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Les Alexander's fast shrinking net worth
Tags:  basketball, bucks, failure, houston rockets, les alexander, nba, september Tags
robbie380 is offline Old 04-08-2008, 12:10 PM   #1
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Les is still a very rich man but he has lost a TON of money since being #322 on the Forbes 400 back in September '06 with an estimated net worth of 1.2 billion. He owns about 15 million shares of FMD which is on the fast track to bankruptcy. Back in '06 FMD was worth about 750 million to him. Today, this stock has declined nearly 90% since then. That leaves the Rockets franchise as basically the sole source of his net worth.

I don't think the failure of his primary investment will effect his Rockets decisions but I wanted to start this topic since I saw FMD was getting killed again today down over 35% and now below 5 bucks.


Last edited by robbie380; 04-08-2008 at 12:26 PM.
 
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yobod is offline Old 04-08-2008, 12:17 PM   #2
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Quote:
Originally Posted by robbie380
Les is still a very rich man but he has lost a TON of money since being #322 on the Forbes 400 back in September '06 with an estimated net worth of 1.2 billion. He owns about 15 million shares of FMD which is on the fast track to bankruptcy. Back in '06 FMD was worth about 750 million to him. Today, this stock has declined nearly 90% since then. That leaves the Rockets franchise as basically the sole source of his net worth.

I don't think the failure of his primary investment will effect his Rockets decisions but I wanted to start this topic since I saw FMD was getting killed again today down over 35% and now below 5 bucks.
Les is a very smart man, and I'm sure he's dumped a LARGE quantity of those 15 Million shares over the past 2 years. Heck, he may have seen all of this coming, and gotten out before things got really bad. One thing I have learned is never under-estimate the intelligence of men richer than me (minus athletes, rockstars, and actors, of course). They got there for a reason, and they know how to protect their wealth.
 
robbie380 is offline Old 04-08-2008, 12:25 PM   #3
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Quote:
Originally Posted by yobod
Les is a very smart man, and I'm sure he's dumped a LARGE quantity of those 15 Million shares over the past 2 years. Heck, he may have seen all of this coming, and gotten out before things got really bad. One thing I have learned is never under-estimate the intelligence of men richer than me (minus athletes, rockstars, and actors, of course). They got there for a reason, and they know how to protect their wealth.

he still holds 15 million shares. he did manage to sell about 2 million shares between Sept 06 and Dec 06 but as of his last filing in Dec 06 he still holds 15 million shares.
 
TeamUSA is offline Old 04-08-2008, 12:29 PM   #4
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If you're not in the oil business, then you're negative.
 
superden is offline Old 04-08-2008, 12:32 PM   #5
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Wow, that sucks
 
robbie380 is offline Old 04-08-2008, 12:35 PM   #6
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actually i just double checked on the bloomberg terminal and he still owns 18.2 million shares.

good thing he bought the rockets!
 
BackNthDay is offline Old 04-08-2008, 01:22 PM   #7
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Quote:
Originally Posted by TeamUSA
If you're not in the oil business, then you're negative.
That is abosultely correct, if Les can hold on his billions will reappear. When oil is up, everyone else is down.

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Apollo Creed is offline Old 04-08-2008, 01:25 PM   #8
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Quote:
Originally Posted by BackNthDay
That is abosultely correct, if Les can hold on his billions will reappear. When oil is up, everyone else is down.
Phew, thank God it looks like oil prices are on the way down, never to rise again...

OH WAIT
 
Spacemoth is offline Old 04-08-2008, 02:31 PM   #9
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Quote:
Originally Posted by Apollo Creed
Phew, thank God it looks like oil prices are on the way down, never to rise again...

OH WAIT
lolol

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YallMean is offline Old 04-08-2008, 02:33 PM   #10
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Les was worth 1.2 billion? I thought his net worth was only 300 some mil a couple years ago.

He has made some investments in China, so those could turn out to be cash cows for him in the future.

Les will not trade Yao, period.

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tested911 is offline Old 04-08-2008, 02:58 PM   #11
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All i can say is that there website sucks

http://www.firstmarblehead.com/

How plain Jane..

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hooroo is offline Old 04-08-2008, 03:15 PM   #12
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http://www.mlive.com/business/ambizd...0805182170.xml
Quote:
Texans buy stake in Chinese automaker
Monday, March 24, 2008
Greg Barr - Houston Business Journal

Les Alexander exported one of China's most popular sports assets to the United States when he signed Yao Ming to a National Basketball Association contract in 2002.

