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C-K-X Inc Calls Off Going Private

December 29, 2008 | Other
EPE parent company calls off its attempt to go private. C-K-X Inc. owns 85 percent of Elvis Presley Enterprises. Memphis Daily News reports the company blames "global economic difficulties and a related credit freeze" for not pursuing a merger that had been planned for earlier this year. The merger included an estimated multi-million dollar transformation of Graceland and the surrounding area on Elvis Presley Boulevard between Brooks and Raines Roads.
Source:Elvis Information Network
elvislives72 wrote on December 29, 2008
The plans for Graceland are still on. The bigger plans for Vegas for a resort are canceled for now. Right now's not the time to be doing transactions and merging due to the economic crisis we're in worldwide.
Brian Quinn wrote on December 29, 2008
It has been reported that the Cirque Du Soleil 'Elvis' Show will open at the CityCenter Complex in Las Vegas on December 16th, 2009 with an Official Reception/Benefit for the One Drop Foundation. On 29 October 2007, Guy Laliberté, the founder of Cirque du Soleil, officially launched the ONE DROP Foundation that aims to give everyone access to clean water. The other project for Vegas was the 'Elvis Themed Hotel and Casino' which has temporarily been shelved due to the downturn in economic circumstances.
Ruthie wrote on December 31, 2008
I am certainly aware of the current & expected continued economic woes world wide. Most major business transactions are on hold or have been scraped completely. However, if it wasn't the economy, I think CKX would have another reason to bow out. I have never had a good feeling about this company.
Brian Quinn wrote on December 31, 2008
I cannot understand the mistrust that some fans have of Bob Sillerman and CKX. Everything he has touched up to now has been an out and out success. This is why Priscilla and Lisa Marie have sold 85% of the rights of EPE to him. They feel he is the man for the job and acknowledge that they cannot achieve what he is capable of. Just give him a chance as and when the current financial crisis abates.
elvislives72 wrote on January 01, 2009
Ruthie don't be so dense and naive. It was most certainly the economy. Like Brian said, once the economy gets back to normal in about 3 years we'll then see a lot of new things with Elvis happen that was originally planned. I do know that the property in Las Vegas was too small to develop the type of hotel and resort that he was planning. This will allow Sillerman now to purchase much more space down the road.