An investment company run by Kirk Kerkorian’s lawyer and a former Drexel Burnham Lambert exec bought 4.6 million new Nostalgia Network shares and put the company further out of reach of Concept Communications Inc., a suitor with ties to the Rev. Sun Myung Moon’s Unification Church.
Tiger Communications Co., run by lawyer Terry Christensen and Gary Winnick, who ran Drexel’s convertible bond department and later turned state’s evidence on his old boss, Michael Milken, exercised a warrant to buy the Nostalgia stock.
Separately, Charles Bush, Nostalgia’s prexy and chief operating officer, ankled from the cabler to “accept another business opportunity,” according to aNostalgia press release. He will be replaced Jan. 3 by Frank H. Jett, promoted from senior VP of programming and production.
While not unexpected, sources said Tiger’s move was spurred largely by the recent disclosure that Concept Communications was accumulating Nostalgia stock on the open market to take control of the company. By exercising its warrant, Tiger increased the pool of outstanding Nostalgia shares by a third. That forces Concept to acquire substantially more shares if it hopes to control the company.
Tiger has pledged its shares to Pat Robertson’s Intl. Family Entertainment, which is also bidding for Nostalgia.
Tiger and Concept officials could not be reached, and an IFE spokesman declined comment.
The purchase, at $ 1.75 a share, also allowed Nostalgia to eliminate nearly all of its long-term debt, roughly $ 8.3 million.
A Nostalgia spokesman said Bush has declined to disclose the name of his new employer, though a source said it is “a much better job.” Bush, who joined Nostalgia in 1991, will leave the company Jan. 3. He had a contract with Nostalgia through 1995.