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Merger Arbitrage Mondays – September 19, 2011
Asif Suria , Inside Arbitrage
September 12, 2011 1:07pm 9085 Comments
Merger activity remained steady last week with three new deals announced and four closing.
You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.
Deal Statistics:
Total Number of Deals Closed in 2011 152
Total Number of Deals Not Completed in 2011 2
Total Number of Pending Deals
Cash Deals 33
Stock Deals 22
Stock & Cash Deals 8
Total Number of Pending Deals 63
New Deals:
The acquisition of NetLogic Microsystems (NETL) by Broadcom (BRCM) for $3.7 billion or $50 per share in cash.
The acquisition of Global Industries (GLBL) by Technip for $1.1 billion or $8.00 per share in cash.
The acquisition of M&F Worldwide (MFW) by MacAndrews and Forbes Holdings for $25.00 per share in cash. MacAndrews & Forbes currently owns approximately 43% of the outstanding shares of MFW common stock.
Updated Deals:
On September 14, 2011, Avis Budget Group (CAR) dropped its bid to buy rival rental car company Dollar Thrifty Group (DTG) citing current market conditions.
On September 16, 2011, Transatlantic Holdings (TRH) and Allied World Assurance (AWH) called off their proposed $2.94 billion merger.
Closed Deals:
The acquisition of the Timberland Company (TBL) by V.F. Corporation (VFC) on September 13, 2011
The acquisition of Alkermes (ALKS) by Elan Corporation (ELN) on September 16, 2011
The acquisition of Lubrizol Corporation (LZ) by Berkshire Hathaway (BRK.A)(BRK.B) on September 16, 2011
The acquisition of China security & Surveillance Tech. (CSR) by Rightmark Holdings Limited on September 16, 2011
Top 10 deals with largest spreads:
Acquiring
Annualized
GRAN 04/27/2011 FNB United Corp (FNBN) $1.49 $0.70 09/30/2011 112.14% 3721.10%
AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) $5.53 $4.09 09/30/2011 35.22% 1168.72%
MHS 07/21/2011 Express Scripts, Inc. (ESRX) $61.72 $49.84 06/30/2012 23.83% 30.52%
HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) $24.00 $20.01 12/31/2011 19.94% 70.66%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $23.36 $19.97 12/31/2011 17.00% 60.23%
ABVA 07/27/2011 Eagle Bancorp, Inc. (EGBN) $5.42 $5.09 12/31/2011 6.44% 22.82%
ALTH 07/20/2011 Amag Pharmaceuticals (AMAG) $1.79 $1.685 12/31/2011 6.21% 22.01%
NXG 08/29/2011 AuRico Gold Inc. (AUQ) $3.95 $3.73 10/31/2011 5.98% 51.94%
MMI 08/15/2011 Google (GOOG) $40.00 $37.81 01/31/2012 5.79% 15.78%
LOOP 04/27/2011 CoStar Group (CSGP) $18.47 $17.47 12/31/2011 5.73% 20.30%
List of all pending deals:
Annu.
GRAN 04/27/2011 FNB United Corp (FNBN) All Stock N/A $1.49 $0.70 483 09/30/2011
Details of Bank of Granite corporation
Expected to close in the third quarter of 2011 in an all-stock deal. Upon completion of the merger, Bank of Granite shareholders will receive 3.375 shares of FNB's common stock in exchange for each share of Bank of Granite common stock they own.
As part of this transaction, The Carlyle Group and Oak Hill Capital Partners, have each entered into definitive agreements with FNB United to invest $77.5 million in the common stock of FNB United subject to the conditions set forth in the agreements as part of a $310 million private placement of FNB United's common stock.
The Carlyle Group and Oak Hill Capital Partners will each receive approximately 484 million shares of common stock at the closing not to exceed 24.9 percent of the then-outstanding shares of common stock, valued at $0.16 a share.
AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) Cash Plus Stock $258.6 million $5.53 $4.09 1,558,983 09/30/2011 35.22% 1168.72%
Details of Advanced Analogic Technologies, Inc.
Expected to close in the third quarter of 2011 for a closing value of $258.6 million in an all stock deal. Upon completion of the merger, Advanced Analogic Technologies shareholders will receive $3.68 in cash and 0.08725 of Skyworks Solutions common stock for each Advanced Analogic Technologies share held.
The stock component of the price has a nominal value of $2.45 for a total value of $6.13. The cash portion will be adjusted higher or reduced at closing based on the stock portion to maintain a total value of $6.13. So for all practical purposes this could be considered an all cash deal.
MHS 07/21/2011 Express Scripts, Inc. (ESRX) Cash Plus Stock $29.1 billion $61.72 $49.84 164,163 06/30/2012 23.83% 30.52%
Details of Medco Health Solutions
Expected to close in the first half of 2012 for a closing value of $29.1 billion. Upon completion of the merger, Medco shareholders will receive $28.80 in cash and 0.81 shares for each Medco share they own.
HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) All Cash N/A $24.00 $20.01 268,796 12/31/2011
Details of Harbin Electric
Expected to close in the fourth quarter of 2011. Upon completion of the merger, Harbin Electric shareholders will receive $24.00 per share in cash.
TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $23.36 $19.97 125,856 12/31/2011 17.00% 60.23%
Details of TAM S.A.
Completion of this transaction is expected to take between six to nine months. On the completion of merger TAM shareholders will receive 0.90 shares in LAN for each TAM share they hold. Shares of LAN Airlines SA of Chile and Brazilian carrier TAM SA fell sharply Monday, January 31, 2011, as investors reacted to the Chilean antitrust court's move late Friday to suspend their proposed merger.
Update March 18, 2011: Chile's LAN Airlines (LFL) said a regulatory investigation into complaints about the merger could take between 6 to 9 months and the merger will most likely not complete before the fourth quarter. We have updated the closing date to 12/31/2011.
ABVA 07/27/2011 Eagle Bancorp, Inc. (EGBN) All Stock $31.2 million $5.42 $5.09 N/A 12/31/2011 6.44% 22.82%
Details of Alliance Bankshares Corporation
Expected to close in the fourth quarter of 2011 for a closing value of $31.2 million in an all stock deal. Upon completion of the merger, Alliance shareholders will receive 0.4317 shares (the "Conversion Ratio") of Eagle common stock for each share of Alliance common stock subject to adjustment based upon certain factors set forth in the Agreement.
I have analyzed some complex deals in the past but the lengthy list of factors that could affect the conversion ratio of this deal takes the cake. It is therefore not surprising that the spread on the deal is so large. You can find additional information about the adjustment to the "conversion ratio" in this 8-K form filed with the SEC.
ALTH 07/20/2011 Amag Pharmaceuticals (AMAG) All Stock $686 million $1.79 $1.685 23,317 12/31/2011 6.21% 22.01%
Details of Allos Therapeutics
Expected to close in the fourth quarter of 2011 for a closing value of $686 million in an all stock deal. Upon completion of the merger, Allos stockholders will receive a fixed ratio of 0.1282 shares of AMAG common stock for each share of Allos common stock they own.
NXG 08/29/2011 AuRico Gold Inc. (AUQ) All Stock $1.46 billion $3.95 $3.73 676,827 10/31/2011 5.98% 51.94%
Details of Northgate Minerals Corp.
