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hmm...i am sure Fertitta will find a way to make this go away. he and his family are good at that.

this is from the Chronicle yesterday:

Landry's Restaurants Chairman and CEO Tilman Fertitta said Friday the company is financially sound and that its current debt problem is easily solved.

"It's no big deal," he said. "I can solve it tomorrow by writing a check, but I'm negotiating."

Landry's shares fell nearly 9 percent Friday after an analyst downgraded its stock.

http://www.chron.com/disp/story.mpl/business/5007495.html

Edited by sevfiv
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Why on Earth would you let your Alligator mouth overload your Alligator Skin wallet ?!? Tillman's financial statement has to be one of the stupidest ever on record. You basically tell the bank that "I could go ahead and write you a check, if I wanted. But I ain't gonna do that, let's haggle, and risk ruining my credit with you guys !" It seems the Emperor and his new clothes may get a reality check cashed on his @$$ !

Heh Heh! I knew this news would brighten YOUR day Papillion. You go girl !

Edited by TJones
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Why on Earth would you let your Alligator mouth overload your Alligator Skin wallet ?!? Tillman's financial statement has to be one of the stupidest ever on record. You basically tell the bank that "I could go ahead and write you a check, if I wanted. But I ain't gonna do that, let's haggle, and risk ruining my credit with you guys !" It seems the Emperor and his new clothes may get a reality check cashed on his @$$ !

Heh Heh! I knew this news would brighten YOUR day Papillion. You go girl !

If you had any idea what my REAL life was like, you might understand why that would give me pleasure for a moment.

Sigh.

I REALLY don't wish the man or his corporation ill.

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Maybe they'll just merge with the Pappas Bros. conglomerate.

I hope not. It would ruin the Pappa's group.

hmm...i am sure Fertitta will find a way to make this go away. he and his family are good at that.

I guess he just call on his relatives in the Mob to solve everything. After all that how he got his start.

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http://www.bizjournals.com/houston/stories...63&ana=e_du

After a battle with creditors, Landry's Restaurants Inc. said Thursday it has amended its credit agreement and found committed financing to replace its 7.5 percent senior notes.

"The new proposed bank financing is on terms that are clearly less advantageous to the company than under its existing debt structure," said Rick Liem, Landry's chief financial officer. "If we are forced to draw on this stand-by facility, we will be required to pay higher interest, provide more security and have less flexibility on a shorter-term obligation."

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As much as the Landry's properties add color to Houston, they have always been mediocre in the food department. I enjoy a day on the Kemah Boardwalk, but I don't go there for the quality of the food.

I wish the company the best because a lot of people depend on it. Even if the bank did find a way to liquidate to repay the note, the restaurants wouldn't shut down. they would just end up being owned by other companies.

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There's an article in today's New York Times that talks about Landry's.

The response from Landry's was that it's working on an internal review of stock options that could cause it to revise its financial statements "going back more than a decade." The article says Landry's made $44.8 million in 2005. It apparently owes another $97 million to Wachovia, but Wachovia is being nicer about it than U.S. Bank.

Anyone want to buy a used shark tank?

Oh, don't get my hopes up.

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I've always said that Landry's does mediocre better than anyone. It's a real shame what they've done to some of Houston's best restaurants: The Grotto, La Griglia, Anthony's (closed as part of that deal), Pesce, Brenner's, all of Kemah, etc.

The problem is that they've got a big chain mindset, but want to run high-end restaurants the same way. I this patron's opinion, it doesn't work very well. I've dined at their flagship restaurant, Vic and Anthony's, and felt that is was a mediocre steak house with high-end pretensions.

I for one would not mourn their being bought by someone else.

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  • 1 month later...

from the HBJ:

An independent proxy advisory firm opposes the election of three members to the compensation committee of Landry's Restaurant Inc., saying that the company's chief executive's pay package is excessive.

Proxy Governance Inc. said in its report issued Thursday that the compensation package of CEO Tilman Fertitta is more than 10 times that of the company's other five named executives in its proxy statement filed with the Securities and Exchange Commission.

http://www.bizjournals.com/houston/stories...63&ana=e_du

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  • 1 month later...
As much as the Landry's properties add color to Houston, they have always been mediocre in the food department. I enjoy a day on the Kemah Boardwalk, but I don't go there for the quality of the food.

I wish the company the best because a lot of people depend on it. Even if the bank did find a way to liquidate to repay the note, the restaurants wouldn't shut down. they would just end up being owned by other companies.

Right, as in Landry's recent sale of Joe's Crab Shack. And I agree, I don't go to Kemah for the food there. I'll just go up the road to Tookie's, thank you very much!

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Right, as in Landry's recent sale of Joe's Crab Shack. And I agree, I don't go to Kemah for the food there. I'll just go up the road to Tookie's, thank you very much!

