Mgm Holdings Inc (OTC:MGMB)

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Tuesday, November 22, 2011

Research

December 12/20/2010

MGM on Monday said it has emerged from bankruptcy with $500 million to run its rejuvenated business.

At the helm are Spyglass Entertainment founders Gary Barber and Roger Birnbaum, who are running things at MGM as of Monday as co-chairmen and co-CEOs. They own a combined 1% of the new MGM and remain non-operational owners of Spyglass. The rest of MGM will be owned by a slew of entities that swapped about $5 billion in debt for various amounts of equity in the revamped company. Owning the biggest chunk is billionaire financier Carl Icahn, who also has a large stake in Lionsgate.

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