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Stock Market & Financial Investment News

News Breaks
April 2, 2014
09:05 EDTMHGCKerrisdale Capital sends letter to Morgans Hotel to refute board statements
In the letter, Kerrisdale Capital said, "We believe that Morgans' improved earnings are the result of the Yucaipa-appointed management team, and are not a result of any actions of the current Board. Reducing corporate expenses provides minimal value to shareholders, since an acquirer can reduce corporate expenses itself. Given that the current Board is responsible for Morgans' exposure to costly litigation, we find it inappropriate that the Board celebrates resolving the costly litigation that they themselves invited. In terms of the de-risking of a legacy balance sheet and refinancing of the Hudson and Delano mortgages, the current Board has merely replaced lower-cost debt with higher-cost debt, while incurring unnecessary refinancing fees."
News For MHGC From The Last 14 Days
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March 16, 2015
16:52 EDTMHGCVector Group raises stake in Morgans Hotel to 7.1% from 6.4%
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March 13, 2015
07:32 EDTMHGCMorgans Hotel reports Q4 RevPAR for system wide comparable hotels down 0.8%
System-Wide Comparable Hotels' room revenues plus resort fees increased 1.1% during the fourth quarter of 2014 as compared to the same period in 2013. RevPAR from System-Wide Comparable Hotels in New York decreased 3.9% for the quarter ended December 31, 2014 over the same period in 2013, due to decreased ADR. RevPAR from System-Wide Comparable Hotels in Miami decreased 4.4% in the fourth quarter of 2014 as compared to the fourth quarter of 2013. Delano South Beach experienced a RevPAR decrease of 4.9% during the fourth quarter of 2014 as compared to the same period in 2013, primarily due to market softness in October and November partially offset by a 4.4% ADR increase in December 2014 as compared to December 2013.
07:31 EDTMHGCMorgans Hotel reports Q4 EPS (31c), one estimate (24c)
Reports Q4 revenue $62.38M, one estimate $65.2M

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