UPDATE 1-LRI Holdings files for up to $200 mln IPO

(Reuters) – Casual dining chain LRI Holdings Inc. LGNS.O filed with U.S. regulators on Monday to raise up to $200 million in an initial public offering.

For a period of 39 weeks ended May 2, the company said net profit attributable to common stockholders was $6.2 million or $6.39 a share, compared with a loss of $10.7 million or $11.06, in the same period last year.

The Nashville, Tennessee-based company said it reduced the level of new restaurant openings to eight in 2009 and nine in 2010 from an average of 15, to preserve cash and strengthen its financial position. “We expect that discretionary spending will remain at reduced levels over the near term,” said the company, which plans to open 15 restaurants in 2011.

The underwriters on the offering are being led by Credit Suisse Securities LLC.

Company is expected to trade on Nasdaq Global Select Market under the symbol “LGNS.”

As of May, the restaurant base of the company is 211, of which its owns and operate 185 restaurants, while 26 are operated by two franchisees. (Reporting by Archana Shankar in Bangalore; Editing by Jarshad Kakkrakandy)

Manohar hits out at Modi

Mumbai, June 5 — Board of Control for Cricket in India (BCCI) president Shashank Manohar hit out at suspended Indian Premier League (IPL) boss Lalit Modi on Saturday, saying he was trying to ‘malign the image’ of the Board and interim IPL chairman Chirayu Amin by alleging that Amin was part of the failed bid for the Pune IPL team. Manohar alleged that Modi himself had asked the bidders to get Amin to be part of the consortium.

After reports emerged on Friday of NCP chief Sharad Pawarar’s possible links with the IPL, Modi had defended Pawar and claimed that Amin was part of the consortium led by City Corporation’s Aniruddha Deshpande, who bid for the team. Deshpande is Pawar’s close aide.

Manohar said, “The truth is that it was Mr Modi himself who sent a message to the Pune franchisees through Mr Ajay Shirke, President, MCA (Maharashtra Cricket Association), asking them to contact Mr Amin and ask him to be a part of the consortium.” Modi, who has already charged Manohar and BCCI secretary N Srinivasan with bias in the ongoing inquiry into his running of the IPL, had further alleged on Friday that Manohar had neither informed him nor the IPL Governing Council about Amin’s letter seeking permission to be part of the consortium.

Making Amin’s March 17 letter public, Manohar said Amin had informed the BCCI that he would make an investment of up to 10 per cent if he joined the consortium. Amin had also stated that if City Corp won the bid, he would seek formal sanction from the Board to invest, Manohar pointed out.

“First and foremost, Mr Amin’s letter was not for asking permission to bid

Chirayu Amin part of unsuccessful bid for Pune franchise: Modi

New Delhi, June 4 (ANI): IPL bidding row got murkier with suspended IPL Commissioner Lalit Modi today claiming that Chirayu Amin was part of the consortium that made an unsuccessful bid for the Pune franchise.

Amin is the Twenty20 league’s interim chairman after Modi was suspended over charges of mismanagement of funds.

Modi said Managing Director of City Corporation Aniruddha Deshpande made the bid in March for a new consortium, which included Amin.

“There were three members in the consortium that was part of the bid. They were Aniruddha, Akruti and Chirayu Amin. It’s a fact of life and I cannot change or distort facts. They were the bidders, one can”t change that,” said Modi.

Earlier in the day, former BCCI President and Agriculture Minister Sharad Pawar dismissed reports of his family’s involvement in the bid for Indian Premier League (IPL) franchisees.

He rubbished a newspaper report linking his family to the IPL bid.

Talking to reporters here, Pawar said: “Neither I nor my family is involved with any IPL team or with the bidding process.”

“Whatever has been reported in the newspaper today was reported two months back also. At that time also I explained my position, which remains the same now. Neither me nor my family has direct or indirect involvement in any IPL team or in the bidding process,” he added.

Commenting on the report that his family holds shares in the Pune-based construction company City Corporation that made an unsuccessful bid for a franchise in March, Pawar claimed that the MD of the company, Anirudhha Deshpande, had made the bid in his individual capacity.

