lasmo plc was a leading british oil and gas exploration and production business .

it was listed on the london stock exchange and was a constituent of the ftse 100 index .

lasmo

back in 1994 , the unsuccessful enterprise oil bid for lasmo came at a low point in the oil cycle , shortly after a lasmo rescue rights issue .
oil group lasmo falls to £2 . 7bn italian bid | business | the guardian
the bid significantly outstrips an offer that lasmo received from us firm amerada hess last month .
mortished , carl ,
enterprise ' s 1 . 5bn bid for lasmo flops ,
lasmo .
the oxford dictionary of abbreviations . . retrieved july 09 , 2018 from urltoken urltoken
the uk ' s leading independent oil producers lasmo and enterprise have confirmed they are in merger talks .
lasmo ' s popularity is due to its significant body of potential oil reserves in north africa and the north sea .
lasmo said in a statement :
lasmo is in discussions with a number of parties on a range of strategic initiatives , one of which is an evaluation of a possible merger with enterprise oil .
meanwhile , enterprise confirmed
it is in exploratory discussions with lasmo , which may or may not lead to a merger between the two companies
.
enterprise oil and london and scottish marine oil ( lasmo ) decide not to merge and exploration begins in western siberia .
lasmo .
the oxford dictionary of abbreviations . . encyclopedia . com . ( july 9 , 2018 ) . urltoken
eni lasmo opsus share price . lsmo - stock quote , charts , trade history , share chat , financial terms glossary .
the financial times reported that enterprise and lasmo again struggled over whether to merge in 1999 , hoping to integrate their operations . the companies ultimately decided against the merger because of differing visions and strategies . lasmo and british - borneo were later acquired by eni .
eni , the world ' s fifth largest oil company , has launched a bid for uk independent oil and gas firm , lasmo .
the two companies have already begun rationalising with lasmo planning to cut its london head office staff by up to 60 % to save £30m .
eni would also win a foothold in oil hotspot venezuela and the asian gas market , if the bid is approved by lasmo ' s shareholders .
eni recommended cash offer by lazard and j . p morgan on behalf of agip investement for lasmo ' [ 21 dec ' 00 ] - eni
all this attention is a novelty for lasmo , which has tried to sell itself to no avail over the last few years . although many oil stocks have benefited from rising prices , shares of lasmo , which is perceived as too small to remain competitive , have lagged those of competitors .
that spelt the beginning of the end of lasmo ' s days as a stand - alone company . in the process of sounding out the market about sales of particular assets , including negotiations with amerada over a stake in its venezuelan possession , the lasmo management landed an offer for the whole company .
lasmo is one of the uk ' s last remaining independent oil and gas companies , its former rival british borneo being bought up by eni in march .
now lasmo and enterprise have been forced to consider a ' defensive merger ' . aside form cutting costs a merger may help save both from bigger predators .
analysts said that only lasmo ' s 1999 purchase of rival monument oil and gas , for £460m in shares , saved it from a cashflow and debt crisis .
lasmo , on the other hand , found its fortunes declining , reaching the nadir following a disastrous 1991 takeover of another oil and gas company , ultramar . financial pundits delighted in repeating the joke of lasmo ' s strange arithmetics : how to add a £1 billion company to another £1 billion company and end up with - - a £1 billion company . losing money , seriously strapped for cash , and staggering under a backlog of debt , lasmo appeared ripe for takeover - - or so enterprise thought .
by the end of last year , lasmo ' s situation was completely changed , with the oil price at historic highs . under pressure from shareholders to give something back , lasmo said it would return money through a share buyback . it had already earmarked about £40m to return and was expected to make asset disposals to give more back .
eni is also taking on board £650m of lasmo debt and will end up providing compensation of $ 40m ( £27m ) to amerada to cover the costs of its unsuccessful bid . analysts said the total outlay meant eni would be paying around market value or about $ 5 . 80 a barrel for lasmo ' s 850m barrels of proven reserves .
