On July 3, 2012, David Pierson writes in the Los Angeles Times about how Wang Jianlin of China’s Wanda Group is upbeat on deal to buy cinema chain AMC as well as seeking partnerships with U.S. filmmakers and studios.
Wanda is awaiting U.S. regulatory approval to finalize a $2.6-billion deal to purchase AMC Entertainment Holdings, the second-largest U.S. cinema chain.
The pending sale represents the largest acquisition of a U.S. company by a private Chinese buyer and would give Wanda China’s first beachhead in Hollywood.
Wang already commands a vast commercial empire, which includes shopping plazas, hotels, the largest domestic theater circuit and a fledgling film production division.
American companies need to support America’s talent and strengthen our national, state and local economies. This is about principal and responsibility.
The U.S. regulatory decision should be denial of the deal. AMC is for sale. Why not instead of allowing a foreign interest to takeover ownership of one of America’s movie exhibition giants, facilitate the buyout on behalf of the employees of AMC?
The REAL call should be to broaden private, individual ownership in companies when they are for sale or want to expand, empowering their employees to acquire ownership stakes in the company’s future and pay for their acquisition out of the profit dividend earnings that result. This can be accomplished through the financial mechanism known as the Employee Stock Ownership Plan (ESOP) trust (see http://foreconomicjustice.com/11/economic-justice/ and http://www.cesj.org/homestead/creditvehicles/cha-esop.htm.
When the employees are owners, dependent on their income from the company’s bottom line rather than through ordinary labor wages and benefits, the workers’ economic interests are more invested to see that their company succeeds. In this way, each person in the company is empowered as a labor worker and as a capital worker (owner) and inspired to work together as a team to make better operational decisions to serve and maximize value to their customers.
If the purchase can work for a Chinese billionaire, then why can it not work for the employees of AMC? The U.S. regulatory agency should deny this deal and instead work to accomplish the buyout benefiting American employee workers as the new owners.
The working man’s or woman’s creed should be Ownership NOW!
http://www.latimes.com/business/la-fi-ct-china-wang-20120703,0,5489985.story