Expected to close in October 2011 for a closing value of $1.46 billion in an all stock deal where shareholders of Northgate Minerals will receive 0.365 AuRico common shares per Northgate common share.
MMI 08/15/2011 Google (GOOG) All Cash $12.5 billion $40.00 $37.81 413,882 01/31/2012 5.79% 15.78%
Details of Motorola Mobility Holdings, Inc.
Expected to close by the end of 2011 or early 2012 for a closing value of $12.5 billion. Upon completion of the merger, shareholders of Motorola Mobility Holdings will receive $40.00 per share in cash.
LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $18.47 $17.47 54,408 12/31/2011
Details of LoopNet
Expected to close by the end of the year in a cash plus stock deal. Upon completion of the merger, LoopNet shareholders will receive $16.50 in cash and 0.03702 shares of CoStar Group common stock per share held.
FNDT 06/27/2011 S1 Corporation (SONE) All Stock $700 million $24.32 $23.09 25,443 12/31/2011 5.31% 18.83%
Details of Fundtech Ltd.
Expected to close in the fourth quarter of 2011 for a closing value of $700 million in an all stock deal, where Fundtech shareholders will receive 2.72 shares of S1 common stock for each Fundtech ordinary share they own.
Update August 2, 2011: SONE received a $540 million buyout offer from ACI Worldwide (ACIW), which was rejected by the SONE board in favor of the Fundtech deal.
CRU 05/05/2011 Capital Product Partners L.P. (CPLP) All Stock $281.3 million $9.83 $9.39 9,818 09/30/2011 4.66% 154.78%
Details of Crude Carriers Corp.
Expected to close in the third quarter of 2011 for a closing value of $281.3 million in an all-stock deal. Upon comlpletion of the merger, Crude Carriers shareholders will receive 1.56 CPLP common units for each Crude Carriers share.
ENP 07/11/2011 Vanguard Natural Resources (VNR) All Stock $545 million $20.13 $19.32 14,099 12/31/2011 4.19% 14.86%
Details of Encore Energy Partners
Expected to close by the end of the year for a closing value of $545 million in an all stock deal, where Encore's public unitholders would receive 0.75 Vanguard common units in exchange for each Encore common unit they own.
NETL 09/12/2011 Broadcom (BRCM) All Cash $3.7 billion $50.00 $48.12 1,473,898 06/30/2012 3.91% 5.00%
Details of NetLogic Microsystems Inc.
Expected to close in the first half of 2012 for a closing value of $3.7 billion. Upon completion of the merger, shareholders of NetLogic Microsystems will receive $50.00 per share in cash.
CEG 04/28/2011 Exelon Corporation (EXC) All Stock $7.9 billion $40.21 $38.74 141,270 01/31/2012
Details of Constellation Energy Group
Expected to close in early 2012 for a closing value of $7.9 billion in an all-stock deal. Upon completion of the merger, Constellation shareholders will receive 0.93 shares of Exelon for each Constellation share.
PAET 08/01/2011 Windstream Corp. (WIN) All Stock $2.3 billion $5.87 $5.66 192,239 01/31/2012 3.62% 9.87%
Details of PAETEC Holding Corp.
Expected to close in the next six months for a closing value of $2.3 billion in an all stock deal. Upon completion of the merger, PAETEC shareholders will receive 0.460 shares of Windstream common stock for each PAETEC share owned.
PVSA 06/15/2011 F.N.B. Corporation (FNB) All Stock $130 million $18.99 $18.37 2,495 12/31/2011 3.39% 12.00%
Details of Parkvale Financial Corporation
Expected to close in the fourth quarter of 2011 for a closing value of $130 million in an all stock deal. Upon completion of the merger, Parkvale Financial Corporation's shareholders will receive 2.178 shares of F.N.B. Corporation common stock for each share of Parkvale Financial Corporation stock.
ORCH 04/06/2011 Laboratory Corporation of America Holdings (LH) All Cash $85.4 million $2.80 $2.71 200 07/31/2011 3.32% 0.00%
Details of Orchid Cellmark
Expected to close in the second quarter of 2011 for a closing value of $85.4 million. Upon completion of the merger, Orchid Cellmark shareholders will receive $2.80 per share in cash.
CFSG 05/20/2011 Bain Capital Partners (N/A) All Cash $265.5 million $9.00 $8.72 100,534 11/15/2011 3.21% 20.56%
Details of China Fire & Security Group, Inc.
Expected to close by November 15, 2011 for a closing value of $265.5 million. Upon completion of the merger, China Fire and Security Group shareholders will receive $9.00 per share in cash.
KCI 07/13/2011 Consortium of Funds (N/A) All Cash $6.3 billion $68.50 $66.44 639,438 12/31/2011 3.10% 10.99%
Details of Kinetic Concepts, Inc.
Expected to close in the second half of 2011 in an all cash deal. Upon completion of the merger, Kinetic Concepts shareholders will receive $68.50 per share.
HNB 06/02/2011 BankUnited Inc. (BKU) Cash Plus Stock $71.4 million $3.50 $3.40 200 12/31/2011
Details of Herald National Bank
Expected to close in the fourth quarter of 2011 for a closing value of $71.4 million. Upon completion of the merger, Herald National Bank shareholders will receive either cash or BankUnited common stock with a value of $1.35 in cash and 0.099 shares of BankUnited common stock, subject to proration.
TIN 09/06/2011 International Paper (IP) All Cash $4.3 billion $32.00 $31.25 795,476 03/31/2012 2.40% 4.52%
Details of Temple-Inland
Expected to close in the first quarter of 2012 for a closing value of $4.3 billion. Upon completion of the merger, shareholders of Temple-Inland will receive $32.00 per share in cash.
MFW 09/12/2011 MacAndrews and Forbes (N/A) All Cash N/A $25.00 $24.45 8,536 12/31/2011 2.25% 7.97%
Details of M&F Worldwide Corp.
Expected to close in the fourth quarter of 2011. Upon completion of the merger, shareholders of M&F Worldwide will receive $25.00 per share in cash.
GLA 09/01/2011 The Gores Group (N/A) All Cash N/A $0.46 $0.45 19,658 12/31/2011 2.22% 7.87%
Details of Clark Holdings
Expected to close by the end of the year. Upon completion of the merger, shareholders of Clark Holdings will receive $0.46 per share in cash.
GLBL 09/12/2011 Technip (N/A) All Cash $1.1 billion $8.00 $7.85 308,882 01/31/2012 1.91% 5.20%
Details of Global Industries Ltd.
Expected to close in early 2012 for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Global Industries will receive $8.00 per share in cash.
VSEA 05/04/2011 Applied Materials Inc. (AMAT) All Cash $4.9 billion $63.00 $61.84 106,456 09/30/2011 1.88% 62.24%
Details of Varian Semiconductor Equipment Associates Inc.
Expected to close in the third quarter of 2011 for a closing value of $4.9 billion. Upon completion of the merger, Varian shareholders will receive $63 in cash for each share of Varian stock they hold.
The closing of the acquisition is subject to customary conditions, including approval by Varian's shareholders and review by U.S. and international regulators.
BBBB 07/01/2011 Providence Equity Partners (N/A) All Cash $1.64 billion $45.00 $44.21 213,487 12/31/2011 1.79% 6.33%
Details of Blackboard Inc.
Expected to close in the fourth quarter of 2011 for a closing value of $1.64 billion. Upon completion of the merger, Blackboard's shareholders will receive $45.00 per share in cash.
PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $28.50 1,719 09/30/2011
Details of Pennichuk Corporation
Expected to close in the third quarter of 2011 for a closing value of $138 million. On the completion of the merger, Pennichuck shareholders will receive $29.00 per share in cash.
AHCI 07/29/2011 Saga Group Limited (N/A) All Cash $175 million $3.90 $3.84 N/A 12/31/2011
Details of Allied Healthcare International Inc.
Expected to close in the fourth calendar quarter of 2011 for a closing value of $175 million. Upon completion of the merger, Allied Healthcare International's shareholders will receive $3.90 per share in cash.
TGE 03/21/2011 Dawson Geophysical Company (DWSN) All Stock $157 million $5.46 $5.39 1,585 08/15/2011 1.36% 0.00%
Details of TGC Industries
Expected to close by late second quarter or early third quarter of 2011 for a closing value of $157 million in an all-stock deal.
Pursuant to the terms of the merger agreement, at the effective time of the merger, TGC shareholders will receive 0.188 shares of Dawson stock for every one share of TGC stock, provided that the average of the volume weighted average price of Dawson common stock on the NASDAQ during the ten consecutive trading days ending on the second business day prior to the date of the shareholders' meetings of Dawson and TGC to be called for the purpose of approving the transaction is equal to or greater than $32.54 but less than or equal to $52.54. In the event that the average of the volume weighted average price of Dawson's common stock is outside of that range, then the parties, at their respective option, shall be entitled to terminate the transaction following good faith negotiations to determine a modified, mutually acceptable exchange ratio.
BFSB 08/17/2011 Investors Bancorp, Inc. (ISBC) All Cash $10.3 million $0.80 $0.79 100 12/31/2011 1.27% 4.49%
Details of Brooklyn Federal Bancorp
Expected to close in the fourth quarter of 2011 for a closing value of $10.3 million. Upon completion of the merger, Brooklyn Federal Bancorp's shareholders will receive $0.80 per share in cash.
CONM 07/12/2011 Ayelet Investments (N/A) All Cash $57.2 million $3.85 $3.81 N/A 09/30/2011 1.05% 34.84%
Details of Conmed Healthcare Management
Expected to close in the third quarter of 2011 for a closing value of $57.2 million. Upon completion of the merger, Conmed Healthcare Management's shareholders will receive $3.85 per share in cash.
PMIC 09/08/2011 Ace (ACE) All Cash N/A $20.30 $20.09 2,520 03/31/2012 1.05% 1.97%
Details of Penn Millers Holding Corporation
Expected to close in the first quarter of 2012. Upon completion of the merger, Penn Millers Holding Corporation will receive $20.30 per share in cash.
CNU 06/27/2011 Metropolitan Health Networks (MDF) Cash Plus Stock $416 million $6.45 $6.38 22,356 09/30/2011
Details of Continucare Corp
Expected to close in the third calendar quarter of 2011 for a closing value of $416 million in a cash plus stock deal, where shareholders of Continucare will receive $6.25 per share in cash, and 0.0414 of a share of Metropolitan common stock f0r each share of Continucare common stock. The exact value of the consideration per share will depend on Metropolitan's share price at closing. Metropolitan expects to issue approximately 2.7 million shares in connection with the transaction.
PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $50.89 $50.42 135,641 12/31/2011 0.94% 3.31%
Details of Progress Energy Inc.
Progress Energy's shareholders will receive 2.6125 shares of common stock of Duke Energy in exchange for each share of Progress Energy common stock. Based on Duke Energy's closing share price on Jan. 7, 2011, Progress Energy shareholders would receive a value of $46.48 per share, or $13.7 billion in total equity value.
NSTC 06/10/2011 affiliate of Citi Venture Capital International (CVCI) (N/A) All Cash $307 million $7.75 $7.68 337,825 10/31/2011 0.91% 7.92%
Details of Ness Technologies
Expected to close in the next three to six months for a closing value of $307 million. Upon completion of the merger, Ness Technologies shareholders will receive $7.75 per share in cash.
EM 08/04/2011 Blackstone (N/A) All Cash $3 billion $19.00 $18.86 115,442 12/31/2011 0.74% 2.63%
Details of Emdeon Inc.
Expected to close in the second half of 2011 for a closing value of $3 billion. Upon completion of the merger, Emdeon's shareholders will receive $19.00 per share in cash.
ARJ 07/11/2011 Lonza Group Ltd (N/A) All Cash $1.4 billion $47.20 $46.94 62,286 12/31/2011 0.55% 1.96%
Details of Arch Chemicals Inc.
Expected to close later in 2011 for a closing value of $1.4 billion. Upon completion of the merger, Arch Chemicals shareholders will receive $47.20 per share in cash.
CEPH 05/02/2011 Teva Pharmaceutical Industries Ltd. (TEVA) All Cash $6.8 billion $81.50 $81.08 364,516 09/30/2011 0.52% 17.19%
Details of Cephalon Inc.
Expected to close in the third quarter of 2011 for a closing value of $6.8 billion. Upon completion of the merger, Cephalon's shareholders will receive $81.50 per share in cash.
GLBC 04/11/2011 Level 3 Communications (LVLT) All Stock $3.00 billion $24.32 $24.20 57,265 12/31/2011 0.50% 1.76%
Details of Global Crossing Limited
Expected to close before the end of the year for a closing value of $3 billion. Upon completion of the merger, Global Crossing shareholders will receive 16 shares of Level 3 common stock for each share of Global Crossing common stock or preferred stock that is owned at closing.
CALP 09/08/2011 PerkinElmer Inc. (PKI) All Cash $600 million $10.50 $10.45 272,401 12/31/2011 0.48% 1.70%
Details of Caliper Life Sciences, Inc.
Upon completion of the merger, shareholders of Caliper Life Sciences will receive $10.50 per share in cash.
APAC 07/07/2011 One Equity Partners (N/A) All Cash $470 million $8.55 $8.51 34,334 12/31/2011 0.47% 1.67%
Details of APAC Customer Services Inc.
Expected to close in the fourth quarter of 2011 for a closing value of $470 million. Upon completion of the merger, APAC Customer Services shareholders will receive $8.55 per share in cash.
GAS 12/07/2010 AGL Resources Inc. (AGL) Cash Plus Stock $2.4 billion $54.90 $54.68 34,368 09/30/2011 0.41% 13.59%
Details of Nicor Inc.
Expected to close in the third quarter of 2011 for a closing value of $2.4 billion. On the completion of the merger, Nicor shareholders will receive $21.20 in cash and 0.8382 of an AGL Resources share for each Nicor share held.
FPIC 05/24/2011 The Doctors Company (N/A) All Cash $362 million $42.00 $41.86 4,684 12/31/2011 0.33% 1.19%
Details of FPIC Insurance Group Inc.
Expected to close in the fourth quarter of 2011 for a closing value of $362 million. Upon completion of the merger, FPIC Group shareholders will receive $42.00 per share in cash.
BJ 06/29/2011 affiliates of Leonard Green & Partners (N/A) All Cash $2.8 billion $51.25 $51.09 498,469 12/31/2011 0.31% 1.11%
Details of BJ's Wholesale club
Expected to close in the fourth quarter of 2011 for a closing value of $2.8 billion. Upon completion of the merger, BJ's Wholesale Club's shareholders will receive $51.25 per share in cash.
