Posts Tagged ‘Mitt Romney’

Skyline, Champion Announce Thursday 1.25.2018, Conference Call – Details, & Insights Beyond their Press Release

January 24th, 2018 Comments off


In a press release to the Daily Business News and others in media, Skyline Corporation and Champion Home Builder’s have announced a joint conference call scheduled for 1.25.2018.

Before getting into their press release about the conference call and other details, sources tell MHProNews that Keith Anderson, president of Champion, told several attendees at the recent Louisville Manufactured Housing Show that he didn’t get “much pushback” from Clayton Homes after their recent announcement.

Another informed source told MHProNews that fairly typical non-disclosure agreements (NDA) exist between Skyline and Champion regarding their pending deal.

What’s Happened Since the Skyline (SKY) Champion Homes Deal Was Announced? Plus MH Market Update$

There are certainly contingencies, per sources, which could cause their announced deal not to go through. Therefore, it is “Not yet a done deal.”

The stock rocked north upon the initial news, but has since retreated, as last night’s closing numbers reveal.  How much of that retreat by investors may be due to whispers surrounding the deal is not entirely clear.


The Bain Connection

Part of the release references Champion’s connections to Bain Capital.  For those who may not recall, “The company [Bain Capital], and its actions during its first 15 years, became the subject of political and media scrutiny as a result of co-founder Mitt Romney’s later political career, especially his 2012 presidential campaign,” states Wikipedia.

That same source said, “Bain Capital is a global alternative investment firm based in Boston, Massachusetts. It specializes in private equityventure capital and credit products. Bain Capital invests across a range of industry sectors and geographic regions. As of June 2014, the firm managed more than $75 billion of investor capital across its various investment platforms.”

The firm [Bain] was founded in 1984 by partners from the consulting firm Bain & Company.[2] Since inception it has invested in or acquired hundreds of companies including AMC Theatres, Artisan Entertainment, Aspen Education Group, Brookstone, Burger King, Burlington Coat Factory, Canada Goose, DIC Entertainment, Domino’s Pizza, DoubleClick, Dunkin’ Donuts, D&M Holdings, Guitar Center, Hospital Corporation of America (HCA), iHeartMedia, Sealy, Sports Authority, Staples, Toys “R” Us, Warner Music Group, Fingerhut, The Weather Channel, and Apple Leisure Group, which includes AMResorts and Apple Vacations.”

As of 2014, Bain Capital employs more than 900 people.[citation needed] Bain Capital is headquartered at the 200 Clarendon Street in Boston, Massachusetts with additional offices in New York City, Chicago, Palo Alto, San Francisco, Dublin, London, Luxembourg, Munich, Hong Kong, Shanghai, Mumbai, Tokyo and Melbourne.”



Centerbridge Partners,” says Wikipedia, “is a multi-strategy private investment firm focused on leveraged buyouts and distressed securities.

The firm manages over $25 billion of assets[1] and is based in New York City, with an additional office in London. The firm invests in both control (private equity and public debt with a “loan-to-own” strategy) and non-control (public market debt, public market equities, and other publicly traded securities) opportunities.

The firm [2] was founded in 2005 by Jeffrey Aronson and Mark Gallogly.”



MAK Capital was also cited by the Skyline/Cision release as an investor in Champion.

Per Bloomberg, “MAK Capital One, LLC is an employee owned hedge fund sponsor. The firm primarily provides its services to pooled investment vehicles. It manages separate client focused portfolios. The firm invests in the public equity, fixed income, and alternative investment markets. It also employs event driven investing to make its investments. MAK Capital One, LLC was founded in May 2002 and is based in New York City.”

According to the MAK website, MAK Partners’ aim is to successfully help define and implement customized strategies for investing in US and European commercial and residential real estate.”


Per The Skyline/Cision Release…

ELKHART, Ind., Skyline Corporation (“Skyline” or the “Company”) will hold a conference call at 9:00 am Eastern Time on Thursday, January 25, 2018 to discuss the previously announced definitive agreement to combine operations with Champion Enterprises Holdings, LLC (“Champion”). 

Members of executive management of Champion also will participate in the conference call. 

