AMI :(

[Lee_a_priest]

AMI DEFAULT LOOMS
By KEITH J. KELLY
February 5, 2007 -- American Media Inc., owner of the National Enquirer and Star, was fighting for its very survival last week, negotiating with bankers to avoid falling into default as its debt continues to swell.
The discussions with bankers came as AMI on Friday released preliminary financial data that show that AMI's financial health continues to deteriorate and that it will need another waiver from its bankers in order to avoid defaulting on its loans.
According to the data, which was included in a filing with the Securities and Exchange Commission, AMI's debt in the final three months of 2006 ballooned to 10.45 times its estimated cash flow. Loan terms call for that number to be no higher than 8.85 times cash flow.
The company, which has about $1 billion in long-term debt, also warned that "it may not be able to meet its obligations under its senior credit facility."
The company, which is led by CEO David Pecker, hopes to gets its long-delayed financial restatements filed by Feb. 15, but conceded that unless it gets a waiver from the banks it may be difficult for the accounting firm Deloitte & Touche to give the company's books a clean bill of health.
The company told bankers Friday that it was looking to wring out $19.4 million in new cost savings. 

 

[Ozzy]

Major layoffs coming.

[scribbler]

AMI DEFAULT LOOMS
By KEITH J. KELLY
February 5, 2007 -- American Media Inc., owner of the National Enquirer and Star, was fighting for its very survival last week, negotiating with bankers to avoid falling into default as its debt continues to swell.
The discussions with bankers came as AMI on Friday released preliminary financial data that show that AMI's financial health continues to deteriorate and that it will need another waiver from its bankers in order to avoid defaulting on its loans.
According to the data, which was included in a filing with the Securities and Exchange Commission, AMI's debt in the final three months of 2006 ballooned to 10.45 times its estimated cash flow. Loan terms call for that number to be no higher than 8.85 times cash flow.
The company, which has about $1 billion in long-term debt, also warned that "it may not be able to meet its obligations under its senior credit facility."
The company, which is led by CEO David Pecker, hopes to gets its long-delayed financial restatements filed by Feb. 15, but conceded that unless it gets a waiver from the banks it may be difficult for the accounting firm Deloitte & Touche to give the company's books a clean bill of health.
The company told bankers Friday that it was looking to wring out $19.4 million in new cost savings. 

 

Nice to know you care Lee

C

[gtbro1]

 David Pecker...what a name.

[tu_holmes]

David Pecker...what a name.

Are names a predetermination of our personalities? Or  do we generate our personalities based on our name...

[gtbro1]

Are names a predetermination of our personalities? Or  do we generate our personalities based on our name...

My girlfriend went to school with a guy named Dick Hare.

[tu_holmes]

My girlfriend went to school with a guy named Dick Hare.

Guess it can't get much better than that...

Unless it's "Pat MaCrotch" or "Slut Bumwallow"

[TestDummy]

David Pecker...what a name.

exactly what I was thinking....

[KeepItReal]

NEW YORK POST  (http://www.nypost.com/seven/02072007/gossip/pagesix/tab_titan_loses_pecker_power_pagesix_.htm)

February 7, 2007 -- TABLOID tycoon David Pecker has lost his fight to wrest control of the Web address davidpecker.com from a California man who has used the site to promote pornography. Pecker - the mustachioed chief executive of American Media Inc., which owns the National Enquirer and Star - filed a complaint last fall with the World Intellectual Property Organization claiming that as "a famous and highly respected business person in the publishing industry," he was entitled to the Web address, and that its smutty application was damaging his good name, the SmokingGun.com reports. Web entrepreneur Thomas Ferris, who registered davidpecker.com last February, claimed he had never heard of the AMI chief and said that links to pornographic sites were automatically generated by a service where he "parked" his site, "because the word 'pecker' is within the domain name." Pecker offered to buy the Web address for $100 and rejected Ferris' counteroffer to sell it for $1,600. Last month, WIPO ruled that Pecker "provided no evidence of his rights" to the disputed domain.

[G o a t b o y]

Pecker offered to buy the Web address for $100 and rejected Ferris' counteroffer to sell it for $1,600.

$1600 is less than nothing for a corporate CEO... it probably cost him five times that amount in lawyers fees to file the case, which he lost.  Dumbass was obviously just trying to live up to his name.