Thank you.Glad you're still here.Originally Posted by KPM
Thank you, I am happy you are also.....we've had some beloved members pass away in the last couple of years Tommy being the most recent...so anytime someone is not on the board regular its a little scary to imagine what has happened to them.
Work in Progress!
Because you are the only person we ever hear this stuff from. Well, you and Jaykeisha, but you two aren't the same person.........................
According to Forbes http://www.forbes.com/lists/2005/54/O348.html Robert F.X. Sillerman's net worth is only $975 million while Leon Black (founder and CEO of Apollo Global Management) is $3.5 billion as of 2012. Sillerman's ranked #375 out of 400 while Black is ranked #113 of the rich Americans in the world.I think I know the history of EPE pretty well-and the Sillerman saga-"savior Sillerman" as many pro Sillerman folks portrayed him with the deep pockets of around 1.5-3 billion (depending on the source) 10 or so years back....Apollo only has assets of around 5.3 billion (the 75-77 billion in funds it controls for others....is not their money and has to be protected and grown)
That 5.3 billion is substantial, but its scattered out among its many companies and is not totally fluid assets that can be used for nothing but Elvis activities...
No offense but this is all old news we have discussed Apollos stature before and also what they "may or may not do" we are a couple years down the road...the virtual Elvis looked like it might be a huge start in money spent from the big pocketed Apollo/Core-but it is now in limbo...Sillermans reign was much like this-projects shelved, failed or in limbo waiting for.... ???
"Apollo has some $75 billion of assets under management, spread among its private equity, capital markets, and real estate segments." http://biz.yahoo.com/ic/40/40036.html
Where do you think all that money came form? Leon Black and Apollo's pockets.
Check out my new blog about Elvis Presley @ http://elvis21century.blogspot.com/
No we're not as I have pointed out before. I don't even know that person at all.
Check out my new blog about Elvis Presley @ http://elvis21century.blogspot.com/
Elvis, Mickey Mouse, the only missing is, Coca Cola.
There is Only One Elvis
I am not speaking about what Sillerman is "estimated" to be worth today-I am talking way back when he first bought his 85% and the conversations that were carried on here by those who said they were "in the know" who called Sillerman a great savior for Elvis' legacy.
They also had links to Sillermans "estimated" wealth.
Apollos worth is near 5.3 billion but still it is spread out among its own owned companies.
I will agree with your post about Apollos 75 billion of assets "under management" but as your own post states it also-is spread out among many areas of the financial markets in investments for clients....IE it is not money which can be just taken for investments in enterprises that investors do not want.
We shall see-I have been saying that for 16 years now about this rumor.......
Work in Progress!
A very interesting read by noted Elvis scholar Alan Hanson that sheds much light upon the Apollo purchase and its intentions:
http://www.elvis-history-blog.com/elvis_blog.html
In a nutshell he runs thru the history of the Sillerman years and step by step explains the sale of CKX to Apollo-thru a leveraged buyout-Apollo did not put up the money for the sale it borrowed the whole $509 million from Goldman Sachs Bank.
Also Hanson explains what a private equity firm, such as Apollo, specializes in-and that is buying companies that are in financial trouble streamlining and changing the companies to make them more efficient-and then usually within a 3-5 year time frame reselling them to some other conglomerate at a profit. That is what Apollo is known for, and how its made its money.
He does not see big things coming from Apollo beyond propositions which increase profitability to enhance the chance for bigger payday when resold.
Last edited by KPM; 02-11-2013 at 02:06 PM.
Work in Progress!
I just read that and it's filled with so many inaccurate statements and claims. He comes off as someone wanting to look smart but sounds dumb. For one thing, he keeps calling Core Media, a completely reconstructed company, CKX. That company no longer exists therefor the operations of CKX's past is NOT the same as the more stabilized Core Media Group. He also sounds very bitter towards Sillerman and at Apollo for buying up his shareholdings out from under him without him having a say. His take on the possibility of EPE going out of business is laughable and pretty much sums up his uneducated knowledge on the situation. For one thing, EPE is making more money than ever before. The only way EPE goes out of business is if the world all of a sudden decided not to have interest in Elvis. And that's not happening anytime soon, as in years.
Core Media has already pumped money into EPE, maybe not the $250 million that's proposed for the expansion, but they spent millions on the Elvis Experience in Brazil and is returning the highly successful exhibit again this year in October on high demand. They also spent millions on promoting and arranging Elvis Week in 2012 including making way for the rental of the expensive indoor air-conditioned pavilion that was set up for the whole week. Funny how all that happened AFTER CKX was bought out.
Another misleading claim by him is that Apollo won't spend money on Elvis, Graceland or EPE. Actually, it's Core Media who is spending the money, provided by Apollo. Marc Graboff was recently quoted on having so much money form Apollo to spread out to it's assets. It was also Core Media who publicly announced big plans for the Elvis brand back in a June 2012 article, such as upgrading Graceland which Soden since has said they have over 120 acres of land to expand with. If nothing was planned, they wouldn't be speaking of such a thing. It's being panned.