He also reiterated that the IPL is clean and that there is nothing murky about the ownership patterns and financial transactions in the league. (ANI)

Pawar should resign immediately: BJP

New Delhi, June 4 (ANI): The Bharatiya Janata Party (BJP) on Friday accused former BCCI President and Agriculture Minister Sharad Pawar of misrepresenting facts on IPL bidding and demanded that he should resign immediately.

Addressing mediapersons here, Party spokesperson Ravi Shankar Prasad said: “Sharad Pawar has mismanaged the food inflation as well as the cricket too, and he should step down from the post.

He said that City Corporation”s MD had bid for the IPL Pune team, was a false claim by Pawar, and added that he should answer that why he mislead the country by giving wrong information.

He further demanded for probe in the IPL Pune”s bidding process.

A newspaper report on Friday said Pawar family owned 16 per cent stake in City Corporation, a Pune company that the report claimed had bid for an IPL team in March this year.

Earlier, Pawar dismissed reports of his family”s involvement in the bid for IPL franchisees.

He rubbished a newspaper report linking his family to the IPL bid.

Talking to reporters here, Pawar said: “Neither I nor my family is involved with any IPL team or with the bidding process.”

“Whatever has been reported in the newspaper today was reported two months back also. At that time also I explained my position, which remains the same now. Neither me nor my family has direct or indirect involvement in any IPL team or in the bidding process,” he added.

He also reiterated that the IPL is clean and that there is nothing murky about the ownership patterns and financial transactions in the league.

“The government agencies are inquiring and anyone who has done anything wrong, will be punished,” he added. (ANI)

Manohar pushed Kochi bid, Srinivasan attempted to ‘fix’ match: Modi

In a fresh development, suspended Indian Premier League (IPL) chairman Lalit Modi has made strong allegations against the BCCI President Shashank Manohar and Secretary N Srinivasan, and asked the duo to exclude themselves from the proceedings of the show-cause notice served on him by the cricket board on April 26.

He has also asked the board to appoint an independent body to look into the issue. In a long email sent to the IPL governing council Tuesday evening, Modi has alleged that Manohar and Srinivasan were party to all the developments, including the drafting of the tender documents inviting bids for the two new IPL teams this year, the contract between broadcaster Multi Screen Media Pvt Ltd and sports marketing company WSG.

Giving the ongoing battle an interesting twist, Modi has insinuated in his letter that Manohar manipulated the entire bidding process to make sure that the two new franchisees go to the Sahara Group and the Kochi consortium.

“… the ITT (invitation to tender) itself was drafted by the corporate lawyers of BCCI and approved by the in-house counsel Akhila Kaushik, who also happens to be an ex-junior of your father Honorable Mr. VR Manohar and also your confidante having been appointed on your recommendation,” he has said in his email.

He has said the criteria of net-worth of the bidder being $1billion and deposit was specifically discussed between him and Manohar and it was confirmed by Manohar in the meeting of the Governing Council held on March 7. He has described the sequence of the entire bidding, cancellation and the re-bidding process as follows: Till 5th March 2010, which was the deadline for submission of bids, only two bids had been received from Videocon and the Adanis. After the deadline for submitting bids, late in the evening and into the night of March 5 and the morning of March 6, he received calls from former minister of state for foreign affairs Shashi Tharoor and his Secretary Jacob, informing him that a third bid was coming from Delhi.

On March 7 evening, he has said in his email, he was sitting with Manohar at the Four Seasons hotel where a representative of the Kochi franchise came to submit the bid, which Manohar asked him to accept but it could not be accepted because of some technicalities.

Modi has further alleged that because Manohar could not ensure the inclusion of the Kochi bid, he unilaterally decided to cancel the bid process. Modi has said Manohar, then, used his phone to call two executives from the Sahara Group and Dainik Jagran group and asked them to send protest letters seeking a fresh bidding process.

Modi has made allegations against Srinivasan as well. These include using his influence to appoint umpires of his choice, among others. Srinivasan’s attempt to appoint umpires of his choice for a Super Kings’ match, Modi said, was a clear attempt at umpire fixing/match fixing.

