You Wont Read This In The Greenwich Time Business Section, Because Heast Newspaper Editor David McCumber Fired Greenwich Business Reporter Teri Buhl:
The Headline:
Is An Investment Firm Controlled By Starwood Hotel Founder Barry Sternlicht Trying To Force The Riviera Casino Into Bankruptcy
Bloodsucking Quote Of The Day:
"Starwood could own the Riviera and its 26-acre Strip land parcel "for about $5,000 a room, which is less than the cost of the furniture. I'm thinking of it as a long-term parking lot. We're just going to hold it and have very little invested in the deal."
The Story:
Greenwich resident Barry Sternlicht buys a dump on the bad side of the strip
Starwood Capital Group LLC has reportedly bought control of Riviera's first mortgage for about 50 cents on the dollar and is leading the creditors negotiating a pre-packaged bankruptcy, Bloomberg News reported Today.
Mr. Sternlicht could not be reached for comment at his offices in Greenwich, Conn.. Riviera Chief Financial Officer Phillip Simons declined comment.
The Riviera, which opened in 1955, has 2,075 rooms, a 100,000-square-foot casino and 160,000 square feet of convention space.
Mr. Sternlicht's bid values Riviera's 26 acres in Las Vegas less than $400,000 per acre.
Starwood Capital, which Sternlicht formed in 1991, is raising $1.5 billion for a fund targeting simular real estate opportunities, according to an investment document.
PLEASE SEE:
=======================
Please send your comments, news tips and press releases to GreenwichRoundup@gmail.com
William Randolph Hearst would have Teri up to his little place at San Simeon. She’s the type of reporter that sold print. I think we have a mess a brewing at Greenwich times.
i think its a good bet that the WGCH reporting is what pushed teri out. those pro spongeteck penny stock pumpers seemed like a crazy lot. plus the paper probably got cold feet reporting the dirt on another intown old world media outlet.
PLEASE SEE:
03/25/10 You Wont Read This At The Understaffed Greenwich Time: Long Island hospital to be named for Connecticut couple
03/25/10 Hearst Newspaper Editor David McCumber Fired Greenwich Time Business Reporter Teri Buhl And Created An Opportunity For Greenwich Roundup
03/24/10 You Wont Read This In The Greenwich Time: CT Narrowly Approves A Budget That Will Cost Greenwich Hospital 3.6 Million
Ever Since Hearst Newspaper Editor David McCumber Fired
Greenwich Time Business Reporter Teri Buhl
They Have Been Missing A Lot Of Local Financial News Stories
PLEASE ALSO SEE THIS
NEWS REPORT FROM TODAY:
Employee At Hedge Fund Plainfield Calls His Boss Holmes A Narcissist
A couple of months ago FORTUNE magazine outted Plainfield, a Connecticut hedge fund, for gating investors, not allowing investors to pull their money out.
Refusing investor's requests to pull their money signalled trouble. Teri Buhl has now discovered that Plainfield didn't want any more information getting out. They asked one of their borrowers to sign an agreement saying that they would not comment about Plainfield to anyone.
After Buhl found out about this agreement, she asked Plainfield to comment. They wouldn't.
But one employee emailed Teri this:
“Homes is livid, you and Benner have put some chinks in his armor. Narcissists like him don’t especially like it when they are called out in public. Where there is smoke, there is fire.”
He's (or she's) talking about his boss, Max Holmes
UPDATE:
Chris Fountain Has Also Filed This Report About
Hearst Newspaper Editor David McCumber
A cautionary tale from David McCucumber
Greenwich Time’s editor, shown below, is just a pathetic shadow of the man he once was. I was dismayed, after Googling the guy, to discover that he was once a kindred spirit and my own age.Spent a year ranching in Montana, went on the road, and was a truly adventurous guy. Now he’s just a hack, struggling to hang on until his pension comes through. How sad. Makes me think all the better about moving to Hong Kong. What do you say, Dave – want to try one last blast with me? It’s our last chance.
======================================
Please send your comments, news tips and press releases to GreenwichRoundup@gmail.com