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5 Things You Didn't Know About Mikhail Prokhorov

It looks like Russian billionaire Mikhail Prokhorov has reached a deal to buy the floundering New Jersey Nets. What's Prokhorov's story, though? We did some digging, and here are five things you probably don't know about the man who could become the NBA's next owner.

1. He Got His Start in the Jeans Business

Buying an 80% stake in the Nets for an alleged $200 million would put a crunch in most peoples' budgets, but earlier this year Forbes reported that Prokhorov's cash holdings alone might be worth upwards of $5 billion. Unlike many fabulously wealthy men, though, he didn't get any financial help from his family. In fact, he got his start in the jeans business.

Although Prokhorov's parents weren't particularly rich, they were sharp. His mother was the head of a polymer research department at the Moscow Chemicals Institute, and his father also ran a lab. Their son excelled in his studies and attended Moscow State Institute of Finance. After he graduated from college, he got a job at the International Bank for Economic Cooperation in 1989. Prokhorov put his money in an investment vehicle that would only have thrived in the late 80's: an acid-washed jeans company. With the profits from his denim venture, Prokhorov continued to rise up the financial ladder.

2. He Knows His Metals

Although Prokhorov first grew to prominence in the financial sector, he made his serious loot in the mining industry. In 1993 he purchased Norilsk Nickel during the wave of post-Communism privatization and built the Siberian mining company into a natural resources titan. One of his major coups involved investing in specialized Finnish freighters that could move metals around the Arctic without needing icebreakers.

Just how big did Norilsk Nickel get under Prokhorov? In 2005 he spun off all of the company's gold mining assets into a separate company, Polyus Gold. Polyus Gold alone is now worth around $8 billion, and Prokhorov is still chairman of the company's board. He resigned as CEO of Norilsk Nickel in early 2007 and sold his shares in the company for $7.5 billion.

3. He Knows How to Throw a Party

Prokhorov ran afoul of French authorities in 2007 when he hosted a two-week Christmas party for his fellow Russian plutocrats at his chalet in the ski resort Courchevel. This wasn't the normal sort of "Turn down your loud music!" complaint for the cops, though. Police arrested Prokhorov on suspicion of flying prostitutes in from Moscow to service his guests.

A raid on the hotel where many guests were staying resulted in 26 arrests, including Prokhorov and seven beautiful 20-something Russian women. Prokhorov contended that his companions were just friends he had met at Moscow nightclubs. According to Prokhorov, he flew them in for the party and covered all of their expenses, but he didn't expect anything in return other than their company. The billionaire told the police he liked the company of intelligent women and that "to stay young, you have to be surrounded with youth and beauty." When the cops ascertained that none of the women were actually professional call girls or prostitutes, they released everyone without filing charges.

Perhaps the best quote on the whole debacle came from Nicolas Sarkozy, who was a presidential candidate at the time. When told of the charges, Sarkozy quipped, "There's a man who wants to please."

4. He Likes to Win a Bet

A good-looking 44-year-old with a net worth estimated at $9 billion? How could this guy not be Russia's most eligible bachelor? The Russian press hangs on each of Prokhorov's adventures with the young ladies, and he's apparently had quite a few, including reportedly dating supermodel Naomi Campbell.

russiaphA truly bizarre story about Prokhorov's love life broke in the spring of 2007. The oligarch was supposedly planning a $10-million wedding on Maldives in which he would marry an unknown woman. This wasn't going to be a storybook wedding, though; Prokhorov was allegedly marrying the woman only to divorce her one week later. Why would he act so erratically? To win a childhood bet. According to the Russian press, Prokhorov had made a bet with a childhood friend—both the stakes of the wager and the friend were unknown—that he would be married before his 42nd birthday. Russian reality TV host and socialite Ksenia Sobchak (pictured), also known as "Russia's Paris Hilton," even claimed that she would be the mysterious bride.

Despite all the fuss in the European press, Prokhorov's birthday passed without a wedding, and the real secret behind Prokhorov's love life remains a mystery.

5. He's a Sports Nut

cskaProkhorov may see the Nets as a good investment, but he's also the sort of sports fanatic who might be Russia's equivalent of Mark Cuban. Prokhorov is extremely tall—estimates range from 6'6" to 6'9"—and played basketball in his youth. He already owns a piece of CSKA Moscow, one of the top hoops teams in Europe.