eni , the former state - owned italian oil and gas group , swooped yesterday to win control of lasmo after topping an offer from amerada hess with an agreed £2 . 7 billion bid .
amerada hess , which is based in new york , said it did not intend to increase its offer after a decision by lasmo ' s board to change its recommendation in favour of eni .
lasmo was founded in 1971 to explore in the north sea . the company struck lucky three years later with the discovery of ninian oil field , one of the largest uk finds in the region . that allowed lasmo to float on the market in 1977 . during the 1990s the company , the second - largest uk independent after enterprise oil , expanded into indonesia , algeria , pakistan and venezuela .
lasmo was also in trouble for another reason at that time . it had overpaid , in 1997 , for entry into the venezuelan market when it shelled out $ 453m in cash for the dacion field .
michael spohn , an analyst at petroleum research group , a new york energy consultancy , said :
lasmo has been in the penalty zone since the enterprise bid , and the stock price has reflected that .
lasmo shares have lost around 70 % of their value from their 1998 peak at 305 pence as oil prices fell , slashing profit margins . they closed on friday at 90p , a 12 - year low .
the boards of eni and lasmo have agreed a 200 pence per share cash offer , valuing the firm at £2 . 7bn ( $ 3 . 95bn ) , around 12 % higher than the bid from amerada hess .
although yesterday ' s bid came at a 28 per cent premium to lasmo ' s closing share price on friday , there was no premium to lasmo ' s net asset value of 180p a share . the offer is 125p a share in cash , with the rest in amerada shares . analysts said the offer price was
mean
. agreed bids would normally command a premium to net asset value . nevertheless , the deal is likely to go through .
the attraction of lasmo to amerada is not so much its north sea assets , which still make up half its production , but its position in these more far - flung places . amerada is already a big north sea operator .
the acquisition of lasmo allows us to speed up our production targets . we will beat our 1 . 5m barrels per day target outlined in the strategic plan for 2003 ,
says vittorio mincato , chief executive of eni .
eni has already picked up a distressed british borneo for £263m and was involved in abortive negotiations with lasmo to buy its stakes in algeria and libya , where they are partners in the giant elephant field , before deciding to bid .
in the first half of 1998 lasmo posted a net loss of £5m , down from a profit of £26m ( $ 42 . 6m ) , while enterprise ' s pre - tax profits tumbled to £48m from £146m in 1997 .
eni , the italian national energy company , last night swiftly wrapped up an agreed £2 . 7bn cash takeover of lasmo , the independent british oil and gas group , after swamping an earlier bid from its us rival , amerada hess .
mr minchato , who paid £788m for british borneo , another uk oil
minnow
, earlier this year , said the lasmo acquisition would enable eni to reach its target of 1 . 5m barrels of oil per day two years early - in 2001 .
the lasmo project is conducted in the framework of phase vi of the research programme of the grimsel test site . gts phase vi runs from january 2003 to 2018 and is dedicated to repository - relevant ( i . e . small to large - scale , long - term ) in - situ experiments ( www . grimsel . com ) . currently ( as per 2015 ) , lasmo is a cooperation project with nagra , súrao and rwm as project partners . the project started in 2013 and is planned to last until 2018 .
joe darby , lasmo ' s chief executive , said :
we are very pleased there is a better offer on the table that reflects a higher value for the business . we have created a company with considerably more market value than the market has recognised .
lasmo rejected a takeover bid by enterprise in 1994 but now the two are talking . the difference between then and now is the world oil price which has steadily fallen in recent years to its lowest level in over a decade , just above $ 10 a barrel .
eni is paying $ 6 a barrel for lasmo , which is roughly in line with what it paid for british - borneo oil and gas p . l . c . earlier this year . eni had also had held talks with repsol ypf of spain earlier this year .
eni bought 376m shares or 28pc of the total in the market after winning irrevocable acceptances from institutions with 25 . 4pc of the equity . amerada bowed out swiftly , declaring it did not intend to increase its share and cash offer worth 180p which valued lasmo at £2 . 4 billion .
the intervention from a long - mooted lasmo suitor surprised the market and came just 10 days after a formal approach for a company unloved by investors . eni is understood to have run the rule over enterprise , the biggest independent oil and gas explorer , but decided it was too expensive .
