July 31st, 2006
|03:39 pm - It appears some of my friends missed this the first time around ...|
Ellora Entertainment, LLC Acquires Renaissance Entertainment Corporation
LOUISVILLE, Colo., Jan. 27 /PRNewswire/ -- Ellora Entertainment, LLC, a company owned by Charles S. Leavell and J. Stanley Gilbert, acquired Renaissance Entertainment Corporation (OTC: FAIR) ("Renaissance") on December 22, 2005 pursuant to the terms of an Agreement and Plan of Merger dated November 21, 2005. Shareholders of Renaissance are entitled to receive merger consideration in cash equal to $0.03 per share of Renaissance common stock. The Company is in process of mailing instructions to shareholders to redeem their shares.
Renaissance owns and produces Renaissance Faires throughout the United States that are re-creations of a sixteenth century England village. Renaissance owns and produces three Renaissance Faires: the Bristol Renaissance Faire in Kenosha, Wisconsin; the Southern California Renaissance Pleasure Faire in Irwindale, California and the New York Renaissance Faire in Tuxedo, New York. These faires are created through authentic craft shops, food vendors and continuous live entertainment throughout the day, both on the street and the stage and includes actors, jugglers, jousters, magicians, dancers and musicians. In addition to the Renaissance Faires, Renaissance also produces the Forest of Fear each October in Tuxedo, New York.
SOURCE Ellora Entertainment, LLC
For further information: Charles S. "Pete" Leavell of Ellora Entertainment, LLC, +1-303-664-0300, email@example.com
Link to story on PR Newswire
Out of curiosity, is that just the CO faire?
It has nothing to do with the CO faire. The faires they produce are listed in the article.
|Date:||July 31st, 2006 07:50 pm (UTC)|| |
So I guess them buying out REC didn't change things because they still didn't throw any money Tux's way for this season....
Although, since they only took over Dec 05, maybe they didn't have time enough to do anything for 2006?
Will be interesting to see how, if at all, this effects any of the faires.
I've already heard that the budget for entertainers at Bristol was cut by more than a third, and booth fees are up drastically as well...
I know they managed to hire a few more musical groups, and that the Musican's jam is back as part of Closing.
It's not just the booth fees, it's the fee structure. Booths now have a flat fee plus 10% of all sales above a certain amount AND the faire has the right to audit their books to make sure they get the appropriate number of ounces of flesh. It's the percentage part that has most of the merchants that I know of fleeing for the hills.
Interesting. Leavell and Gilbert were the CEO and COO of REC, and they are cashing out shareholders, so this means not that REC has been sold, but that it is going private.
There are both good and bad reasons to do this. Any sense of which this is?
Unsure, although Ellora has past involvement with Bristol - they were the management company back in the early years after the name change. I was on-cast in 90 and 91, and remember that my paychecks came from "The Ellora Corporation" in CO.
Hmm - this is more than it appears to be.
The Ellora Corporation was the company that managed Bristol back when it first became Bristol. I know because I was on cast back then, and remember that my checks were cut from The Ellora Corporation in CO.
Stan has been involved both in Elorra and REC - I know him by sight.
My semi-educated guess is that this is more a corporate restructuring - giving up on the whole "publicly traded" nonsense (since the price has been miniscule for years) and going back to a private business model.
That's what the SEC reports imply. I assumed Ellora was an acquisition vehicle, but apparently it did exist before. This appears to be a shareholder freezeout.
That usually means that the insiders believe more money can be made without the shareholders. What isn't clear is whether the money is to be made through cutting deadweight, looting assets, or selling the non-public company to the highest bidder.
Well, with them going private, they can certainly keep a lot of their business practices from public view (and out of the purview of nosey parkers like rennies)... ;)
Sort of like baseball team owners can keep crying poverty and claiming to need publicly-financed stadia, yet they always somehow refuse to open their books to prove their claims.
Since I know nothing about the new owners, I have to ask:
Is this a bad thing?
Meet the new boss. Same as the old boss.