Hush up, or Landry's will buy Tookie's, too.

I wish Landry's would collapse. They ruined Kemah. Their restaurants blow.

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  • 11 months later...

Landry's board accepts Tilman's lowball offer:

Shares of Landry’s Restaurant Inc. jumped sharply Monday on the news that the board of directors has, as expected, approved a drastically lower bid for the company’s outstanding shares from President and Chief Executive Officer Tilman Fertitta.

Fertitta has dropped his bid to $13.50, a premium of 49 percent over the closing price on Oct. 17. In early trading Monday, shares of Houston-based Landry’s (NYSE: LNY) soared more than 25 percent, gaining $2.42 to trade at $11.45.

Fertitta informed the board earlier this month that his earlier bid of $21 a share was off the table considering the continued downturn in the restaurant and gaming sectors due to the economic crisis. The company’s properties in Galveston and Kemah were severely damaged due to Hurricane Ike and some will not re-open until 2009.

http://www.bizjournals.com/houston/stories...63&ana=e_du

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I jumped to the bottom without reading because I am in a hurry and want to get this out. Frititta is trying to buy Landry's for $13 something a share. The company is considering it, while still pursuing higher offers. I hope to GOD that someone outbids him. I wouldn't spit on Fritatta if he was on FIRE. He is a scum bucket.

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I jumped to the bottom without reading because I am in a hurry and want to get this out. Frititta is trying to buy Landry's for $13 something a share. The company is considering it, while still pursuing higher offers. I hope to GOD that someone outbids him. I wouldn't spit on Fritatta if he was on FIRE. He is a scum bucket.

He is running the company and now buying the company? Doesn't this sound fishy? What if he was running this biz to the ground and now getting the stock for cheap. Anyways, i always thought he owned the restaurant/company. Guess i was wrong.

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He doesn't know how to DO quality. He outright LIED about the condition of the fish (freshwater) in the tank at the Aquarium at Landry's. The only survivor was a turtle who crawled in a file cabinet drawer. He likes to dress everything up pretty, and then cut food costs with mediocre quality food to start with, cooked by line cooks instead of chefs. I hope he goes under. Quickly. Drowns.

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  • 1 month later...
  • 1 month later...
  • 4 weeks later...
15 Companies That Might Not Survive 2009

Rick Newman

Friday February 6, 2009, 11:53 am EST

Yahoo! Buzz Print Who's next?

Six Flags. (SIX; about 30,000 employees; stock down 84%). This theme-park operator has been losing money for several years, and selling off properties to try to pay down debt and get back into the black. But the ride may end prematurely. Moody's expects cash flow to be negative in 2009, and if consumers aren't spending during the peak summer season, that could imperil the company's ability to pay debts coming due later this year and in 2010.

Blockbuster. (BBI; about 60,000 employees; stock down 57%). The video-rental chain has burned cash while trying to figure out how to maximize fees without alienating customers. Its operating income has started to improve just as consumers are cutting back, even on movies. Video stores in general are under pressure as they compete with cable and Internet operators offering the same titles. A key test of Blockbuster's viability will come when two credit lines expire in August. One possible outcome, according to Valueline, is that investors take the company private and then go public again when market conditions are better.

Krispy Kreme. (KKD; about 4,000 employees; stock down 50%). The donuts might be good, but Krispy Kreme overestimated Americans' appetite - and that's saying something. This chain overexpanded during the donut heyday of the 1990s - taking on a lot of debt - and now requires high volumes to meet expenses and interest payments. The company has cut costs and closed underperforming stores, but still hasn't earned an operating profit in three years. And now that consumers are cutting back on everything, such improvements may fail to offset top-line declines, leading Krispy Kreme to seek some kind of relief from lenders over the next year.

Landry's Restaurants. (LNY; about 17,000 employees; stock down 66%). This restaurant chain, which operates Chart House, Rainforest Caf

Edited by citykid09
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Perhaps someone other than Fertitta will keep the restaurants open, with improved quality. Saltgrass was a favorite place to get dead cow before Landry's applied the cone of mediocrity. Landry's was a great restaurant pre Fertitta. The concepts are generally OK, but the execution is lacking. The only reason I eat at one of Landry's not so fine establishments is because my 6 year old insists on going to the Aquarium, or my parents take us out and pick Saltgrass.

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Whoever buy SiriusXM's shares is a moron. Most of their subscription is thru sale of new cars, and so far I've not seen anoyne who renewed after the introductory period. What do I need satellite radio for when the car comes with 6 CD player, local radio, I have an ipod and a laptop, and I don't live in the car.

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Whoever buy SiriusXM's shares is a moron. Most of their subscription is thru sale of new cars, and so far I've not seen anoyne who renewed after the introductory period. What do I need satellite radio for when the car comes with 6 CD player, local radio, I have an ipod and a laptop, and I don't live in the car.