NSM 04/05/2011 Texas Instruments Incorporated (TXN) All Cash $6.5 billion $25.00 $24.93 1,108,158 01/31/2012 0.28% 0.76%
Details of National Semiconductor Corporation
Expected to close in six to nine months for $6.5 billion. On the completion of the merger, National Semiconductor shareholders will receive $25.00 per share in cash.
STBC 04/28/2011 Valley National Bancorp (VLY) All Stock $222 million $10.76 $10.73 4,903 10/31/2011 0.28% 2.43%
Details of State Bancorp Inc.
Expected to close early in the fourth quarter of 2011 for a closing value of $222 million in an all-stock deal. Upon completion of the merger, State Bancorp shareholders will receive 1 share of Valley National Bancorp common stock per State Bancorp share held.
CLFC 12/09/2010 Nara Bancorp Inc. (NARA) All Stock $285.7 million $5.18 $5.17 4,000 09/30/2011 0.23% 7.61%
Details of Center Financial Corporation
Expected to close in the third quarter of 2011 for a closing value of $285.7 million. On the completion of the merger, Center Financial shareholders will receive 0.7804 of a share of Nara Bancorp common stock in exchange for each share of Center Financial common stock held.
GNET 08/03/2011 affiliate of GTCR (N/A) All Cash $266 million $14.00 $13.97 13,930 12/31/2011
Details of Global Traffic Network Inc.
Expected to close in the fourth quarter of 2011 for a closing value of $266 million. Upon completion of the merger, Global Traffic Network's shareholders will receive $14.00 per share in cash.
ABBC 01/26/2011 Susquehanna Bancshares, Inc. (SUSQ) All Stock $273 million $8.10 $8.09 1,453 09/30/2011 0.18% 6.07%
Details of Abington Bancorp Inc.
Expected to close in third quarter of 2011 for $273 million. Under terms of the agreement, Abington shareholders will receive 1.32 shares of Susquehanna common stock for each share of Abington common stock on the completion of merger.
ICGN 07/20/2011 Pfizer Inc. (PFE) All Cash $56 million $6.00 $5.99 900 12/31/2011 0.17% 0.59%
Details of ICAgen Inc.
Expected to close before the end of the year for a closing value of $56 million. Upon completion of the merger, Icagen shareholders will receive $6.00 per share in cash.
CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $35.21 5,615 12/31/2011 0.11% 0.40%
Details of Central Vermont Public Service Corp.
On July 12, 2011, Central Vermont Public Services terminated its agreement with Fortis after deeming "superior" the offer from Gaz Métro.
Expected to close in six to twelve months for a closing value of $702 million. Upon completion of the merger, Central Vermont Public Services shareholders will receive $35.25 per share in cash.
AMN 07/05/2011 National Oilwell Varco, Inc. (NOV) All Cash $772 million $85.00 $84.93 75,734 12/31/2011 0.08% 0.29%
Details of Ameron International Corporation
Expected to close as early as the fouth quarter of 2011 for a closing value of $772 million. Upon completion of the merger, Ameron International shareholders will receive $85.00 per share in cash.
NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $44.94 $45.03 11,888 09/30/2011
Details of NSTAR
Expected to close in the third quarter of 2011 for a closing value of $4.17 billion. On the completion of the merger, NSTAR shareholders will receive 1.312 Northeast Utilities common shares for each NSTAR held.
DPL 04/19/2011 AES Corporation (AES) All Cash $4.7 billion $30.00 $30.11 108,970 01/31/2012 -0.37% -1.00%
Details of DPL Inc.
Expected to close in six to nine months for a closing value of $4.7 billion. Upon completion of the merger, DPL Inc. shareholders will receive $30.00 per share in cash.
NLC 07/20/2011 Ecolab Inc. (ECL) All Stock $5.4 billion $35.60 $35.83 170,233 12/31/2011 -0.64% -2.28%
Details of Nalco Holdings Co.
Expected to close in the fouth quarter of 2011 for a closing value of $5.4 billion. Upon completion of the merger, Nalco's shareholders may elect to receive either 0.7005 share of Ecolab common stock per share of Nalco common stock or $38.80 in cash, without interest, per share of Nalco common stock. The overall mix of consideration paid to Nalco shareholders will be approximately 30% cash and 70% stock.
RLRN 08/16/2011 Permira Funds (N/A) All Cash $440 million $14.85 $15.51 15,801 12/31/2011 -4.26% -15.08%
Details of Renaissance Learning Inc.
Expected to close in the fourth quarter of 2011 for a closing value of $440 million. Upon completion of the merger, Renaissance Learning's shareholders will receive $14.85 per share in cash.
TOBC 06/20/2011 Susquehanna Bancshares (SUSQ) All Stock $343 million $21.30 $22.67 2,201 03/31/2012 -6.03% -11.34%
Details of Tower Bancorp
Expected to close in the first quarter of 2012 for a closing value of $343 million in a cash or stock transaction, where Tower Bancorp shareholders will receive either 3.4696 shares of Susquehanna Bancshares common stock or $28.00 in cash per share held with $88 million of the aggregate consideration being paid in cash. Since a majority of the consideration will be paid out as stock, we have classified this deal as an all stock deal in our Merger Arbitrage Tool.
TLVT 06/01/2011 Schneider Electric (N/A) All Cash $2.02 billion $40.00 $43.09 2,765 09/30/2011 -7.17% -237.95%
Details of Telvent Git S.A.
Expected to close in the third quarter of 2011 for a closing value of $2.02 billion. Upon completion of the merger, Telvent's shareholders will receive $40.00 per share in cash.
SUG 06/16/2011 Energy Transfer Equity (ETE) All Stock $9.4 billion $37.03 $41.49 52,599 03/31/2012 -10.76% -20.25%
Details of Southern Union Company
Expected to close in the first quarter of 2012 for a closing value of $7.9 billion. Upon completion of the merger, Southern Union Company's shareholders will receive $33.00 per share in series B units of ELMG. These series B units are expected to list on the NYSE and will have an annualized distribution yield of 8.25%. ETE has the option to redeem the Series B Units at any time after the closing of the transaction.
Update(s)
June 24, 2011: Southern Union Company (NYSE: SUG) received a proposal by The Williams Companies, Inc. (NYSE: WMB) to acquire all of the outstanding shares of Southern Union for $39.00 per share in cash.
July 05, 2011: Energy Transfer Equity, L.P. (NYSE: ETE) and Southern Union Company (NYSE: SUG) today announced that they have entered into an amended and restated merger agreement under which ETE will acquire SUG for $8.9 billion, including $5.1 billion in cash and ETE common units.
Under the terms of the revised agreement, which has been unanimously approved by the boards of directors of both companies, SUG shareholders can elect to exchange their common shares for $40.00 of cash or 0.903 ETE common units. The maximum cash component is 60% of the aggregate consideration and the common unit component can fluctuate between 40% and 50%. Elections in excess of either the cash or common unit limits will be subject to proration.
July 14, 2011: Southern Union Company (SUG) confirmed receipt of a revised proposal by The Williams Companies, Inc. (WMB) to acquire all of the outstanding shares of Southern Union for $44.00 per share in cash.
