Leucadia National
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| Type | Public |
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| Traded as | NYSE: LUK S&P 500 Component |
| Industry | Conglomerate |
| Headquarters | New York, NY, US |
| Area served | Worldwide |
| Key people | Ian M. Cumming CEO Chairman of the Board |
| Revenue |  $ 1.320 billion (December 31, 2010) |
| Operating income | $ 493.812 million (December 31, 2010) |
| Net income | $ 1.939 billion (December 31 2010) |
| Total assets | $ 9.350 billion (December 31, 2010) |
| Total equity | $ 6.957 billion (December 31, 2010) |
| Employees | 2,414 (June 15, 2011) |
| Website | Leucadia.com |
Leucadia National Corporation (NYSE: LUK) is a holding company that, through its subsidiaries, engages in mining & drilling services, telecommunications, healthcare services, manufacturing, banking and lending, real estate, and winery businesses with a market cap of about $8.0 billion as of June 15, 2011. Leucadia is known as a "mini Berkshire Hathaway" with an average annual return of over 22%. Largest current investments include Jefferies and Fortescue Metals Group.
Leucadia's highest profile move to-date (as of 2005[update]) was a bid in 2004 to acquire 50 percent of telecommunications company MCI's common stock. However, after MCI received higher bids from other companies, Leucadia withdrew from the bidding process. [1]
Leucadia executives Ian Cumming and Joseph Steinberg both graduated in the same Harvard Business School Class of 1970. They joined Leucadia around 1979. Ian Cumming (a Vancouver native) and Joseph Steinberg each own about 13% of Leucadia's shares. [2]
Leucadia is headquartered in New York City, but has additional offices in Salt Lake City, Utah. The company's name comes from the seaside town in Southern California and was chosen randomly after several other choices were rejected during the incorporation process. Cumming and Steinberg spotted the sign along the freeway and suggested it as an alternative.(2007 Annual Report)
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[edit] Subsidiaries
- Conwed Plastics
- Idaho Timber
- Keen Energy Services
- ResortQuest
- Crimson Wine Group
- Leucadia Energy
- Hard Rock Hotel and Casino (Biloxi)
- Sangart (91%)
- Berkadia Commercial Mortgage (50%)
- based in Horsham, Pennsylvania and owned jointly by Leucadia and Berkshire Hathaway, this subsidiary was formed in 2009 following Leucadia's acquisition of a part of Capmark Financial Group[1]
- HomeFed (31.4%)
- Jefferies & Company (29%)
- Inmet Mining (9.98%)
- Fortescue Metals Group (9%)
[edit] Executives as of 2007
- Ian M. Cumming
- Chairman, Chief Exec. Officer and Chairman of Exec. Committee
- Total 2006 pay was $7,896,730 (as presented in 4/17/2007 proxy statement.)
- Joseph S. Steinberg
- Pres, Chief Operating Officer, Director and Member of Exec. Committee
- Total 2006 pay was $7,916,645
- Joseph A. Orlando
- Chief Financial Officer and VP
- Total 2006 pay was $1,344,259
- Thomas E. Mara
- Exec. VP and Treasurer
- Total 2006 pay was $1,584,930
- H.E. Scruggs
- VP
- Total 2006 pay was $877,373
[edit] Other Investments
- WMAC Investment Corp., a subsidiary of Leucadia, is the largest backer of Pershing Square Capital Management L.P., a Delaware-incorporated investment partnership. William Ackman is the founder of the $300 million+ activist hedge fund Pershing Square. The Fund had 40%+ returns over the past 2 years.[citation needed]
- In June 2007, Leucadia (through a subsidiary) purchased most of the assets of ResortQuest International, Inc., a vacation rental property management company headquartered in Fort Walton Beach, Florida, from Gaylord Entertainment Company.
- In December 2011, National Beef Packing Company, LLC and its major owner U.S. Premium Beef, LLC (USPB) announced the company’s majority owners have entered into a Membership Interest Purchase Agreement with Leucadia National Corporation under which Leucadia will acquire approximately 79 percent of the outstanding ownership interests in National Beef
[edit] External links
http://www.gurufocus.com/news.php?id=53074
[edit] Regulatory Filings
- SEC.gov - the EDGAR database Leucadia National - EDGAR Filings (CIK: 0000096223)
[edit] References
* Leucadia National Corporation Annual Report 2007
- ^ Jeff Blumenthal (19 September 2011), "Berkadia Commercial Mortgage to buy Tavernier Capital", Philadelphia Business Journal, http://www.bizjournals.com/philadelphia/news/2011/09/19/berkadia-commercial-mortgage-to-buy.html, retrieved 21 September 2011
