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Today's news...5/16/05
MAY 16, 2005 --
Perelman Wins First Stage Of Lawsuit Over Coleman Sale
Morgan Stanley was ordered to pay $604.3 million in damages tofinacier Ron Perelman, who charged he was duped by the investment bank in connection with the 1998 sale of Coleman to Sunbeam. A Florida jury unanimously supported Perelman’s claim that Morgan Stanley misled him about Sunbeam’s financial strength when he agreed to sell his controlling stake in Coleman for cash and his stock. An analysts testified that Perelman actually lot v$680 million as a result of the sale. Subsequently, Sunbeam went bust under "Chainsaw" Al Dunlop's regime, and Perelman's stock was worthless. Perelman has asked for $2.7 billion in actual and punitive damages. Today's ruling was only on any actual damages, whereas a second judgement is required to award punitive damages. Florida law allows for punitive damages of up to three times the amount of compensation.
Ozen Is US Buyer Of Mega Sports
Cizen Inc, a distributor, manufacturer, licensee, and consulting group, reached an agreement to be named as the US buying agents for Mega Sports Co. Inc., the joint venture company that operates The Sports Authority stores in Japan. Cizen has offices in Los Angeles, Tokyo, Thailand, Philippines, China, Indonesia, and Switzerland. Mega Sports is a joint venture between The Sports Authority and the Aeon Co., Ltd. Itoperates 67 TSA stores in Japan under a licensing agreement.
Columbia Licenses Bike Brand
Columbia Sportswear has signed a license agreement with World Wide Cycle Supply, Inc. for the design, manufacture and marketing of a new line of outdoor bikes and bike accessories. The new Columbia collection will feature hardtail and dual suspension mountain bikes, comfort bikes, hybrid bikes, road bikes, cruisers and youth style models. Select bike accessories including grips, saddles, bike pumps and water bottles will also complement the line. Global distribution for the Columbia collection will be managed by World Wide Cycle Supply through sporting goods retailers and specialty bike shops. Initial availability is slated for spring 2006.
DC Shoes' Spots Feature Fuse Skateboarding, Basketball
DC Shoes' new "Hoops" commercials, two broadcast spots (0:30 and 0:60) are set to air May and June on MTV and MTV2, and on ESPN during NBA playoff coverage. The "Hoops" commercials feature DC team riders fusing skateboard and basketball wizardry as they execute complicated ramp and half-pipe maneuvers while shooting hoops. The commercials have humble origins. To kill time between skate sessions at the DC Training Facility, DC filmer Sean Rogers and DC photographer Mike Blabac started filming pro skateboarders playing HORSE.
It wasn't long before the skateboarders were pushing each other to do more and more outrageous trick shots using the existing skate ramps. Colin McKay, Josh Kalis, Rob Dyrdek and flow riders Jason Ellis and Knox Godoy have their own unbelievable shots, which involve launching basketballs from the tops of 20-foot-tall ramps, using skateboards as bats, and most impressively, simultaneously riding wall-to-wall vert ramps, halfpipes and rails while successfully hitting shots.
Academy Sports & Outdoors is reportedly in lease negotiations to occupy 100,000 square feet formerly occupid by a Home Depot in Sunset Valley (Austin, TX). There is already one Academy door in the market.
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