August 10, 2003

What About Arnold the Busin...

What About Arnold the Businessman? RiShawn Biddle has quite a few details in the L.A. Business Journal.

Posted by at August 10, 2003 06:51 PM
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Am I missing something, or does that article not mention Planet Hollywood? Arnold was one of the key owners of that, right? I seem to recall it didn't pan out quite so well.

Posted by: LYT at August 10, 2003 09:25 PM

I noticed that too. But then I did some looking of my own. If you read the reports, Schwarzenegger got stock in exchange for making appearances. So he never actually invested his own capital in the business. Then when he and the other celebs wanted out, Planet Hollywood arranged for the stars to get loans that essentially cashed them out of the investments. Planet Hollywood would later pay off the loans, which helped led to its collapse.

So it would seem that Schwarzenegger never lost anything. Which is probably why Biddle never bothered mentioning it.

Posted by: Mack Simmons at August 11, 2003 02:07 PM
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