Check out this Bill Sullivan photo series of people walking through three subway aisles. A reminder that simple ideas often result in compelling art.
Faces of the Subway
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Daily Archives: March 2, 2007
Predator Hunting
Following up on the sad case of Louis Conradt Jr. (previous posts here and here), this extraordinary Douglas McCollam/Columbia Journalism Review article entitled The Shame Game examines the big game hunting of alleged sexual predators in America and the big money that the entertainment industry is making off of it.
This is a harrowing tale and not one with easy answers, particularly with regard to the difficulty of defending alleged predators in the criminal justice system. But a truly civil society would sort these issues out in a far different manner than what is currently taking place on NBC’s Dateline. Hat tip to Norm Pattis for the link to the article.
Jim Crane’s bumpy ride continues
EGL Global Logistics founder and chairman Jim Crane’s efforts to take the Houston-based transport company private (see earlier posts here, here and here) continued this week as Crane hooked up with New York City-based private investment firm Centerbridge Partners LP and Toronto-based The Woodbridge Co. Ltd., to propose buying all the outstanding common stock of EGL for $36 per share in cash. The new proposal provides EGL shareholders with the same consideration that Crane offered in his earlier proposal to acquire the company, which amounted to about a 20 percent premium over the closing price of EGL stock on Dec. 29 of $29.78. The Woodbridge Company plans to team up with Merrill Lynch to provide the $1.175 billion of debt financing necessary to complete the transaction.
EGL is a good example of a company that could benefit from a management-led leveraged buyout. The company’s growth has lagged over the past couple of years, so the 20% premium that Crane is willing to pay would likely not be available to EGL shareholders anytime soon. Crane built the business since starting it back in the 1980’s, so he understandably remains bullish on its future prospects. However, the market generally is not as sanguine about EGL’s future. Thus, this looks on the surface like a good deal for EGL shareholders, despite what Ben Stein would probably say.