National Kinney Corporation

From Infogalactic: the planetary knowledge core
Jump to: navigation, search

National Kinney Corporation was established in 1972 when Kinney National Company spun off its non-entertainment assets due to a financial scandal over its parking operations.

History

National Kinney expanded from parking and building services into real estate development by purchasing the Uris Buildings Corp, but the timing was bad as the NY real estate market collapsed in the 1973-75 recession and the main Uris Building asset was soon lost to foreclosure.[1]

In 1979, after some protracted negotiations, National Kinney attempted to purchase The Aladdin hotel and casino in Las Vegas in a joint venture with Johnny Carson, planning to rename it after the star. However, Carson's wife Joanna gossiped about the deal, and subsequent trading in National Kinney stock led to insider trading charges against third parties by the SEC and the disgorgement of profits.[2][3][4][5][6]

In 1982, National Kinney sold its National States Electric division to an undisclosed buyer,[7] and then agreed to sell its parking subsidiary, Kinney System Inc., to that division's chairman Daniel Katz and a group of investors.[8][9] National Kinney subsequently renamed itself to Andal Corporation and sold its remaining majority interest in Kinney System parking.[10][11] Andal invested in the declining Steve's Ice Cream and merged in Swensen's before selling them off and unwinding its last operating subsidiary.[12][13][14]

References

  1. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  2. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ [1]
  4. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  5. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  6. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  7. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  8. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  9. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  10. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  11. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  12. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  13. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  14. ↑ Lua error in package.lua at line 80: module 'strict' not found.

See also

Retrieved from "https://infogalactic.com/w/index.php?title=National_Kinney_Corporation&oldid=696053001"