CEO was just on Fox Business discussing Iluvien. Fox made it sound like it was just approved by the FDA but from what I see it has been approved for quite some time.
GM went bankrupt because of an unprecedented financial crisis that also took would have taken down ford and many banks without government loans or bailouts. Interesting that Ford tried company owned dealerships back in the 90s. They called it "Ford Retail Network". It failed within about 3 years. Elon has said that he would consider switching to a dealership network if he can get Tesla sales high enough to support independent dealers. What he doesn't want is for Teslas to be sold alongside gas engine cars from other manufacturers as he is concerned salespeople would downplay perceptions of his technology.
There are lots of reasons besides legal antitrust issues that virtually every large car manufacturer goes with the dealer sysem: much less capital is needed, the financial risks to the manufacturer are less and local dealers know their local markets better. Maybe Elon will become a successful pioneer of successful manufacturer owned dealerships. But for now, he is burning through a fortune trying to get this set up.
Considering that Loveman ran Caesar's into the ground while losing billions of dollars under his watch, I would say that paying him $1 would have been too much. He has finally been replaced by the former CEO from Hertz who left that company with disappointing results and all kinds of accounting issues.
The WF downgrade was to market perform from outperform. I don't know what their new price target is but the market is acting like they put out a sell, which they did not.
I checked and court hearing starts at 1:30 pm Chicago time. There are numerous motions to be heard so it looks like it will take most of or all afternoon.
CZR is giving back nearly all of its huge gains from yesterday. Looks like that motley fool article yesterday was on the money as it predicted this. If the bankruptcy court goes against Caesars today it could also be much worse, even driving CZR into bankruptcy. Anyone hear a decision yet?
Plane manufacturers took orders for twice as many planes as they delivered last year. This DOJ action also is odd as it coming on the heels of recent price weakness for the entire airline group due to analyst concerns of overcapacity and lower fares. I smell a big $$ penalty being sought. The greed of this government knows no bounds.
Paulson knows he's stuck. If he tried to sell his shares, he'd drive the price further into the ground. He's just hoping for the best. Sometimes even the big boys make mistakes.
There was a bloomberg article yesterday about a judge's ruling along with comments that CZR itself may have to file bankruptcy itself if the creditors are successful. If that happens, it is pretty much game over for this stock.
Good question. Another good question is how did Loveman get a huge increase in compensation last year while at the same time the company posted mind boggling losses? Loveman's total compensation jumped from $7.6 million in 2013 to $32.6 million in 2014. The answer is that besides being CEO he was the chairman of the executive committee and also the chairman of the BOD. His main concern is to take more money from the company before he drives it into the ground. No wonder he's hired a security firm to guard him and his family, again at stockholder expense. I'm sure there are lots of laid off employees and screwed over debt and stockholders who would love to get their pound of flesh off the bum.