided a loan for Kirch to acquire a stake in Formula One motor racing. But the bank?s massive exposure to the media empire has raised eyebrows, and political pundits say Kirch?s current debt problems could embarrass Stoiber since he?s touting sound economic management as one of his strengths. That?s a claim Leo Kirch may soon...
...make an opportunistic grab for a greater share of the pie. And he may also have the instrument with which to do it. In 1999, Murdoch?s BSkyB bought into KirchPayTV. But it, too, negotiated a "put" option - come October, BSkyB can elect to sell back its 22% stake in KirchPayTV to Kirch for an estimated $1.5 billion, above market value. Murdoch may demand that Kirch pays up, or he may extract a different kind of price - greater control. "While there could be a strategic advantage in letting [Kirch] collapse," says Elgeti, "it?s a safer option...