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The stock and securities offering is supposed to raise $86.3 million and would lower New York-based Odyssey Partners' stake in Black Box from 67% to 16%. |
Black Box President Brian D. Young, who is also a general partner of Odyssey Partners, declined to comment on the offerings. |
Many leveraged buyout companies don't worry about failing to turn a profit, so long as the cash flow is sufficient to pay off their debts. But last month Black Box missed a $4.6-million principal-and-interest payment to its bank creditors and a $4.5-million interest payment to owners of its junk bonds. |
As a result, the banks could demand payment on $80.5 million in loans immediately. But Black Box said it reached an agreement with the banks, led by Manufacturers Hanover Trust Co., under which they will put off action until after the stock and securities offerings. |
Next to the huge debt Odyssey took on with its acquisition, Black Box's main problems seem to be at MCC. The division makes "local area network" devices that allow different kinds of computers to share data. Several years ago when MCC tried to broaden its sales by offering a new line of more expensive devices, instead ... |
After the buyout, MCC laid off more than 400 employees--about 36% of the work force--at MCC, a move the division's chief later called "ugly." But in the year that ended March 31, MCC still had an operating loss of $9.54 million on sales of $74 million. Meanwhile, the mail order Black Box division has fared much better. |
The latest stock offering is for 58% ownership of the mail order business and would include about 4.5 million common shares of stock priced at $12 to $14 per share. In addition, Black Box hopes to raise $33 million from selling convertible subordinated debentures. |
With the proceeds, Black Box hopes to buy back 91% of the outstanding junk bonds for $72.9 million in cash plus some stock and new debentures. The company also would extend its bank borrowings by paying off one set from the Manufacturers Hanover consortium with a new $80-million loan-and-revolving-credit-line from the ... |
Finally, Black Box would be split in two, with the MCC division essentially retained by Black Box's current owners, while the mail order business is taken public. |
Black Box's filings with the Securities and Exchange Commission do not say whether Odyssey Partners, which would still control MCC after the spinoff, would then try to sell MCC. |
If the latest stock sale goes through, Odyssey Partners' 16% stake in Black Box would be worth about $16 million. The partnership would also own most of MCC. Black Box's financial problems also mean that the company hasn't yet paid $2.25 million in various fees it owes an affiliate of Odyssey, the New York investment g... |
Ironically, one of the few parties to come out ahead in the 1988 leveraged buyout of Micom was investment banker Drexel Burnham Lambert Group, which was paid $5.53 million in fees for its work on the deal. |
Drexel Burnham had plenty of problems of its own, though, and filed for bankruptcy protection Feb. 13 after suffering large junk bond losses. The investment banker will also end up with a 7% stake in Black Box after the offering. |
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President Trump Donald John TrumpRussia's election interference is a problem for the GOP Pence to pitch trade deal during trip to Michigan: report Iran oil minister: US made 'bad mistake' in ending sanctions waivers MORE's approval rating among men has been slowly declining in recent months, according to an analysis of... |
Since July of last year, male voters contacted for Hill-HarrisX surveys have become less likely to say they approve of how the president is performing his official duties. In the most recent poll, 48 percent of male respondents said they approved of Trump, a statistically significant decline from the the mid-50 percent... |
The president's decline among male voters in Hill-HarrisX surveys began about the same time that Trump initiated a partial shutdown of the federal government in late December. |
Before that time, most male respondents had given Trump positive job performance ratings. |
Since the shutdown began, however, the president has received majority support from men in only one survey, Jan. 10. |
Trump's job approval ratings among women have been more uniform over time. |
The majority of female registered voters contacted by Hill-HarrisX have consistently given the president negative marks since the surveys began in July of last year. He has consistently received about a 43 percent positive rating, according to the data. |
The president's slowly declining numbers among men in Hill-HarrisX polls have been reflected in his overall numbers. |
Last summer, Trump's approval rating among all voters was consistently in the upper 40s; recently, voters have given him approval ratings in the mid-40s. |
The Hill-HarrisX poll has been conducted every two weeks since the end of July 2018 among statistically representative samples of 1,000 registered voters with an overall sampling margin of error of 3.1 percentage points. The sampling margin of error for men and women is 4 percent. |