Chirayu Amin appointed interim IPL Commissioner

Mumbai, Apr 26 (ANI): The Indian Premier League (IPL) Governing Council that met at the Board of Control for Cricket in India (BCCI) headquarters this morning to discuss the alleged irregularities with regard to contract and team biddings, and the role of Lalit Modi in the entire episode, on Monday announced that Chirayu Amin would be interim IPL Commissioner.

Amin is the currently the President of the Baroda Cricket Association. He is also the BCCI Vice-President and IPL Governing Council member.

The BCCI has reportedly said that it will go public with all charges filed against Modi.

The BCCI had on Sunday suspended Modi from the post of IPL Commissioner and BCCI Vice-President.

In the show cause notice, BCCI President Shashank Manohar alleged that Modi”s misdemeanors have brought a bad name to cricket administration in the country and to the game itself.

The show cause notice gives Modi 15 days to reply, but suspends him from participating in the affairs of the Board, the IPL, the Working Committee and any other BCCI affairs.

Following his suspension, Modi said he would reveal all about the IPL controversy, adding that the Governing Council and the BCCI were aware of all IPL dealings.

Despite his suspension, there are reports that the IPL franchisees have stood by Modi and asked the BCCI that he should be given a chance to explain his stance.

Modi had earlier indicated he would attend and chair the crucial IPL Governing Council meeting called to decide his fate.

“I will attend and chair the meeting of the Governing Council as chairman and commissioner. I have issued the agenda to the Governing Council,” Modi tweeted. (ANI)

IPL Governing Council meets to discuss Modi”s role in bidding

Mumbai, Apr 26 (ANI): The Indian Premier League (IPL) Governing Council meeting has started at the Board of Control for Cricket in India (BCCI) headquarters this morning to find out the irregularities with regard to the bidding and the role of Lalit Modi in the entire episode.

BCCI President Shashank Manohar, Secretary N Srinivasan, CAO Ratnakar Shetty and Vice-Chairman IPL Niranjan Shah, I S Bindra, former cricketers Sunil Gavaskar and Ravi Shastri are attending the meeting that began at around 10 a.m.

The BCCI has barred Modi from attending the IPL Governing Council meet scheduled today and a 22-point charge sheet has been filed against him.

In the notice, Manohar alleged that Modi”s misdemeanors have brought a bad name to the administration of Cricket and the game itself.

The notice also gives Modi 15 days to reply, but suspends him simultaneously from participating in the affairs of the Board, the IPL, the Working Committee and any other BCCI affairs.

The BCCI earlier on Sunday suspended Modi from the post of IPL Commissioner.

After being suspended, Modi said he would reveal all in IPL controversy, adding that the Governing Council and the BCCI were aware of all IPL dealings.

Despite his suspension, there are reports that the IPL franchisees have stood by Modi and asked the BCCI that he should be given a chance to explain his stance.

Modi had earlier indicated he would attend and chair the crucial IPL Governing Council meeting called to decide his fate.

“I will attend and chair the meeting of the Governing Council as chairman and commissioner. I have issued the agenda to the Governing Council,” Modi tweeted. (ANI)

If Modi shuns council, BCCI would treat him harshly: Pataudi

New Delhi, April 22 (IANS) Former India captain Mansur Ali Khan Pataudi, an influential Indian Premier League (IPL) Governing Council member, said chairman and commissioner Lalit Modi should be given time to present his case, but if he doesn’t appear before the council April 26, he would be treated ‘harshly’ by the Indian cricket board.

Pataudi said that all the controversies surrounding the IPL were dissapointing and felt that the Governing Council is also to be blamed for the present fall-out.

‘If Modi doesn’t attend Monday’s meeting of IPL Governing Council, then I suspect the BCCI (Board of Control for Cricket in India) will deal harshly with him. Modi is also playing hard to get,’ Pataudi said in an interview to NDTV.

‘But if he appears before the Governing Council and asks for some more time to present his case, I think he should be given 3-4 days. We all know that he is busy with the IPL and he should be given some time.’

Blaming the entire Governing Council, Pataudi said: ‘For the Governing Council it all looked so OK. I thought Lalit was doing a fair job…it is wonderful product. But the members of the Governing Council should have been aware of all the issues. We should have asked him more questions about the dealings of the IPL.’