' ' it ' s an all - cash deal in a sector that ' s been dominated by paper , ' ' said james mezies , head of corporate affairs and strategy for lasmo . ' ' from our shareholders point of view , cash is what ' s relevant . ' '
lasmo , which has 62 % of its activities in oil exploration and production and 38 % in gas , has around 56 % of its proven reserves in indonesia and venezuela , both tough regions eni is keen to exploit and where the italian group believes it can squeeze out greater productivity gains .
mr hitchens of williams de broe said :
sentiment is not strong towards lasmo . historically , it does not have a good record for shareholders . it is not in the same league as enterprise oil . they were looking to return money to shareholders , but decided to go the whole hog .
scrambling to increase oil production abroad as it faces tougher competition at home , eni s . p . a . , italy ' s state - controlled oil company , offered $ 3 . 96 billion today for lasmo p . l . c . , topping a bid from its american rival amerada hess .
in 1994 , lasmo famously saw off a hostile bid from enterprise oil , pitched at 162p a share . six years on , the oil and gas exploration independent is recommending an offer worth not much more - 180p a share , or £2 . 4bn - from amerada hess , the us integrated oil group .
the acquisition , worth £3 . 8bn with the £1 . 1bn lasmo debt eni is taking over , is being financed by a £3bn bridging loan from the italian group ' s banking advisers , jp morgan , which expects it could lead to a further round of consolidation in the global oil and gas industry .
the agreed deal represents a hefty 42 % premium to lasmo ' s closing price on november 13 , the day before amerada declared its bid , and is worth 12 % more than the us group ' s offer . it simply reserved the right to make a revised offer
in the event of changed circumstances
.
the business mix has already been changed significantly . in 1997 , 57 per cent of the capital employed was in refining and marketing . it has since sold $ 2bn of assets and , after the lasmo deal , refining and marketing will take up just 24 per cent of its capital . the rest will be upstream activities .
in a rapidly consolidating industry , a bid for the likes of lasmo was not unexpected . the historically high oil price means boom times for companies in the sector . along with the high - profile marriages of giants , such as bp and amoco , a number of independents , especially in north america , have also come together .
the amerada bid came at the opposite end of the cycle to lasmo ' s two rounds of merger negotiations with enterprise oil . oil mergers during a downturn are a defensive move , based on the need for survival . at the top of the cycle , such as today , it is an aggressive move , predicated on growth opportunities .
for eni , which is 36 percent owned by the italian government , the deal will allow the company to increase production to 1 . 5 million barrels of oil per day , from 1 . 3 million barrels . eni will also gain access to lasmo ' s valuable asian gas reserves at a time when local gas competition is intensifying .
amerada ' s output of 374 , 000 barrels a day of oil , or its gas equivalent , will be combined with lasmo ' s output of 191 , 000 barrels a day . according to amerada , that will make them the biggest independent - a so - called
super - independent
- ranking above unocal , another american player .
paul murray , lasmo ' s finance director , insisted that the independents ' business model was not flawed but admitted that such groups were out of market favour and had difficulty attracting capital funds . it effectively put itself up for sale earlier this year by embarking on a fresh round of asset disposals and share buy - backs to boost its value .
eni ' s offer of 200 pence ( $ 2 . 96 ) a share is 12 percent more than amerada hess ' s offer of cash and stock totaling 179 pence a share , as of wednesday ' s closing price . it also represents a 42 percent premium to the closing price of lasmo ' s shares before the amerada hess offer on nov . 6 .
