National Kinney Corporation

Last updated
National Kinney Corporation
Industry Real estate
Predecessor
FoundedAugust 7, 1971;53 years ago (1971-08-07)
FounderKinney Services, Inc.
Defunct1983;41 years ago (1983)
FateDissolved
SuccessorAndal Corporation
Headquarters
New York City
,
United States
Key people
Paul Mitstein (President)
Parent

National Kinney Corporation was a parking, property management services, and real estate development company based in New York City. [1] It was established on August 7, 1971 [2] [3] when Kinney Services spun off its non-entertainment assets due to a financial scandal over its parking operations. [4]

Contents

History

National Kinney expanded from parking and building services into real estate development by purchasing the Uris Buildings Corporation, but the timing was bad as the NY real estate market collapsed in the 1973–75 recession and the main Uris Building asset was soon lost to foreclosure. [5]

In March 1974, Societe de Gestion Immobiliere et Mobiliere S.A., a French holding company, announced that they were interested to buy National Kinney Corporation from Warner Communications for $8 million in cash. [6] However, the deal between two companies was terminated on June 22 of that same year. [7] Four years later, on December 28, National Kinney was spun out from Warner Communications as an independent company. The corporation was acquired by Morton Sweig and Paul Milstein, a former president of National Kinney. [8]

In 1979, after some protracted negotiations, National Kinney attempted to purchase The Aladdin hotel and casino in Las Vegas in a joint venture with Johnny Carson, planning to rename it after the star. However, Carson's wife Joanna gossiped about the deal, and subsequent trading in National Kinney stock led to insider trading charges against third parties by the SEC and the disgorgement of profits. [9] [10] [11]

In 1982, National Kinney sold its National States Electric division to an undisclosed buyer, [12] and then agreed to sell its parking subsidiary, Kinney System Inc., to that division's chairman Daniel Katz and a group of investors. [13] [14] In 1983, National Kinney subsequently renamed itself to Andal Corporation and sold its remaining majority interest in Kinney System parking. [15] [16] In 1997, Kinney System was acquired by Central Parking Corporation. [1] Andal invested in the declining Steve's Ice Cream and merged in Swensen's before selling them off and unwinding its last operating subsidiary in 2010. [17] [18] [19]

See also

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References

  1. 1 2 "Company News; Central Parking to Purchase Kinney System". The New York Times. November 8, 1997. ISSN   0362-4331 . Retrieved June 9, 2018.
  2. ↑ "Executive Changes (Published 1971)". The New York Times .
  3. ↑ Merger News - Feb. 8, 1972
  4. ↑ "List of corporate scandals". Financial Analyses. 4 October 2011. Retrieved 30 August 2015.
  5. ↑ Michael Specter (1981-07-19). "Q136.43 - Q136.43 - HAROLD URIS RECOLLECTS WITH PRIDE". The New York Times . New York City. Retrieved 2010-10-12.
  6. ↑ Warner Communications agreed to sell some National Kinney stock
  7. ↑ "FLORIDA CONCERN SEEKS COMBANKS (Published 1974)". The New York Times .
  8. ↑ "Warner Sells Stock Of National Kinney (Published 1978)". The New York Times .
  9. ↑ Tuccille, Jerome (2003). How to profit from the Wall Street ... - Google Books. Beard Books. ISBN   9781587982200 . Retrieved 2010-10-12.
  10. ↑ "Chronology of the Aladdin hotel-casino - Friday, Aug. 18, 2000 | 9:59 a.m." Las Vegas Sun. Retrieved 2010-10-12.
  11. ↑ Newton, Michael (2009-11-06). Mr. Mob: The Life and Crimes of Moe ... - Google Books. McFarland. ISBN   9780786453627 . Retrieved 2010-10-12.
  12. ↑ "Kinney Asset Sale". The New York Times . 1982-02-20. Retrieved 2010-10-12.
  13. ↑ "Kinney to Sell Car Parking Unit". The New York Times . 1982-06-05. Retrieved 2010-10-12.
  14. ↑ "Daniel Katz, Chairman Of a Parking Concern - Obituary". The New York Times . 1987-08-14. Retrieved 2010-10-12.
  15. ↑ "Offer for Kinney". The New York Times . 1986-06-03. Retrieved 2010-10-12.
  16. ↑ "Andal Corp - 10-K - For 9/30/96". SEC Info. Retrieved 2010-10-12.
  17. ↑ "Steve's, Fast-Growing N.Y. Ice Cream Firm, Scooping Up Swensen's - Los Angeles Times". Articles.latimes.com. 1987-07-23. Retrieved 2010-10-12.
  18. ↑ "Andal Corp.: Restructuring Of Its Multi-Arc Business And Sale Of Steve'S Stock - Free Online Library". Thefreelibrary.com. 1994-09-01. Retrieved 2010-10-12.
  19. ↑ "Andal Corp. Announces the Closing of the Sale of its Principal Operating Subsidiary for Cash - PR Newswire | HighBeam Research: Online Press Releases". Highbeam.com. 1997-10-06. Retrieved 2010-10-12.[ dead link ]
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