‘The rumblings started last year and we should have questioned Lalit. The Governing Council was getting little bit aware after a contract was changed, a lot of people’s egos were hurt and then there was the rumblings about his style of working. So, there was already an anti-Modi movement.’

Asked what brought the downfall of Modi, Pataudi said: ‘His biggest failure is doing it all alone. That is his achievement also. His style of working is putting people off.’

Pataudi also said there is a clash of interest if BCCI office-bearers own IPL teams, but was in favour of former cricketers having stakes in the franchisees.

‘I think there is a conflict of interest in board secretary N.Srinivasan (chairman of Indian Cements that owns Super Kings) having stakes in franchisees. But he (Srinivasan) took the approval of the board,’ he said.

Pataudi feels that if Modi is ousted, a two to three member committee should be set up by the BCCI to run the Twenty20 league.

Manohar accuses Modi of violating ‘confidentiality’ clause

Mumbai, April 22 (IANS) Indian cricket board president Shashank Manohar Thursday accused Indian Premier League (IPL) commissioner Lalit Modi of violating the ‘confidentiality’ clause signed by the board and the franchisees by declaring the ownership stakes.

Manohar said the new IPL Kochi franchise were contemplating legal action against the Board of Control for Cricket in India (BCCI) after Modi tweeted the ownership details.

He also charged Modi with ‘selectively leaking’ the e-mail to media that he wrote April 14 asking for permission to reveal the ownership detail of the franchisees.

‘After the names were leaked, I get a communication from (Vivek) Venugopal (partner in Rendezvous) around night saying that there is a Confidentiality Clause in the agreement, which had been signed between the board and them and there is a serious breach of obligation on part of the board. He also said in the communication that they are contemplating legal action.’

‘Because of the communication, I told Modi to keep quiet with regard to the new franchise. The media pounced on Modi so wisdom dawned on him on April 14 when he wrote an e-mail to me and members April 14 suggesting that we should disclose the names of all franchise which had not done since January 2008. Then I replied that the issue is complicated and needs detailed deliberations and has legal implications and hence it should be discussed and considered by the Governing Council meeting in Mumbai. The other members of the governing council also agreed with me. Modi agreed with me.’

‘We are talking about documents that we have not seen before.’

Manohar also charged Modi that he leaked the e-mail to media.

‘Modi selectively leaked the mail. Its fine for him to leak the mail. When he has not (revealed the ownership details) done that for two years, 10 days would not have made a difference.’

RCB owner Mallya backs beleagured IPL chief Lalit Modi

Bangalore, Apr.20 (ANI): Royal Challengers Bangalore (RCB) owner Vijay Mallya has strongly supported IPL Commissioner Lalit Modi, saying that he is the creator and the brains behind a highly successful and lucrative Indian Premier League (IPL).

Mallya said IPL owes its success to Modi and said that he was perplexed and amused by the hue and cry raised over trans-border transactions by some IPL franchisees.

“Unfortunately, this entire issue has snowballed into an unnecessary storm. As far as I”m concerned, I”m full of appreciation for what Lalit Modi has delivered through the IPL. If he has issues with the Government of India, that”s his private matter and he needs to deal with it,” said Mallya.

“Cross-border transaction is part and parcel of the growth and development of Indian economy. Just because some investment has been routed through Mauritius doesn”t make it tainted investment,” Mallya added.

He was referring to Modi’s decision to reveal the ownership of IPL Kochi franchise, which cost Shashi Tharoor his ministerial job.

With allegations of money laundering and betting doing the rounds, Finance Minister Pranab Mukherjee has said that all aspects, including the sources and routes of funding of IPL teams, will be thoroughly probed.

He said RCB had a clean slate and he had no doubts that other franchises also had unsullied record.

He also rejected reports of franchise owners meeting with BCCI officials on the cash row and ownership issue.

