I already have some updates to our annual LA500, the centerpiece of this week’s issue, as you’ll notice on the front page and special section of profiles and features that start on page 17 … Start by adding this to Patty Glaser’s entry: she recently agreed to represent John Schnatter as he seeks a comeback from the controversy that forced him from Papa John’s International Inc., parent company of the pizza chain he founded. The guess here is that Glaser wouldn’t be on the job if the picture that’s been painted of Schnatter as a spouter of racial slurs was entirely and contextually accurate. Look for Schnatter to take the offensive, spotlighting the performance of current management of the chain, which was about flat on sales and earnings last year, and opened this year down significantly by both measures … Jerry Snyder is a perennial member of the LA500, and he’s a bit ticked off about social media coverage of the recent shutdown of the Callender’s Grill on the 5700 block of Wilshire – some of which he perceived to carry a greedy-landlord tone. Snyder owns the Miracle Mile building that held the restaurant, and he tells me that Callender’s had been there for more than 30 years without a rent hike, and was paying around $17,500 a month in rent for the 15,000-square-foot flagship. Snyder says he asked for a 30 percent hike when the deal came due, and then dropped it to 10% in hopes of keeping Callender’s. Seems the joint was just too big to pencil out for the mid-tier brand. Snyder couldn’t say what’s next for the spot – which is adjacent to a residential tower he’s putting up – but he did say that several restaurateurs have raised the idea of a food hall … No member of the LA500 raised his or her profile as much as Dr. Patrick Soon-Shiong since last year’s edition – a span of time that saw him add ownership of the L.A. Times to his status as the wealthiest Angeleno, not to mention a portfolio of companies that carry his ambition of beating cancer. Don’t expect Soon-Shiong to mention profit as his top priority on the Times or other endeavors. But he did take the opportunity of a piece published last week by the U.K.-based Guardian to express an appreciation for the focus that financial considerations can bring to any enterprise. Soon-Shiong also revealed that his appreciation for financial accounts is a lesson from Roman Catholic missionaries who taught him during the apartheid era in his native South Africa. “I was told by the nuns: ‘no money, no mission,’” Soon-Shiong said, adding that the Times’ mission is to “find ways to actually value the content” its newsroom produces … Stan Kroenke makes the LA500 as owner of the Los Angeles Rams and as the developer of the football palace he’s building in Inglewood. Maybe we could get him to take over talks with the Russians. Seems at least one Russian oligarch – Alisher Usmanov – is ready to toss in his hand when it comes to dealing with Kroenke on the Arsenal soccer team in London. The Financial Times reported last week that Usmanov is looking for a buyer for his 30 percent stake because he’s convinced that Kroenke will never do a deal that gives the Russian a controlling interest. Usmanov is said to have offered $1.3 billion for the 67 percent stake in the team Kroenke holds. Kroenke reportedly came back a few months later with an offer of close to $700 million for Usmanov’s 30 percent … John Cushman III has a personal brand alongside the firm that bears his family names – the original Cushman and Wakefield were brothers-in-law, after all. So you can expect him to keep a spot on the LA500 no matter the outcome of the IPO by the company he serves as chairman of global transactions. The offering is expected to raise $750 million and value C&W around $6 billion … Give this member of the LA500 props for the most apt name based on place of employment: Gwynne Shotwell, president and COO of SpaceX … Sullivan Says: Give two other members of the list – Hammer Museum Chair Marcy Carsey and Director Ann Philbin – nods for the institution’s compelling slogan: “Free for good.”
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