Trump's slowly declining support fits into a general historical pattern observed in past administrations. |
Aggregated polling data collected by the University of California—Santa Barbara shows that most presidents slowly lose support during their time in office. Those who have been elected to a second term usually manage to increase their support during their campaigns, however. |
There's still more than a year to go before the 2020 general election but Trump will have to do something to reverse his approval rating trend in order to win reelection, Lee Miringoff, director of the Marist Poll told Hill.TV. |
"When people ask about are you definitely going to vote for him, are you definitely going to vote against him, realistically, you got to be at least in the 40s, mid-40s on that question, and he's sort of in the low 40s," he said told "What America's Thinking" host Jamal Simmons. |
Recent public opinion polls have shown Trump losing to several potential Democratic rivals, including former vice president Joe Biden Joseph (Joe) Robinette BidenAndrew Cuomo: Biden has best chance at 'main goal' of beating Trump Poll: Buttigieg tops Harris, O'Rourke as momentum builds Buttigieg responds to accusation ... |
But winning more votes nationally is no guarantee of the presidency, of course. In the 2016 election, Trump received 46.1 percent of the vote compared to Clinton's 48.2 percent. |
The 2019 edition of the Access Bank Lagos City Marathon is likely to break the previous records of participants in the IAAF Bronze Label race. |
Just a week after registration opened, about 20,000 potential runners have collected forms at the Teslim Balogun Marathon Office. |
The other outlets like The RevolutionPlus Offices in Ikeja and Lekki and Access Bank branches across the country have also witnessed an influx of intending runners according to a statement signed by Olukayode Thomas, Director Communications and Media. |
The Access Bank Lagos City Marathon recorded over 50,000 runners in the first edition in 2016, over 73,000 runners in the second edition in 2017 and over a hundred thousand runners in 2018. |
The organisers are expecting between a 120,000 to 150,000 for the 2019 edition slated for February 2nd 2019. |
Race Organizer Bukola Olopade said he’s excited that the culture of marathon and road races is gradually becoming a way of life, not just among Lagosians but generally every part of Nigeria. |
“Entries for Access Bank Lagos City Marathon outside the South West are normally from Jos, Plateau state, but in the last seven days, we have potential runners from most part of South East like Enugu, Aba, Owerri and Onitsha and part of South-South like Calabar, Uyo, Port-Harcourt and Warri, and other parts of the coun... |
Olapade also revealed that the organizers are working round the clock to make the 2019 Race bigger and better. |
“For this edition, we are going to acquire more Transponders mats, chips and monitors. Each runner will also get a participant guide; there will be a one month campaign on route education and road closures”. |
Olapade urged Lagosians to emulate citizens of other iconic cities with world-class marathons like Lagos who line marathon routes in their cities and cheer runners like it is done in London, Dubai, New York, Paris, and others. |
Tencent Holdings, China's biggest gaming and social media firm by revenue, trumped forecasts to post its best quarterly results to date, driven by higher income from smartphone games, payments and online advertising. |
"We will be persistent but patient with our AI investment, because we believe it is a long-term initiative and we do not necessarily require our research to generate revenue directly in the short-term," said Tencent president Martin Lau. |
All of Tencent's existing businesses would benefit from its AI research, he added, in particular its performance advertisement business, information-based services and fintech. |
The most valuable firm listed in Asia - which is riding a wave of success stemming from the popularity of its social-network-based mobile game Honour of Kings - beat analyst forecasts to post a profit of 18.23 billion yuan ($2.72 billion) in the second quarter, up 70% from a year ago, the biggest such rise in seven yea... |
Tencent's revenue, which has been scaling new highs every quarter since 2007, surged 59% to 56.6 billion yuan. |
The popularity of the fantasy role-playing game Honour of Kings, based on Chinese historical characters, helped Tencent's smartphone games revenue climb 54% to 14.8 billion yuan, surpassing that from PC games for the first time. |
While the Chinese tech giant noted "exceptional strength" from PC games including League of Legends, it cautioned revenue growth rates from the sector were expected to slow down. |
Monthly active users of WeChat, a messaging-to-payment super-app that is at the core of Tencent's mobile ecosystem and accounts for about a third of the time spent online by Chinese mobile users, rose to a new record of 963 million. |
WeChat's embedded payment function WeChat Pay dominates China's digital payment space together with Alibaba's Alipay, and both have been fast turning the country into a cashless society. |