A private television channel quoted him as saying: “I”m not aware of any such meeting. But if there is a meeting of the franchise owners, I will attend as I always do. But as of now, I”m not aware of any such initiative to dislodge Modi.” (ANI)

Five Major Popeye’s Franchisees Sign Contracts With EntertainmentXpress

LOS ANGELES, CA, Apr 05 (MARKET WIRE) —
Public Media Works, Inc. (OTCBB: PUBM) announced today that
EntertainmentXpress has entered into separate agreements with five
Popeye’s restaurant franchisees that together operate 74 of the highest
volume Popeye’s stores in the greater Houston area.

The agreement marks the first Popeye’s franchisee contracts with
EntertainmentXpress whose business model is built around the fast-growing
digital distribution network that provides a convenient way for consumers
to buy or rent movies, games and other entertainment media through kiosks
located in quick-serve food locations, grocery stores and other
high-traffic, public venues.

In a news release on March 25, Public Media Works announced a similar
agreement signed by a major Pizza Hut franchisee who operates over 155
stores in the greater Pittsburg area.

The Chairman and CEO of EntertainmentXpress, Garrett Cecchini, expressed
his enthusiasm with their new Popeye’s partnerships.

“I am delighted that Popeye’s is now joining us along with Pizza Hut, as
we continue to pursue partnerships with major quick serve restaurant
brands. This represents another strong testimonial from major brand
franchisees who believe, as we do, that EntertainmentXpress can support
their business strategies and marketing goals to get new customers,
retain customers and to create sales lift. It is a powerful partnership,”
commented Cecchini.

Salil Keswani, one of the five Popeye’s franchisees who signed on, told
the company that he strongly believes in what EntertainmentXpress has to
offer and is committed to support the concept for other Popeye’s
franchisees. Salil Keswani is Chairman of Popeye’s Development Committee
and a board member of Popeye’s International Franchise Association.

Other Popeye’s Restaurant franchisees in the greater Houston area who
have signed with EntertainmentXpress include Broford Inc. owned by Harry
Stafford, outgoing Chairman of Popeye’s International Franchise
Association (PIFA), current Board member of the association, and the head
of the Marketing Committee; Cardinal Southwest, owned by Charles Boyd and
Alvin Rucker who are committee members on PIFA’s Tech and R&D committees;
Houston Fast Food, owned by Miller and Family; GRM Operations, owned by
Greg Hobbs, DMA president and PIFA committee member; and Continental
Superior Management, owned by Ali Lakhany.

Public Media Works announced on March 24, 2010, that they executed a
share exchange agreement to acquire EntertainmentXpress which will
operate as a wholly owned subsidiary of the company with the close of the
deal anticipated by mid-April, 2010.

ABOUT PUBLIC MEDIA WORKS
Public Media Works was founded as a forward
thinking entertainment company, created and operated by entertainment
professionals, with the objective to discover, create, develop and
distribute entertainment content to world audiences.

With the upcoming acquisition of Entertainment Xpress, PMW will expand
its entertainment distribution interests to build a digital distribution
network of kiosks worldwide, to leverage the delivery of movies and other
custom entertainment content which will give an exclusive advantage to
the retail partners of EntertainmentXpress.

ABOUT ENTERTAINMENTXPRESS
EntertainmentXpress plans to roll out a
network of conveniently located, self-service, kiosks which deliver
demographically relevant digital media content to consumers. The
company’s core business model comprises the rental and sale of DVD
movies, video games and more through kiosks located in quick-serve food
locations, grocery stores and other high-traffic, public venues. Features
intended to differentiate EntertainmentXpress in the marketplace include
more digital product offerings in future phases, retail partner branded
kiosks, a fully integrated solution for in-store advertising and kiosks
pre-designed to become media filling stations to a variety of digital
storage devices.

The company’s forward thinking media acquisition and cross promotion
strategies are designed to deliver a better value proposition for
consumers and increase appeal to retail and distribution partners.
According to The NPD Group, a leading market research company, DVD movie
and video game rental kiosks are experiencing more growth than either
subscription services or store rentals and video rental kiosks will make
up nearly 30 percent of video rentals in the U.S. in 2010.
EntertainmentXpress’ focus is on becoming a significant participant in
this rapid expansion through a combination of organic and acquisition
growth strategies.