The Houston Rockets owner now hopes to duplicate that towering success in the automotive industry.

In the latest venture through his Rocket Capital Investment company, Alexander has teamed up with San Antonio billionaire Billy Joe "Red" McCombs. The joint venture has invested in Brilliance China Automotive Holdings Ltd., one of the country's largest automakers.

McCombs will use his aftermarket auto industry expertise to help Brilliance Auto build market share in the Far East and begin exports to Europe -- before eventually selling cars in the United States and Canada.

Alexander's other holdings in China range from railways to mining, but the automotive deal represents his largest direct investment in a publicly traded Chinese company.

Rocket Capital has quietly been investing in the Hong Kong equity market since 2003, including about $200 million in 2007.

Kenneth Huang is the key executive behind the scenes at Alexander's company. The managing director and senior partner of Rocket Capital was the first college graduate from China to work at the New York Stock Exchange in the 1980s.

Huang now focuses on partnering deals for investments in major Chinese state-owned and private enterprises. He met Alexander through SportsCorp China, formed by Huang to promote closer sports and sponsorship ties with the United States. SportsCorp China players include the Houston Rockets, the National Basketball Association and the New York Yankees.

Huang set up Alexander's other Chinese portfolio investments. The diverse roster includes China Railway Group Ltd., China Sinoma International Engineering Co. Ltd., Uni President Enterprises Corp., Xinjiang XinXin Mining Industry Co. Ltd., and Anta Sports Products Ltd., an athletic shoe and clothing manufacturer.

Anta recently signed a four-year partnership deal for an undisclosed amount with the Rockets and Toyota Center to expand Chinese company's global brand (see "Rockets score Chinese retailer as latest international sponsor," Nov. 16, 2007).

The Rockets and other NBA teams see exposure in the Chinese market as an important opportunity to build the league's worldwide exposure. Team spirit

New joint venture partners Alexander and McCombs share something else in common as high-profile sports team owners.

McCombs -- a co-founder of radio-TV giant Clear Channel Communications -- is a former owner of the NBA's San Antonio Spurs and Denver Nuggets. He also owned the Minnesota Vikings of the National Football League from 1998 to 2005.

In the Chinese automotive arena, the McCombs-Alexander joint venture has signed a letter of intent to acquire between 10 percent and 15 percent of a newly issued share offering by Brilliance Auto, for about $100 million.

McCombs has built his auto aftermarket business into a thriving concern with 10 South Texas dealerships and related businesses. He is chairman and CEO of McCombs Enterprises Inc., which oversees his extensive corporate, communications, auto, energy and real estate investments.

McCombs brings 50 years of auto expertise into the Chinese market with the Brilliance Auto deal. The new funding will help the company develop dealership networks, auto financing, used car operations and Internet auto sales. The capital infusion also will allow Shenyang-based Brilliance Auto to expand production of Brilliance-BMW vehicles, manufactured in partnership with German automaker BMW Group.

Wu Xiao An, chairman of Brilliance Auto, outlined the company's strategy in a statement: "The industry expertise, global network, brand-building expertise and synergies created from the partnership will give Brilliance new momentum to firmly establish ourselves as a key player in the automotive industry in China and beyond."

Huang and Alexander could not be reached for comment on the Brilliance Auto investment.

The Chinese company's ultimate goal is to export vehicles to the U.S. market at prices under those for the Korean Hyundai and Kia brands.

McCombs was already one of the first dealers to import Japanese and Korean vehicles into the country.

Brilliance Auto suffered a setback in June 2007 after the BS6 failed a key German crash test. The company's flagship luxury sedan sells for 22,000 euros and is known in the Chinese market as the Zhonghua Zunchi.

A redesigned BS6 vehicle passed a subsequent Spanish crash test in September. Brilliance Auto has signed a deal with German importer HSO Motors Europe to import 158,000 BS6 cars over five years.

Brilliance Auto, China's 15th-largest automaker with 2006 revenue of $1.3 billion, is hoping to crack the North American distribution as early as 2009 or 2010, after safety and emissions testing is complete.

Charles Child, international editor with industry trade publication Automotive News, says the deal has short-term and long-term advantages for both sides.