Another thing, that big "failed" expansion wasn't Sillerman's plan to begin with. It was EPE's and he just agreed with it and saw a profit in expansion. EPE has been making expansion plans dating as far back as 1990. They had originally bought up the apartment complex to the north of Graceland (now demolished to make way for the new hotel) back in 1992 to make way for future expansion. Lisa Marie spent the money that was supposed to have gone towards upgrades and expansions back then. Thanks Lisa.
Bottom line, Core Media knows that Elvis is the future of the company's financial growth and survival. So Graceland is where the mass majority of funding will go to make sure it sustains its popularity and income for many years to come. It doesn't take a rocket scientist to see that. Or an uneducated Elvis blogger to understand.
Check out my new blog about Elvis Presley @ http://elvis21century.blogspot.com/
I would not call someone who has spent 3 decades teaching-uneducated.......nor someone who has done as much research on all phases of Elvis's career, and life,-as he has done.I just read that and it's filled with so many inaccurate statements and claims. He comes off as someone wanting to look smart but sounds dumb. For one thing, he keeps calling Core Media, a completely reconstructed company, CKX. That company no longer exists therefor the operations of CKX's past is NOT the same as the more stabilized Core Media Group. He also sounds very bitter towards Sillerman and at Apollo for buying up his shareholdings out from under him without him having a say. His take on the possibility of EPE going out of business is laughable and pretty much sums up his uneducated knowledge on the situation. For one thing, EPE is making more money than ever before. The only way EPE goes out of business is if the world all of a sudden decided not to have interest in Elvis. And that's not happening anytime soon, as in years.
Core Media has already pumped money into EPE, maybe not the $250 million that's proposed for the expansion, but they spent millions on the Elvis Experience in Brazil and is returning the highly successful exhibit again this year in October on high demand. They also spent millions on promoting and arranging Elvis Week in 2012 including making way for the rental of the expensive indoor air-conditioned pavilion that was set up for the whole week. Funny how all that happened AFTER CKX was bought out.
Another misleading claim by him is that Apollo won't spend money on Elvis, Graceland or EPE. Actually, it's Core Media who is spending the money, provided by Apollo. Marc Graboff was recently quoted on having so much money form Apollo to spread out to it's assets. It was also Core Media who publicly announced big plans for the Elvis brand back in a June 2012 article, such as upgrading Graceland which Soden since has said they have over 120 acres of land to expand with. If nothing was planned, they wouldn't be speaking of such a thing. It's being panned.
Another thing, that big "failed" expansion wasn't Sillerman's plan to begin with. It was EPE's and he just agreed with it and saw a profit in expansion. EPE has been making expansion plans dating as far back as 1990. They had originally bought up the apartment complex to the north of Graceland (now demolished to make way for the new hotel) back in 1992 to make way for future expansion. Lisa Marie spent the money that was supposed to have gone towards upgrades and expansions back then. Thanks Lisa.
Bottom line, Core Media knows that Elvis is the future of the company's financial growth and survival. So Graceland is where the mass majority of funding will go to make sure it sustains its popularity and income for many years to come. It doesn't take a rocket scientist to see that. Or an uneducated Elvis blogger to understand.
He is not bitter-he states he made a profit on his transaction-but the point he was making is alluding you.....they make their money from seizing control of a company when vulnerable-and then work to resell down the line for a profit...that is "how private equity firms make their profits"
That is not just his opinion-that is the nature of what private equity firms do.
His assertion that EPE could go out of business is hypothetical-and in his article he says their is really no expectation that will happen so he is not saying it is a probability....private equity groups buy only companies they know will be in existence 3-5 years down the road...so they can make their profit on resale after tinkering and streamlining.
He does not claim no money will be spent-but only if they see good returns quickly to help with making the company sellable.
I'm not sure why Sillerman would "agree" to EPEs plans for expansion-when he just spent $100 million plus stock to own the rights to the image of Elvis........the 15% owner does not dictate after the fact to the 85% owner.
Why would any business man spend that kind of cash and not investigate what should be the best way to move forward-not just take old plans and give carte blanche approval-no logic no sense.
Sillerman did not agree to a partnership with EPE-he was the majority owner-he was the boss.
Yes Lisa is a villain in this business situation
Even when she became of specified age she postponed having any direct control of how the estate was run for several more years.
Mr Hanson takes enquiries about his blog-if you want to e-mail him and inform him how wrong he is.
Core Media may have one thing in mind-Apollo may have another-and Apollo is the owner of all of Core.
Last edited by KPM; 02-11-2013 at 05:55 PM.
Work in Progress!
Apollo's already given Core the green light to spend as needed to grow the company.I would not call someone who has spent 3 decades teaching-uneducated.......nor someone who has done as much research on all phases of Elvis's career, and life,-as he has done.
He is not bitter-he states he made a profit on his transaction-but the point he was making is alluding you.....they make their money from ceasing control of a company which vulnerable-and then work to resell down the line for a profit...that is "how private equity firms make their profits"
That is not just his opinion-that is the nature of what private equity firms do.
