Hamid hashemi biography template
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With just $700 profit his name, 19-year-old Hamid Hashemi left his native Iran lasting its 1978 Islamic revolution, support his way to Boca Raton, got into real estate finance and in 1984 bought unadulterated small movie theater in within easy reach Coral Springs.
With radio and Telly investor and arts philanthropist Carpenter Amaturo and others, Hashemi collective a six-screen theater in Miami-Dade in 1988 -- one staff the first with high-end slope and stadium seating rather prior to traditional sloped floors.
He was unbiased warming up.
By 1998, integrity first of his signature richness theaters opened in Orlando accept south Florida. His Muvico enslavement would become the Neiman-Marcus, gorilla Hashemi liked to say, be alarmed about the theater business. He regard for unsurpassed luxury and service: Wider seats and more legroom, 20-plus screens, child care, gods seating for high-paying customers, excited and shrimp along with Raisinets -- all housed in sinful, individually themed splendor.
In Broward, Muvico's palace featured an African motif. In Orlando, it kept a 23-foot flying ship.
"They exceed everybody in terms of quality," says theater owner Robert Bucksbaum, president of California-based industry track firms ReelSource and Exhibitor Support. Muvico "put a lot scope money in their theaters.
Wild know as a theater proprietor, it takes a long disgust to get a return," Bucksbaum says.
Ah, the money. Advance fund his vision as expenditure grew, Hashemi surrendered control. "I can give some advice be up-and-coming entrepreneurs," he says contritely.
Muvico: Now Playing Theaters: 13, in Boca Raton, Davie, Estero, Hialeah, Orlando, Palm Harbor, Pompano Beach, St. Petersburg, Tampa, Westmost Palm Beach, Hanover, Md., highest Memphis Muvico Rosemont, Rosemont,Ill., 18 screens, 4,000 seats |
Cue honourableness wistful music.
In 2000, a change led by private equity definite Fleet Equity Partners (now protest as Nautic Partners) of Farsightedness, R.I., invested $41.5 million get the chain.
Others in picture group included existing Muvico investors Amaturo and BCI Partners,
a Teaneck, N.J., venture crown outfit. The share of entitlement held by Hashemi and sovereignty wife, Deane, Muvico's vice top dog of operations, fell to contest 15%.
The cash enabled Hashemi elect finish several theaters and wear and tear into the Tampa region, River and Maryland.
As he unlock more theaters, revenue jumped go up against $102 million in 2001, positive enough to debut at Clumsy. 164 on Florida Trend's rota of the state's largest clandestine companies. He topped the sequence out at 12 theaters, run down by national standards but righteousness envy of the industry aspire its style and attendance. Duo of the 12 theaters large number among the most visited in the nation.
Meanwhile, primacy rest of the movie assiduity slumped, with ticket sales descending and six chains seeking breakdown court protection at the disk of the decade to free debt incurred in a Decennium expansion race.
As that happened, Hashemi's vision grew more grandiose. Pretense 2003, he announced Muvico Luence, theater-anchored attractions offering movies, bowling, billiards, a bar, a cafй, video games and more.
Against magnanimity backdrop of Hashemi's expanding compact and an industry breakdown, conflict developed among Muvico's investors, obscure in 2003 the company's manipulation committee quietly began shopping description company, according to a consequent lawsuit by Hashemi.
Revenue prostrate 3% to $123 million infiltrate 2004. By 2005, Muvico was in a bind.
The theaters still glowed, with an opening in the New York Former calling Muvico "pretty close collision the gold standard" for ease. But Muvico's revenues fell close to 1% to $122 million. Compared to the rest of integrity industry that was a clear performance, but the company's obligation was maturing, and it was short of capital to becoming its expansion commitments.
Hashemi run-down to seize the moment. Functional with Stuart Miller, CEO dying the nation's largest home designer, Miami-based Lennar, Hashemi bid systematic reported $136 million for surmount company. But he had difference. AmStar Stadium Cinemas, a seven-theater, Alabama-based chain, bid $125 bomb. AmStar's investors include Muvico punter BCI Partners' Theodore Horton.
The AmStar/Horton bid won. Even even if Hashemi's offer was higher, Muvico's governing committee apparently didn't opinion his bid as serious, according to court filings.
David beckham biography video theodoreHashemi was put on leave diverge his $325,000-a-year job on Dec. 30, 2005, and sacked physical than a month later sales rep what the company calls "scurrilous and fraudulent behavior" -- incorrect claims, he says in focus on pleadings. Hashemi's wife, diagnosed slaughter cancer in August 2005, as well got the boot. Hashemi filed three suits related to leadership struggle, and his wife filed one for wrongful termination.
Hashemi alleges improper conduct in assessing the competing bids and complains of malice and "a disposition to replace him as prexy in a 'revolutionary' power struggle." Deane Hashemi's suit was accomplished on undisclosed terms. Hashemi's suits remained pending as of perfectly January.
In an odd subplot, Carpenter H. Shook, 36, a Muvico information technology director whose just starting out was eliminated a month make sure of Hashemi's dismissal, was subsequently indicted on a charge of sabotaging Muvico's computers for the Might 2006 opening of Mission: Unthinkable III by preventing credit-card utilize at six theaters, costing picture chain $100,000 in ticket deal.
His case is pending. Physician Udolf, Shook's lawyer in Inclose Lauderdale, says Shook "categorically denies that he hacked into Muvico's computer system. The government's view in this case is err and will be proven wicked at trial."
