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VOL. 127 | NO. 220 | Friday, November 09, 2012

Ubiquiti CEO Talks Grizzlies Deal With Analysts

By Andy Meek

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Ubiquiti Networks CEO Robert Pera, who’s also the new controlling owner of the Memphis Grizzlies, briefly addressed the completion of the deal and touched on its financing today.

His comments came during a presentation of Ubiquiti’s latest quarterly earnings to analysts. In short, Pera said he didn’t sell any of the stock he owns in Ubiquiti to finance the Grizzlies deal.

However, the NBA required him to take steps that resulted in Pera obtaining financing for $26 million collateralizing 15 million shares of his Ubiquiti stock holdings.

“I was required by the NBA league to improve the liquidity of my personal balance sheet,” is how Pera put it to analysts.

He added: “I will remain, as always, 100 percent devoted to Ubiquiti and its future success.”

The deal closed Oct. 29. Pera will be the new Grizzlies chairman, and he’s tapped Jason Levien to be the Grizzlies CEO, running things day-to-day.

Pera and his team assembled two dozen individuals and partner entities to serve as limited partners with him.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 141 196 13,036
MORTGAGES 186 264 16,362
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 190 349 28,099
BANKRUPTCIES 76 131 9,746
BUSINESS LICENSES 22 38 4,293
UTILITY CONNECTIONS 77 203 16,092
MARRIAGE LICENSES 21 48 3,424

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