National Kinney Corporation

Last updated
National Kinney Corporation
Industry Real Estate
Predecessor
FoundedAugust 7, 1971;52 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]

Related Research Articles

<span class="mw-page-title-main">News Corporation</span> American media company (1980–2013)

The original incarnation of News Corporation was an American multinational mass media corporation controlled by media mogul Rupert Murdoch and headquartered at 1211 Avenue of the Americas in New York City. Prior to its split in 2013, it was the world's largest media company in terms of total assets and the world's fourth largest media group in terms of revenue, and News Corporation had become a media powerhouse since its inception, dominating the news, television, film, and print industries.

<span class="mw-page-title-main">Major film studios</span> United States film production and distribution companies with high output

Major film studios are production and distribution companies that release a substantial number of films annually and consistently command the significant share of box office revenue in a given market. In the American and international markets, the major film studios, often known simply as the majors or the Big Five studios, are commonly regarded as the five diversified media conglomerates whose various film production and distribution subsidiaries collectively command approximately 80 to 85% of U.S. box office revenue. The term may also be applied more specifically to the primary motion picture business subsidiary of each respective conglomerate.

<span class="mw-page-title-main">Bank One Corporation</span> Former bank of the United States

Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, 2004, with its CEO Jamie Dimon taking the lead at the combined company. The company had its headquarters in the Bank One Plaza in the Chicago Loop in Chicago, Illinois, now the headquarters of Chase's retail banking division.

<span class="mw-page-title-main">Warner Music Group</span> American multinational entertainment and record label conglomerate

Warner Music Group Corp. is an American multinational entertainment and record label conglomerate headquartered in New York City. It is one of the "big three" recording companies and the third-largest in the global music industry, after Universal Music Group (UMG) and Sony Music Entertainment (SME). Formerly part of Time Warner, WMG was publicly traded on the New York Stock Exchange from 2005 until 2011, when it announced its privatization and sale to Access Industries. It later had its second IPO on Nasdaq in 2020, once again becoming a public company. With a multibillion-dollar annual turnover, WMG employs more than 3,500 people and has operations in more than 50 countries throughout the world.

<span class="mw-page-title-main">Liberty Media</span> American mass media company

Liberty Media Corporation, commonly referred to as Liberty Media or just Liberty, is an American mass media company founded by John C. Malone in 1991. The company has three divisions, reflecting its ownership stakes in Formula One, Sirius XM, and Live Nation Entertainment. The SIRIUS XM Holdings segment operates two audio entertainment companies, Sirius XM and Pandora. Sirius M offers channels and information and entertainment services. Pandora is a streaming platform for searching for music and podcasts. The segment "Formula 1" is a global motorsport business.

<span class="mw-page-title-main">Crown Castle</span> American real estate investment trust

Crown Castle Inc. is a real estate investment trust and provider of shared communications infrastructure in the United States headquartered in Houston, Texas. Operating with 100 offices worldwide, its network includes over 40,000 cell towers and approximately 85,000 route miles of fiber supporting small cells and fiber systems.

Kinney Services Inc. was an American conglomerate company from 1966 to 1972. Its successors were Warner Communications and WarnerMedia and its current successor is Warner Bros. Discovery. Kinney National's predecessors were Kinney Service Corporation and National Cleaning Contractors Inc., whose merger began in January 1966 and was completed in August of the same year. National Cleaning Contractors was founded in 1886 by Louis Frankel and Max Sweig as National Window Cleaning & House Renovating Co., and was later known as National House Cleaning Contractors Inc.

<span class="mw-page-title-main">National City Corp.</span> American bank and part of National City Corp

National City Corporation was a regional bank holding company based in Cleveland, Ohio, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.

Mecklermedia was a U.S.-based corporation. The original WebMediaBrands was established in 1994, and headquartered in New York. Founded by Alan M. Meckler and Tristan Louis, the company provided business-to-business (B2B) services for creative, business and information technology professionals, including recruitment and event promotion.

<span class="mw-page-title-main">Hess Corporation</span> American global energy company

Hess Corporation is an American global independent energy company involved in the exploration and production of crude oil and natural gas. It was formed by the merger of Hess Oil and Chemical and Amerada Petroleum in 1968. Leon Hess was CEO from the early 1960s through 1995, after which his son John B Hess succeeded him as chairman and CEO. The company has agreed to be acquired by rival oil company Chevron.

Kinney Parking Company was a New Jersey parking lot company owned by Manny Kimmel, Sigmund Dornbusch, and mob figure Abner Zwillman.

<span class="mw-page-title-main">Frontier Communications</span> American telecommunications company

Frontier Communications Parent, Inc. is an American telecommunications company. Known as Citizens Utilities Company until 2000, Citizens Communications Company until 2008, and Frontier Communications Corporation until 2020, as a communications provider with a fiber-optic network and cloud-based services, Frontier offers broadband internet, digital television, and computer technical support to residential and business customers in 25 states. In some areas it also offers home phone services.

Time Inc. was an American worldwide mass media corporation founded on November 28, 1922, by Henry Luce and Briton Hadden and based in New York City. It owned and published over 100 magazine brands, including its namesake Time, Sports Illustrated, Travel + Leisure, Food & Wine, Fortune, People, InStyle, Life, Golf Magazine, Southern Living, Essence, Real Simple, and Entertainment Weekly. It also had subsidiaries which it co-operated with the UK magazine house Time Inc. UK, whose major titles include What's on TV, NME, Country Life, and Wallpaper. Time Inc. also co-operated over 60 websites and digital-only titles including MyRecipes, Extra Crispy, TheSnug, HelloGiggles, and MIMI.

Firstar Corporation was a Milwaukee, Wisconsin-based regional bank holding company that existed from 1853 to 2001. In 2001, Firstar acquired U.S. Bancorp and assumed its name, moving its headquarters to Minneapolis.

<span class="mw-page-title-main">AT&T</span> American multinational telecommunications holding company

AT&T Inc. is an American multinational telecommunications holding company headquartered at Whitacre Tower in Downtown Dallas, Texas. It is the world's fourth-largest telecommunications company by revenue and the largest wireless carrier in the United States. As of 2023, AT&T was ranked 13th on the Fortune 500 rankings of the largest United States corporations, with revenues of $120.7 billion.

<span class="mw-page-title-main">Qwest</span> Defunct American corporation

Qwest Communications International, Inc. was a United States telecommunications carrier. Qwest provided local service in 14 western and midwestern U.S. states: Arizona, Colorado, Idaho, Iowa, Minnesota, Montana, Nebraska, New Mexico, North Dakota, Oregon, South Dakota, Texas, Utah, Washington, and Wyoming.

BHC Communications, Inc. was the holding company for the broadcast property of Chris-Craft Industries. BHC stands for "broadcasting holding company".

<span class="mw-page-title-main">21st Century Fox</span> American multinational mass media corporation (2013–2019)

Twenty-First Century Fox, Inc., which did business as 21st Century Fox (21CF), also known simply as Fox, was an American multinational mass media and entertainment conglomerate based in Midtown Manhattan, New York City. It was one of the two companies formed on June 28, 2013, following a spin-off of the publishing assets of the old News Corporation as News Corp.

Heritage Media Corporation was a media company which owned television and radio stations across the United States, as well as in-store and direct marketing companies. It was based in Dallas, Texas, from 1987 to 1997.

Edward Rosenthal (1903–1991) was a former vice chairman of Warner Communications and president/owner of the Jewish funeral home chain, Riverside Memorial Chapel.

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. 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. 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 ]

See also

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.