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Friday, December 3, 2010

Regal Makes $215m Bet Against Extension of Bush Tax Cuts

Bloomberg, Anschutz to Collect $100 Million Regal Dividend as Bush-Era Tax Cuts Lapse:

Regal Entertainment Group, the largest U.S. cinema operator, declared an extraordinary dividend of $1.40 a share payable Dec. 30, the day before Bush-era tax cuts are set to expire.

The one-time dividend will cost about $215 million, David Ownby, chief financial officer, said today in an interview. The company’s largest shareholder, billionaire Philip Anschutz, stands to collect more than $100 million based on his controlling stake in the company.

The expiring Bush-era tax cuts, which included a reduction in the levy on dividends to 15 percent, were a factor in the decision, Ownby said.

http://taxprof.typepad.com/taxprof_blog/2010/12/regal-makes.html

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