But Lau said intensifying market competition will prompt growing investment into its payment business, adding it is "not the target" to make a profit from it, which the company considers an "infrastructure" to its business. |
Revenue from social networks, driven by live broadcast, video and music, surged 51% to 12.94 billion yuan over the period. |
Tencent's shares, which have soared 70% this year, closed at HK$323 on Wednesday before the results, giving it a market value of $387 billion. |
"We think there is still a lot of growth potential from Tencent's cloud and payment business," said Bocom International analyst Connie Gu, who raised the price target for the stock to HK$373 last week. |
Earlier on Wednesday, state-owned China Unicom said it was raising $11.7 billion from new investors including Alibaba Group and Tencent, as part of Beijing's push for state-owned enterprises to be revitalised with private capital. |
SA's Naspers owns a third of Tencent, with the stake worth about $114 billion (R1.5 trillion). |
Substantial investment to boost leisure facilities and help people to live healthier, more active lifestyles is being promised in the Fens. |
Fenland District Council has awarded a leisure management contract to not-for-profit leisure trust Freedom Leisure to take over the running of the its four leisure centres. |
Freedom Leisure will begin a 15-year partnership with the council in December 2018 in a move that will also save taxpayers hundreds of thousands of pounds every year. |
The contract covers the management and operation of the George Campbell Leisure Centre in March, the Hudson Leisure Centre in Wisbech, the Manor Leisure Centre in Whittlesey and Chatteris Leisure Centre. |
The appointment follows a review of leisure services to determine the best and most efficient way to manage the centres in the future. |
Freedom Leisure is one of the largest leisure operators in the UK, managing over 90 leisure centres across the country. As a not-for-profit organisation, it reinvests surpluses into its facilities to increase active participation. |
The contract fee over a 15-year period gives a saving of £351,000 per year against the council’s current budget for the management of the centres. |
It comes as neighbouring West Norfolk council looks to take back control of King’s Lynn Corn Exchange, Lynnsport and three leisure centres from Alive Leisure, which was set up to run them in 2014. |
It said developing a new leisure company owned by the council would will improve the possibilities for future investment. |
Sri Lanka are yet to announce their 15-man squad for World Cup 2019, but Dimuth Karunaratne has been named as the captain. |
Dimuth Karunaratne, who last played an ODI for Sri Lanka in the 2015 World Cup, has been named as the national team's new ODI captain, according to a Sri Lanka Cricket media release on Wednesday. The 30-year-old opening batsman came into contention for the ODI skipper's role by virtue of his leadership in the recent Te... |
“Dimuth Karunaratne will lead the team during the ICC Cricket World Cup 2019. Karunaratne's appointment was ratified by the Minister of Telecommunications, Foreign Employment and Sports Honorable Harin Fernando,” said the Sri Lanka Cricket media release. |
Sri Lanka are yet to announce their 15-man squad for the upcoming World Cup. |
Sri Lanka have struggled to find somebody who can fill the leadership void in the team in recent years. In fact, since the last World Cup, they have had six ODI captains -- Angelo Mathews, Dinesh Chandimal, Upul Tharanga, Chamara Kapugedera, Lasith Malinga and Thisara Perera. |
Karunaratne is said to be a keen student of the tactical aspects of cricket and is also understood to have dressing room support. Malinga is known to have had acrimonious relationships with the team management and some of his national teammates. |
Karunaratne has been in superb form of late, even earning selection in the ICC's Test Team of the Year for 2018. His most glorious moment so far was in the South Africa series, when he led Sri Lanka to one of their most famous Test triumphs standing in as skipper for Dinesh Chandimal. |
Vernon Davis goes high over two defenders in a big catch in the first half. The San Francisco 49ers vs the St. Louis Rams at Candlestick Park Sunday December 1, 2013. |
Buffalo Bills running back running back Fred Jackson celebrates a touchdown against the Atlanta Falcons during first half NFL football action in Toronto on Sunday Dec. 1, 2013. |
Kansas City Chiefs running back Jamaal Charles (25) dives to the end zone for a touchdown during the second half of an NFL football game against the Denver Broncos, Sunday, Dec. 1, 2013, in Kansas City, Mo. |
Kansas City Chiefs wide receiver Dexter McCluster (22) makes a catch against Denver Broncos strong safety Mike Adams (20) during the first half of an NFL football game, Sunday, Dec. 1, 2013, in Kansas City, Mo. |
A Philadelphia Eagles cheerleader performs during a game against the Arizona Cardinals on December 1, 2013 at Lincoln Financial Field in Philadelphia, Pennsylvania. The Eagles won 24-21. |