July 19, 2011: Energy Transfer Equity (ETE) upped its bid for Southern Union to $44.25 a share for an enterprise value of $9.4 billion including debt. Shareholders can elect to receive either $44.25 per share cash or one unit of ETE, with 60% of the new bid payable in cash. To keep things conservative, we are treating this deal as an all stock deal.
BARI 04/20/2011 Brookline Bancorp (BRKL) Cash Plus Stock $234 million $37.91 $43.46 1,604 12/31/2011 -12.77% -45.26%
Details of Bancorp Rhode Island, Inc.
Expected to close by the end of the year for a closing value of $234 million. Upon completion of the merger, Bancorp Rhode Island shareholders will receive either $48.25 in cash, or 4.686 shares of Brookline Bancorp common stock or a combination thereof, with total cash consideration of approximately $121 million and total stock consideration of approximately 11.0 million shares of Brookline Bancorp common stock.
Elections will be subject to allocation procedures that are intended to ensure that approximately 50% of the outstanding shares of Bancorp Rhode Island common stock will be converted into Brookline Bancorp common stock.
To stay on the conservative side we are treating this transaction as an all stock deal in our Merger Arbitrage tool.
NYX 02/15/2011 Deutsche Boerse (N/A) All Stock N/A $13.93 $26.04 1,046,193 12/31/2011 -46.52% -164.85%
Details of NYSE Euronext
Expected to close by the end of the year in an all stock deal. On the completion of the merger NYSE Euronext shareholders will receive 0.4700 of a share of Deutsche Boerse common stock per share held.
Update April 1, 2011: The Nasdaq (NDAQ) and ICE have made a joint offer for NYSE Euronext (NYX) that is worth $43 as of April 1, 2011.
OCNFD 07/26/2011 DryShips, Inc. (DRYS) Cash Plus Stock $118 million $12.85 $0.0000 N/A 12/31/2011 0.00% 0.00%
Details of OceanFreight, Inc.
Expected to close in the fourth quarter of 2011 for a closing value of $118 million in a cash plus stock deal. Upon completion of the merger, Ocean Freight's shareholders will receive $11.25 in cash and 0.52326 of a share of common stock of Ocean Rig UDW Inc., a global provider of offshore ultra deepwater drilling services that is 78% owned by DryShips. Ocean Rig shares will be listed on the Nasdaq Global Select Market upon the closing of the merger.
The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.
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Open 9AM to 6PM today
Ilios Hotel
A choice of accommodation styles and a friendly, family welcome at the Ilios Hotel complete a mood of relaxation in a lovely, natural village setting on Paxos island.
A beautiful natural harbour created by two tree-covered headlands jutting into the blue-green Ionian Sea, is the lovely setting for the Ilios Hotel, in Lakka, Paxos.
Excellent, friendly service is the aim of the family running the hotel, which has both standard rooms and self-catering studios. The traditionally-furnished, spacious rooms for two have air conditioning, a fridge, shower, satellite TV and free wifi, while the studios have a kitchenette, en suite facilities, a large courtyard and furnished patio.
Lakka is a charming, picturesque village in the north of Paxos, eight kilometres from the island's capital Gaios. Sheltered by the hills and popular as a destination for fishermen, yacht sailors and owners of other sea-going craft, it's a fantastic setting for your Greek island holiday. The architecture around its narrow streets shows Venetian influence, and there is more Italian taste in the cuisine offered by some of the restaurants, alongside the traditional Greek dining places, while music bars offer plenty of lively nightlife. Bus services connect Lakka with the capital and the seaside village of Logos.
Paxos and its neighbouring island, Antipaxos, are renowned for their lovely beaches, including Avlaki and pebbled Voutoumi, another in a cove setting bordered by rocks and with shallow water suitable for paddling children as well as snorkelling. Most of the islands' beaches are secluded, and not all have sunbeds and parasols, so if you're looking to escape the hustle and bustle of tourists, a holiday to Paxos could be exactly what you're looking for.
Among the fascinating heritage sites are Ypapanti Church at Rantatika, which offers more stunning views from the tower, and the Christian Basilica of Ayia Marina.
Official Rating: 3
The twin rooms are with sea view and sleeps up to 2 people. Rooms are equipped with air-conditioning, fridge, shower, satellite TV and free Wi-Fi.
Paxos is a friendly place, known for its beaches, and features picturesque views of the sea and islands. You'll enjoy the ample bar and dining choices, along with activities such as boating and swimming. Soak up some sunshine at Avlaki Beach and Voutoumi Beach. Make a point to see sights like Ypapanti Church and Christian Basilica of Ayia Marina. A family-friendly area, Paxos has something for everyone.
For unbeatable prices at Ilios Hotel

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Home / 2021 / February / 16 / Hallelujah for the Bamboozled Cult of Actor Willie Best (Part One)
Hallelujah for the Bamboozled Cult of Actor Willie Best (Part One)
cultfilmalley February 16, 2021 0
*contains spoilers and strong course language
"My show is about racial healing," says actor Damon Wayons (1960-) in Spike Lee's (1957-) movie Bamboozled (2000). This film, which was dismissed back when it was first released, is now regarded as some sort of cult film. It hints at the possibility that you can be white on the inside and black on the outside as well as the other way around… It also questions a soul's aspirations to create art within a certain medium and whether they nail it or fail miserably. It also spells out the history of the black man as he was portrayed in Hollywood since the movies began, especially before the civil rights movement took hold and so-called progress was made.
Bamboozled (2000) poster uses the stereotypes of The Great Depression in the 1930s
There were three men who had to suffer apparent the indignity and humiliation of being 'bamboozled' in movies in the 1930s and 1940s and even television took over for a little while until around 1955. They were Stepin Fetchit (1902-85 pneumonia and heart failure), Willie Best (1913/16-62 cancer) and Manton Moreland (1902-73 cerebral haemorrhage). But they were paid for their work and they were stars in their own right nonetheless.
Spike Lee's film Bamboozled tells of Wayans's black white-bread sit-com writer named Pierre Delacroix whose real name is Peerless Dothan who has the idea of producing a new hit show for his network production house which would be called Man Tan: The New Millennial Minstrel Show which would feature black characters wearing blackface, or black make-up on their already black skin. The title Man Tan being inspired by Manton Moreland.
Actor Stepin Fetchit aka Lincoln Perry as he appeared off-screen
Actor Willie Best celebrates another pay-check
Actor Manton Moreland was an accomplished comedian
The title is spelt out in this rather 'black' comedy, through the use of a clip of Denzel Washington in Spike Lee's very own Malcolm X (1992) movie (Malcolm X 1925-65 murdered by guns), as Denzel as Malcolm X says the black man is "being bamboozled". This word means to cheat or deceive another person and one language expert says the word comes from the French "embabouines" which has a literal meaning of making a monkey out of someone. Spike Lee uses the title with a double-edged meaning to his film which is about the dangers of empowerment of the black man within the entertainment industry and his obligations to a mass audience as a result. No wonder this cult comedy is misunderstood.
Bamboozled, in terms of the word, is also just what appeared that the white producers of the 1930s made out of Stephin Fetchit, Willie Best and Manton Moreland as they were portrayed as uneducated and lazy to use some descriptions… Both Fetchit and Best had their names changed for the public taste just like Peerless Dothan in Bamboozled changed his name to make it in the wide world of entertainment in the present day.
The real Malcolm X (left) and Denzel Washington in Spike Lee's biographical movie Malcolm X (1992). No Oscar nomination for Lee.