Quite a few people re-up. Problem is their costs are out of control. Launching satellites is spendy.

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I have had XM radio for 7 or 8 years and it didn't come with either of the cars I have had in that time period. I paid 10.99 a month initially, but got my dad on my plan and I paid 6.99 a month for the second radio, eventually he took over the payments. :rolleyes: . Rate has never changed I guess we are grandfathered in as I understand they have gone up. I really enjoy it on road trips, but I miss some of the channels that I lost in the merger.

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I have had XM radio for 7 or 8 years and it didn't come with either of the cars I have had in that time period. I paid 10.99 a month initially, but got my dad on my plan and I paid 6.99 a month for the second radio, eventually he took over the payments. :rolleyes: . Rate has never changed I guess we are grandfathered in as I understand they have gone up. I really enjoy it on road trips, but I miss some of the channels that I lost in the merger.

Sirius/XM tried to eliminate repetitive radio formats but ended up gutting some stations that were independently loved by their subscribers (Backspin, the Hip-Hop oldies station, comes to mind) and so after numerous complaints, they've brought back some of those channels they eliminated right after the merger.

The main problem, however, as was mentioned earlier, is that their costs are still out of control. I believe they charge $30 / month or so for a subscription but the satellite licenses/operations and such are expensive.

Edited by The Great Hizzy!
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Sirius/XM tried to eliminate repetitive radio formats but ended up gutting some stations that were independently loved by their subscribers (Backspin, the Hip-Hop oldies station, comes to mind) and so after numerous complaints, they've brought back some of those channels they eliminated right after the merger.

The main problem, however, as was mentioned earlier, is that their costs are still out of control. I believe they charge $30 / month or so for a subscription but the satellite licenses/operations and such are expensive.

No No, the subscriptions start at 9.99 a month with the most popular plan at 12.95 a month. Only since the merger have they introduced a plan that is the highest ever 16.99 a month, for every thing on XM and the best of sirius

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Why the hate for Landry's. Its the typical self loathing Houston mentality. That's why out of town businesses come here and take over from local businesses. I wish Houston kept and grew Randall's, Oshman's, Foley's, etc. I for one am hoping Landry's can keep its act together. Houston needs more companies that do business outside of Houston and bring profits home.

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Why the hate for Landry's. Its the typical self loathing Houston mentality. That's why out of town businesses come here and take over from local businesses. I wish Houston kept and grew Randall's, Oshman's, Foley's, etc. I for one am hoping Landry's can keep its act together. Houston needs more companies that do business outside of Houston and bring profits home.

You are so far off the mark, you are not even in the same county. Most everyone that expresses disdain for this company has very specific and personal reasons. Some have specific information that led to the opinion of the owner and the company. I will not go into my reasons on this forum, other than to reaffirm that you have no idea what you are talking about.

BTW, if you look around at my posts, you know that I am a Houston homer, not the self-loather that you attempt to paint me.

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You are so far off the mark, you are not even in the same county. Most everyone that expresses disdain for this company has very specific and personal reasons. Some have specific information that led to the opinion of the owner and the company. I will not go into my reasons on this forum, other than to reaffirm that you have no idea what you are talking about.

BTW, if you look around at my posts, you know that I am a Houston homer, not the self-loather that you attempt to paint me.

Wow, why so defensive? And did I single you out when you didn't even respond to the OP?

Edited by texas911
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Why the hate for Landry's. Its the typical self loathing Houston mentality. That's why out of town businesses come here and take over from local businesses. I wish Houston kept and grew Randall's, Oshman's, Foley's, etc. I for one am hoping Landry's can keep its act together. Houston needs more companies that do business outside of Houston and bring profits home.

Did you ever go to Kemah before Landry's bought and ruined it?

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Did you ever go to Kemah before Landry's bought and ruined it?

Heck ya, loved going to the Brass Parrot, it was my group of friends "secret" hang out, but please don't tell me that you consider the boardwalk a failure? That place is great, in fact, I wish Landrys would expand it. If you think its ruined now, then that's just evidence of self loathing. Note to all you high and mighty, just because its popular doesn't make it bad.

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please don't tell me that you consider the boardwalk a failure? That place is great, in fact, I wish Landrys would expand it.

I have to agree. The Aquarium downtown, the Kemah boardwalk are two examples where Landry's brought revenue to an area that had none or little before.

I can't imagine the City of Kemah complaining about the increase number of local jobs and increased number of tourist dollars spent - as well as something more for the locals to do. As for the Aquarium downtown, that area was struggling before so I can't see how the Aquarium hurt the area any.

I think we need to save the loathing for independent restaurants that Landry's bought out and lowered the bar on.

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  • The title was changed to Landry's In Trouble?

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