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Landry's in trouble?

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

HOUSTON

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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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Strange remarks from the head of a $1.25 Billion corporation, but then us locals have come to expect that from Mr. Fertitta. The Motley Fool seems to agree that his eyes were too big for his wallet, as well.

The Motley Fool

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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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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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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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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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As much as the Landry's properties add color to Houston
You mean like that garish, obnoxious, blinding blue Aquarium sign overlooking I-45 through downtown?

Please tell me that sign is gone by now. I don

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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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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

So True.

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If Landry's were to be seized, sold or whatever by the creditors what impact would that have on the deal they have with the City of Kemah?

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If Landry's were to be seized, sold or whatever by the creditors what impact would that have on the deal they have with the City of Kemah?

[/quote

Maybe the family that owns Captain Wick's could do a better job.

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Board OKs Landry’s buyout offer

The board of directors of Landry’s Restaurants Inc. has approved yet another offer from Tilman Fertitta to acquire the remainder of the company’s

shares in a $1.2 billion transaction.

Fertitta, Landry’s president and chief executive, has unsuccessfully tried in the past to buy out the shares he did not already own. Fertitta owns 55.1 percent of the company’s 16.1 million outstanding shares.

The latest offer of $14.75 a share represents a 37 percent premium over the closing price of $10.76 on Nov. 2, the day before Tuesday’s announcement of the transaction. News of the deal sent Landry’s shares higher in heavy volume, with the stock gaining $3 in early trading, up nearly 30 percent, to $13.76.

http://houston.bizjournals.com/houston/stories/2009/11/02/daily16.html?ed=2009-11-03&ana=e_du_pub

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Fertitta's method is very American. Just dumb everything down and people will flock. Sort of like the NASCAR of food service.

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Hedge fund to oppose Landry’s sale

An activist hedge fund has acquired a large stake in Landry’s Restaurants Inc. and is preparing to fight company chief executive Tilman Fertitta’s bid to take the dining and entertainment company private.

According to a regulatory filing, Pershing Square Capital Management LP, run by William Ackman, and several affiliates have acquired 1.6 million shares, equal to a hefty 10 percent stake in the company.

http://houston.bizjournals.com/houston/stories/2009/11/09/daily46.html

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Landry's shares continue to surge

Shares of Landry’s Restaurants Inc. reached another 52-week high Tuesday as speculation continues to swirl over a move by a New York hedge fund to buy a substantial position in the dining and gaming company.

In early trading Tuesday, Landry’s shares reached $22.19 before pulling back to close at $21.24, down 55 cents, or 2.5 percent, from the Nov. 23 close. The last time Landry’s shares traded above $22 was in late 2007.

http://houston.bizjournals.com/houston/stories/2009/11/23/daily11.html

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After a two-year-long sojurn to take Landry’s Restaurants Inc. private, Tilman Fertitta on Monday agreed to buy the remainder of shares he does not own in a deal valued at $1.4 billion.

Fertitta, chairman, chief executive officer and president of the Houston-based hospitality company, is purchasing the remaining shares at $24 apiece.

http://houston.bizjournals.com/houston/stories/2010/05/24/daily1.html

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And finally:

Landry’s Restaurants Inc. announced Wednesday that chief executive officer Tilman Fertitta had completed his bid to take the company private.

Houston-based Landry’s, which had traded on the New York Stock Exchange under the symbol “LNY,” will now be a wholly-owned subsidiary of the Fertitta Co., a holding company run by Fertitta.

http://houston.bizjournals.com/houston/stories/2010/10/04/daily37.html

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Nov 8 (Reuters) - Landry's Inc is to buy McCormick & Schmick's Seafood Restaurants Inc for about $131.6 million, ending a long-running chase by Landry's CEO Tilman Fertitta to buyout the restaurant chain.

The offer of $8.75 a share is 29 percent higher than McCormick & Schmick's Monday closing price.

The deal sees Fertitta, the biggest shareholder in McCormick & Schmick's, snap up the seafood chain for a lower price than his $137.3 million offer in April, when he went hostile with his bid.

McCormick & Schmick's, which traces its roots to the 110 year old Jake's Famous Crawfish Restaurant in Portland, Oregon, is seen to be a good fit for Fertitta's seafood restaurant empire.

http://www.reuters.c...E7M82IM20111108

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It sucked to begin with.

There are only TWO Landry's Restaurants that have edible food: Brenner's Steakhouse and Pesce.

Fertitty has ruined all others.

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It sucked to begin with.

There are only TWO Landry's Restaurants that have edible food: Brenner's Steakhouse and Pesce.

Fertitty has ruined all others.

Wife and I ate at Oceanaire in the Galleria a couple of months ago and it was very good.

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Tilman Fertitta has inked a deal with Morton's Restaurant Group Inc. to acquire the company in a deal that values the restaurant chain at $117 million.

Fertitta — the largest shareholder in the restaurant chain — will pay $6.90 a share, a premium of about 34 percent to Morton's Thursday close.

Fertitta, CEO of Houston-based Landry's Restaurant Inc., will finance the transaction through a combination of cash and debt, for which it has arranged financing, and expects to close the transaction in early February 2012.

http://www.bizjourna...ana=e_hstn_rdup

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Now this...

Fertitta fires McCormick execs, closes restaurants

Houston-based Landry’s Inc. moved quickly to trim McCormick & Schmick's Seafood Restaurants Inc.

Landry’s closed a $131 million deal to acquire the Portland restaurant chain Jan. 4 and quickly moved to terminate executives including CEO Bill Freeman, co-founderWilliam McCormick and others.

It also closed at least nine restaurants, according to a source familiar with the situation.

http://www.bizjourna...du&ana=e_du_pub

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That's what you do with executives of a company that sells to you for less money than you offered a year earlier. You fire them for their gross incompetence.

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