June 27, 2016

Lone Star Funds’ Foreclosures Again in the Headlines

The New York Times is again detailing Lone Star Funds’ aggressive practices in the housing market. In its investigation of the role of private equity in the US housing market, the Times reports that “Lone Star Funds’ mortgage operation has aggressively pushed thousands of homeowners toward foreclosure,” and that “if foreclosing on a homeowner is the most profitable […]

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June 24, 2016

Ares Management’s struggling Neiman Marcus reportedly seeks buyer

Luxury retailer Neiman Marcus was acquired by Ares Management and a partner in 2013 in a $6 billion leveraged buyout – among the largest in Ares’ history. Ares owns Neiman through its Corporate Opportunities Funds III and IV. Last year Neiman shelved its plans to go public amidst “jitters [that] stem from the company’s own […]

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June 22, 2016

AEW Core Property Trust: An Update to Our Feb. 2016 Report

In February 2016, UNITE HERE released a report on AEW’s Core Property Trust (CPT), noting underperformance in appreciation returns and possible headwinds in the Houston office and residential markets. As those trends appear to have materialized, compounded by the potential loss of a significant investor, the CPT merits another look. Orange County Employees Retirement System […]

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June 21, 2016

Employees at Apollo’s, TPG Capital’s Caesars Entertainment authorize July 1 strike

Private equity firms Apollo Global Management and TPG Capital own gaming company Caesars Entertainment. Late last week, thousands of employees at Caesars’ three properties in Atlantic City voted to go on strike on July 1 if a contract is not reached. Media coverage of the vote: Wall Street Journal:  Atlantic City Casino Workers Vote to Authorize […]

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June 16, 2016

Las Vegas faith community calls on TPG and Leonard Green to protect Palms Casino workers’ jobs

The Palms Casino in Las Vegas, owned by private equity firms TPG and Leonard Green & Partners, has announced a pending sale but without a commitment to ensure all workers’ jobs are secure. Members of the Las Vegas religious community organization Clergy and Laity United for Economic Justice (CLUE) addressed a letter to TPG and […]

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June 8, 2016

Sen. Warren criticizes Ares Management’s efforts to ease regulation of BDCs

On May 19, a Senate Committee on Banking subcommittee held a hearing to discuss legislation that would ease regulation of Business Development Corporations, or BDCs. The proposed legislation would permit firms like Ares Capital Corporation to shift their focus away from small businesses and nearly double their investments in hedge funds and other Wall Street financial […]

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June 6, 2016

Are TPG and Leonard Green Selling the Palms Casino Short?

The timing and price of the announced sale of the Palms Casino in Las Vegas – owned by private equity firms TPG and Leonard Green – raises questions, given recent optimism around the rebounding Las Vegas market and a recent comparable casino’s sale price. The announced $312.5 million sale price of the Palms implies a […]

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May 19, 2016

TPG and Leonard Green selling Palms Casino, workers seek job security and labor peace

The Palms Casino Resort in Las Vegas, owned by private equity firms TPG and Leonard Green & Partners, is set to be sold to Red Rock Resorts (aka Station Casinos) during the third quarter of 2016. Workers’ jobs are not protected, as reported by the Las Vegas Review Journal, “There was no indication whether Palms […]

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May 2, 2016

TPG Capital’s and Leonard Green & Partners’ Palms Casino settles new union allegations of unlawful conduct

For the second time in a few months the TPG Capital- and Leonard Green-owned Palms Casino Resort in Las Vegas has settled charges of management intimidation of workers with the National Labor Relations Board (NLRB) general counsel. On April 18, 2016 TPG’s and Leonard Green’s Palms Casino agreed to a new settlement over the Culinary […]

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April 1, 2016

Housekeepers at Lone Star Funds’ Hotel Burnham Chicago vote to unionize

Housekeeping workers at Lone Star Funds’ Hotel Burnham Chicago on March 31 voted overwhelmingly to join UNITE HERE Local 1. Lone Star Funds has owned the Burnham since February 2014.[1] The vote comes after over a year of picket lines, rallies and other actions, and despite vigorous management intimidation that led the General Counsel of […]

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