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BUSINESS
July 4, 2008 | By Harold Brubaker INQUIRER STAFF WRITER
The $6.1 billion purchase of casino and racetrack operator Penn National Gaming Inc. by two private-equity firms is off, the latest in $65 billion worth of such buyouts to founder on credit-market turmoil since September. The termination, announced yesterday, comes as the gambling industry is under pressure from consumer-spending cutbacks driven by high gasoline prices and a weak job market. Unlike most jilted targets, however, Penn National, of Wyomissing, Pa., is getting a hefty consolation prize: $1.475 billion in cash from Fortress Investment Group L.L.C.
BUSINESS
March 2, 2008 | By Joseph N. DiStefano INQUIRER STAFF WRITER
State-subsidized pension funds for Pennsylvania state workers and teachers said last week that their 2007 investment returns were far in excess of U.S. stock and bond market indexes. The returns were so good that they left many investing professionals wondering how they could have been achieved in such an awful environment. The $76 billion Pennsylvania Public School Employees' Retirement System said it earned 13.8 percent for the year. The $35 billion State Employees Retirement System said it did even better, at 17.2 percent.
BUSINESS
March 2, 2008 | By Joseph N. DiStefano, Inquirer Staff Writer
State-subsidized pension funds for Pennsylvania state workers and teachers said last week that their 2007 investment returns were far in excess of U.S. stock and bond market indexes. The returns were so good that they left many investing professionals wondering how they could have been achieved in such an awful environment. The $76 billion Pennsylvania Public School Employees' Retirement System said it earned 13.8 percent for the year. The $35 billion State Employees Retirement System said it did even better, at 17.2 percent.
BUSINESS
January 29, 2008 | By Suzette Parmley INQUIRER STAFF WRITER
The deal by two private equity firms to acquire Harrah's Entertainment Inc. for $27.8 billion closed yesterday and shifted control of the world's largest gambling company to private hands for the first time. The transaction includes four Atlantic City casinos and six on the Las Vegas Strip. The deal by Apollo Management L.P. of New York and Texas Pacific Group Capital L.P. of Fort Worth, Texas, for Harrah's Entertainment is ranked as one of the largest leveraged buyouts in U.S. history, according to Thomson Financial.
BUSINESS
January 19, 2008 | By Joseph N. DiStefano INQUIRER STAFF WRITER
The private equity business is in "purgatory," and professional investors need to polish their tarnished public image, Carlyle Group cofounder David Rubenstein told the Wharton Private Equity Conference in Center City yesterday. As if to underline his point, Rubenstein's talk to more than 300 investors and students was delayed half an hour when two dozen activists from the Service Employees International Union heckled the head of the $70 billion-asset investment firm, jostling Park Hyatt Hotel security and draping a giant banner in the meeting hall reading, "Carlyle, fix Manor Care nursing homes now. " Manor Care is a Toledo-based chain of 500 residences, which Carlyle bought last month for $6.3 billion.
NEWS
November 14, 2007
The Hershey Co. has forced out six directors and two others resigned, raising new concerns about the future of the venerable Pennsylvania company. The bold shake-up - which included adding two board members from private equity buyout firms - has sparked questions as to whether the company may again explore a sale. The Hershey Trust, which controls the majority of company stock and pushed for the board ousters, said that the changes were not about finding a buyer, but rather to secure the company's financial future.
NEWS
October 19, 2007
Senate Democrats are caving to a well-financed lobbying blitz aimed at stopping them from imposing a new tax on the super-wealthy. Senate Majority Leader Harry Reid (D., Nev.) has quietly squelched plans in Congress to increase taxes on some of the richest wage-earners in the land: private equity managers. These wealthy individuals often earn hundreds of millions of dollars per year, which should subject them to an income tax rate of 35 percent. But because of a wrinkle in federal tax law, private equity managers pay only a capital gains tax rate of 15 percent on most of their income.
BUSINESS
October 16, 2007 | By Linda Loyd INQUIRER STAFF WRITER
Tengion Inc., an East Norriton start-up developing regenerated human organs, said yesterday that it had raised $33 million from private-equity investors. The company earlier had raised $89 million in venture capital. Tengion's first product is a replacement human bladder constructed from a patient's own cells. The replacement bladders are now being evaluated in two midstage Phase 2 trials in 10 children with defective bladders attributed to spina bifida and in 10 adults with spinal-cord injury.
BUSINESS
September 18, 2007 | By Harold Brubaker INQUIRER STAFF WRITER
Faltering debt markets might torpedo the sale of PHH Corp. to a unit of General Electric Capital Corp. and the Blackstone Group L.P. for $9.61 billion, PHH said yesterday. The Mount Laurel mortgage lender and vehicle-fleet manager said the investment banks raising billions toward Blackstone's purchase of the mortgage operation were leaving the private-equity firm $750 million short. PHH employs about 4,500 people in Mount Laurel, according to undated data on the Web site of the Burlington County Department of Economic Development.
BUSINESS
August 6, 2007 | By Jane M. Von Bergen INQUIRER STAFF WRITER
There's nothing worse than being an angry woman in the workplace. Even if a colleague blows an important client relationship by not showing up for a sales call and losing the account in the process. Nope, she can't get angry. Not if she wants to get hired. Not if she wants to get paid. Not if she wants some status in her firm. A man can blow his top, stomp his feet, and shout, and what'll it get him? A raise. Respect. Status. What it'll get a woman? $14,000 less a year.
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