National Kinney Corporation

National Kinney Corporation was a United States company involved primarily in parking operations, building and property-management services, and real-estate development. It was established on August 7, 1971, when Kinney Services separated its service-related activities from the entertainment businesses associated with Kinney National Company and its successor Warner Communications. The company therefore occupied an unusual position between property services and corporate real estate: its operating base came from parking and building services, while its expansion strategy sought to add substantial development and investment assets. National Kinney’s most important real-estate move was the acquisition of Uris Buildings Corporation. The transaction expanded the company beyond service operations and gave it a major presence in commercial property. The timing proved unfavorable. The New York real-estate market weakened sharply during the 1973–1975 recession, and National Kinney’s principal Uris Building asset was subsequently lost through foreclosure. The episode illustrated the risks of using an operating-services business as a platform for property expansion during a severe property downturn. The company remained connected to Warner Communications for much of the 1970s. In March 1974, Société de Gestion Immobilière et Mobilière S.A., a French holding company, announced an intended cash purchase of National Kinney from Warner Communications for $8 million. The proposed transaction was terminated on June 22, 1974. National Kinney was later spun out of Warner Communications as an independent company on December 28, 1978. It was acquired by Morton Sweig and Paul Milstein, the latter having previously served as National Kinney’s president. In 1979, National Kinney pursued a highly publicized potential acquisition of the Aladdin hotel and casino in Las Vegas. The plan was structured as a joint venture with entertainer Johnny Carson and contemplated renaming the property after Carson. The proposed transaction did not become a completed long-term operating business. Information about the negotiations circulated publicly, and subsequent trading in National Kinney stock resulted in insider-trading enforcement by the U.S. Securities and Exchange Commission against third parties, including disgorgement of trading profits. The company then moved toward divestiture and simplification. In 1982, it sold its National States Electric division to an undisclosed buyer and agreed to sell its parking subsidiary, Kinney System Inc., to Daniel Katz, the division’s chairman, and a group of investors. In 1983, National Kinney changed its corporate name to Andal Corporation and sold its remaining majority interest in Kinney System. The Kinney System parking business continued independently and was acquired by Central Parking Corporation in 1997. After the name change, Andal also made investments in food-service and dessert businesses, including the declining Steve’s Ice Cream operation and a merger involving Swensen’s, before disposing of those interests. Andal went private in 1998 and was delisted from the New York Stock Exchange. Publicly documented information about the company after 1999 is limited, and its later operating status is unclear. National Kinney is consequently best understood as a historical corporate entity rather than an active consumer-facing brand: its significance lies in the transformation of a parking and property-services operation into a broader real-estate and investment company, followed by divestitures, renaming, privatization, and the dispersal of its operating businesses.

National Kinney Corporation was created on August 7, 1971, when Kinney Services was separated from the entertainment-related activities of Kinney National Company. Its initial business was rooted in parking and building services, especially operations associated with commercial properties. The corporate separation reflected the broader restructuring of the Kinney businesses and produced a company whose identity was based on physical assets and property-related services rather than entertainment. National Kinney subsequently attempted to broaden its business through real-estate development. Its acquisition of Uris Buildings Corporation brought a significant commercial-property portfolio into the company and marked a strategic shift from operating services toward ownership and development. The expansion coincided with a severe downturn in the New York real-estate market during the 1973–1975 recession. National Kinney’s principal Uris Building asset was eventually lost through foreclosure, making the acquisition a major example of the company’s exposure to cyclical property markets. Ownership and corporate control changed during the 1970s. In March 1974, the French holding company Société de Gestion Immobilière et Mobilière announced plans to acquire National Kinney from Warner Communications for $8 million in cash. The proposed deal was terminated on June 22 of that year. On December 28, 1978, National Kinney was spun out of Warner Communications as an independent company. Morton Sweig and Paul Milstein acquired the corporation, with Milstein having previously served as its president. In 1979, National Kinney entered negotiations to acquire the Aladdin hotel and casino in Las Vegas through a proposed joint venture with entertainer Johnny Carson. The plan contemplated renaming the casino after Carson. The negotiations became connected to a securities-enforcement matter when information about the proposal circulated and National Kinney stock was traded. The U.S. Securities and Exchange Commission brought insider-trading charges against third parties and obtained disgorgement of profits. The proposed Aladdin transaction did not become a lasting National Kinney operating asset. The company then pursued a series of divestitures. In 1982, it sold National States Electric to an undisclosed buyer. It also agreed to sell Kinney System Inc., its parking subsidiary, to Daniel Katz, chairman of National States Electric, and a group of investors. In 1983, National Kinney changed its name to Andal Corporation and sold its remaining majority interest in Kinney System. The parking business continued after the separation and was acquired by Central Parking Corporation in 1997. Andal’s later activities included investments in food and dessert businesses. It invested in the declining Steve’s Ice Cream operation and merged with Swensen’s before selling those interests. The corporation went private in 1998 and was delisted from the New York Stock Exchange. Information about its activities after 1999 is limited in the cited reference material, so its current status cannot be established with confidence. Historically, National Kinney is best characterized as a diversified property-services and investment company whose operating center moved from parking and building services into real estate, then back toward asset sales and corporate diversification.

• 1998

  Andal becomes private

  [1]National Kinney Corporationen.wikipedia.org

  Andal Corporation went private and was delisted from the New York Stock Exchange.

• 1997

  Kinney System joins Central Parking

  [1]National Kinney Corporationen.wikipedia.org

  Central Parking Corporation acquired the former National Kinney parking business.

