Burger King Sold, now here come the Lawyers

September 2, 2010

Today a buyout deal for Burger King Holdings Inc by investment firm 3G Capital, at a value of $24 per share, or about $4 billion, was announced at 9:22AM

Shares of Burger King, the No. 2 U.S. hamburger chain, surged 23 percent to $23.20 after the report. They had gained nearly 15 percent on Wednesday after news of a potential deal first emerged. So Burger King went from around $15 on Wednesday to over $23 today. An increase of around 52%

At 10:38AM Tripp Levy PLLC sent out their press release stating:

“The investigation concerns, among other things, whether the consideration to be paid to Burger King shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of Burger King. The investigation further concerns whether the directors of Burger King may have breached their fiduciary duties by not acting in Burger King shareholders' best interests in connection with the sale process of Burger King.”

At 11:18AM today the firm of Levi & Korsinsky, LLP sent out their press release stating:

“For the quarter ending June 30, 2010, Burger King reported total revenue of $623 million and net income of $49 million as compared to total revenue and net income of $596.90 million and $41 million, respectively, for the prior quarter. The investigation concerns whether the Burger King Board of Directors breached their fiduciary duties to Burger King stockholders by failing to adequately shop the Company before entering into this transaction and whether 3G is underpaying for Burger King shares, thus unlawfully harming Burger King stockholders.”

At 11:20AM today the firm of Rigrodsky & Long, P.A. sends out their press release stating that

“The investigation concerns whether Burger Kings’s board of directors failed to adequately shop the Company and obtain the best price possible for Burger Kings’s shareholders before entering into the agreement with 3G Capital. Moreover, Burger King Chairman and CEO, John Chidsey, will remain through the transition period in his current capacity and subsequently assume a newly created position of Co-Chairman of the Board.”

All three of the above firms are trying to solicit plaintiffs so that they can collect huge fees while the plaintiffs walk off with a Burger King Breakfast Sandwich Coupon massive amounts of cash for their major loss .

As part of the agreement with 3G Capital Burger King said “the Company may solicit superior proposals from third parties for a period of 40 calendar days continuing through October 12, 2010. It is not anticipated that any developments will be disclosed with regard to this process unless the Company’s Board of Directors makes a decision with respect to a potential superior proposal. There are no guarantees that this process will result in a superior proposal.”

So if you are a shareholder what do you do? You need to pick one of the firms above so that you can get the money you need to build your retirement fund. After all, it’s the American Way! Obviously #3 took from 9:22 AM to 11:20 , almost 2 hours to get out their release. Do you want to deal with a “number 3” company? Number 2 didn’t do much better. So there is only one pick left. Obviously Tripp Levy must have a “jack rabbit” staff that can fire out Press Releases at a moments notice. Helping the stockholders recoup millions, perhaps billions, of dollars that has been illegally withheld from them is a high priority, I am sure.

So hold the pickles, hold the lettuce all we ask is that you don't forget us, all we want is that you sue them our way. . . .

One question.How much does this cost the company and the shareholders?

Hilton say piss-off to Pittsburgh hotel

In the latest blow to the struggling hotel, Hilton Hotels & Resorts announced today that it has terminated its Franchise License Agreement with Shubh Hotels Pittsburgh LLC, the owner of the Downtown hotel.

In a statement, a Hilton spokesman said the decision was made "due to violations of the terms of the Franchise License Agreement." He declined to identify the violations.

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Workers picket in front of West Hollywood Hyatt

Protesters try to get people in the Hyatt Andaz hotel to checkout as approximately 100 workers from Local 11 union rally in front of the hotel on Sunset Boulevard in Hollywood.


Workers are complaining about not having a contract for the last eight months, saying Hyatt is using the economy as an excuse to eliminate jobs, reduce hours and forgo raises. Union workers at Hyatt Hotels in Hawaii and Toronto are also striking Thursday

HEI Hotels & Resorts Sells Two Philadelphia Hotels to LaSalle Hotel Properties

PHILADELPHIA, Sept. 2 /PRNewswire/ -- HEI Hotels & Resorts (HEI), the nation's fastest growing private owner/operator of hotel real estate, today announced that it has sold two of its Philadelphia hotels, the 294-room Westin Philadelphia and the 288-room Embassy Suites Philadelphia-Center City, to LaSalle Hotel Properties (NYSE: LHO), a leading real estate investment trust (REIT), for an undisclosed amount. Under terms of the deal, brokered by Hodges Ward Elliott, HEI will continue to operate the hotels on behalf of its new owners.