the recent spate of mergers has largely been conducted by and among the so - called oil majors whose shares have soared after the tripling of crude prices . smaller , independent groups such as lasmo have been relatively shunned by the market , with the british group ' s stock rising just 41p in the past 12 months to 141p before amerada ' s agreed offer last month .
enfin voici le son de l’épisode 12 chanté par lasmo titre diarabi , l’annonce du morceau à été fait dans l’émission de djoutrou « episode 12 » . lasmo nous chante un morceau 100 % diarrabi qui ferra surement plaisir aux amoureux de la chaine . ♛ pour nous suivre ♛ pour ne rater aucune de mes vidéos , abonnes - toi c ' est gratuit : ) ✒ urltoken ✒ contact : h2tvmali @ urltoken ✒ télephone : + 223 93 71 85 63 ★ facebook ➜ urltoken ★ google + ➜ urltoken ★ site web ➜ urltoken 〰 . 〰 . 〰 . 〰 . 〰 . 〰 . 〰 . 〰 . 〰 . 〰 . 〰 . 〰 . 〰 • ~ merci d ' avoir regardé cette vidéo ~ • ☺ prenez soin de vous et à la prochaine ☺ vidéo non sponsorisée / aucun placement de produit © 2017 h2tv | tous droits réservés .
just a few hours after amerada effectively threw in the towel , saying it did not intend raising its 180p a share cash and stock offer , eni disclosed that it had bought a further 28 . 4 % of lasmo ' s shares on top of the 25 % irrevocables it had already acquired from institutions - giving it 53 . 4 % of the 29 - year - old british company just a week after approaching its board .
the company has not created value over the intervening years . shareholders will want to seize this offer with both hands ,
mr spohn said .
peter hitchens , an analyst at williams de broe , the city brokerage , said :
takeovers are no surprise . a lot of [ oil ] companies are awash with cash and don ' t know what to do with it .
the uk overlap between the two companies , which are both active in the north sea fields , will mean a total of about 150 job losses in this country .
the logic of mergers among exploration and production ( e & p ) independents is different to that which has governed the process among the giant companies of the industry . when two giants merge , the emphasis is all on cost - cutting . in the independent sector it is more about gaining critical mass in order to borrow more cheaply ; exploration is a capital - intensive business .
john hess , the chairman and chief executive officer of the us company , said yesterday :
our goal is to increase our reserves to over a third outside the us and north sea , which are getting ever higher cost and more mature . we need access to low - cost assets .
amerada appears to have given up the pretence that it can compete with the big integrated majors . it has downstream refining and retail interests in the us , including hundreds of petrol stations , but it clearly sees its future as an e & p upstream independent .
mr hess said :
we are trying to be a bigger fish in a smaller pond . after this deal , we will have 73 per cent of reserves in five countries . this improves the quality and life of our reserves immeasurably .
the us company will transform itself from the
no man ' s land
of being a mini - integrated operator , dwarfed by the big boys , to the upstream independent sector . here , it can claim leadership .
then , as the oil price hit another low at the beginning of 1999 , the two companies were in merger talks again , but could not agree on a deal .
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the move is part of an ongoing wave of consolidation in the oil industry that has created a new breed of ' super - majors ' including bp , totalfinaelf and exxonmobil .
that has left eni in danger of falling behind its key rivals , and it has become the centre of talk and speculation about mergers and acquisitions .
and the deal could generate synergies of about 80m euros ( £49 . 7m ) a year , according to eni ' s estimates .
state - owned eni has substantial gas interests in europe and oil exploration rights in north africa .
