Summerland Latest

[Lee54]

Today was the final day for interested parties to submit an interest to develop the site,its believed at least two Local companies have, the Sefton Group and Burnbrae Ltd. One of these companies is believed to have submitted plans to build two new hotels, swimming pool and sports complex at the site with the Hotels interested to be Travel Lodge and Travel Lodge Express.

[thesultanofsheight]

Today was the final day for interested parties to submit an interest to develop the site,its believed at least two Local companies have, the Sefton Group and Burnbrae Ltd. One of these companies is believed to have submitted plans to build two new hotels, swimming pool and sports complex at the site with the Hotels interested to be Travel Lodge and Travel Lodge Express.

 

Will one of them be putting up a big sign to say "two new hotels a swimming pool and sports complex on this site soon" if so I can guess who they are - and I can also guess the same sign will be up in 5 years time.

[TerryMcCann]

I heard they were going to build a victorian style pier out from the site.

 

Apparently the Island is crying out for one and that is the only viable location

[Lee54]

Did you know that there is a two year waiting list for boat owners to get a berth at any of the islands marina,s, Peels not even finished and is fully booked up and its not just from local owners.

[sarahc]

They should really build a marina in Port St Mary.

[House]

Did you know that there is a two year waiting list for boat owners to get a berth at any of the islands marina,s, Peels not even finished and is fully booked up and its not just from local owners.

 

Imagine if someone had once expressed an interest in building a marina in Ramsey!

 

Still, the town has positively prospered since the militant OAP brigade decided they didn't want it - COME TO RAMSEY, WE GOT CHARITY SHOPS IN SPADES MOTHERFUCKERS!

[Lee54]

Sefton Group and Mr lacy have just bought Manx Properties ltd for £2 million who's portfolio contains Clinches, HSBC Building and Standard Charter Building, value of the portfolio is believed to worth £37.4 million

[hboy]

Sefton Group and Mr lacy have just bought Manx Properties ltd for £2 million who's portfolio contains Clinches, HSBC Building and Standard Charter Building, value of the portfolio is believed to worth £37.4 million

 

Who are you. Graham's press agent?

 

So what.

[Lee54]

Sefton Group and Mr lacy have just bought Manx Properties ltd for £2 million who's portfolio contains Clinches, HSBC Building and Standard Charter Building, value of the portfolio is believed to worth £37.4 million

 

Who are you. Graham's press agent?

 

So what.

 

No, but Mr Lacy does seem to be after a large slice of the Islands pie.

 

found this interesting

 

.

 

 

Although its share price dropped slightly on the New York stock exchange, the small firm's $90 million in cash and liquid assets would certainly carry it through any hard times. Competely debt-free, management invested its cash savings so successfully that the increases in investment income had already offset any troubles faced by the industry. Until, that is, the corporate raiders arrived.

 

The list reads like a Wall Street cliché. In 1981 and 1982 raiders Victor Posner, Carl Icahn, the London-based Graham Ferguson Lacey, and the Texas home team of Kozmetsky and Hurwitz vied for access to that $90 million pie. With the help of a now familiar crew of facilitators (Michael Milken, Fred Carr and Saul Steinberg of the Reliance Group), one raider followed another until Hurwitz and Kozmetsky, the white knights of the corporate chess game, wound up with the prize.

 

The series of quid-pro-quos began with a proxy fight for control of the Board of Directors between Lacey, CEO of a British energy company called NCC Energy Ltd., and veteran raider Carl Icahn.

 

Lacey, raider number one, had gained control of 20% of Simplicity's stock in early 1981 with the help of Michael Milken, Victor Posner and unknown company insiders, all of whom received generous premiums for their good work, according to the The Wall Street Journal (4/23/82). Placing himself at the helm of the company, Lacey began to arrange a merger between Simplicity and his own company, NCC - a merger which involved the transfer of more than $35 million of Simplicity money to various NCC projects.

 

In October of 1981, Carl Icahn, already a veteran of ten such raids, filed papers with the SEC that indicated his control over 13.3% of Simplicity stock and stopped the merger. In a related move, an Icahn affiliate offered to buy out the company although it owned no stock at the time.

 

Lacey, in order to keep control, paid a $5 million non-refundable deposit to an Australian ally who then offered to purchase Icahn's stock at a price higher than the market. In November, Icahn announced that he would sell his shares to the Australian firm and allow the merger to proceed. Lacey had offered him $14.50 per share of stock that traded at $9.00, and he walked off with a cool $2.7 million. His affiliated withdrew the tender offer without ever having purchased a single share. Milken received a percentage on this, his second series of transactions over Simplicity.

 

In order to fund the deal, Lacey borrowed the $5 million from a company called Cook International. As a term of the loan, Cook agreed to purchase 631,000 Simplicity shares on the open market. The proxy reveals that Cook bought the stock from Drexel, Burnham Lambert for $6.8 million - then passed them on to NCC's bank as collateral for a line of credit. Once again Simplicity money flowed into Drexel coffers.

 

Meanwhile, Fred Carr of Executive Life reported to the SEC that he now owned a 10% interest in the now-hot clothes-pattern company.