Stepin Fetchit's original name was Lincoln Perry but to succeed in comedy in show business he had to become a trickster of sorts and call himself a shortened version of "stop and fetch it" like some sort of servant or dog. As for Willie Best, which was his original name, it was turned into Sleep N' Eat as though he was some sort of character who didn't think and just needed three square meals a day and a place to sleep. The success of Best as this character led to him reverting back to his real name of Willie Best after a couple of years and he had a respectable career which got many screen credits while many other character actors – even white ones at the time – didn't. Manton Moreland didn't have to change his name but was also known as Mantan and Man Tan at times and it is the characters of Sleep N' Eat and 'ManTan' which become the obsession of Pierre Delacroix in Bamboozled. He insists on changing the names of the actors selected to star in The New Millennial Minstrel Show to the now long politically incorrect monikers of Sleep N' Eat and Man Tan. But the idea is sold to the network and put into production.
"I know this is out there, but it's satire," says Pierre of his new show, and we learn he is the son of a comedian who has found contentment in doing stand-up and keeping a woman and a little money in his pocket, rather than have the lofty ambitions of his son in showbusiness.
Damon Wayons (right) in the tv show In Living Colour was perfect to play the 'serious' role of Pierre Delacroix in Bamboozled (2000)
Spike Lee wins an Oscar for BlacKkKlansman (2018) but not for Best Picture or Director
"Did I want to end up as he was? Emphatically, no…," the uptight Pierre tells himself about his dreams of success and not seeing eye to eye with his father. Just as Pierre says, it's satire but nobody seems to have gotten the joke when Bamboozled first came out and it was dismissed summarily by all awards shows and critics as if it were a Minstrel Show itself.
"Nobody in any way, shape or form should be censored… It is art," says Pierre about the tv product he has produced for a white middle-class demographic which now includes a black middle-class element which had already been immortalised in The Bill Cosby Show. Man Tan: The New Millennial Minstrel Show would bring the audiences together forever and create racial harmony! It is that divide between tv and the movies and what was once seen as legitimate art and the illegitimacy of tv. Lee even ingeniously shot Bamboozled on HD video and transferred it to film to give the movie that between those two worlds feel. Perhaps that era is gone now as Lee now has created content for Netflix and the nature of cinema and tv is changing.
The Cosby Show had white writers at the helm and led the way to Will Smith appearing in The Fresh Prince of Bel Air
Wayans as Pierre Delacroix aka Peerless Dothan wants to make an artistic statement with his new tv sitcom in Bamboozled (2000)
Even if it uses the politically incorrect blackface makeup on black people… It's a concept too much for television but acceptable in Bamboozled (2000)
Pierre fantasizes of being on an award show and even his acceptance speech in his mind turns into one of sycophancy and forgetting to make a valid point which is so often the case of award winners black or white at Oscar time. Jennifer Lawrence and Joaquin Phoenix never mentioned or tried to raise awareness of mental illness during their award speeches as they were consumed by themselves and their own agenda rather than what their performances were about in the first place.
"Delacroix the grateful negro," says the character once known as Peerless Dothan about himself and his plans to be employed forever by pleasing his mass audience and impressing the award shows. Bamboozled shows that Lee wasn't afraid to do otherwise and this movie was made very cheaply with a budget of $10 million, so that even if it was a box office turkey, it wouldn't ruin Lee's career in the eyes of producers forever. This comment by the man formerly known as Peerless seems to suggest in terms of the movie business that the African American who produces popular product to make both a black and white audience laugh at the black experience is a fool. Or it can't be done? Are there really characters like Pierre Delacoix? The struggle otherwise still goes on… Then Spike made BlaKkKlansman!
But when we compare Peerless/Delacroix to Willie Best, we know that Willie Best wasn't a stupid layabout as he was portrayed and neither is Pierre. Best obviously took time to learn his lines and turned up on time. He had comic genius and timing. Bob Hope called him "the best actor I know" in public and it may have been true, as the pair appeared together in a couple of hit movies where the chemistry was good – The Ghost Breakers (1940) and Nothing but the Truth (1941). But I'm sure Best wouldn't have been allowed to play golf at Hope's local golf club. But I'll get back to Willie later…
Willie Best (left) and Bob Hope as they appeared in Nothing But the Truth (1941)
A young Spike Lee
As Delocroix fails to make a point during his Emmy dream speech, so director Spike Lee missed out on making a point at the Oscars back in 2018, or did he? Lee made a protest by walking out or turning his back on the Oscar winners after his very good and funny black comedy BlacKkKlansman (2018) lost the award for Best Picture. Oscar just doesn't get the fact that you can desegregate an audience through laughter perhaps even more powerfully than through a drama which relives the bad times of the 1960s with little humour amid the general insight. Lee's first Best Original Screenplay Oscar nomination for Do the Right Thing (1989) lost to Dead Poet's Society (1989) way back in the year of Driving Miss Daisy (1989) which had Morgan Freeman chauffeuring an old white lady. When Lee's BlacKkKlansman lost Best Picture to the white man driving a black man movie called Green Book (2018) … Lee said the ref got the call wrong! However, Lee's BlacKkKlansman won the consolation prize of Best Original or adapted Screenplay which is so often meted out by Oscar to those auteur directors whose films don't fit the classic message mould. When Lee lost the Best Picture and Director that year it must have been like being told by Leonardo DiCaprio's plantation owner in Django Unchained (2012) something like: "You're not one of us, but you keep trying, you hear?" Just like Tarantino has heard over the years with his inability to win Best Picture. It is the script that counts and Lee lost perspective in terms of coveting the main award like Pierre Delacroix dreamed of an Emmy or whatever. Meanwhile Bamboozled may have been ahead of its time but it didn't impress Oscar or the American public but it was a nominee for the Golden Berlin Bear at the Berlin International Film Festival. It also predicts the small screen freedom of Netflix.
The lead character dubbed Man Tan/Mantan, like actor Moreland, in the show within the movie, finally makes a protest against being in such a demeaning show by proclaiming in Network (1976) fashion: "I'm sick and tired of being a n*#ger and I'm not going to take it anymore!" before being escorted from the studio… something which leads to his death at the hands of the hip hop band the Mau Mau which has reverberations for Pierre who is also shot. Pierre laughs at the irony of it all as he quotes black writer James Baldwin within his mind and with his dying breath: "People pay for what they do and still more for what they allowed themselves to become and they pay for it simply by the lives they lead" and adds, as "my father always told me, always keep 'em laughing." But as Lee hammers on home, Pierre is laughing at himself but he still misses the point of his father's life that success is determined by the self and you must live within your own values and means which ultimately determines your happiness or contentment. Or am I re-quoting Baldwin? Poor Pierre dies in blackface perhaps as a misguided martyr assassinated once more by a member of the black community albeit a woman this time. The lesson of the true assassinated martyrs of Medgar Evers (1925-63 shot) Malcom X (shot) and Martin Luther King Jr. (1929-68 shot) is there in the background. The black community has many other martyrs like Pierre who appear to have been misguided over the years… and perhaps the Willies Bests, the Manton Morelands and Stephin Fetchits are among them… Then there is the white liberal film director King Vidor who I'll mention later…
One of Manton Moreland's starring roles was in Mantan Runs for Mayor (1946)
The quotable author James Baldwin
Minister Medgar Evers' widow, Myrlie, comforts the couple's 9-year-old son, Darrel, at her husband's funeral after he was murdered
Bamboozled shows what was the present day divide in the portrayal of African Americans as either hip-hop gun carrying drug dealers or The Cosby family/Pierre Delacroix. Let us not forget the Christian community which has been the backbone of the country. Nor the jazz and music communities which have morphed into hip-hop. We won't remember Pierre Delacroix and his Minstrel Shows except for their infamy, his genius is misguided by the attempt to cross popular art with ratings and send a message as well. Spike shows the ultimate defeat of such items in terms of acceptance and long-term cult affection.