To participate in the live conference call, dial 1-877-407-0784 (U.S. and Canada) or 1-201-689-8560 (International).  Presentation slides to accompany the call will be available,” stated their release.

Quoting verbatim the balance of their release…

About Skyline Corporation:

Skyline Corporation and its consolidated subsidiaries design, produce, and market manufactured housing, modular housing, and park models to independent dealers, developers, campgrounds, and manufactured housing communities located throughout the United States and Canada. The company has eight manufacturing facilities in seven states. Skyline Corporation was originally incorporated in Indiana in 1959, as successor to a business founded in 1951, and is one of the largest producers of manufactured and modular housing in the United States. For more information, visit

About Champion Enterprises Holdings, LLC:

Champion Enterprises Holdings, LLC was formed in 2010 as the parent company of Champion Home Builders, Inc. which was founded in 1953.  Champion Home Builders specializes in a wide variety of manufactured and modular homes, park-model RVs and modular buildings for the multi-family, hospitality, senior and workforce housing sectors. The company operates 28 manufacturing facilities throughout North America. Additionally, Champion operates a factory-direct retail business, Titan Factory Direct, with 21 retail locations spanning the southern U.S., and Star Fleet Trucking, providing transportation services to the manufactured housing industry from 10 dispatch locations across the United States. Champion is majority owned by funds affiliated with Bain Capital Credit (, Centerbridge Partners, L.P. (, and MAK Capital.  For more information, visit

Forward-Looking Statements

Except for historical information contained herein, this document expresses “forward-looking statements” which are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995, as amended. Such matters include forward-looking statements regarding the prospective effects and timing of the proposed share contribution and exchange transaction with Champion (the “Exchange”).  Generally, the words “believe,” “expect,” “intend,” “estimate,” “project,” “will,” and similar expressions indicate forward-looking statements.  Those statements, including statements, projections, estimates, or assumptions concerning future events or performance, and other statements that are other than statements of historical fact, are subject to material risks and uncertainties.  Skyline cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made.  Skyline may make other written or oral forward-looking statements from time to time.  Readers are advised that various important factors could cause Skyline’s actual results or circumstances for future periods to differ materially from those anticipated or projected in such forward-looking statements.  Such factors, among others, include, but are not limited to: potential failure to obtain shareholder approval of the Exchange-related matters to be submitted to Skyline’s shareholders (the “Company Shareholder Approval Matters”); potential failure to obtain regulatory approval for the Exchange or to satisfy other conditions to the consummation of the Exchange on the proposed terms and within the proposed timeframes; costs or difficulties relating to integration matters might be greater than expected; material adverse changes in Skyline’s operations or earnings; changes in laws, regulations, or accounting principles generally accepted in the United States; the effect of the recently enacted Tax Cuts and Jobs Act on Skyline and its subsidiaries; Skyline’s competitive position within the markets it serves; unforeseen downturns in the local, regional, or national economies or in the specific regions in which Skyline has market concentrations; and other risks discussed in Skyline’s filings with the SEC, including its Annual Report on Form 10-K, which filings are available from the SEC.  Skyline undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.

Additional Information for Shareholders

In connection with the Company Shareholder Approval Matters and the proposed Exchange, Skyline will prepare a proxy statement to be filed with the SEC.  When completed, a definitive proxy statement and a form of proxy will be mailed to the shareholders of Skyline.  The proxy statement will contain important information about the Company Shareholder Approval Matters and the proposed Exchange and related matters.  SKYLINE’S SHAREHOLDERS ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE DEFINITIVE PROXY STATEMENT REGARDING THE PROPOSED EXCHANGE (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS) CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY SHAREHOLDER APPROVAL MATTERS AND THE PROPOSED EXCHANGE.  Skyline’s shareholders will be able to obtain, without charge, a copy of the proxy statement (when available) and other relevant documents filed with the SEC from the SEC’s website at  Skyline’s shareholders also will be able to obtain, without charge, a copy of the proxy statement and other relevant documents (when available) by directing a request by mail or telephone to Skyline Corporation, 2520 By-Pass Road, P.O. Box 743, Elkhart, Indiana 46514, Attention: Corporate Secretary, or by calling (574) 294-6521, or from Skyline’s website at under the tab “Investors – SEC Filings.”  The information available through Skyline’s website is not and shall not be deemed part of this Current Report on Form 8-K or incorporated by reference into other filings Skyline makes with the SEC.  This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.

