Regardless of Outcome, Clear Channel Shareholders Will Win
April 9, 2008 at 9:09 AM (PT)
ROBERT KRONENBERG has posted an interesting take about the CLEAR CHANNEL sale on SEEKINGALPHA.COM. He writes:
A State judge in TEXAS has issued an order temporarily restraining an international banking consortium from interfering with the consummation of a $26B buyout of CLEAR CHANNEL COMMUNICATIONS (CCU).
It is a story with all the makings of a WALL STREET suspense movie. We have a huge media conglomerate owned by the MAYS family -- a TEXAS dynasty. There are clever, wealthy, and handsome private equity CEOs negotiating billion dollar deals -- think RICHARD GERE and MICHAEL DOUGLAS.
The plot involves a nationwide financial crisis and an international banking conspiracy revealed when an email with highly confidential documents goes astray. The story climaxes in a double courtroom drama, with a street-fighting TEXAS super-lawyer representing the MAYS dynasty. We have a judge's orders signed at late night meetings and giant WALL STREET law firms playing a legal chess game in the halls of justice of two states.
Finally, although the ending has not yet been written, events are leading to a happy conclusion, as surely as any 1950s HOLLYWOOD production. The bankers will be defeated and the MAYS dynasty will get richer, along with the handsome private equity firm CEOs and those arbitrageurs who have the guts of DIRTY HARRY.
Read the full article here.