In Brief
Bannerless
Building
Seen recently on the cover
of the Feb. 2007 Beachhead, this development on 1214 Abbot Kinney Blvd. proudly
sported a “STOP BUSH” banner, making it the envy of the
neighborhood. But shades of shady plumbers, the 20 ft. long banner with 5 ft
lettering was stolen within weeks of making its FVB premiere.
Independently funded by local contributions,
the banner was taken using the site’s second story scaffolding by a team
of thieves who broke into the private construction site after hours.
--------
Venice’s
Wealthiest Couple Gets
Richer
Venice’s wealthiest
couple, Jane and Sidney Harman, is on the verge of getting even richer under a
scheme that would take the family jewel, Harman International, private. The $8
billion dollar deal, announced April 26, would allow 88-year-old Sidney Harman
to cash out up to $400 million in stock, while still remaining corporate
chairman.
Harman International, which
manufactures audio equipment called Harman Kardon, Infinity and JBL, is the
largest piece of the family’s financial empire which also includes prime
real estate in Washington, D.C. and in Europe. Harman Audio owns or leases
plants in eight countries including one in Tijuana, and another in
Northridge.
The unusual deal for Harman
International, called a “Stub Equity” sale, allows limited public
stockholders but they have no control over the Board of Directors, as in other
public corporations.
The deal may not
be so good for most stockholders since company stock is currently trading for
more than the $120 per share that Kohlberg Kravis Roberts (KKR) and Goldman
Sachs are offering for the company. KKR is known for buying companies on the
cheap and reselling them for big profits. Harman left the door open for
competing bids through June 15.
Both
Sidney and Jane live and work in Washington, D.C. much of the year. One of their
13 other residential properties is located on Ocean Front Walk, and is her legal
residence for purposes of representing Venice and the 36th District in Congress.
In the last election, Harman spent more than $1 million in winning reelection.
Her top five contributions were from military-related
corporations.
Their Harman Family
Foundation gives millions to D.C.-based cultural institutions, such as the
Washington Ballet and the city’s Shakespeare Theatre Company. They give
much less, or nearly zero, to Venice cultural institutions.
Posted: Tue - May 1, 2007 at 12:17 PM