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current programmes for the long - term management of long - lived radioactive waste are focused on underground disposal . emplacing the waste in deep geological repositories along with multiple engineered barriers is widely accepted as a safe means of isolating it from the biosphere .
monitoring systems will be necessary to help evaluate the behaviour of repository components , or the impacts of the repository on the environment ( iaea 2001 ) . a monitoring programme is typically divided into the three phases , the so called ( 1 ) baseline monitoring , ( 2 ) the monitoring during construction and operational until closure and ( 3 ) post - closure monitoring ( fig . 1 ) .
milestone 1 reflects the end of the implementation phase , which was largely completed before the emptying of lake raeterichsboden in october 2014 ( fig . 2fig . ) . milestones 2 – 4 are the completion of the first status report and annual reports for the years 2016 and 2017 , respectively . milestone 5 will be accomplished with the finalisation of the synthesis report , which is planned for 2018 .
the gts underground facilities are also available to interested 3rd parties for underground testing and research . the gts offers cost - effective access to a fully developed , well characterised underground research facility with round the year logistical support - please contact dr . ingo blechschmidt , head of the grimsel test site , for further details .
it ' s effectively game over ,
banking sources said , as vittorio minchato , chief executive of the world ' s seventh largest energy group disclosed that he expected the deal to be completed by the end of the first quarter of next year .
but the market felt the italian offer represented fair value and was a knock - out blow by a group worth £26 . 4bn . eni is promising cost - savings of €80m ( £48bn ) a year compared with the €130m set out by amerada .
© 2018 guardian news and media limited or its affiliated companies . all rights reserved .
investors in the british oil and gas independent explorer and producer rushed to sell and at the end of the day eni had picked up 53 . 4pc of the equity with its 200p - a - share offer .
the bid immediately renewed speculation about a bid for enterprise , the market leader . the shares jumped 281 / 2 to 557p , valuing the group at almost £2 . 9 billion , with lehman brothers naming enterprise as its favourite bid target among european oil companies next year and pointing out that the stock remains cheap in relation to its us rivals .
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the last - minute all - cash bid from eni underscores the urgency among energy companies to increase production through consolidation . that desire is especially acute among european oil and gas companies as local monopolies are opened to competition .
amerada hess ' s shareholders supported the company ' s decision to avoid a bidding war with its larger rival by pushing shares up nearly 7 percent , to $ 66 . 94 .
some of that increase , however , can be attributed to risk arbitragers unwinding their positions in the wake of the deal ' s collapse .
amerada hess still faces pressure to find a partner to bolster its oil reserves and help it move away from refining and marketing activities that are growing slower than exploration and production .
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' ' over the next few years , amerada ' s production will top out , ' ' said eugene nowak , head of north american research at abn amro ' ' they need to make attractive acquisitions that will enhance their production and reserve life . ' '
mr . nowak is nevertheless recommending the stock , because he said the company had been more aggressive than most in signing contracts - - called hedges - - that will protect it against declining oil prices .
potential partners for amerada hess include enterprise oil p . l . c . of britain , and the devon energy corporation of the united states , analysts said , adding that the hess family ' s 15 percent stake in the company makes it a more likely buyer than a target .
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malirap actu yèlèko - episode 11 l ' aniverssaire de djoutrou avec gaspi - talb - mobjack etc . .
after much speculation , the two companies have confirmed negotiations were underway but stressed that talks were at an early stage and that a deal was by no means certain .
industry analysts say a tie - up would create europe ' s leading oil producer outside the global giants in a deal worth around £2 . 7bn ( $ 4 . 3bn ) .
companies at all levels of the oil industry , big and small , have been forced to clamp down on costs and rationalise operations . increasingly this has led to merger discussions .
global giants bp and amoco and then exxon and mobil teamed up last year in two of the biggest mergers in corporate history .
enterprise oil aspires to be the world ' s leading independent exploration and production company . our vision is to deliver a superior combination of growth in value and financial returns by harnessing the power of our creativity and knowledge with integrity and passion .
enterprise oil shares are listed on the new york stock exchange ; pierre jungels is appointed chief executive .
enterprise oil board accepts $ 6 . 2 billion purchase bid from royal dutch shell , subject to regulatory review and shareholder approval .
