Cash out with Visa
Card giant offers small biz $10K to ban bucks
VISA,the world’s largest retail payment firm, is ramping up its war on cash. Just four months after the Supreme Court ruled that small businesses had the right to advertise lower prices for customers who pay cash, Visa is hawking a “cashless society” contest that gives small businesses $10,000 — if they stop accepting paper altogether.
Visa, like all card companies, likes the idea of a cashless society because it gets a cut from a business every time a customer swipes. Small businesses had sued to get the law overturned, saying it violated their freedom of speech.
Avin Arumugam, senior vice president of the internet of things at Visa, declined to comment on the case when he met with our Kevin Dugan.
However, he said that the company will be putting out a report later this year that will show how New York businesses can save $6.8 billion in revenue a year by giving up cash altogether.
ClubCorp is being called a golf lowlife by a prominent shareholder who requested anonymity.ymity. “They will get sued,” he said.
The Dallas business, which owns or operates 200 golf and country clubs, agreed last week to sell itself to Apollopollo Global Management for $1.1 billion, or $17.12 per share.
That was a shock to the market, which had been told not to expect a sale.
ClubCorp in January held a public auction to sell itself, reaching out to 50 parties, and then, in an April 12 press release, said, “After a careful and thorough evaluation, the com- pany’s board of directors has unanimously mo us ly determined not to pursue a strategic transaction at this time.” As a reresult, ClubCorp’s shares fell that day frfrom $15.45 to $13.85 a share. The sharshareholder said he understood ClubCorp had asked for at least $20 a share and got no bids at that price. NoNow Apollo has agreed to buy the company for $17.12 less than thrthree months later. AAn industry source who followslows ClubCorp and has no stock in ththe business told our Josh Kosman man, “It’s a unique situation. I can see wwhy shareholders are livid.” HowHowever, ClubCorp in April left open the possibility of a deal. “The StrateStrategic Review Committee remainmains in place and continues to discudiscuss opportunities to enhance shareholder value,” it said. HoHowever, the industry source said the company had said it wwas seeking to enhance value ffor many quarters, so it certatainly seemed as though the sale pprocess were over. ClubCorp declindeclined comment.
Sun fashion
It wowouldn’t be Sun Valley without fashion maven Stacey Bendet (pictured),tured), CEO of Alice + Olivia and daughter-in-law of Michael Eisner. BendBendet told us she got a lovely gift of sunsunglasses from Astrid Buffett, who foundfo them at a flea market. Bendetdet also mentioned that she’s a big fan of AbeAbercrombie and Fitch CEO Fran Horowitz,Horow who was wearing an A+O BasquiBasquiat blouse. Meanwhile, other tipsters told us they spotted Jared KushnerKush and Ivanka Trump spendspending time on Wednesday night with i investor Hai mS a ban, the vociferou sciferou Hillary Clinton supporter.