National Kinney Corporation
National Kinney Corporation was a parking, property management services, and real estate development company based in New York City.[1] It was established on 15 September 1971[2] when Kinney National Company spun off its non-entertainment assets due to a financial scandal over its parking operations.[3]
| Industry | Real Estate |
|---|---|
| Fate | Dissolved |
| Predecessor | |
| Successor | Andal Corporation |
| Founded | September 15, 1971 |
| Founder | Kinney Services, Inc. |
| Defunct | 1982 |
| Headquarters | , United States |
Key people | Paul Mitstein (President) |
| Owner | Kinney National Company (1971–1972) Warner Communications (1972–1974) |
History
National Kinney expanded from parking and building services into real estate development by purchasing the Uris Buildings Corporation, but the timing was bad as the NY real estate market collapsed in the 1973-75 recession and the main Uris Building asset was soon lost to foreclosure.[4]
In 1974, Warner Communications sold its company to French holding company, Societe de Gestion Immobiliere et Mobiliere S.A.[5]
In 1979, after some protracted negotiations, National Kinney attempted to purchase The Aladdin hotel and casino in Las Vegas in a joint venture with Johnny Carson, planning to rename it after the star. However, Carson's wife Joanna gossiped about the deal, and subsequent trading in National Kinney stock led to insider trading charges against third parties by the SEC and the disgorgement of profits.[6][7][8]
In 1982, National Kinney sold its National States Electric division to an undisclosed buyer,[9] and then agreed to sell its parking subsidiary, Kinney System Inc., to that division's chairman Daniel Katz and a group of investors.[10][11] National Kinney subsequently renamed itself to Andal Corporation and sold its remaining majority interest in Kinney System parking.[12][13] In 1997, Kinney System was acquired by Central Parking Corporation.[1] Andal invested in the declining Steve's Ice Cream and merged in Swensen's before selling them off and unwinding its last operating subsidiary in 2010.[14][15][16]
References
- News, Bloomberg (November 8, 1997). "Company News; Central Parking to Purchase Kinney System". The New York Times. ISSN 0362-4331. Retrieved June 9, 2018.
- Merger News - Feb. 8, 1972
- "List of corporate scandals". Financial Analyses. 4 October 2011. Retrieved 30 August 2015.
- Michael Specter (1981-07-19). "Q136.43 - Q136.43 - HAROLD URIS RECOLLECTS WITH PRIDE". New York City: NYTimes.com. Retrieved 2010-10-12.
- Warner Communications agreed to sell some National Kinney stock
- Tuccille, Jerome (2003). How to profit from the Wall Street ... - Google Books. ISBN 9781587982200. Retrieved 2010-10-12.
- "Chronology of the Aladdin hotel-casino - Friday, Aug. 18, 2000 | 9:59 a.m." Las Vegas Sun. Retrieved 2010-10-12.
- Newton, Michael (2009-11-06). Mr. Mob: The Life and Crimes of Moe ... - Google Books. ISBN 9780786453627. Retrieved 2010-10-12.
- "Kinney Asset Sale". NYTimes.com. 1982-02-20. Retrieved 2010-10-12.
- "Kinney to Sell Car Parking Unit". NYTimes.com. 1982-06-05. Retrieved 2010-10-12.
- "Daniel Katz, Chairman Of a Parking Concern - Obituary". NYTimes.com. 1987-08-14. Retrieved 2010-10-12.
- "Offer for Kinney". NYTimes.com. 1986-06-03. Retrieved 2010-10-12.
- "Andal Corp - 10-K - For 9/30/96". SEC Info. Retrieved 2010-10-12.
- "Steve's, Fast-Growing N.Y. Ice Cream Firm, Scooping Up Swensen's - Los Angeles Times". Articles.latimes.com. 1987-07-23. Retrieved 2010-10-12.
- "Andal Corp.: Restructuring Of Its Multi-Arc Business And Sale Of Steve'S Stock - Free Online Library". Thefreelibrary.com. 1994-09-01. Retrieved 2010-10-12.
- "Andal Corp. Announces the Closing of the Sale of its Principal Operating Subsidiary for Cash - PR Newswire | HighBeam Research: Online Press Releases". Highbeam.com. 1997-10-06. Retrieved 2010-10-12.