We have come a long way though in the portrayal of black people even though it is the liberal movies about black homosexuals which seem to win the major Oscars and not Spike Lee. But isn't that kind of the point of Bamboozled?
And it had all started out so damn promisingly just before the Great Depression came along in terms of the portrayal of black people in the cinema in the United States…
The Birth of a Nation (2015) was revived at the movies in the 1920s
Al Jolson performs in blackface in the late 1920s
Once upon a time as we all know there was a civil war over the abolition of slavery and then the movies came along and they made the movie The Birth of a Nation (1915) which was a box office smash and portrayed the Ku Klux Klan as heroes and the African Americans were mostly men in black face who were shown as seriously unintelligent and sexually aggressive. Perhaps it was that fear that the black man had a bigger erection? Anyway, nothing had really changed since Abraham Lincoln was assassinated and segregation in the community as well as the cinema even saw movies made with all black actors thrive within cinemas patronised by black only communities while the whites lived in their 'catholic' paradise without them.
With the coming of sound there was still no mainstream black movie star except in terms of blackface which was featured in the first full sound movie The Jazz Singer (1927) with comedian and singer Al Jolson (1886-1950 heart attack) singing Mammy in black make-up.
Poster for King Vidor's Hallelujah (1929)
Director King Vidor in braces on the set of Hallelujah (1929). It was the first step towards a dream of racial equality in the cinema.
But by 1929, there was the production of a couple of mainstream movies with all black or near all black casts such as the Fox-Films Corporation film Hearts in Dixie (1929) which featured Stepin Fetchit, while at MGM there was Hallelujah (1929). Hallelujah was meant as a mainstream musical movie which like Hearts in Dixie featured black music. As awards go, the black actors got ignored but socially conscious director King Vidor (1894-82 heart ailment) got an Oscar nomination for putting his own salary into the production. The nominal black star of Hallelujah, Daniel L. Haynes (1889-1954), was quoted at the time as saying: "I cannot say what our race owes to King Vidor and Metro-Goldwyn-Mayer – there are no words forceful enough for that. Hallelujah will, as Moses led his people from the wilderness, lead ours from the wilderness of misunderstanding and apathy." It could have been a press release but Haynes later became a minister. As for Hallelujah, it was banned in the American South upon its release and even today there is a disclaimer by its current copyright holders on the DVD that its depiction of blacks as being cotton picking hard workers who believe in Christ is purely dated and prejudicial.
Hallelujah may have a family saying goodnight to each other like the 1970s tv series The Waltons, but these rural blacks weren't just meant to please, they were real in this movie… Hallelujah shows that black waiters served at black restaurants just as white waiters served in white restaurants back in 1929… It also shows that black people take advantage of black people just like homosexuals take advantage of other homosexuals as portrayed in Rainer Werner Fassbinder's (1945-82 drug overdose) Fox and his Friends (1975). It's universal human nature. And the women are just as manipulative about sex which is also universal. Hallelujah also contains the symbol of the gun killing your own brother which underlines man's inhumanity to man… All this long before Boyz N the Hood (1991) by director John Singleton (1968-2019 stroke) who was the first African American ever nominated for an Oscar for Best Director – and the youngest!
Homosexuals exploit other homosexuals for gain in Fox and his Friends (1975). It is a universal theme.
The ever-present gun in Boyz N' the Hood (1991) also makes a point in Hallelujah (1929). Another universal symbol.
There seems to be a lack of spirituality in South Central Los Angeles today compared to the 'country hicks' in Hallelujah but at least they aren't portrayed as watermelon munching and dancing country hicks in blackface like in the tv show within Bamboozled or later in Kate Smith's (1907-86 respiratory arrest) song Pickaninny Heaven in her movie Hello, Everybody! (1933). I'm sure the Catholic League of Decency approved that movie! They are really not the same thing. And for the time Hallelujah was the best that white modern liberals in concert with the black community could come up or get away with! Compare this with the art of the misguided Pierre Delacroix which is somewhere in between. Or is it Green Book? I don't think that movie will become a cult.
There is a sense that the justice of Martin Luther King Jr. will prevail in Hallelujah. It's interesting that King was born the year this film was released and The Great Depression and the return of blackface, and being the butt of white jokes the following year in 1930, happened at the time his father Martin Luther King Sr. studied to be a minister which is what Hallelujah is ostensibly about. The role of religion being symbolic as having a stabilising effect for a family and the black community. Star of the movie Haynes, as I mentioned, became a minister in real life just like he does in the movie… Haynes even moonwalks on stage as he gives his sermon in one scene in Hallelujah long before Michael Jackson (1958-2009 drug overdose) perfected the move. The minister is also all too human just like the younger Luther King with his alleged philandering. Whites do it too, you know!
Kate Smith's song was something even Pierre Delacroix possibly couldn't dream up
Minister Haynes in Hallelujah (1929) showed he was all too human like the alleged philanderer Martin Luther King Jr.
The deep voice of star Haynes reminds me of actor William Marshall (1924-2003 Alzheimer's disease) who was a key player in the blaxploitation film revolution of the 1970s in films such as Blacula (1972) and Abby (1974). I'll come back to him later.
Hallelujah premiered on 20 August 1929 and it was not an obvious success in that it is forgotten in terms of history along with Hearts in Dixie directed by Paul Sloane (1893-1963). America went through the great tragedy of the great Wall Street Crash a few months later which triggered The Great Depression. Talk about a set-back for civil rights! America didn't want to know about it and instead wanted to laugh as comedy seemed to be king. Stepin Fetchit was cast in an Our Gang short while directors Vidor and Sloane also immediately directed comedies. Hallelujah was turned into a kind of swear word as the song Hallelujah, I'm a Bum was revived from the depression era of the 1890s when it was originally written and was turned into a movie starring former blackface comedian Al Jolson. The song is about unhelpful moralising and the white community was poor and often out of work and didn't need or want to identify with poor hardworking blacks as depicted in Hallelujah. They remained competition and inferior in the eyes of the American mainstream moviegoer.
Stepin Fetchit in the Our Gang short A Tough Winter (1930). The winter of 1929 was a tough one for the nation.
Then along came Amos'n'Andy on screen in Check and Double Check (1930). The magpies Heckle and Jeckle were more fun.
The black community suddenly became the butt of white jokes in such films as Check and Double Check (1930) which doubled its investment with its blackface characters of Amos'N'Andy played by actors Charles Correll (1890-1972 heart attack) and Freeman Gosden (1899-1982). Their long-running radio show containing these characters would continue until the late 1950s. Black musician Duke Ellington appears with his band in this movie and any idea of racial integration was hidden by lighter skinned band members being covered in blackface.
