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Mexican Billionaire Increases Stake in Bankrupt Circuit City

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seemslikeadream Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-18-08 11:14 AM
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Mexican Billionaire Increases Stake in Bankrupt Circuit City
http://www.bloomberg.com/apps/news?pid=20601086&sid=agc...

By Joseph Galante

Nov. 18 (Bloomberg) -- Mexican billionaire Ricardo Salinas Pliego raised his stake in Circuit City Stores Inc. to more than 13 percent to become the biggest shareholder as the U.S. consumer electronics retailer works to emerge from bankruptcy protection.

Salinas Pliego bought 25 million shares Nov. 13 and Nov. 14 at 24 cents to 26 cents apiece, according to a filing today with the U.S. Securities and Exchange Commission. Pliego also bought 5.3 million shares of Circuit City on Nov. 12, two days after the retailer declared Chapter 11 bankruptcy.

Circuit City obtained court approval last week to borrow as much as $1.1 billion to finance operations on an interim basis while it restructures. The Richmond, Virginia-based company said it will save $40 million a year by the bankruptcy court voiding lease agreements on 155 stores while it develops a plan to emerge from bankruptcy.

Salinas Pliego is chairman of Grupo Elektra SA, Mexico's biggest electronics retailer, and of the country's second- largest broadcaster, TV Azteca SA. He also controls Grupo Iusacell SA, Mexico's third-largest mobile-phone company.

Salinas Pliego is the fourth-richest Mexican, with a net worth of $6.3 billion, according to Forbes magazine.

Voice and e-mailed messages outside normal business hours by Bloomberg News to Circuit City spokesman Bill Cimino weren't immediately returned, nor was a voice message for Salinas Pliego spokesman Dan McCosh.
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DainBramaged Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-18-08 11:15 AM
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1. Is this the same guy who ran Comp USA iinto ground?
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dysfunctional press Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-18-08 11:16 AM
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2. well...it would certainly fit, considering the condition of the circuit city stores i've been in...
:evilgrin:
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sam sarrha Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-18-08 12:03 PM
Response to Reply #2
3. yea they look like they belong in juarez.. i bought a computer there, it was a piece of crap that
never worked right for very long.. the support from india kept string'n me along till the warranty ran out.. i was reloading XP..AGAIN, when i got to the registration, someone's name came up from GA.. i was in TX.. i was REALLY FRUSTRATED, PISSED OFF ..i deleted it.. as my finger touched the key and it disappeared.. i realized that was the guy who bought that defective piece of crap and took it back.. and somehow it got sold to me in Texas.

i had to replace the Optical and the XP program and the hard drive.. they hire people who know squat about the products.. who else would work for those wages.. i never went back. so the 256mb RAM 2.6Ghz 80gb HD LITTLE CELLERON.. ended up costing me over $800.

i was so sick of off the shelf un-fixable, non-upgradeable made with the cheapest crap avaible computers i built my own.. i built something that will last, has the best quality usa made capacitors, etc, huge heatsinks..i pulled off the factory heat tape from the heat sinks and put the best arctic silver under them...

i've got an overclocked e3110/server version e8400 core2 duo CPU VISTA 64, it and the 1 GB overclocked game card never get over 28.4*C/32*C playing Crysis with all the settings maxed out.

My wife has the old Presario now.. i up'd the ram to 512, but the little CPU cant run over 400mb, she thinks it's great.. she has hip replacements and cant use the stairs to get to my shop.. she has never seen my computer... :hide:
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