Subject: [NEXTEL-1] Gates Buys McCaw's Nextel Partners Shares

From: [email-masked]
Date: Tue, 03 Dec 2002 14:36:29 -0500

Craig must  really be hurting-
http://www.forbes.com/2002/12/03/1203facesam.html?partner=yahoo&referrer=

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HOME PAGE FOR THE WORLD'S BUSINESS LEADERS

Home > Business

Faces In The News

Fourtou: Vivendi Must Back Cegetel Plan; Gates Buys McCaw's Nextel Shares.

Greg Levine, 12.03.02, 11:15 AM ET

NEW YORK - Doers and doings in business, entertainment and technology:

Vivendi's Fourtou attempts to solidify the company...and his power.

Consolidating the empire: Vivendi
(nyse:
V -

news
-

people
) Chief Executive Jean-Rene Fourtou is widely expected to recommend that the media giant's board approve a four billion euro ($3.99 billion) counter-bid for BT Group's
(nyse:
BTY -

news
-

people
) stake in Gallic telecom firm Cegetel. La Tribune reported the board would vote on Tuesday whether to raise its stake in Cegetel, to fend off a bid from cellphone giant Vodafone Group
(nyse:
VOD -

news
-

people
). The French newspaper said a decision could be announced later the same day. Vodafone launched a 13.1 billion euro offer in October to buy the 85% of Cegetel it does not already own from the three other shareholders: Vivendi, BT Group and SBC Communications
(nyse:
SBC -

news
-

people
). But Vivendi turned down the offer for its 44% stake, even as BT and SBC agreed to sell their respective 26% and 15% stakes. And any historian can tell you that when empires are consolidated, heads tend to roll: At least two board members are prepared to resign at the meeting, a source says, including Marc Vienot, "more royal than the king" in his defense of ousted former "celebrity CEO" Jean-Marie Messier. After an initial jump, Vivendi shares swung into negative ground in early trade, slipping some 5% before stabilizing to trade 2.4% down at 16.05 euros in Paris Tuesday morning.

Bill Gates helps Craig McCaw get just a little richer.

Warren Buffett's not the only one looking at telecoms again. Microsoft
(nasdaq:
MSFT -

news
-

people
) Chairman Bill Gates has upped his stake in wireless phone firm Nextel Partners
(nasdaq:
MSFT -

news
-

people
) to more than 5%. The company said Gates purchased the stock from wireless pioneer Craig McCaw, ranked No. 168 on the Forbes World's Richest People list. The news sent shares up by some 12%. Cascade Investment, the private investment arm of the world's richest man, bought 3.75 million Nextel Partners shares from McCaw; it now owns 12.7 million shares, or a 5.2% stake. Perhaps McCaw plans on pumping some of the windfall into OneWorld, the sailboat-racing team he leads with Paul G. Allen, Microsoft co-founder? An affiliate of Nextel Communications
(nasdaq:
NXTL -

news
-

people
), Nextel Partners shares jumped 79 cents to $7.39 in morning Nasdaq trade. Shares of Nextel Communications were up 62 cents, or 4.5%, at $14.38 on Nasdaq. More...

John Rigas: Accused of using Adelphia as "personal piggy bank."

Nasty, brutish and long, the trench war between Adelphia Communications
(otc:
ADELQ -

news
-

people
) and founder John Rigas has gotten even meaner. The cable-TV firm asked a bankruptcy court to freeze assets of the Rigas family in which it may have a stake. The move comes about five months after Adelphia filed a suit against the elder Rigas and his sons, alleging that they used company funds for personal use and disclosing false financial reports. In June, the company filed for bankruptcy protection after defaulting on $7 billion in bank loans. In its motion this week, Adelphia is looking to broaden an order issued by the court last summer that prevented the Rigases from taking any action to sell or transfer any real estate property under their control. More...

News items can be submitted to Greg Levine at [email-masked] or by calling him at (212) 366-8851.

Use our People Tracker to keep up to date with the activities for any of the above executives and celebrities or some 120,000 others.

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ADELQ

0.00

+ 0.00

BTY

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- 0.26

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