This communication is not a solicitation of proxies in connection with the proposed Exchange.  However, Skyline and its directors and officers may be deemed to be participants in the solicitation of proxies from Skyline’s shareholders with respect to the special meeting of shareholders that will be held to consider the Company Shareholder Approval Matters in connection with the Exchange.  Information concerning the ownership of Skyline securities by Skyline’s directors and executive officers is included in their SEC filings on Forms 3, 4, and 5 and additional information about Skyline’s directors and executive officers and their ownership of Skyline’s common stock is set forth in the proxy statement for Skyline’s 2017 annual meeting of shareholders, as filed with the SEC on Schedule 14A on August 22, 2017.  Shareholders may obtain additional information regarding the interests of Skyline and its directors and executive officers in the proposed Exchange, which may be different than those of Skyline’s shareholders generally, by reading the proxy statement and other relevant documents regarding the proposed Exchange, when filed with the SEC.  These documents can be obtained free of charge from the sources indicated above.

SOURCE: Skyline Corporation.”

— 30 —

Both firms are members of the Manufactured Housing Institute (MHI). A recent report on MHI, is linked below.

Busted! “Failure Bonus” Paid-Richard “Dick” Jennison, CEO Manufactured Housing Institute-per MHI Document$

Disclosure. MHProNews has no positions and makes no recommendations about the firms being reported. Last night’s closing numbers are linked here.   “We Provide, You Decide.” © ## (News, analysis, and commentary.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for

Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and

Construction Company Head Slams Modular Housing

August 12th, 2013 Comments off

Responding to the onset of numerous modular housing projects now underway in New York City, Samuel C. Florman, Chairman of Kreisler Borg Florman General Construction Co., notes that George Romney (Mitt Romney’s father) promoted prefabricated housing as Secretary of the Department of Housing and Urban Development (HUD) in 1969-1973. Writing in crainsnewyork, he says nine factories had public and private support across the board but “the experiment failed. They falter because of suddenly weakened financial backing, technical complications, community conflicts, weather, accidents, labor unrest and, in general, the unforeseen.” MHProNews understands that the absence of weather conditions is one major factor in the success of modular construction.

(Photo credit: Forest Ratner Co.–Brooklyn Atlantic Yards modular housing)

Morning After

November 7th, 2012 Comments off

Bloomberg tells MHProNews the Dollar Index, which tracks American currency against that of six of our trading partners, rose 0.3 percent to a seven-week high on the news of President Obama’s re-election, a sign of a weakened dollar. The index hit 80.83 after touching 80.92. Investors are concerned the president will not deal effectively with the looming fiscal cliff crisis, which could send the country back into recession. Andrew Wilkinson of Miller Tabak in New York, says, “What we’re seeing very clearly is a dose of risk aversion. Nothing says that the fiscal cliff is not going to get dealt with, but this is a domino effect stemming from equities, and one of the bricks in place is a stronger dollar.” Challenger Mitt Romney disagreed with the Federal Reserve’s stimulus policy and had said he would replace Ben Bernanke when his term expires. “Obama’s re-election is likely to boost expectations of continued easing by the Fed,” said Junya Tanase at JPMorgan Chase in Tokyo. “If it leads to lower U.S. yields and higher stock prices, the bias will be for the dollar-yen to fall.” Meanwhile, MarketWatch says the Fed’s quantitative easing policy promotes the real estate industry because it involves buying securities that support residential and commercial construction. Since home-building is an industry that cannot be outsourced, it has gotten support from the Obama administration, reflected in the stock value increse of various builders and component makers. iShares U.S.Home Construction has risen 133 percent during the last four years versus 69 percent for the S&P. Their commentary suggests the first year of President Obama’s term will be rough economically as investors respond to slowing global economic growth.

(Photo credit: NBCNEWS–President Obama giving his victory speech.)