Denver Broncos wide receiver Eric Decker (87) makes a touchdown reception against Kansas City Chiefs cornerback Brandon Flowers (24) during the second half of an NFL football game, Sunday, Dec. 1, 2013, in Kansas City, Mo. |
Denver Broncos running back Knowshon Moreno (27) dives into the end zone for a touchdown against Kansas City Chiefs cornerback Sean Smith (27) during the first half of an NFL football game, Sunday, Dec. 1, 2013, in Kansas City, Mo. |
New England Patriots defensive back Marquice Cole (23) and cornerback Aqib Talib (31) break up a pass intended for Houston Texans wide receiver DeAndre Hopkins (10) on the final play of the Patriots 34-31 victory in an NFL football game at Reliant Stadium on Sunday, Dec. 1, 2013, in Houston. |
Kansas City Chiefs cornerback Marcus Cooper (31) intercepts a pass intended for Denver Broncos wide receiver Eric Decker (87) during the first half of an NFL football game, Sunday, Dec. 1, 2013, in Kansas City, Mo. |
Atlanta Falcons Antone Smith celebrates his touchdown against the Buffalo Bills during the first half of NFL action in Toronto, Sunday Dec. 1, 2013. |
New England Patriots wide receiver Danny Amendola (80) goes airborne after a hit by Houston Texans cornerback Kareem Jackson (25) during the second half of an NFL football game, Sunday, Dec. 1, 2013, in Houston. |
Kansas City Chiefs wide receiver Junior Hemingway (88) makes a touchdown reception against Denver Broncos strong safety Duke Ihenacho (33) during the first half of an NFL football game, Sunday, Dec. 1, 2013, in Kansas City, Mo. |
Detroit Lions defensive tackle Ndamukong Suh (90) sacks Green Bay Packers quarterback Matt Flynn for a safety during the third quarter of an NFL football game at Ford Field in Detroit, Thursday, Nov. 28, 2013. |
Brian Quick #83 of the St. Louis Rams catches a three yard touchdown pass over Tramaine Brock #26 of the San Francisco 49ers during the fourth quarter at Candlestick Park on December 1, 2013 in San Francisco, California. |
Houston Texans' DeAndre Hopkins (10) is tripped by New England Patriots' Aqib Talib, bottom right, after a reception during the second quarter of an NFL football game on Sunday, Dec. 1, 2013, in Houston. |
Jerraud Powers #25 of the Arizona Cardinals breaks up a pass intended for Riley Cooper #14 of the Philadelphia Eagles at Lincoln Financial Field on December 1, 2013 in Philadelphia, Pennsylvania. The Eagles won 24-21. |
Strong safety Eric Berry #29 of the Kansas City Chiefs runs through a fog machine while he is introduced prior to the game against the Denver Broncos at Arrowhead Stadium on December 1, 2013 in Kansas City, Missouri. |
Wide receiver Donnie Avery #17 of the Kansas City Chiefs can't make a diving catch against the Denver Broncos during the second half on December 1, 2013 at Arrowhead Stadium in Kansas City, Missouri. Denver beat Kansas City 35-28. |
Houston Texans wide receiver Andre Johnson (80) dives for the goal line past New England Patriots free safety Devin McCourty (32) during the first half of an NFL football game at Reliant Stadium on Sunday, Dec. 1, 2013, in Houston. Johnson came up just short of the touchdown, setting up a running back Ben Tate score. |
The San Diego Chargers Cheerleaders perform in between quarters during the game against # of the Cincinnati Bengals on December 1, 2013 at Qualcomm Stadium in San Diego, California. |
Cornerback Adam Jones #24 of the Cincinnati Bengals makes a tackle against Keenan Allen #13 of the San Diego Chargers at Qualcomm Stadium on December 1, 2013 in San Diego, California. The Bengals won 17-10. |
Houston Texans quarterback Case Keenum (7) breaks away from New England Patriots outside linebacker Jamie Collins (91) for a 5-yard touchdown run during the third quarter at Reliant Stadium on Sunday, Dec. 1, 2013, in Houston. |
New England Patriots wide receiver Julian Edelman (11) makes a catch between Houston Texans cornerback Brice McCain (21) and free safety Shiloh Keo (31) during the fourth quarter at Reliant Stadium on Sunday, Dec. 1, 2013, in Houston. |
Houston Texans quarterback Case Keenum (7) is hit by New England Patriots defensive end Andre Carter (96) as he releases the ball for an incomplete pass on fourth down during the fourth quarter at Reliant Stadium on Sunday, Dec. 1, 2013, in Houston. |
Houston Texans player Eddie Pleasant breaks up a pass intended for New England Patriots tight end Rob Gronkowski during fourth quarter action at Reliant Stadium on Sunday, Dec. 1, 2013. |
New England Patriots player Aquib Talib and teammate Nate Ebner break up a hail Mary pass intended for Houston Texans player DeAndre Hopkins at the end of the game at Reliant Stadium on Sunday, Dec. 1, 2013. |
Indianapolis Colts cheerleaders perform during the NFL game against the Tennessee Titans at Lucas Oil Stadium on December 1, 2013 in Indianapolis, Indiana. |
Arizona Cardinals' Michael Floyd pulls in a pass against Philadelphia Eagles' Nate Allen during the second half of an NFL football game, Sunday, Dec. 1, 2013, in Philadelphia. |
Philadelphia Eagles' Brent Celek celebrates after scoring a touchdown during the first half of an NFL football game against the Arizona Cardinals on Sunday, Dec. 1, 2013, in Philadelphia. |
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