For some reason Stepin Fetchit's contract with the Our Gang shorts was terminated after only one short was filmed – he was meant to do nine – and history records him as being "difficult". Fetchit was dubbed when he sang the inspirational Ol' Man River in Showboat (1929) but this was forgotten as the old stereotype was reinforced of blacks as uneducated and lazy like they were in The Birth of a Nation and only capable of domestic or service work. Fetchit was reportedly the first black actor to earn a cumulative million dollars but he reportedly squandered it…. Friends and high living? Who knows? Major films with black casts had evaporated almost as quickly as they had begun in 1929.
Stepin Fetchit smokes a hookah while Willie Best faces a drug arrest but there's a bright side in PART TWO.
Posted in Commentary, History, Latest, Reviews
Tagged al jolson, amosnandy, anti-racist movies, bamboozled, bamboozled 2000, bamboozled movie, black comedies, black movies, blackface, blackklansman, Bob Hope, check and double check, cinema, civil rights movement, cult, cult cinema, cult film, cult film alley, cult films, cult movie, cult movies, daniel l haines, Director, green book, guns in movies, hallelujah, hallelujah 1929, hearts in dixie, hello everybody, james baldwin, kate smith, king vidor, lincoln perry, malcolm x, man tan, mantan, manton moreland, martin luther king jr, martin luther king sr, medgar evers, movie, nothing but the truth, oscar, paul sloane, pierre delacroix, racism in the movies, racist films, racist movies, racist portrayals, rainer werner fassbinder, satire, satirical movies, sleep n eat, spike lee, stepin fetchit, television as art, the birth of a nation, the black experience, the great depression, the jazz singer, tv sitcoms, universal themes, willie best


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Q: Is 0 or 1 valid return values for socket() function call Could the socket function call in C return 0 or 1 as the value for the socket descriptor?
   int socket(int domain, int type, int protocol);

According to the man page I have:
RETURN VALUE
   -1 is returned if an error occurs; otherwise the  return  value  is  a
   descriptor referencing the socket.

It seems like it could, or at least the man page makes no mention of any reserved values.  Is it written somewhere else that valid socket descriptors need to be 2 or greater?
I'm specifically running on a linux 2.4.22 kernel, but I'm curious to know for any unix based implementation of socket.

A: When your process starts, 0 is stdin and 1 is stdout, but you can close them, and therefore, you could get these FD back

A: 0 or 1 will precisely come if you have closed the stdin or stdout descriptors. This could be happening, because by mistake you might be passing a variable (most probably the one in which you store your socket descriptor) to the socket closing function after initialization. Since the variable might be initialized to 0, it might cause closure of stdin.

A: The only values that are not valid file descriptors are those less than 0. -1 will indicate an error and errno will be set. You shouldn't ever see a negative value that is not -1.

A: Both 0 and 1 are valid return vales, and might indeed be returned if the application has closed its standard input or output file descriptors.

A: According to the man page, yes, it could.

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I was putting on a stiff upper lip and trying to fulfill the obligations I thought were demanded of me, taking over my father's role of taking care of my mother... and having to be the recipient of her confessions and emotions but of a delusional nature.
The only thing that can save the world is the reclaiming of the awareness of the world. That's what poetry does.
The weight of the world is love. Under the burden of solitude, under the burden of dissatisfaction.
The motif of Beat Generation is basically misunderstood, a misinterpreted area. There's this superimposition of the idea of a social rebellion, which was the communist interpretation through Lawrence Lipton.
Poets are Damned... but See with the Eyes of Angels.
The fact to which we have got to cling, as to a lifebelt, is that it is possible to be a normal decent person and yet be fully alive.
I have been wrathful all my life, angry against my father and all others. My wrath must end. All my images now are of heaven.
I saw the best minds of my generation destroyed by madness, starving hysterical naked.
My own experience is that a certain kind of genius among students is best brought out in bed.
I want people to bow as they see me and say he is gifted with poetry, he has seen the presence of the creator.
America, I've given you all and now I'm nothing.
Ultimately Warhol's private moral reference was to the supreme kitsch of the Catholic church.
I think it was when I ran into Kerouac and Burroughs - when I was 17 - that I realized I was talking through an empty skull... I wasn't thinking my own thoughts or saying my own thoughts.
I am 23, the year of the iron birthday, the gate of darkness. I am ill.
I recommend for any basic course on the Beat Generation to familiarize yourself with 'The Idiot,' Prince Myshkin. He was Dostoyevsky's idea of the most beautiful human being he could imagine, the creation of a saint in literature.
You see those guys wearing baggy pants, descendants of the parachute pants, wearing an odd, weird Frankenstein haircut. It all comes out of Peter Lorre.
I would say that Times Square was the central hangout for Burroughs, Kerouac, and myself from about 1945 to 1948.


To support learning through a role play area, we have made many role play resources for educators to use when teaching children all about a sweet shop or candy store. Many of our sweet shop resources have been given a time saving double mounted effect to save on school resources. With other sweet shop resources having an editable version to enable you to convert the resource into your chosen font / language. The sweet themed display lettering has been made available on a Word document, to enable you to re-size if required and cut & paste onto a second (new) Word document. The sweet shop themed page borders are available in both landscape and portrait which would be very useful for any sweet shop themed literacy work. There are realistic British and American coins and notes, also available are special deals and special offer signs, which are fab to help children learn all about money.
Double mounted effect, 'Sweet Shop' themed Display banner, 2x A4 sheets.
Double mounted effect, 'Candy Store' themed Display banner, 2x A4 sheets.
Double mounted effect, three Sweet Shop book labels on an A4 sheet. Add your own text in the editable version of this resource.
Sweet Shop themed shopping lists, four per A4 landscape sheet. Add your own text in the editable version.
Sweet Shop themed themed opening times A4 poster (O'clock times), with a double mounted effect border.
Sweet Shop themed themed opening times A4 poster (Quarter & Half Past Times), with a double mounted effect border.
Sweet Shop price signs, three per A4 sheet. Add your own text in the editable version of this resource.
Double mounted effect, A4 Sweet Shop offers posters. Add your own text in the editable version of this resource.
Sweet Shop price signs 21p - £99, three per A4 sheet. Add your own text in the editable version of this resource.
Double mounted effect, A4 Sweet Shop offers posters, prices 21p - £99. Add your own text in the editable version of this resource.
Double mounted effect, three A4 landscape Sweet Shop signs. Add your own text in the editable version.
Sweet Shop themed tags/ labels, six per A4 sheet.
Double mounted effect A4 lollipop flavours poster. Add your own text in the editable version.
Double mounted effect A4 lollipop colours poster. Add your own text in the editable version.
Sweet Shop themed Shopping vouchers, £5 £10 and £20, three per A4 sheet. Add your own text in the editable version.
Sweet Shop themed blank shopping vouchers, three per A4 sheet. Add your own text in the editable version.
A4 sheet with a Sweets/Candy themed page border - no lines. Add your own text in the editable version.
A4 sheet with a Sweets/Candy themed page border - narrow lines. One fully lined and one half lined.
A4 sheet with a Sweets/Candy themed page border - wide lines. One fully lined and one half lined.
A4 Landscape sheet with a Sweets/Candy themed page border - no lines. Add your own text in the editable version.
A4 Landscape sheet with a Sweets/Candy themed page border - wide lines. One fully lined and one half lined.
A4 Landscape sheet with a Sweets/Candy themed page border - narrow lines. One fully lined and one half lined.