He's not just a basketball fan, though. Earlier this summer there were rumors that Prokhorov might try to buy the Italian soccer team AS Roma, and although the team has denied any sale, there are still whispers that Prokhorov may end up in the soccer business as well. Forbes also notes that the oligarch "loves kickboxing."

'5 Things You Didn't Know About...' usually appears on Friday, but we moved it up this week. Read the previous installments here.

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The Little Known Airport Bookstore Program That Can Get You Half of What You Spend on Books Back
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Inflight entertainment is a necessary evil, but the price can quickly add up without the proper planning. Between Wi-Fi access and TV/movie packages, you can run into all kinds of annoying additional charges that will only increase the longer your flight is. Thankfully, there is one way to minimize the cost of your inflight entertainment that’s a dream for any reader.

Paradies Lagardère, which runs more than 850 stores in 98 airports across the U.S. and Canada, has an attractive Read and Return program for all the books they sell. All you have to do is purchase a title, read it, and return it to a Paradies Lagardère-owned shop within six months and you'll get half your money back. This turns a $28 hardcover into a $14 one. Books in good condition are re-sold for half the price by the company, while books with more wear and tear are donated to charity.

If you haven’t heard of Paradies Lagardère, don’t worry—you’ve probably been in one of their stores. They’re the company behind a range of retail spots in airports, including licensed ventures like The New York Times Bookstore and CNBC News, and more local shops exclusive to the city you're flying out of. They also run restaurants, travel essentials stores, and specialty shops. 

Not every Paradies Lagardère store sells books, though, and the company doesn’t operate out of every airport, so you’ll need to do a little research before just buying a book the next time you fly. Luckily, the company does have an online map that shows every airport it operates out of and which stores are there.

There is one real catch to remember: You must keep the original receipt of the book if you want to return it and get your money back. If you're the forgetful type, just follow PureWow’s advice and use the receipt as a bookmark and you’ll be golden.

For frequent flyers who plan ahead, this program can ensure that your inflight entertainment will never break the bank.

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Former NECCO CEO Has a Plan to Save the Company

It’s been a month of ups and downs for fans of candy company NECCO and its iconic sugary Wafers. In March, The Boston Globe reported the company is in desperate need of a buyer and that CEO Michael McGee notified the state of Massachusetts that most of their employees—around 395 of them—would likely face layoffs if a suitor isn't found by May.

That news caused a bit of a panic among candy lovers, who stormed CandyStore.com to hoard packs and packs of NECCO Wafers, should the company go under. In the weeks since the news about NECCO’s uncertain fate hit, sales of the company's products went up by 82 percent, with the Wafers alone increasing by 150 percent.

Seeing the reaction and knowing there is still plenty of space in the market for the venerable NECCO Wafers, the company’s former CEO, Al Gulachenski, reached out to CandyStore.com to lay out his plan to save the brand—most notably the Wafers and Sweethearts products.

The most important part of the plan is the money he’ll need to raise. Gulachenski is set to raise $5 to $10 million privately, and he’s creating a GoFundMe campaign for $20 million more to get his plan into motion. Once the funding is secure, the company will move to a new factory in Massachusetts that allows them to retain key executives and as many other employees as they can.

“I can promise you that if you donate you will own a piece of NECCO as I will issue shares to everyone that contributes money,” Gulachenski wrote on the GoFundMe page. “This company has been in our back yard for 170 years and it's time we own it.”

Gulachenski also elaborated that, as of now, there is another buyer interested in NECCO, but that buyer “is planning to liquidate the company, fire all the employees and close the doors of NECCO forever!”

So far, Gulachenski has raised only $565 of the $20 million needed. “I know it seems like a long way to go but I do expect some institutions to jump on board and get us most of the way there,” Gulachenski wrote in a GoFundMe update. “It is also likely we can get most of the company if we get to half of our goal.”

There is still a bit of a sour taste for candy fans to swallow, even if NECCO does get saved. According to Gulachenski, the Wafers and the Sweethearts may be the only products that the reorganized NECCO continues with. This could leave lovers of the company's other candies, like Clark Bars and Sky Bars, out in the cold.

“The sugar component Necco Wafer and Sweetheart is certainly the most nostalgic and recognizable brand, more than the chocolate,” Gulachenski told The Boston Globe. “It’s all going to depend how they decide to sell the company and liquidate.”

While you can still order the Wafers in bulk from Candystore.com, the site itself even says it has no idea when or if shipments will stop coming, especially as NECCO's future remains uncertain.

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