Stephens reorganization
UPDATE: Note that the Capital Hotel and Stephens Building were omitted from the original news release [posted here, now updated, and are a part of the Stephens holdings staying with Warren Stephens.
Since you're talking about money in the billion-dollar range here, we thought we'd immediately pass along news from the Stephens financial organization, absent any insight beyond what the news release contains (readers?):
LITTLE ROCK, AR (May 17, 2006) – The Stephens family announced today a reorganization of their businesses. To allow more flexibility in future business opportunities, two separate entities will be formed, one to be owned by Warren A. Stephens and one to be owned by Witt Stephens, Jr. and his sister, Elizabeth Stephens Campbell. Each new company will be used to pursue investment opportunities for the respective families.
As a part of the reorganization, Warren Stephens will acquire from the holding company 100% of Stephens Inc. and all related financial services companies, the Stephens Building and the Capital Hotel. Stephens Inc. will also continue its historical business of being a private equity investor. Concurrent with this reorganization, Witt Stephens, Jr. and Elizabeth Stephens Campbell will acquire the Stephens Group, Inc. name and form a new entity to pursue private equity investments on their behalf. Following the reorganization, the families will remain fifty-fifty partners in the current holding company, which will be renamed SH Corp., and will continue to own and operate existing joint investments, including Stephens Media Group and Stephens Production Company, as well as other private and public investments the families have made over the last seventy-three years.
Warren Stephens said, “This reorganization is a natural evolution in almost all family businesses. It is not an end, but rather a new beginning. My father and uncle laid a great foundation which has provided growth and opportunity across the country. I think our success has exceeded even their expectations. My cousins and I look forward to focusing our energies on the aspects of business that are important to each of us.”
“Elizabeth and I look forward to the opportunities presented by this reorganization,” said Witt Stephens, Jr. “This will allow us to pursue our different investment strategies along with joint ventures with Warren. We are excited about our primary focus being private equity and the strengths of the team we have assembled.”
Comments
Contact Mrs. Don Shula. Quite sure she has an outlook on all of this high financing maneuvering.
Posted by: Cato | May 22, 2006 11:24 AM
"Elizabeth Stephens Campbell"
Any relation to Mac? That might explain the stephens donation. Well, that and his support of cutting the estate tax.
Posted by: curious | May 22, 2006 11:45 AM
Asking most of these Blog readers for some insight into the maneuverings of Stephens Inc. is like asking us intelligent thought on the lieutenant governor's race.
Posted by: Downtowner | May 22, 2006 01:35 PM
Warren Stephens has a brother, Jack "Steve" Stephens. Was he disinherited?
ARK. BLOG It's our understanding that he was provided for separately by his father. He was not mentioned in the reorganization announced today.
Posted by: Anonymous | May 22, 2006 01:57 PM
What a stretch - as a matter of fact, Craig Campbell (Elizabeth's husband and a Stephens Inc bigwig) is a supporter and contributor of Martha Shoffner's. The funny thing about this whole "Mac Campbell supports the estate tax repeal" thing is - not only is it irrelevant to the office, but also Campbell was a staffer and didn't get to set policy in the Lincoln office, Shoffner and House both supported repealing the state's estate tax in the legislature. If bloggers (Max Brantley included) think that Mac Campbell is the conservative in that race they are crazy. Take it from someone who knows all three of them, Mac Campbell is the only choice in that race - well . . . unless you are looking for termed-out legislator trying to fill out a pension to be state treasurer.
Posted by: LR | May 22, 2006 02:02 PM
Indeed - Martha Shoffner's newspaper ads out here in the state tout that she has the endorsement of the NRA. Vote for Martha or Moses is going to come get your gun!
Posted by: Yellville Voter | May 22, 2006 03:07 PM
LR,
The state estate tax is eliminated or lowered automatically as the federal estate tax is.
Mac Campbell is on record bragging and defending the estate tax cuts. You can lie all you want but he's record in the press.
Like Max Brantley said:
For state treasurer, I?ll vote for Martha Shoffner, a former legislator. We need more women in public life. We also need fewer politicians, like her opponent Mac Campbell, intent on serving billionaires first. If Campbell so ardently supports giving the 18 richest families in America repeal of the estate tax, how else will he serve them to the detriment of everyone else?
Posted by: spinning Mac | May 22, 2006 06:37 PM
I couldn't find Craig Campbell on her reports.
Posted by: not that it matters | May 22, 2006 07:59 PM
"I couldn't find Craig Campbell on her reports."
Craig Campbell is listed as giving her $2,000 on her April 17th report.
Posted by: rover | May 22, 2006 09:27 PM
"The state estate tax is eliminated or lowered automatically as the federal estate tax is."
As a function of the state law that Martha Shoffner and Don House supported.
Posted by: twisted sister? | May 22, 2006 09:30 PM
"Mac Campbell is on record bragging and defending the estate tax cuts."
Actually he is on the record talking about the impact that life insurance premiums have on small business. That is a real issue for family firms and farms and it is the reason why "no one can find a farm that's been sold for taxes." I have spoken to Mac Campbell on a professional level on this issue and I can tell you that he understands the details in a way that no reporter could get down in a paragraph.
I also know quite a bit about the bill he drafted on the estate tax. It would not only maintain the estate tax but it would give non-corporate businesses a level playing field with big publicly traded companies. In other words, it would keep money with a Arkansas family firm instead of it going to a Connecticut insurance company. It is a great bill for populists.
The tax bar in Arkansas respects Mac Campbell for being a technician and not an idealogue. I think the voters should too.
Posted by: LR tax man | May 22, 2006 09:42 PM
LR tax man,
I guess you are one of the many "tax men" that Campbell helped while he was a congressional aide. I've heard he racked up quite a few favors for you guys.
I can post the article in which he said he supported cutting the estate tax if you'd like. Also, a room full of people in NWA heard the entire comments.
You can try to lie about it all you want, but the truth is known.
Posted by: LR nontax man | May 22, 2006 09:53 PM
Who cares if Craig Campbell gave someone money? Is that against the law?
Posted by: u people r nuts | May 22, 2006 10:13 PM
"Who cares if Craig Campbell gave someone money? Is that against the law?"
Actually - if Craig Campbell is a securities dealer he is limited to giving $250 so he may be violating a regulatory rule. But really - who cares?
Posted by: MKM | May 23, 2006 08:01 AM
Can the editor of this site check to see if all these ardent Campbell supporters have the same ISP address? Campbell's apparently notorious for defending himself in the third person, online. I saw one response on a blog that claimed to be from a Washington lobbyist wanting Arkansans to vote for Campbell as he's afraid otherwise Campbell might go back to DC and make life hard for him and all the other special interests that are afraid of his courageous principles. Right. Like some tax lobbyist would be on Arkansan blogs defending Campbell, and then honestly telling us it's because he's so scared of Campbell. Talk about amateur PR stunts. Puhleease. 10/1 it's Campbell and his one-man PR machine.
Posted by: Carpetbagger Lover | May 25, 2006 02:18 PM