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Wisconsin smoking ban forbids smoking in every hotel room

Unlike most other non-smoking states, Wisconsin in July passed a statewide smoking ban that bans smoking in every hotel guestroom.

In most states that have banned smoking in public places, such as Kansas, the legislation allows hoteliers to exempt a certain percentage of guestrooms.

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Burger King buyout by 3G Capital seen at $24/shr

A buyout deal for Burger King Holdings Inc (BKC.N) by investment firm 3G Capital is being valued at $24 per share, or about $4 billion, cable business channel CNBC reported on Thursday.

Shares of Burger King, the No. 2 U.S. hamburger chain, surged 23 percent to $23.20 after the report. They had gained nearly 15 percent on Wednesday after news of a potential deal first emerged.

Burger King has lagged larger rival McDonald's Corp (MCD.N) and other fast food chains as its key customer base takes a deeper hit from persistently high unemployment rates.

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$250m resort project on Grand Bahama Island revives

A proposed $250 million resort project long earmarked for Grand Bahama has been revived, Tribune Business has been informed, with the developers in the throes of concluding their Environmental Impact Assessment (EIA) and working through the various government and Grand Bahama Port Authority (GBPA) approvals processes.

Tribune Business's contacts have revealed that the high-end hotel and residential development proposed by London-based property developer, the Raven Group, is back on track and moving forward, having been delayed by both the recession/credit crunch and uncertainty created by the GBPA ownership dispute.

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Nassau Bahamas Hilton's shareholders battle over $19m loan

The Boardroom battle at the British Colonial Hilton has been exposed by a ruling that effectively prevents the majority shareholder from refinancing its own $19.09 million bridging loan to the property, something it alleged had created a $3.4 million "net benefit" for the downtown Nassau resort.

The 30-page verdict by Canadian arbitrator Stan Fischer, a copy of which has been obtained by Tribune Business, is a victory for the Hilton's 29 per cent minority investor, the Canadian Commercial Workers Industry Pension Plan (CCWIPP), which had refused to approve the refinancing on the grounds that the Bahamian resort would be unable to generate enough cash flow to pay off the new loan's terms.

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Management firm replaced at struggling Pittsburgh Hilton

The troubled Hilton Pittsburgh has dumped its latest manager after a court battle that pitted the Downtown hotel's owner against its lender.

Prism Hotels and Resorts of Dallas took over management of the Hilton last week, more than a month after Shubh Hotels Pittsburgh LLC, the hotel owner, sued to oust Virginia-based Crescent Hotels & Resorts, which had been hired in February.

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Trump casinos in Atlantic City buy out 6 top executives as new ownership takes over

ATLANTIC CITY — Casino operator Trump Entertainment Resorts Inc. is shaking up its executive ranks as it transitions to new ownership after emerging from Chapter 11 bankruptcy protection.

Six senior executives are leaving the company, including Rosalind Krause, general manager of Trump Taj Mahal Casino Resort and the only woman currently in charge of an Atlantic City casino.

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Revenue Management ‘Question Time’ to take centre stage at the 5th Annual BAHA Hospitality Finance Conference and IT Exhibition

The evolving discipline of ‘Revenue Management’ and its proven effectiveness in the current difficult trading conditions is one of the most important developments in hospitality finance today. With this in mind, a panel of distinguished hospitality revenue management experts will be taking centre stage, in a BBC ‘Question Time’ style presentation, to answer delegates’ questions on this increasingly important management practice at the 5th Annual BAHA Hospitality Finance Conference and IT Exhibition – to be held on Thursday, 25 November 2010 at the Sofitel Hotel, London Heathrow at Terminal 5.