His assertion that EPE could go out of business is hypothetical-and in his article he says their is really no expectation that will happen so he is not saying it is a probability....private equity groups buy only companies they know will be in existence 3-5 years down the road...so they can make their profit on resale after tinkering and streamlining.
He does not claim no money will be spent-but only if they see good returns quickly to help with making the company sellable.
I'm not sure why Sillerman would "agree" to EPEs plans for expansion-when he just spent $100 million plus stock to own the rights to the image of Elvis........the 15% owner does not dictate after the fact to the 85% owner.
Sillerman did not agree to a partnership with EPE-he was the majority owner-he was the boss.
Yes Lisa is a villain in this business situation
Mr Hanson takes enquiries about his blog-if you want to e-mail him and inform him how wrong he is.
Core Media may have one thing in mind-Apollo may have another-and Apollo is the owner of all of Core.
And just because someone studies Elvis does not mean that they know what's going on with the estate. When I said 'uneducated" I was referring to the situation.
Check out my new blog about Elvis Presley @ http://elvis21century.blogspot.com/
Spend as needed......??? Does that mean spend all thats needed for a huge expansion-or whats needed to make the company more desirable to potential buyers down the road???
I would not call his understanding of what has been happening since Sillerman-uneducated.
I know he does not print anything that is not proven.
As far as Lisa in 92:
Lisa in 92 was 24 and her inheritance was still in the trust that was set up by Elvis' will-so she had no direct control over that money beyond what the trust specified.
Even when she became of specified age she postponed having any direct control of how the estate was run for several more years.
Work in Progress!
Well, if EPE and Graceland are going to remain successful financially, then they are going to need to build a bran new museum and a visitor's center. The current plaza is so outdated and an eyesore. Not to mention dangerous. I keep waiting to hear of some overwhelmed fan walking out in front of a passing car. That boulevard is one of the busiest streets in Memphis. Visitors complain daily to EPE but there's nothing they can do until a new one is built. There's nowhere to go when it's cold or hot. They know that too. They are also spending a fortune on gas yearly with constant shuttle buses commuting back and forth from the mansion. They have also ran out of exhibit space. Which is why they are working to get a new one.
They also need a new hotel with meeting space for conferences, conventions, and weddings. Those things alone bring a lot of extra money.
Check out my new blog about Elvis Presley @ http://elvis21century.blogspot.com/
Yes they do when completed-and they cost a lot of money to build run and keep up.
Someone is going to have to come up with that cash..time will tell if its Apollo, Core or whomever might end up the new owner if the private equity group holds true to its form.
I still am of the school of thought that Graceland is what people come to see, everything else is window dressing....window dressing is nice-but people do not go to Graceland to see the curtains.
Visitors complain to EPE-that there is nothing they can do until a new one is built.
Sun Studios, Beale Street with some great blues clubs and hot spots (according to my daughter), Civil rights museum, etc.......seems like tourists are missing a few high points for Memphis...city council needs to promote better
Work in Progress!
You misinterpreted what I said. The visitors complain because when it's cold or rainy there is nowhere to go AT GRACELAND PLAZA to get in out of the rain, except under the canopy. Or when it's hot and steamy.Yes they do when completed-and they cost a lot of money to build run and keep up.
Someone is going to have to come up with that cash..time will tell if its Apollo, Core or whomever might end up the new owner if the private equity group holds true to its form.
I still am of the school of thought that Graceland is what people come to see, everything else is window dressing....window dressing is nice-but people do not go to Graceland to see the curtains.
Visitors complain to EPE-that there is nothing they can do until a new one is built.
Sun Studios, Beale Street with some great blues clubs and hot spots (according to my daughter), Civil rights museum, etc.......seems like tourists are missing a few high points for Memphis...city council needs to promote better
As for the cost to build a new hotel, center and museum. The birthplace got a really nice renovation and expansion and it only cost the state $4.3 million for phase one. Phase two is $6.5 million. That's $10 million for the whole renovation/expansion. That's on a small scale and funded by government money. In Memphis, construction cost for private developments are not as high as say, Las Vegas or Miami. What you can build there would be 3 times as cheap in Memphis. For one thing, EPE has already purchased the land needed (over 120 acres). The FedExForum arena in downtown was built for only $260 million. I say only because the new Barclays arena in Brooklyn cost $1 billion. So money and construction cost wouldn't be as much an issue as some might think.
A new 400-500 room hotel in Memphis with convention space can be built for $70 million. A smaller 300-room hotel with, say, 40,000 square feet of meeting space could cost as low as $40 million. A new visitor's center big enough to put everything under one roof (such as cars and planes, food court and retail shops) can be built for $50-60 million. And a new museum facility of about 20,000 square feet can be built for $5 million. That's a minimum total of only $105 million and $135 million max for all three combined.
Check out my new blog about Elvis Presley @ http://elvis21century.blogspot.com/
Yah...just pocket change
Time will tell how much will be spent, how much will be gained.
Work in Progress!
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