the united kingdom continental shelf ( ukcs ) in the north sea remained the company ' s strongest area ; at the end of 1993 , enterprise held interests in 113 blocks in the region , equating to a net acreage of 4 , 704 square kilometers , from which the company drew 72 . 8 percent of its total production . almost from its inception , enterprise concentrated on strengthening its u . k . interests through acquisition and exploration .
in 1985 during its first full year of operations , the company purchased tanks oil and gas , and agreed to a farm - in deal with conoco , and acquired saxon oil . two years later the company enhanced its international oil and gas interests and position considerably with the acquisition of imperial chemical industries ( ici ) . this coup , however , was to be overshadowed by another venture enterprise was simultaneously - - and secretively - - planning : the nelson project .
in 1989 , enterprise further consolidated its position in the ukcs by acquiring the non - u . s . interests of texas eastern . in 1991 , through a joint arrangement with the french company elf aquitaine , enterprise acquired all of occidental overseas ltd . ' s north sea license interests ; as a result , the company also obtained a one - third interest in elf enterprise petroleum ltd . ( eep ) , the holding company of occidental ' s former u . k . assets . another important ukcs interest was enterprise ' s stake in the scott oil field , which began production in 1993 .
enterprise ' s activities in the north sea include projects in norway as well . the company ' s operations on the norwegian continental shelf began in 1989 , when it formed enterprise oil norge ltd . with the norwegian interests it had acquired from texas eastern . over the next four years , enterprise built up its presence in the area . at of the end of 1993 , it held interests in 24 blocks totaling 1 , 201 square kilometers . early in 1994 the company clinched a deal to finance a three - year norwegian north sea exploration in exchange for the right to farm into three licenses held by esso norge - - thus increasing its net acreage on the norwegian continental shelf ( ncs ) by 25 percent .
by march 2001 , enterprise had interests in ten producing fields on the norwegian continental shelf and one in denmark , exceeding 100 , 000 barrels per day for the first time in 2000 . six out of seven wells drilled in the area were successfully producing . the jotun field alone produced 130 , 000 barrels per day during 2000 .
the north sea has historically been and still remains enterprise ' s primary area of operations , but the company is increasingly developing international interests as well . it first targeted italy for exploration in 1985 , with successful results . enterprise opened a rome office in 1988 and within four years had discovered three promising sites for exploitation : monte alpi , tempa rossa , and cerro falcone . with enterprise ' s later partnership with eni , the italian state oil company , in the lucrative val d ' agri development , italy became one of the company ' s three core areas of exploration and production .
enterprise lived up to its vision of applying creativity for growth in financial returns in 1996 . as stated in hart ' s petroleum finance week , elf enterprise petroleum ( eep ) sold its 63 . 7 million shares amounting to 12 . 9 percent of enterprise oil plc following reorganization . hart ' s states ,
enterprise estimates that it will assume £118 million ( us $ 177 million ) of net debt in return for mature oil and gas assets provisionally valued at £219 million ( us $ 328 . 5 million ) as a result of what amounts to a reverse merger .
enterprise continued to be pursued by possible suitors , reported the oil daily in 1996 . the company ' s
value has been pegged at us $ 2 . 5 billion to us $ 3 billion .
unsurprised , enterprise oil finance director andrew shilton said that the numerous takeover battles
have piqued interest in independents such as his firm .
in 1998 , enterprise and eex , an independent based in houston , texas , encountered hydrocarbon - bearing sands in two blocks in deep water in the gulf of mexico , the oil daily reported . in fact , enterprise set a record for the deepest well in the area at 27 , 864 feet .
people think that the gulf of mexico is played out , or overcompetitive ,
said chief executive of enterprise jungles pierre .
but even in the shallow waters , chevron announced recently the discovery of 1 tcf ( trillion cubic feet ) of gas
off the coastline of new orleans .
the market possibly does not realize that 1 tcf of gas in the shallow waters of the gulf of mexico is worth around $ 1 . 5 billion , whereas 1 tcf in the caspian is worth nothing .
