Best Buy Founder RALLIES Shareholders and 2 HOT Stocks Seeing Action
According to the WSJ, Blackstone was given a brief last year by Martha Stewart Living Omnimedia (NYSE:MSO) to find a buyer for the company. The plan was later shelved by Martha Stewart herself as she chose the alternative route to a management-led turnaround and a tie-up with J C Penney that is currently mired in legal issues.
Investing Insights: Dow Jones Weekly Recap: HP Takes a Plunge, Qantas Cancels Boeing Orders.
Richard Schulze, founder of Best Buy (NYSE:BBY), is trying to enlist the support of large shareholders and analysts for his buyout offer of the troubled retailer, and in particular to pressure the company to open up its books for due diligence by private equity firms.
Various parties from cities, lenders and insurers to individual investors have banks in their legal cross-hairs for damages ranging from $7.8 billion-$176 billion due to their alleged manipulation of the Libor. Big names crunching numbers to assess losses include Charles Schwab (NYSE:SCHW), BlackRock (NYSE:BLK), Federated Investors (NYSE:FII) and Calpers.