Author: Hovhannisian John

The Times (London)
March 17, 2004, Wednesday
MGM to pay Las Vegas billionaire $ 1.6bn dividend
James Doran Wall Street Correspondent
Kirk Kerkorian, the billionaire Las Vegas casino and hotel magnate,
is poised for a big win in Hollywood as Metro-Goldwyn-Mayer, the
movie studio he controls, contemplates paying him a special dividend
worth as much as $ 1.6 billion (£880 million).
MGM said on Monday that it was seriously considering a one-off
payment to shareholders to keep them happy.
The company does not have very many shareholders to placate, however,
as Mr Kerkorian owns 74 per cent of the 235 million shares in
circulation.
Sources close to the movie studio behind the James Bond franchise
said that the company was considering a payment of between $ 6 and $
9 a share. Such a paymentwould reap between $ 1 billion and $ 1.6
billion for Mr Kerkorian.
If MGM pays out at the highest end of expectations Mr Kerkorian will
see his $ 3.4 billion fortune swell to $ 5 billion.
MGM has been under pressure to offer a bonus to investors since it
failed to buy the entertainment assets of Vivendi Universal, the
French utility company, that were eventually bought by NBC, the US
broadcaster.
Alex Yemenidjian, the MGM chairman and chief executive, said in a
statement that the company had not made a decision about the special
dividend, which would mark the first shareholder payout since the
company floated in 1997.
But he added: “Our management remains committed to sharing the
company’s wealth with our shareholders.”
Mr Kerkorian, 86, has bought and sold MGM and pieces of it many times
over the past 35 years. It is estimated that he has invested some $ 3
billion in the company in total.
While the special dividend is the most likely course of action for
MGM, analysts believe the company is still considering other options
in its bid to keep Mr Kerkorian happy.
Many have said that the movie studio, which is awash with cash, could
seek to go private, or pursue a sale.
MGM’s 2003 revenues were about $ 1.7 billion, mainly because of
successful DVD sales of the films Legally Blonde 2: Red White and
Blonde and Jeepers Creepers 2.
The company retired all its debt last year and saw record cash flow
of about $ 193 million. It expects $ 600 million to $ 900 million of
free cash flow until2006.
Mr Kerkorian is said to prefer some sort of share-based transaction
because such a deal would be more tax advantageous.
The billionaire investor has not always been the consummate dealmaker
he is today.
The son of Armenian immigrants, he dropped out of school at the age
of nine to become a street newspaper vendor.
He ran away to become a pilot in the RAF during the Second World War
before returning to America to set up a private airline.
Today he is the 97th richest man in the world and owner of the MGM
Grand Hotel and Casino in Las Vegas through his investment company,
which is named Tracinda Corporation after his daughters Tracy and
Linda.

The Times
March 17, 2004
Raymond Keene
Double Jeopardy
Continuing my series to accompany the Petrosian Memorial event currently in
progress, here are two devastating victories from the Armenian champion’s
early career.
White: Tigran Petrosian
Black: Victor Korchnoi
Leningrad 1946
Dutch Defense
1 d4 e6 2 Nf3 f5 3 g3 Nf6 4 Bg2 d5 5 0-0 Bd6 6 c4 c6 7 b3 0-0 8 Ba3
This move removes a key defender of the vulnerable e5-square. After the
recapture by the knight on a3, this piece is well placed to transfer to d3,
where it eyes this weak square.
8 … Bxa3 9 Nxa3 Qe8 10 Nc2 Qh5 11 Qc1
An excellent move, covering a number of important dark squares. White also
has the long term idea to target c7.
11 … Ne4 12 Nce1 g5 13 Nd3 Nd7 14 Nfe5 Kh8 15 f3 Nd6 16 e4
White has already won the positional battle and now opens the game decisively
with this thematic advance. Black is now in big trouble as can be seen from
the variation 16 … dxe4 17 fxe4 fxe4 18 Rxf8+ Nxf8 19 Qa3 exd3 20 Qxd6 Kg8
21 Rfl and the black position caves in.
16 … Nf7 17 cxd5 18 exd5 exd5 20 f4
Petrosian has comprehensively outplayed the future World Championship
challenger and Black is now quite lost.
20 … Rd8 21 Qc7 b6 22 fxg5 Ba6 23 Nf4 Black resigns.
White: Tigran Petrosian
Black: Alexander Tolush
Moscow 1950
Queen’s Gambit Declined
1 Nf3 Nf6 2 c4 e6 3 Nc3 d5 4 d4 c6 5 cxd5 exd5 6 Qc2 Bd6 7 Bg5 0-0 8 e3 Bg4 9
Ne5 Bh5 10 f4 Qa5 11 Bd3 h6
This is a blunder allowing White an overwhelming attach. Much better is 11
… Ne4.
12 Bxf6 gxf5 13 g4 fxe5 14 fxe5 Be7 15 0-0-0 Bg5 16 gxh5 Kh8 17 Qf2 f5 18 h4
Be7 19 Qf4 Black resigns.

Armenian, Georgian presidents pleased with first meeting
Mediamax news agency
12 Mar 04

YEREVAN
The presidents of Armenia and Georgia, Robert Kocharyan and Mikheil
Saakashvili, are pleased with their first meeting that took place in
Yerevan today.
Speaking at a briefing in Yerevan, the Armenian and Georgian leaders
said that they had discussed mutual relations, regional and
international problems.
Armenian President Robert Kocharyan said that he and Mikheil
Saakashvili had agreed that the leaders of the two countries would
meet often, moreover not only in the course of visits or within the
framework of international forums. “We have also decided to have
informal contact,” Robert Kocharyan said.
Saakashvili said that his “impression was exclusively positive” of
Robert Kocharyan. “Armenia is fortunate to have such a president,”
Saakashvili said. He believes that Robert Kocharyan is “an ideal
partner” for Georgia.