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Non-Tech : LVEN:NASDAQ--Las Vegas Entertainment Inc.
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To: Jeffrey S. Mitchell who wrote (51)10/12/1999 11:54:00 AM
From: Jeffrey S. Mitchell  Read Replies (1) of 228
 
Let's follow the money trail...

On 9/29, Fred and Kari Cruz of Las Vegas agree to invest $190 million in Las Vegas Entertainment in exchange for 12.2 million shares of stock.

Dow Jones and Bloomberg have raised doubt that Cruz has access to even close to that much money. Cruz puts up "a letter from U.S. Guarantee Corp. agreeing to provide Cruz with $400 million in exchange for bank guarantees provided by B.N.I. Bank of Indonesia." Gee, where I have I heard of such High Yield Investment Plans before? (g) Here are some good links: Message 11379570

Regardless, Cruz got his stock, so let's focus on those shares. Recall "the Cruz's previously received 3 million shares in Las Vegas Entertainment in exchange for providing financial backing for its bid for an interest in a Brazilian company" bringing his total shares to 15.2M.

LVEN made a $95.1 million tender offer for Jackpot Enterprises Inc. If we divide 15.2 into that amount we get $6.25. Theoretically, Cruz needs to dispose of those shares for at least that amount to raise the needed cash for Jackpot. Of course the man is worth hundreds of millions so naturally he doesn't need to dispose of his shares to help LVEN purchase Jackpot, right? :)

- Jeff
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