Filed under: Deals, Management, Top deals, Private equity industry, Investments, Value and lack thereof

Almost everyone thought of the Penn National Gaming Inc. (NASDAQ: PENN) private equity LBO merger as dead money for quite some time. It only officially became a dead merger this morning. This was the last of the huge multi-billion deals still officially on the books that was put together back before we had a full blown credit crunch.

PNG Acquisition Company Inc. was the buyout entity, which was indirectly owned by certain funds managed by affiliates of Fortress Investment Group LLC (NYSE: FIG) and Centerbridge Partners, L.P.

The buyout price of $67.00 per share was older than Methusela. Since January, this stock slid steadily from over $60.00 down to under $30.00. The deal was a known to be dead by everyone. But there is actually a silver lining here for the company. Penn National will get $1.475 Billion in cash out of this.

Affiliates of Fortress, affiliates of Centerbridge, affiliates of Wachovia, and affiliates of Deutsche Bank will all be holders of those notes. To top it off, Fortress Investment Group’s Chairman & CEO, Wesley Edens, will join the Penn National Gaming Board of Directors.

Keep reading for on the fly analysis, guidance, and ramifications at 247wallst.com.

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Filed under: Finance, Freeware, Time-Wasters

Smoking is widely considered to be one of the hardest “bad habits” to kick. Way more so than turning your underwear inside out and wearing it a second time.

If you’re having trouble quitting, why not download CostOfSmoking for a huge dose of reality. It’s an hideous, swiftly assembled program (it looks like a packaged MS Access database) that will leave you completely gobsmacked. If you don’t smoke and never have, this program will make you damn glad.

A swift run based on a ten-year, one-and-a-half pack a day habit at the current $12 a pack (oh, Canada!) pricing yielded the ungodly sum of $114,594. If that’s not enough to convince someone that their habit is putting a serious dent in their potential savings, we don’t know what’s.

Try it yourself and see! We decided to run numbers on our average coffee habit - just to make sure we’re in good shape - and was relieved to find out that our java vice came in at a much more reasonable $1,146.

[ Via FreewareNetwork ]

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