• 1983

  Renamed Andal Corporation

  [1]National Kinney Corporationen.wikipedia.org

  National Kinney adopted the Andal Corporation name and disposed of its remaining majority interest in Kinney System.

• 1982

  Major operating divestitures begin

  [1]National Kinney Corporationen.wikipedia.org

  National States Electric and Kinney System were sold or placed under agreements for sale to outside investors.

• 1979

  Aladdin casino proposal

  [1]National Kinney Corporationen.wikipedia.org

  The company pursued a proposed joint-venture acquisition of the Aladdin hotel and casino with Johnny Carson.

• 1978

  Spin-off from Warner Communications

  [1]National Kinney Corporationen.wikipedia.org

  National Kinney became independent from Warner Communications and was acquired by Morton Sweig and Paul Milstein.

• 1974

  Proposed acquisition by a French holding company ends

  [1]National Kinney Corporationen.wikipedia.org

  A proposed $8 million cash purchase by Société de Gestion Immobilière et Mobilière was terminated on June 22.

• 1973

  New York real-estate downturn undermines Uris expansion

  [1]National Kinney Corporationen.wikipedia.org

  The company’s move into real-estate development was adversely affected by the 1973–1975 recession and the collapse of the New York property market.

• 1971

  National Kinney Corporation is established

  [1]National Kinney Corporationen.wikipedia.org

  The company was formed on August 7 after Kinney Services was separated from Kinney’s entertainment holdings.

A property-services and real-estate investment company built around parking and building operations, with periodic expansion into development and diversified corporate investments.

• Parking services

  Kinney System

  Kinney System was National Kinney’s principal parking subsidiary and represented the company’s original operating base in vehicle parking and related property services. It was sold to Daniel Katz and other investors in 1982, followed by the disposal of National Kinney’s remaining majority interest after the 1983 corporate renaming. The business later continued under separate ownership and was acquired by Central Parking Corporation in 1997.

• Commercial real estate

  Uris Buildings properties

  The Uris Buildings portfolio was acquired as part of National Kinney’s expansion from parking and building services into real-estate development. The investment exposed the company to New York’s commercial-property market during the 1973–1975 recession, and its principal asset was subsequently lost through foreclosure.

• Property services · 1971

  Building and property-management services

  Building services and property management formed part of the company’s service-oriented operating foundation. These activities complemented parking operations and provided a platform for National Kinney’s later attempt to expand into direct real-estate ownership and development.

• 1979

  Insider-trading matter connected to the Aladdin proposal

  National Kinney’s proposed joint-venture acquisition of the Aladdin hotel and casino with Johnny Carson became associated with trading in National Kinney stock after information about the negotiations circulated. The SEC pursued insider-trading charges against third parties and obtained disgorgement of profits. The cited material does not identify the charged individuals or establish wrongdoing by National Kinney itself.

  Source

Read more

• 1998

  Take Andal privateStrategy

  Background

  Following the sale or separation of key operating businesses, Andal’s public-company role was reduced.

  Action taken

  The company went private and was delisted from the New York Stock Exchange.

  Aftermath

  Public information about the company’s later activities became limited, and its current operating status is unclear.

  Source

• 1983

  Rename the corporation and complete Kinney System divestitureStrategy

  Background

  After selling its major operating divisions, the company no longer had the same business profile associated with the National Kinney name.

  Action taken

  National Kinney became Andal Corporation and sold its remaining majority interest in Kinney System.

  Aftermath

  Andal pursued investments in food and dessert businesses, including Steve’s Ice Cream and Swensen’s, before later disposing of those interests.

  Source

• 1982

  Divest operating businessesStrategy

  Background

  National Kinney began reducing its operating portfolio and moving away from its earlier combination of services and diversified holdings.

  Action taken

  It sold National States Electric and agreed to sell Kinney System to Daniel Katz and a group of investors.

  Aftermath

  The parking business was separated from National Kinney, and the parent soon changed its name to Andal Corporation.

  Source

• 1979

  Pursue a proposed Aladdin hotel and casino acquisitionM&A

  Background

  National Kinney sought to enter the Las Vegas hotel and casino business through a partnership with Johnny Carson.

  Action taken

  The company negotiated a joint venture to acquire the Aladdin and contemplated renaming it after Carson.

  Aftermath

  The proposed transaction did not become a lasting company asset, while related stock trading led to SEC insider-trading enforcement against third parties.

  Source

• 1978

  Accept independence from Warner CommunicationsM&A

  Background

  National Kinney was separated from its former corporate parent after an earlier proposed sale to a French holding company had failed.

  Action taken

  The corporation was spun out and acquired by Morton Sweig and Paul Milstein.

  Aftermath

  The company operated as an independent entity and later pursued additional acquisitions, divestitures, and restructuring.

  Source

• 1971

  Separate service operations from entertainment holdingsStrategy

  Background

  Kinney’s service businesses and entertainment-related holdings were placed in separate corporate structures.

  Action taken

  National Kinney Corporation was established to hold the parking and building-services activities.

  Aftermath

  The new company developed independently from the entertainment businesses that later formed part of Warner Communications.

  Source

• Acquire Uris Buildings CorporationM&A

  Background

  National Kinney sought to expand beyond parking and building services into commercial real-estate development.

  Action taken

  The company purchased Uris Buildings Corporation.

  Aftermath

  The New York property downturn during the 1973–1975 recession damaged the investment, and the principal Uris Building asset was lost through foreclosure.

  Source

1. 1National Kinney Corporationen.wikipedia.org