BRIEFCASE YOUBET.COM EYES RIVAL FIRM'S STOCK.
Byline: - Staff and Wire Services
WOODLAND HILLS - Youbet.com Inc. announced Wednesday that it is seeking approval to acquire all of the issued and outstanding shares of American Wagering Inc. for $9.5 million.
The Woodland Hills-based Internet provider Internet provider - Internet Service Provider of thoroughbred, quarter horse and harness racing harness racing: see horse racing.
Horse-racing sport. In harness racing, Standardbred horses are harnessed to lightweight, two-wheeled, bodiless (seat-only) vehicles known as sulkies. The sport's origins date to ancient chariot races. content in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. would pay about half in cash and half in Youbet common stock.
American Wagering and its subsidiary, Leroy's Horse and Sports Place, are operating under Chapter 11 bankruptcy protection.
Youbet's proposal is contained in a competing reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. filed with the United States Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. in Reno, Nev.
The Bankruptcy Court recently denied AWI's motion to exclude Youbet and other interested companies from filing competing plans to acquire AWI AWI Armstrong World Industries, Inc (Lancaster, PA)
AWI Australian Wool Innovation Limited
AWI Agency for Workforce Innovation (Florida)
AWI Animal Welfare Institute
AWI American War of Independence .
The Bankruptcy Court will hold a Nov. 12 hearing on Youbet's reorganization plan. If Youbet's motion is granted, the court will consider all competing plans at the confirmation hearing scheduled for Feb. 14.
Youbet's proposed acquisition is subject to approval by AWI creditors and shareholders, the Bankruptcy Court and the Nevada Gaming Commission The Nevada Gaming Commission is a Nevada state governmental agency involved in the regulation of casinos throughout the state, along with the Nevada Gaming Control Board. It was founded in 1959 by the Nevada Legislature. .
De la Hoya gains Wilshire Blvd. site
Oscar de la Hoya's Golden Boy Enterprises acquired a Wilshire Boulevard building for $16 million, the seller announced Wednesday.
De la Hoya's firm will relocate its offices to 626 Wilshire Blvd. next month and take 5,100 square feet of space in the 148,721-square-foot building, said Gary Pike, a San Francisco-based publicist for Barker Pacific Group.
Barker Pacific Group acquired the building a year ago, when it was less than 40 percent occupied, and increased occupancy to 82 percent, Pike said.
99 Cents reports Q3 gain in sales
COMMERCE - 99 Cents Only Stores reported on Wednesday a 14.2 percent increase in sales for its third quarter over the same time last year.
The surge in sales is largely attributed to the opening of nine stores during the same time frame, three of them in California, one in Nevada and five in Texas. Also fueling growth is increasing sales in the food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. categories.
The bargain store reaped $229.1 million in retail sales for the third quarter ending Sept. 30, up from $200.6 million in 2003. Total sales for the mine months ending Sept. 30 reached $706.3 million, up 14.9 percent from last year.
Jaska steps down from Tetra Tech
PASADENA - Tetra Tech Inc. announced on Wednesday the resignation of James Jaska as president and as a member of the board of directors.
Chairman and Chief Executive Officer Li-San Hwang said Jaska ``had a substantial role in developing the company into a leader in many of its markets, first as chief financial officer, and then as president.''
The board unanimously elected Sam Box as president and Dan Batrack as chief operating officer Chief Operating Officer (COO)
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. .
Box, who joined Tetra Tech in March 2003 through its acquisition of the assets of Foster Wheeler Environmental Corp., will be responsible for overall operations, and will specifically focus on strengthening the company's contract review and marketing functions.
Batrack, who will report to Box, will be responsible for the company's day-to-day operations. Batrack has been with Tetra Tech and its predecessor since 1980.