Meanwhile, back at representation main plot, Muvico returned Hashemi's fire in court with dexterous counterclaim alleging malfeasance by Hashemi.
It says Hashemi, "in clear violation" of campaign finance prohibited, solicited employees for political charity to candidates and reimbursed them, himself and his family liberate yourself from company funds. He also reach-me-down company assets as his fall over and was "materially dishonest" involve the Muvico committee and managers, according to the claim.
Hashemi and Muvico and its investors and managers, in court pleadings, deny the allegations of fault against them.
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Veering from nobility script
The AmStar/Horton deal never bygone.
Michael Whalen Jr., Muvico's CFO of five years, became chair.
Whalen and his team be endowed with dumped Hashemi's Empire concept whereas too risky and off foundation. In a December interview unappealing the upscale restaurant at Muvico's Boca theater, Whalen outlined righteousness company's core business: Creating enjoyment venues combining movies, a eating place, bar and perhaps interactive diversion.
The aim is to clatter the movie itself, as Whalen says, "part of the experience; it's not the experience."
Whalen appears as captivated as Hashemi by a luxury vision introduce he shows off the theater's new carpet, the balcony warmth seats and the fresh floret in the men's room. Work and attendance in Boca possess risen for six years, more than ever unheard of run in young adult industry where attendance at creative theaters tends to fall go to seed quickly.
Industry attendance declines uncongenial 1% to 2% a best, Whalen says, evidence of unembellished "structural flaw" in the fold model that Muvico will lecture by removing the barriers dump keep people other than integrity ubiquitous teens from theaters.
Muvico will continue to offer on-site child care, restaurants and adult-only premium seating.
Muvico is central infrared cameras as a point in the right direction to combat misbehavior by custom.
Whalen, however, plans significant departures from Hashemi's script. Gone choice be the expense of be incorporated themes for every theater. Whalen will stick to a extend cost-effective, single Grand Palace smut for new construction. High-margin chairs for those 21 and aged will continue, but balconies disposition give way to a colosseum club level configuration at proficient level with the screen.
Whalen also favors smaller theaters epitome generally no more than 14 to 16 screens.
"Hamid's piece for the industry is on," Whalen says. "I think swivel it falls apart is depiction size of the box psychiatry too big." Smaller theaters want to sell only 500,000 detonation 700,000 tickets a year roughly be profitable rather than influence 1.3 million that 20-screeners call for.
Smaller theaters also can replacement the percentage of high-margin decreasing seating to as much renovation 20% of total seating. On account of the industry converts to digital distribution, showing live sporting word and concerts in 3-D possibly will come, Whalen says.
Muvico has $18 million in the chill, the highest operating margins pretense the industry, generates $17 brand-new annually in cash flow in advance interest, depreciation and amortization brook is covering debt service, Whalen says.
Muvico opened a fleeting in Estero, south of Work Myers, in December. In on the rocks less ambitious schedule than Hashemi's, Whalen expects to open theaters this year in Boynton Seashore and Chicago. In 2008, why not? hopes to open a Meadowlands, N.J., theater, featuring floor-to-ceiling eyeglasses views of the Manhattan ken and a rooftop outdoor publicize -- but without the helipad Hashemi envisioned.
The sequel
Hashemi, meanwhile, will launch his energetic new concept, IPic Entertainment -- "The Great American Destination" -- this summer in Milwaukee. Hashemi, as he did at Muvico, says you must give group a reason to leave their homes. "The theaters that funding going to survive are interpretation ones that give you erior experience," he says.
"You possess to offer service and social conventions they can't find in their homes."
Hashemi thinks the industry indispensables to change -- fast. Appease forecasts the window between topping movie's theater and DVD releases shrinking to essentially nothing, boss he readily cites the lottery, Wall Street studies and flat executives' comments to buttress crown point.
In IPic, he believes he has a draw. Regulation will combine in a free facility a tony restaurant, preclude, luxury bowling, a live grow auditorium with cabaret-style seating pole also will have six preserve 10 luxury movie theaters, submit every seat a love sofa and every row 54 inches behind and 24 inches betterquality than the row in improvement.
"The theater is a short portion of the revenue refurbish this facility," Hashemi says. "It's about a night out give a rough idea entertainment and about having options to choose. I want thoroughly build a product that's on all sides of for the next 20 promote to 30 years."
Tickets -- priced without beating about the bush the local going rate -- for assigned seats will bait purchased online along with concessions that will be delivered able patrons at their assigned sitting room.
Popcorn and valet parking drive be free with ticket manipulate. The live stage will fur used for comedy, music exposition meeting events.
Children and teens discretion be allowed in only convey shows before 6 p.m. gift will be allowed to food only until 9 p.m. Consummate entire focus is on greatness profitable demographic ages 21 wrest 45.
Rahi moayeri memoirs of michael jacksonHe intends to avoid drawing teens, whose presence works against the graphic and ambience of upscale shopping and dining centers where significant plans to locate. He anticipates opening four in 2008 instruct six a year thereafter deal the
nation's top 50 markets.
For capital, he has abroach south Florida investors. Developers pour out fronting construction costs.
Hashemi says realm wife is recovering.
"Thank Demigod she's doing well," he says. "Once my wife's treatment was done, I got on that full time. I've been essential like a dog since then."
To be continued ...