This press release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Sections 21E of
the Securities Exchange Act of 1934, and are subject to the safe harbor
created by these sections. Such forward-looking statements, particularly
as related to the business plans of EntertainmentXpress, expectations of
partnerships and strategic relationships, deployment of DVD and video
game rental kiosks in locations owned and operated by Popeye’s
franchisees, Popeye’s, or Pizza Hut franchisees, the ability of
EntertainmentXpress to enter into agreements with retail partners, to
gain market share, the size of the market, and the ability of
EntertainmentXpress to compete effectively in the marketplace, and the
future opportunities of the Company, are based on current expectations
that involve a number of risks and uncertainties. Actual results may
differ materially from the Company’s expectations and estimate.

For More Information: Go to www.publicmediaworks.com

Company Contact: (310) 358-3213
Investor Relations Contact: George Mainas (415) 464 4826 Extension 007

Copyright 2010, Market Wire, All rights reserved.

Vijay Mallya hails BCCI’s gesture

Mumbai, Apr 3 (ANI): Vijay Mallya, owner of the Bangalore Royal Challengers thanked the Indian Premier League (IPL) management and the Board of Control for Cricket in India (BCCI) for agreeing to contribute towards the extra expenses incurred in travelling to South Africa.

“I am very glad as a franchise owner that we are playing here. 95 per cent of the IPL is watched on the television. I think the television viewership will not suffer because we have kept the time at 4 p.m. and 8 p.m. at the same time. As far as the cost element is concerned, it will cost us more to go to South Africa and play. But, the BCCI and the IPL organisation have assured us that we will be adequately compensated,” said Mallya while addressing a press conference here on Thursday.

It may be recalled that the IPL decided to stage the second edition of IPL Twenty20 cricket matches in South Africa instead of India as the dates of certain ties clashed with general elections. The government expressed its inability to provide security to the players and also at the venues of the matches.

Consequently, the franchised owners of the teams had become a worried lot and sought drawbacks from the BCCI and the IPL to make up the cost of travelling to South Africa.

The BCCI has agreed to compensate the IPL franchisees the money spent on air travel to South Africa and also any extra expenditure incurred towards accommodation of their teams.

Whereas the commercial success of the first edition saw the IPL contribute close to rupees one billion to the exchequer last year, the BCCI doesn’t expect much profits this year due to huge supplementary costs in staging the matches abroad.

Meanwhile, in Kolkata, Kolkata Knight Riders captain Sourav Ganguly said that he was satisfied with the choice of Bloemfontein as the base camp for the team in South Africa.

“The population is much less. It is an open city. I have been to Bloemfontein many number of times. The facilities are very good. They say the best cricket wicket in South Africa is Bloemfontein. Adrian Le Roux comes from Bloemfontein. So he had a major say in this decision (of South Africa hosting the second edition of IPL),” said Ganguly.

The IPL tournament will start on April 10 and continue till May 24 in which 59 matches will be played at various venues in South Africa. (ANI)

New verification system causes slump in SIM sales in Pak

Lahore, Mar. 23 (ANI): The sale of SIM cards has gone down in Pakistan since the Pakistan Telecommunication Authority (PTA) implemented the new verification system for new cellular connections following the recent terror attacks.

The PTA has asked all cellular service providers and their franchisees to sell SIMs (subscriber identity modules) after proper verification.

Owners of franchisees are not happy with this development.

“Earlier, we sold a good number of new connections every month from general stores, mobile shops, medical pharmacies, and milk shops. But due to the new verification system, sales have decreased by almost 40 percent, and now, we are unable even to meet the expenditure of running the franchise,” the Daily Times quoted Shagan Malik, a franchise owner, as saying.

If any sales point or outlet sells SIMs without verification, the PTA has the authority to seal the franchise from where the SIM was released.

Earlier, SIM cards were sold without any verification across Pakistan.

Now all customers are required to fill out a Customer Service Agreement Form (CSAF) and attach necessary identification documents with it.

The steps taken by the government are being appreciated as criminals and terrorists had used fake and unregistered SIMs for various crimes, including the Mumbai terror attacks.

“The new system was launched for the safety and convenience of the public, and after the implementation of this system, the usage of unregistered SIMs for anti-social activities had reduced,” senior PTA official said. (ANI)