"There's huge opportunities in China for companies to set up aftermarket services like leasing, vehicle loans and extended warranties, all the kinds of things that U.S. car shoppers are offered every day," says Child.

He says the new Alexander-McCombs joint venture could be instrumental in getting Brilliance Auto up to speed in global markets.

Says Child: "Brilliance wants to eventually export cars to the U.S., so it makes sense that (McCombs) could be a guide for them to help them understand the U.S. market and what kind of cars would work here. If they're going to make a run at the U.S., McCombs would be a wonderful partner."

Rocket Capital Investment

Principal: Les Alexander, owner of the Houston Rockets

Managing director: Kenneth Huang

China and Taiwan company investments:
• Brilliance China Automotive Holdings Ltd., in a joint venture investment with Red McCombs.
• China Railway Group Ltd., the world's third-largest construction contractor. • Uni President Enterprises Corp., a Taiwan-based food and beverage manufacturer and distributor.
• China Sinoma International Engineering Co. Ltd., specializing in construction project contracting.
• Xinjiang XinXin Mining Industry Co. Ltd., China's second-largest producer of nickel cathode used to make corrosion-resistant steel.
• Anta Sports Products Ltd., an athletic shoe and clothing manufacturer.
 
ClutchCityReturns is offline Old 04-08-2008, 03:15 PM   #13
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Translation: Yao Ming will never be traded.
 
LegendZ3 is offline Old 04-08-2008, 03:28 PM   #14
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I'll happily take the Rockets off Les' hand if he needs some quick cash. Say 200 bucks and a RPD calender?

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hooroo is offline Old 04-08-2008, 03:57 PM   #15
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http://chinalegal.blogspot.com/2008/...hong-kong.html
Quote:
2. Rocket Capital Investment

The firm was established by the mainland basketball star Yao Ming's finder of Leslie Alexander, to cash in on his new mainland business connections. Mr. Alexander is its sole investor, and Forbes magazine estimates his worth at US$1.5 billion.

In 2007, the firm poured US$200 million into some of Hong Kong's biggest IPOs. In 2008, the firm is planning to invest another US$200 million to focus instead on buying listed shares and making other types of investments, but will be more careful this year, according to its managing director of Kenneth Huang...
If between 2003-2007 Rocket Capital had invested at least $100m. By the end of 2008 Les could possibly have half a billion invested in China.
 
jasonemilio is offline Old 04-08-2008, 04:02 PM   #16
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Quote:
Originally Posted by TeamUSA
If you're not in the oil business, then you're negative.
Speaking of negative ....

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Lonestar is offline Old 04-08-2008, 04:55 PM   #17
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Fck, i got slaughtered by FMD today

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pgabriel is offline Old 04-08-2008, 04:57 PM   #18
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les supports oppression of Tibet

J/K

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robbie380 is offline Old 04-08-2008, 04:57 PM   #19
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Quote:
Originally Posted by hooroo
http://chinalegal.blogspot.com/2008/...hong-kong.html

2. Rocket Capital Investment

The firm was established by the mainland basketball star Yao Ming's finder of Leslie Alexander, to cash in on his new mainland business connections. Mr. Alexander is its sole investor, and Forbes magazine estimates his worth at US$1.5 billion.

In 2007, the firm poured US$200 million into some of Hong Kong's biggest IPOs. In 2008, the firm is planning to invest another US$200 million to focus instead on buying listed shares and making other types of investments, but will be more careful this year, according to its managing director of Kenneth Huang...



If between 2003-2007 Rocket Capital had invested at least $100m. By the end of 2008 Les could possibly have half a billion invested in China.
i bolded that part which basically implies they are underwater in their investments. i figured they were down pretty good in their investments since the first article said they put $200 million to work in '07 and that 2nd quote you posted pretty much confirms it.

also, i believe that net worth estimate is not correct since it's not on the forbes site and it contrasts with the FMD losses.


and i was trying to find CBA's stock but i guess it's not listed in the US anymore. i know more than a few ADRs quit listing on the NYSE and CBA was obviously one of them.
 
RedGlare07 is offline Old 04-08-2008, 04:59 PM   #20
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I wonder if Les holds a lot of Florida real estate as well. Right now, that's not the best market in the world, especially Palm Beach, Broward and Miami-Dade Counties.
 

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