because of technical problems in the north sea and delays on sites in italy , enterprise ' s share price fell when it could not meet its reduced production target of 255 , 000 boe / d for the year , about 8 percent below expectations . this setback did not keep the company from targeting an output of 350 , 000 to 360 , 000 beo / d by mid - decade .
in late 2001 , enterprise apparently received another takeover bid , but turned it down after lengthy negotiations , refusing to identify the potential buyer . however , the weekly petroleum argus speculates that the much larger italian eni may have been the bidder . the knight - ridder / tribune business news suggests that eni was prepared to pay £3 . 4 billion for the company .
in january 2002 , petroleum intelligence weekly interviewed u . k . energy minister brian wilson who said ,
the demise of enterprise would be bad news for the u . k . north sea , which , as a mature province , has become increasingly dependent on smaller players with low - cost bases squeezing value out of smaller fields .
he said the government policy of encouraging independents such as enterprise in the north sea was producing ' great results . '
he added that there was no guarantee that those projects deemed attractive to independents would appeal to a state - owned oil giant like eni .
principal subsidiaries : enterprise energy ireland ltd . ( ireland ) ; enterprise oil do brasil ltda . ( brazil ) ; enterprise oil exploration ltd . ( greece ) ; enterprise oil exploration plc ( scotland ) ; enterprise oil italiana spa ( italy ) ; enterprise oil middle east ltd . ( iran ) ; enterprise oil norge ltd . ( norway ) ; enterprise oil services inc . ( usa ) .
principal competitors : british petroleum ( bp ) ; shell oil company ; kerr - mcgee .
elf enterprise finance sells its 12 . 9 % stake in enterprise oil following reorganization ,
hobday , nicola ,
shell buys enterprise oil for $ 6 . 2b ,
washer , jim ,
sam ' s plan fails to convince enterprise investors ,
energy intelligence briefing , february 5 , 2002 , p . 1 .
source : international directory of company histories , vol . 50 . st . james press , 2003 .
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despite the widespread recognition of the vulnerability of deepwater chondrichthyan fishes ( sharks , batoids and holocephalans ) to overfishing and their potential inability to recover from depletion , there is a lack of a concise overview of the present status of knowledge concerning the biodiversity and life history of this group . this report provides a global review of this data , together with fisheries information in order to provide a sound summary to inform future research , conservation and management directions .
for the purposes of this project , deepwater chondrichthyans have been defined as those sharks , rays and holocephalans whose distribution is predominantly at , are restricted to , or spend the majority of their lifecycle at , depths below 200m . this depth is generally recognised as the continental and insular shelf edge , and therefore , deepwater species are those occurring on or over the continental and insular slopes and beyond , including the abyssal plains and oceanic seamounts .
of the global chondrichthyan fauna ( 1193 species ) , 581 species are considered to be deepwater ( 48 . 7 % of the global total ) . the deepwater fauna is divided between 278 sharks ( 55 . 8 % of global ) , 257 batoids ( 39 . 8 % of global ) and 46 holocephalans ( 93 . 9 % of global ) . the bulk of the deepwater shark fauna is attributable to the squaloid dogfishes ( order squaliformes ) and scyliorhinid catsharks ( order carcharhiniformes , family scyliorhinidae ) , together comprising 84 . 5 % of deepsea sharks . three families of skates ( arhynchobatidae , rajidae and anacanthobatidae ) dominate the deepwater batoid fauna , together comprising 89 . 9 % of deepsea batoids . a full annotated checklist of deepwater chondrichthyans is incorporated into the report .
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urltoken


mcmahan 's furniture was a family-owned furniture retailer with stores in california , arizona , new mexico , texas , nevada , colorado and oregon .

much of its business came from customers to whom it provided credit .

