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Defense Contractor spends $10 million on bat mitzvah!!!

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im10ashus Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-05 10:24 AM
Original message
Defense Contractor spends $10 million on bat mitzvah!!!
History will forever record Elizabeth Brooks' bat mitzvah as "Mitzvahpalooza." For his daughter's coming-of-age celebration last weekend, multimillionaire Long Island defense contractor David H. Brooks booked two floors of the Rainbow Room, hauled in concert-ready equipment, built a stage, installed special carpeting, outfitted the space with Jumbotrons and arranged command performances by everyone from 50 Cent to Tom Petty to Aerosmith.

I hear it was garish display of rock 'n' roll idol worship for which the famously irascible CEO of DHB Industries, a Westbury-based manufacturer of bulletproof vests, sent his company jet to retrieve Aerosmith's Steven Tyler and Joe Perry from their Saturday gig in Pittsburgh.

I'm also told that in honor of Aerosmith (and the $2 million fee I hear he paid for their appearance), the 50-year-old Brooks changed from a black-leather, metal-studded suit - accessorized with biker-chic necklace chains and diamonds from Chrome Hearts jewelers - into a hot-pink suede version of the same lovely outfit.

The party cost an estimated $10 million, including the price of corporate jets to ferry the performers to and from. Also on the bill were The Eagles' Don Henley and Joe Walsh performing with Fleetwood Mac's Stevie Nicks; DJ AM (Nicole Richie's fiance); rap diva Ciara and, sadly perhaps (except that he received an estimated $250,000 for the job), Kenny G blowing on his soprano sax as more than 300 guests strolled and chatted into their pre-dinner cocktails.

more...

http://www.nydailynews.com/front/story/369994p-314735c....
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Sanity Claws Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-05 10:26 AM
Response to Original message
1. Obscene profits from an obscene industry spent on an
obscene display of wealth.
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Maat Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-05 10:27 AM
Response to Reply #1
3. That money needs to go to a Democratic charity - indirectly -
if not directly!
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im10ashus Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-05 10:37 AM
Response to Reply #1
4. It truly is a vulgar display of wealth.
And this makes it more vulgar:

"Fitty and his posse smelled like an open bottle of Hennessy," a witness told told me, adding that when the departing rapper prepared to enter his limo in the loading dock, a naked woman was spotted inside.

Classy event!
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Maat Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-05 10:26 AM
Response to Original message
2. I can't believe someone spent that for a party ...
no matter what the occasion.

But, if I were one of the musicians, I'd play, take the money, and donate it to my favorite Democratic charity!

Peace,
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Sparkman Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-05 10:37 AM
Response to Original message
5. You are know by those you associate with. Guilt by association is politics
and those who make their living from politics take sides on issues of life and death. UNLESS the performers were trying to get a contrarian message to that venues' attendees, they are guilty of war profiteering. imo
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im10ashus Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-05 10:46 AM
Response to Reply #5
6. Brooks has made money hand-over-fist through his contracts.
Check out his profits:

DHB Industries Announces Third Quarter Results
11.03.05, 4:04 PM ET

- Record Third Quarter Revenues Reach $90.26 Million - - $26.6 Million in Positive Cash Flow for the Nine Months - - DHB Announces $9 Million Stock Repurchase Program - - Backlog Stands at Approximately $226 Million - WESTBURY, N.Y., Nov. 3 /PRNewswire-FirstCall/ -- DHB Industries Inc. (Amex: DHB), which principally operates in the field of body armor, announced today record revenues for the third quarter ended September 30, 2005, posting its 23rd consecutive year-over-year increase in quarterly revenues. The current backlog of contract values and delivery orders is approximately $226 million.

For the third quarter ended September 30, 2005, DHB achieved its highest quarterly revenue in its history, $90,263,000 as compared to revenues of $89,410,000 for the third quarter of 2004. Gross margins for the third quarter of 2005 were 27.3% versus 27.8% in the third quarter of 2004.

Included in selling, general and administrative expenses was a non-cash compensation expense of $11,295,000 associated with the vested warrants issued to the Company's Chief Executive Officer (CEO)/Chairman pursuant to the extension of his 2000 employment agreement. Also, increasing selling, general and administrative expenses was an $800,000 increase in professional and consulting fees as a result of the Zylon(R) replacement program and a $547,000 increase in research and development expenses, as a result of the opening of a new state of the art ballistic lab in our Pompano Beach, Florida facility. The cost of the vest replacement program is a separate line item under selling, general and administrative expenses, for a total pre-tax charge of $60,000,000, or ($0.76) per diluted share after tax charge, as a result of the Company's voluntary Zylon(R) vest replacement program announced in August 2005. The composition of this charge is as follows: a $36,700,000 reserve for vests containing Zylon(R), the write-off of approximately $19,200,000 in Zylon(R) inventory, and a $4,100,000 increase in the accounts receivable allowance.

Third quarter 2005 loss available to common stockholders was $41,741,000 or ($0.92) per diluted share, as compared to income available to common stockholders of $0.18 per diluted share, or $8,058,000, in the third quarter of 2004. Weighted shares outstanding on a diluted basis for the third quarter 2005 were 45,312,536 as compared to 45,962,109 for the third quarter of 2004.

more...

http://www.forbes.com/prnewswire/feeds/prnewswire/2005/...

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im10ashus Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-05 10:49 AM
Response to Reply #5
7. There's also been a complaint filed with the FCC against Brooks
Apparently they have inflated their stock:

The complaint, filed on September 9, 2005, alleges that during the Class Period, DHB and certain individual defendants, including CEO David Brooks, violated the Securities Exchange Act of 1934 by making false and misleading statements causing artificial inflation in the Company's stock price. For more information, see Scott Scott's first press release at: http://biz.yahoo.com/prnews/050909/nyf154.html?.v=1 .

http://www.forbes.com/prnewswire/feeds/prnewswire/2005/...

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Sparkman Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-05 11:15 AM
Response to Reply #7
8. The San Diegan congressman who recently pled to bribary typifies the
problem of extreme wealth via access to the public coffers.
Hell, the Bush family is typical of those who sell their soles for power and fortunes. And they should never have been entrusted with leading a democracy, because they destroy democracy.
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im10ashus Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-05 11:54 AM
Response to Reply #8
9. War-for-profit.
The second oldest profession in the history.
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