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wsj_0695_orig.tml.xml
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wsj_0695_orig.tml.xml
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<?xml version="1.0" ?>
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<DOCNO> WSJ891030-0045 </DOCNO>
<DD> = 891027 </DD>
<AN> 891030-0045. </AN>
<HL> Business Brief -- Rally's Inc.:
@ Investor Group Is Seeking
@ More Than 50% of Stock </HL>
<DD> <TIMEX3 tid="t27" type="DATE" temporalFunction="false" functionInDocument="CREATION_TIME" value="1989-10-27" >10/27/89</TIMEX3> </DD>
<SO> WALL STREET JOURNAL (J) </SO>
<CO> GPO RLLY </CO>
<IN> TENDER OFFERS, MERGERS, ACQUISITIONS (TNM) </IN>
<TEXT>
<s>A group of investors led by <ENAMEX TYPE="ORGANIZATION">Giant Group Ltd.</ENAMEX> and its <ENAMEX TYPE="PERSON">chairman, Burt Sugarman</ENAMEX>, <EVENT eid="e2" class="REPORTING" >said</EVENT> it <EVENT eid="e28" class="I_ACTION" >filed</EVENT> with federal antitrust regulators <SIGNAL sid="s63" >for</SIGNAL> <EVENT eid="e29" class="I_ACTION" >clearance</EVENT> <SIGNAL sid="s4" >to</SIGNAL> <EVENT eid="e5" class="OCCURRENCE" >buy</EVENT> more than <NUMEX TYPE="PERCENT">50%</NUMEX> of the stock of <ENAMEX TYPE="ORGANIZATION">Rally's Inc.</ENAMEX>, a fast-food company based in <ENAMEX TYPE="LOCATION">Louisville</ENAMEX>, <ENAMEX TYPE="LOCATION">Ky.
Rally</ENAMEX>'s operates and franchises <CARDINAL>about 160</CARDINAL> fast-food restaurants throughout the U.S.
The company <EVENT eid="e9" class="OCCURRENCE" >went</EVENT> public <SIGNAL sid="s78" >earlier</SIGNAL> <TIMEX3 tid="t79" type="TIME" temporalFunction="true" functionInDocument="NONE" value="1989-10" anchorTimeID="t27" >this month</TIMEX3>, <EVENT eid="e10" class="OCCURRENCE" >offering</EVENT> <CARDINAL>1,745,000</CARDINAL> shares of common stock at <NUMEX TYPE="MONEY">$15</NUMEX> a share.</s>
<s>Giant has interests in cement making and newsprint.</s>
<s>The investor group includes <ENAMEX TYPE="ORGANIZATION">Restaurant Investment Partnership</ENAMEX>, a <ENAMEX TYPE="LOCATION">California</ENAMEX> general partnership, and <CARDINAL>three</CARDINAL> <ENAMEX TYPE="ORGANIZATION">Rally's</ENAMEX> directors: <ENAMEX TYPE="PERSON">Mr. Sugarman</ENAMEX>, <ENAMEX TYPE="PERSON">James M. Trotter III</ENAMEX> and <ENAMEX TYPE="PERSON">William E. Trotter II</ENAMEX>.</s>
<s>The group currently holds <CARDINAL>3,027,330</CARDINAL> <ENAMEX TYPE="ORGANIZATION">Rally's</ENAMEX> shares, or <NUMEX TYPE="PERCENT">45.2%</NUMEX> of its commmon shares outstanding.</s>
<s><ENAMEX TYPE="ORGANIZATION">Giant Group</ENAMEX> <EVENT eid="e16" class="STATE" >owned</EVENT> <NUMEX TYPE="PERCENT">22%</NUMEX> of <ENAMEX TYPE="ORGANIZATION">Rally's</ENAMEX> shares <SIGNAL sid="s18" >before</SIGNAL> the initial public <EVENT eid="e17" class="OCCURRENCE" >offering</EVENT>.</s>
<s>A second group of <CARDINAL>three</CARDINAL> company directors, aligned with <ENAMEX TYPE="PERSON"><ENAMEX TYPE="ORGANIZATION">Rally's</ENAMEX> founder James Patterson</ENAMEX>, also is <EVENT eid="e20" class="I_ACTION" >seeking</EVENT> <EVENT eid="e32" class="STATE" >control</EVENT> of the fast-food chain.</s>
<s>It is estimated that the <ENAMEX TYPE="PERSON">Patterson</ENAMEX> group <EVENT eid="e33" class="STATE" >controls</EVENT> more than <NUMEX TYPE="PERCENT">40%</NUMEX> of <ENAMEX TYPE="ORGANIZATION">Rally's</ENAMEX> stock.</s>
<s><ENAMEX TYPE="ORGANIZATION">Rally</ENAMEX> officials were<SIGNAL sid="s35" >n't</SIGNAL> <EVENT eid="e34" class="STATE" >available</EVENT> <SIGNAL sid="s23" >to</SIGNAL> <EVENT eid="e24" class="OCCURRENCE" >comment</EVENT> <SIGNAL sid="s139" >late</SIGNAL> <TIMEX3 tid="t37" type="DATE" temporalFunction="true" functionInDocument="NONE" value="1989-10-26" anchorTimeID="t27" >yesterday</TIMEX3>.</s>
<s><SIGNAL sid="s42" >For</SIGNAL> <TIMEX3 tid="t39" type="DURATION" temporalFunction="false" functionInDocument="NONE" value="P1Y" >the year</TIMEX3> <SIGNAL sid="s41" >ended</SIGNAL> <TIMEX3 tid="t40" type="DATE" temporalFunction="true" functionInDocument="NONE" value="1989-07-02" anchorTimeID="t27" >July 2</TIMEX3>, <ENAMEX TYPE="ORGANIZATION">Rally</ENAMEX> <EVENT eid="e26" class="OCCURRENCE" >had</EVENT> net income of <NUMEX TYPE="MONEY">$2.4 million</NUMEX>, or <NUMEX TYPE="MONEY">34 cents</NUMEX> a share, on revenue of <NUMEX TYPE="MONEY">$52.9 million</NUMEX>.</s>
</TEXT>
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