BRIEFCASE YOUBET.COM EYES RIVAL FIRM'S STOCK.
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 of thoroughbred, quarter horse and harness racing content in the United States 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 filed with the United States Bankruptcy Court 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.
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.
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 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.
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.
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|Publication:||Daily News (Los Angeles, CA)|
|Date:||Oct 7, 2004|
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