 

On March 30, 1982, in a surprise move, the British government forced Lacey into bankruptcy and required him to sell his Simplicity holdings to satisfy British debts. Who should arrive to save the bankrupt raider but our friends George Kozmetsky and Charles Hurwitz, then officers of two closely related companies, MCO Holdings and Federated Development. Both firms purchased portions of the Simplicity stock from Lacey, and in May 1982 Hurwitz and Kozmetsky elected themselves CEO and Director, respectively. As one of their first acts, they doubled the salary of Directors, according to Simplicity's 1983 proxy, and assigned Hurwitz a $100,000 annual salary.

 

Shortly thereafter, Fred Carr of Executive Life quietly sold his share of the company back to the new Simplicity Management, also at a higher than market price. Carr could mark a substantial profit for temporarily parking the stock, although he did not take any cash when he returned it. Instead, Hurwitz gave him a note of $14.5 million that would not come due until 1989. This was the second such note to Executive Life by Hurwitz. Less than a year before Fred Carr returned a chunk of MCO stock to Hurwitz for a note of $17.6 million. Since most of Hurwitz's assets sank with United Savings in 1988, we infer that these notes are among the many bad debts on Executive Life's balance sheet. We could not find out such details from the public record, however.

[TerryMcCann]

Too many Lacey based posts and I will start to suspect you are MCB/Copycat/Spock

[thesultanofsheight]

The list reads like a Wall Street cliché. In 1981 and 1982 raiders Victor Posner, Carl Icahn, the London-based Graham Ferguson Lacey, and the Texas home team of Kozmetsky and Hurwitz vied for access to that $90 million pie. With the help of a now familiar crew of facilitators (Michael Milken, Fred Carr and Saul Steinberg of the Reliance Group), one raider followed another until Hurwitz and Kozmetsky, the white knights of the corporate chess game, wound up with the prize.

 

Wow. 1982 its just so ............. current / relevant.

[Lee54]

The list reads like a Wall Street cliché. In 1981 and 1982 raiders Victor Posner, Carl Icahn, the London-based Graham Ferguson Lacey, and the Texas home team of Kozmetsky and Hurwitz vied for access to that $90 million pie. With the help of a now familiar crew of facilitators (Michael Milken, Fred Carr and Saul Steinberg of the Reliance Group), one raider followed another until Hurwitz and Kozmetsky, the white knights of the corporate chess game, wound up with the prize.

 

Wow. 1982 its just so ............. current / relevant.

 

 

You cant change the spots on a leopard $400 million claim

 

 

IN THE UNITED STATES DISTRICT

FOR THE DISTRICT

 

-----------------------------------x

PETER KALTMAN, TRUSTEE OF PETER

* KALTMAN DEFINED CONTRIBUTION PLAN, :

(RRM)

 

 

l

 

 

Plaintiff,

-against-

GULF USA CORP., GRAHAM FERGUSON

LACEY, KEITH D. HOLJESON and,

DAVID J. ANGELICCHIO,

Defendants.

 

 

NOTICE OF CLASS ACTION,

OF CLASS ACTION, AND

 

TO: ALL PERSONS OR ENTITIES WHO

PREFERRED STOCK OF GULF USA CORP. ("GULF");

GULF'S 10 7/8% SUBORDINATED DEBENTURES DUE

OCTOBER 15, 1997; OR GULF'S 12 l/2% SUBORDINATED

DEBENTURES DUE SEPTEMBER 15, 2004 ON THE OPEN

MARKET DURING THE PERIOD NOVEMBER 6, 1992

THRO_UGH_JANYARY_8.

 

TI 31s NOTICE MAY AFFECT YOUR RIGHTS.

ul 3GED TO READ IT CAREFULLY.

TI 3AT, IF YOU ARE A CLASS MEMBER, YOU MAY

El YTITLED TO SHARE IN THE PROCEEDS OF THE

PI XOPOSED SETTLEMENT DESCRIBED IN THIS

SI 3TTLEMENT NOTICE. IF THE

Al PPROVED, CLASS MEMBERS WHO WISH TO SHARE IN

TI 3E CASH PROCEEDS MUST TIMELY SUBMIT VALID

PI 3OOFS OF CLAIM AND RELEASE FORMS.

 

The purpose of this Notice

 

existence, and proposed settlement,

in the

 

above-entitled class action and the

 

United States District Court for the

 

SNIPPETS:

SUBEARY OF TBE TERMS OF THE PROPOSED SETTLEMENT

YOU SHOULD IMMEDIATELY CONSULT YOUR LAWYER IF YOU ARE CONSIDERING SUING ALONE, BECAUSE YOUR

Fund.

Class Period.

NO!CICE!I!0 BROKERS AND OTFER NOMINEES

If you acted as a nominee for any holder of the Gulf

GULF USA CLASS ACTION LITIGATION

PLEASE DO NOT CALL OR WRITE THE COURT OR THE CLERK'S OFFICE FOR INFORMATION

OR ADVICE

[immortalpuppet]

look Ma, i can copy and paste on the intarweb.

[cheeky boy]

Getting back to the original post.......

 

We haven't had a new power station for ages, so now that "Renewable Energy Holdings" are recruiting locally perhaps we should give them the site for research into wave power

 

Small potatoes compared to the 300 Mil one of their board spunked away on the last fiasco

[Gladys]

Too many Lacey based posts and I will start to suspect you are MCB/Copycat/Spock

Yep, suspected that for a while! But, 'twil only be confirmed when a news item in Outer Mongolia is posted for its very, very tenuous relevance to the IOM.

 

We've missed you!