Clear Channel privatization near collapse

Force Commander · Post by **Force Commander** » Tue Mar 25, 2008 4:28 pm

http://www.marketwatch.com/News/Story/S ... &dist=yhoo

Lester · Post by **Lester** » Tue Mar 25, 2008 10:11 pm

Longest first sentence... ever.

genlock · Post by **genlock** » Wed Mar 26, 2008 7:17 am

55 words.

So if CCU is stifled in its bid to go private, could a fire sale of stations be far behind? Even more of a fire sale than the 400 or so CCU was dumping before? Bargains?

Bob Campbell · Post by **Bob Campbell** » Wed Mar 26, 2008 7:59 am

Let's pool our pocket change and buy the Hungtington cluster. Or has someone already scooped them up?

genlock · Post by **genlock** » Wed Mar 26, 2008 8:03 am

I have no knowledge of anyone even interested in it.

Big Media · Post by **Big Media** » Wed Mar 26, 2008 9:40 am

Too bad Judy Jennings-Riffe-Cornet-Junior-Johnson-Smith can raise the capital. Between her and Vanhoose, I bet they'd have it.

The problem, with Chuck and JB both gone to the other side, she doesn't want them either.

By the way:

The $19 billion privatization of Clear Channel Communications Inc., is on the verge of collapse as the private equity firms and the banks financing the deal were unable to narrow differences over the terms of the credit agreement, the Wall Street Journal reported late Tuesday on its Web site, citing people familiar with the matter.

genlock · Post by **genlock** » Wed Mar 26, 2008 9:44 am

Judy Jennings was married to NASCAR great Junior Johnson?

Ace Purple · Post by **Ace Purple** » Wed Mar 26, 2008 8:15 pm

Update -- the aforementioned lawsuit has been filed.
-----

Bain Capital LLC and Thomas H. Lee Partners LP sued a group of banks led by Citigroup Inc. to force them to honor an agreement to finance the buyout firms' $19.5 billion acquisition of Clear Channel Communications Inc.

<snip>

Michael Kelly, a managing partner at McCarter & English in Delaware, said the banks will have a hard time defending against the suits.

"A deal is a deal, and you have sophisticated people on both sides,'' Kelly said. "There's no escape clause in an agreement that says 'if the market crashes we get to get out of the deal.' They signed the agreement. If they don't like it now, there's not a lot they can do about it."

http://www.bloomberg.com/apps/news?pid= ... bH663T7ZZE

Force Commander · Post by **Force Commander** » Thu Mar 27, 2008 1:54 pm

Here's the latest:

http://news.yahoo.com/s/ap/20080327/ap_ ... eZ6wQE1vAI

cgarison · Post by **cgarison** » Thu Mar 27, 2008 9:19 pm

So which bank got cold feet first? I have heard Citi Group started the rebellion, but fingers were also pointed at Morgan Stanley and Wachovia.

Cameron · Post by **Cameron** » Fri Mar 28, 2008 9:22 am

cgarison wrote:So which bank got cold feet first? I have heard Citi Group started the rebellion, but fingers were also pointed at Morgan Stanley and Wachovia.

The ones that got a clue first. Someone picked up a broadcasting trade-publication and/or purchased an IP-enabled device.

genlock · Post by **genlock** » Fri Mar 28, 2008 9:24 am

Love to see the "Oh shit, what have we done" memo.

cgarison · Post by **cgarison** » Fri Mar 28, 2008 7:21 pm

genlock wrote:Love to see the "Oh shit, what have we done" memo.

Yea, me too.

genlock · Post by **genlock** » Fri Mar 28, 2008 7:24 pm

I bet the bankers wish that they had already done the deal, so that the federal government (me) could bail them out of their bad debt.