‘Growing Profitability in an Uncertain Market – The Challenges to Come’ is the title of the 2010 one-day annual Conference of BAHA – the UK’s leading educational organisation for professionals involved in financial management, revenue management and IT within the hospitality industry. One of the highlights of the opening morning’s sessions will be ‘Revenue Management Question Time’ where the chairman’s hot seat will be taken by Michael Prager, Senior Vice President Sales Hilton EMEA (Europe, Middle-East and Africa). He will present questions, some submitted earlier in the day by delegates, to a team of expert panellists – including: Warren Mandelbaum, Head of Revenue Management, Whitbread Hotels & Restaurants; Ciaran Fahy, Managing Director, The Cavendish London; Moz Shigdar, Group Revenue Manager, BDL Hotels; Fabian Specht, Regional Managing Director EMEA, IDeaS; and Heather Hart, Managing Director, RevExcel, and Chair of BAHA’s newly formed Hospitality Revenue Management Community (HRMC) Forum, responsible for organising the ‘Question Time’ conference session – entitled ‘Revenue Management Drives the Commercial Success of an Organisation’.

“Revenue Management also will be the focus of a number of our educational workshops, which we will again be running – due to popular demand – at the 2010 BAHA Conference,” said BAHA Chief Executive Carl Weldon. “The new BAHA HRMC Committee, to be officially launched in London in October, will provide a major forum for debate, education, and generally raising the profile of the evolving discipline of ‘Revenue Management’.”

Details of other 2010 BAHA Annual Conference speakers will be announced shortly and will include leading international hotel chief executives, financial and business consultants, environmentalists, and senior hospitality IT Directors and gurus from the USA. As in previous years, the BAHA Annual Conference will be supported by a growing and increasingly influential exhibition of IT suppliers – providing delegates with a ‘one stop shop’ to view and interact with the latest and ‘best in class’ technologies – covering all eventualities for hospitality businesses, whether they be start-up, established independent, or multi chain-owned, operations.

In short, the 2010 BAHA one-day Conference and IT Exhibition promises to be invaluable for networking, professional updating – through expert presentations, panel forums and educational workshops – and experiencing Continuing Professional Development (CPD). The event’s grand finale Gala Dinner is one of the traditional social networking highlights of the BAHA Conference.

A special Early Bird 10% discount offer is available for bookings made before 30 September 2010. For regularly updated information on prices/packages and the 2010 BAHA Conference and IT Exhibition, visit the BAHA Conference Website: www.bahaconference.co.uk . For bookings and further details, contact Phillipa Graham and Wayne Gosden on telephone: 01202 889 430; fax: 01202 887 967; or email: admin@baha-uk.org

Ruling scuttles plan to auction InterContinental O'Hare

(Crain's) — A bankruptcy judge has fueled new questions about the fate of the InterContinental Chicago O'Hare Hotel in Rosemont by siding with its lenders in a dispute over a plan to auction off the property.

The ruling Monday by U.S. Bankruptcy Court Judge Bruce W. Black represents a setback for the hotel's developer and owner, an affiliate of Rosemont-based Harp Group Inc., which had picked a venture led by New York investment firm Och-Ziff Real Estate as the preferred bidder in the bankruptcy auction. But an improving local hotel market bodes well for the hotel's value, potentially boosting the recovery for its creditors.

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Manitoba Officials to buy downtown Winnipeg hotels to cut down on drinking

Or, what else is there to do in Winnipeg except arm wrestle mosquito's.

The city and provincial liquor authorities are exploring the idea of buying out some downtown hotels and converting them into other uses in an effort to reduce the presence of intoxicated people along Portage Avenue and other streets.

But such a plan would require the creation of more social housing to prevent people with addictions and other mental health issues from simply moving into other areas of the city.

Back in July, city council approved a new Portage Avenue revitalization strategy that included a plan to improve the perception of safety along the downtown artery in an effort to make it more attractive to investors.
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3rd Hotel Robbed In Lehigh Valley In 3 Days

HANOVER TWP., Pa. -- Police are investigating the robbery of another hotel in the Lehigh Valley.

It's the third in the last three days. And they said it's linked to a recent string of hotel robberies. The latest hold-up happened at the Hampton Inn in Hanover Township, Northampton County around 4:00 this morning. They said a man with a gun went into the hotel and demanded money. They said they don't know how much he got away with. No one was hurt in the hold-up. About a dozen local hotels have been robbed this summer. Just yesterday, two people were hurt when the Super 8 on Airport Road in Allentown was robbed.