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Grading Anschutz as mogul
In today's LAT Business section, Claudia Eller checks the progress of Phil Anschutz' crusade to remake Hollywood. Around the World in 80 Days bombed in June, apparently to the boss's surprise:
According to associates, Anschutz was deeply disappointed by the film's poor showing. They said he was convinced that families would flock to the good-natured entertainment...Now, Hollywood executives are looking ahead, somewhat skeptically, to Anschutz's next test — Sahara.
His operation is also behind Ray, the upcoming film about Ray Charles. The Anschutz companies have participated in a dozen feature films now, with mixed results, but his Regal Entertainment Group is making a profit. The bottom line:
"Phil Anschutz is an extraordinary businessman and financier, but we've yet to see him demonstrate that he has a full understanding of the complexities and risks of the motion picture industry," said Christopher Dixon, a managing partner at investment firm Gabelli Group Capital Partners.
Previously on L.A. Observed: Anschutz ready to build, Phil Anschutz script doctor, Anschutz makes media move
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Phil Anschutz is an extraordinary businessman
Maybe if you're Phil Anschutz you'd have that opinion. But people who've been forced into business with him -- the middle-class Qwest and USWest stockholders -- certainly have a different opinion.
In a nutshell, Anschutz bought out a hugely profitable company, US West, in a hostile takeover and raped and pillaged it. But, hey, since George W. Bush is his buddy, the SEC looked the other way and ignored Anschutz's outright, repeated fraud.
Now, hundreds of thousands of USWest and Qwest employees have 401ks and pension plans that are close to worthless, thanks to Anschutz.
The money Anschutz stole from them is now being poured into his movie and real estate ventures.
Anschutz makes Ken Lay look like a choirboy.
Posted by: A Screwed Qwest Stockholder at August 2, 2004 02:04 PM