Donald Trump invests in Trump Magazine
Donald Trump on Wednesday got 1.7 million shares of Premiere Publishing Group Inc., which publishes the billionaire real estate developer's namesake Trump Magazine, thanks to a gentlemen's agreement.
"An agreement is an agreement," said Premiere Publishing Group Chief Executive Officer Michael Jacobson. He gave Trump the shares because when the two men were launching the magazine together, they agreed to hold the same amount of shares.
"We had this oral understanding," Jacobson said. "What happened is a couple of weeks ago he (Trump) asked me about it and he was absolutely right."
Jacobson has published Trump Magazine for about three years, and is also its editor.
The shares were given to Trump without consideration, according to a Securities and Exchange Commission filing.
Trump and Jacobson now own an equal amount of company stock _ about 3.7 million shares each, according to SEC filings. Added together, that's a 45.8 percent stake in the New York-based company, which went public in June, Jacobson said.
Premiere Publishing Group shares closed Wednesday at 80 cents each, down 7 cents.
Jacobson visited the Trump Marina hotel-casino in Atlantic City, N.J., "to blow off some steam" after the Sept. 11, 2001, terrorist attacks and noticed there were no magazines in his suite.
"The lightbulbs went off and I said, 'Trump, the magazine,'" Jacobson recalled.
He got a meeting with Trump and won the mogul's support to launch a men's luxury-lifestyle magazine using the Trump name. Legend Merchant Group, a New York investment company, later persuaded Jacobson to take his publishing company public.
The investment company gave Jacobson 5.4 million shares and Trump 2 million shares, Jacobson said. But the two already had an oral agreement to hold the same amount of shares, Jacobson said. The CEO and editor said he stood by his word and gave Trump enough shares for him to have an equal stake.
The quarterly magazine has a circulation of 200,000, Jacobson said, adding that 50,000 copies are distributed at Trump properties.
Trump first appeared on his namesake magazine's cover for the Spring 2006 issue. Trump's daughter, Ivanka, is on the Summer 2006 cover.
"An agreement is an agreement," said Premiere Publishing Group Chief Executive Officer Michael Jacobson. He gave Trump the shares because when the two men were launching the magazine together, they agreed to hold the same amount of shares.
"We had this oral understanding," Jacobson said. "What happened is a couple of weeks ago he (Trump) asked me about it and he was absolutely right."
Jacobson has published Trump Magazine for about three years, and is also its editor.
The shares were given to Trump without consideration, according to a Securities and Exchange Commission filing.
Trump and Jacobson now own an equal amount of company stock _ about 3.7 million shares each, according to SEC filings. Added together, that's a 45.8 percent stake in the New York-based company, which went public in June, Jacobson said.
Premiere Publishing Group shares closed Wednesday at 80 cents each, down 7 cents.
Jacobson visited the Trump Marina hotel-casino in Atlantic City, N.J., "to blow off some steam" after the Sept. 11, 2001, terrorist attacks and noticed there were no magazines in his suite.
"The lightbulbs went off and I said, 'Trump, the magazine,'" Jacobson recalled.
He got a meeting with Trump and won the mogul's support to launch a men's luxury-lifestyle magazine using the Trump name. Legend Merchant Group, a New York investment company, later persuaded Jacobson to take his publishing company public.
The investment company gave Jacobson 5.4 million shares and Trump 2 million shares, Jacobson said. But the two already had an oral agreement to hold the same amount of shares, Jacobson said. The CEO and editor said he stood by his word and gave Trump enough shares for him to have an equal stake.
The quarterly magazine has a circulation of 200,000, Jacobson said, adding that 50,000 copies are distributed at Trump properties.
Trump first appeared on his namesake magazine's cover for the Spring 2006 issue. Trump's daughter, Ivanka, is on the Summer 2006 cover.
posted by kevin @ 8:30 PM
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