Business Leaders Overwhelmingly Support Romney

October 25th, 2012 2 comments

In its survey of 284 chief executives in Oct. 2012 regarding the presidential election, ChiefExecutive reports 83.2 percent of CEOs intend to vote for Mitt Romney, nearly identical results to a survey of 334 separate CEOs in Sept. 2012. Additionally, if Romney is elected, CEOs say they are more likely to increase capital expenditures and hiring than if Obama is elected. Almost 58 percent say Pres. Obama has significantly harmed the business climate, and another 26 percent say he has done more harm than good. Although Pres. Obama consistently maintains he supports small business, almost 45 percent of those surveyed operate businesses under $25 million in revenues. The two most critical issues to these business leaders are debt reduction and limiting debt, followed by job creation and corporate tax rates. Thirty-one percent say overall business conditions are weak, fifteen percent say conditions are poor, and only 23 percent describe the business climate as good or very good. As MHProNews has learned, 48.4 percent do not expect change in their employment levels, while another 22.6 employment believe employment will fall. For the full report, click here.

(Photo credit: Mitt

Obama Barely Showed Up

October 4th, 2012 Comments off

In a poll conducted by CNN Wednesday night after the presidential debates, 67 percent of the respondents said Gov. Mitt Romney bested Pres. Obama, while only 25 percent said Obama won. CNN Polling Director Keating Holland said it’s the only time since the question was initially asked in 1984 that number has hit above 60 percent. Of the 430 respondents, almost half said it did not change their mind, 35 percent said they would be more apt to vote for Romney, but only 18 percent convinced them Obama was the better choice. 82 percent said Gov. Romney performed better than anticipated, with 20 percent saying the president did. As MHProNews has learned, over 60 percent said the president did worse than expected, while only ten percent said that of Romney.

(Photo credit: Drudge)

Mo Mitt

October 3rd, 2012 Comments off reports that Mitt Romney grabbed momentum and took it to the incumbent president on a range of issues, including: Dodd-Frank, ObamaCare, Medicare, increasing domestic energy production, reforming taxes, education and of course creating jobs. Romney twice cited that the National Federation of Independent Businesses (NFIB) said that Obama’s policies would cost the country another 700,000 jobs. Romney stressed free market vs. big government solutions and repeatedly corrected the president on claims Obama made about his policies, saying the president was entitled to his own plane, house and opinions “but not to your own facts.”

In post debate commentary, ABC, CBS and NBC all essentially agreed that Romney was crisp and in command of facts, while Obama looked flat. The fact that Barack Obama was often hanging his head and grimacing seemed to capture the night, as the photo from Drudge reflects.

In samples of post debate media coverage, even very partisan MSNBC seemed frustrated with Obama’s performance. Real Clear Politics stated:

“Tonight wasn’t an MSNBC debate tonight, was it?” Chris Matthews said after the first Obama-Romney presidential debate concluded on Wednesday night.

“I don’t know what he was doing out there. He had his head down, he was enduring the debate rather than fighting it. Romney, on the other hand, came in with a campaign. He had a plan, he was going to dominate the time, he was going to be aggressive, he was going to push the moderator around, which he did effectively, he was going to relish the evening, enjoying it,” Matthews said.

The National Journal reported:

“Going forward with the status quo is not going to cut it for the American people who are struggling today,” Romney said, stealing the mantle of change Obama wore so well in 2008.

The former Massachusetts governor also reminded voters repeatedly that the president has not lived up to promises he made four years ago. After Obama vowed to reduce the deficit in a second term, Romney replied, “You’ve been president four years.”

“You said you’d cut the deficit in half. It’s now four years later. We still have trillion-dollar deficits,” he said. Time is up was the message for voters.

Privately, some Democratic strategists said the challenger got the best of the president. “We got our clock cleaned,” said a Democratic strategist who spoke on condition of anonymity out of fear of retribution. The strategist had reviewed results of polls and focus groups of the debate.

As MHProNews knows, while all of the issues discussed impact manufactured housing professionals and the industry’s customers, Dodd-Frank is certainly among the issues that impacts our industry the most. Romney has promised to repeal Dodd-Frank if elected. Gains in the Senate and holding the House by Republicans would make that promise possible.

One radio commentator pointed out in pre-debate coverage that of the over 40 promises that Romney made to voters in Massachusetts, he kept all of them. Governor Romney pledged to do what he did in Massachusetts, where he worked with both parties to get things done. During Romney’s term, the former Governor asserted that he worked successfully with a legislature that was 87% Democratic.

Governor Chris Christie predicted on Sunday that the narrative of the race would be different Thursday morning.   There was surprising consensus even among often partisan pundits that the debate’s Mo went with Mitt. ##

(Photo credit: Drudge)

Romney Hammers Obama’s Housing Recovery

September 24th, 2012 1 comment

HousingWire reports Republican presidential hopeful Mitt Romney, in his housing plan, promises to shortcut Pres. Obama’s foreclosure prevention programs with private deals between banks and borrowers by providing alternatives to foreclosure, like short sales, deed-in-lieu-of-foreclosure, and shared appreciation. He has slammed the qualified mortgage rule and vowed to overhaul the Dodd-Frank Act. According to the plan, “More than two years since the passage of Dodd-Frank, regulators still haven’t been able to define what the characteristics of these ‘qualified mortgages’ should be, and the lack of certainty has paralyzed lenders. The end result is that credit-worthy borrowers are being rejected when they apply for a mortgage, and the housing recovery is being further delayed.” MHProNews has learned the plan calls for reforming the GSE’s but not privatizing them altogether.

(Photo credit:

MHARR Appeals to Pres. Obama and Candidate Romney

September 18th, 2012 Comments off

heraldonline tells MHProNews the Manufactured Housing Association for Regulatory Reform (MHARR) issued a bi-partisan appeal to President Obama and Republican presidential candidate Mitt Romney to assist in revitalizing manufactured housing as a form of affordable homeownership for millions of Americans of modest means to achieve the dream of owning their own homes. Noting the 19 million Americans currently living in manufactured homes, with many more who would were public and private financing more readily available. MHARR points out that a considerable number of retirees live in key battleground states that could decide the election: New Mexico, Florida, North Carolina, Virginia, Ohio, and Nevada. Further, MHARR says manufactured housing could help fulfill the government’s stated mission to “create strong, sustainable, inclusive communities and quality affordable homes for all.” Please click here for the complete text.

(Image credit: Manufactured Housing Association for Regulatory Reform)

Dodd-Frank not Likely to Vanish

September 11th, 2012 Comments off

BloombergBusinessWeek says while Republican presidential candidate Mitt Romney has vowed to repeal Dodd-Frank, it’s more likely he would water down some of the restrictions on the most lucrative and profitable investments while providing sufficient oversight to protect the banks. Specifically, banks would toss restrictions on investments in private equity and hedge funds, reduce the reach of the Consumer Federal Protection Bureau (CFPB), and block the Volcker Rule. MHProNews has learned Matthew Albrecht, an analyst with Standard & Poor’s, says the eight biggest U.S. banks could lose between $22 billion and $34 billion due to Dodd-Frank. Mark Calabria, a former Republican Senate aide, says, “From a bank’s perspective, you’d rather have piecemeal reform of Dodd-Frank, not only because there are things in the law you want to keep, but also because you’re going to have more control over the process.” Bank executives are aware of the public’s anger in its role in causing the recession and publicly may favor Dodd-Frank while their lawyers fight behind the front line to weaken the rules.

(Image credit: BloombergBusinessWeek)

Obamacare Cripples Medicare

August 23rd, 2012 Comments off

SeniorHousingNews says while Democrats lambast vice-presidential candidate Paul Ryan’s proposal to make Medicare a voucher system, Republican presidential candidate Mitt Romney points out President Obama’s Affordable Care Act garners a significant portion of funding by cutting Medicare $716 billion. The combination of reductions in reimbursements to hospitals and private health insurance companies, and reductions to reimbursements to private Medicare Advantage Plans accounts for just under two-thirds of the cuts in Medicare. As MHProNews knows, a significant number of manufactured housing community residents are in the 55+ age bracket, and these cuts could seriously impact their financial well-being. Please see attached graph.

(Graphic credit: Washington Post/Senior Housing News)