mcmahan ' s furniture

mcmahan ' s furniture announced the closing of all its store locations in 2008 .
furniture world will open in about two weeks at 200 w . main st . in kelso at the former location of several past furniture stores : mcmahan ' s furniture , heilig - meyers furniture , premiere home furnishings and united furniture .
the old mcmahan ' s furniture store on ming avenue across the street from valley plaza .
mcmahan ' s furniture stores , which identifies itself as one of america ' s oldest and largest family - owned furniture retailers , will close its furniture operations in the next few months , the company announced monday .
if you represent mcmahan ' s furniture in lancaster , ca ( eg , as a store manager ) , claim this store location ' s profile . if you represent all of this company ' s store locations , claim the mcmahan ' s furniture retailer profile .
ask a question about working or interviewing at mcmahan ' s furniture . our community is ready to answer .
if you represent mcmahan ' s furniture in yuba city , ca ( eg , as a store manager ) , claim this store location ' s profile . if you represent all of this company ' s store locations , claim the mcmahan ' s furniture retailer profile .
los angeles — jay mcmahan , who was president of former retailer mcmahan ' s furniture here , died may 3 at his home . he was 88 .
principal competitors : ethan allen interiors inc . ; rooms to go ; homelife furniture corporation ; havertys furniture companies , inc . ; levitz furniture incorporated ; ikea international a / s ; seaman furniture company , inc . ; krause ' s furniture , inc . ; jennifer convertibles , inc . ; schottenstein stores corporation .
mcmahan had been born into a wealthy family that owned a prosperous furniture - store chain .
mcmahan ' s furniture stores . home furnishing store - bakersfield , ca . projects , photos , reviews and more | porch
mcmahan was born on feb . 9 , 1923 , the very day his father james mcmahan - one of the founding members of the national home furnishings assn . - opened the first company - owned mcmahan ' s furniture store .
mcmahan’s hedge fund is now worth $ 2 billion – and he’s one of the wealthiest men in the country .
photos show mcmahan ' s before and after fire - salem - news . com
the lot at present is a gravel wasteland , the sole residue after the 2006 fire that destroyed the mcmahan ' s furniture store . ( the
other recent bankruptcies include sharper image , wickes furniture and mcmahan ' s furniture , a family - owed chain based in santa monica . other retailers are shutting lower - performing stores to try to stay in business .
in fact , the damage estimate for mcmahan ' s furniture is $ 1 , 250 , 000 . investigators say this includes the building and its contents .
salem lost an old friend thursday , and the absence of the mcmahan ' s furniture building on commercial in downtown salem is going to take some getting used to .
epperson specializes in the furniture industry , which has been particularly hard hit because of the housing meltdown , which stalled furniture sales , and the credit crunch . more than 70 percent of furniture purchases are financed , he said .
do you have more specific information about the location of mcmahan’s furniture & appliances ? why didn ' t you say so ? you can improve yelp by sharing it here .
q : do you know what will be going in at the old mcmahan ' s furniture store across from valley plaza on ming avenue ? looks like a major facelift .
puerto rico ' s largest - volume furniture retailer , berrios enterprises , is acquired for $ 99 . 3 million .
heilig - meyers spends $ 65 million for mcmahan ' s furniture co . , with 92 stores in california , arizona , new mexico , texas , nevada , and colorado .
but ganz , owner and president of mcmahan ' s of glendale , finds that four too many .
i really enjoyed working at mcmahan ' s , the people were very friendly and the job function was great . i got the chance to learn contract writing and a lot about furniture .
a veteran of the army air force in world war ii , mcmahan led the james a . mcmahan division of mcmahan ' s out of los angeles until it was sold to the former heilig - meyers in october 1996 . under his leadership , mcmahan ' s grew into a 50 - store chain in the western united states .
henderson ' s third argument appears to challenge the reasonableness or justification of mcmahan ' s reliance on his statements . henderson couches his arguments in terms of the tort of negligent misrepresentation . mcmahan pleaded this cause of action and we discuss it in detail below . we find mcmahan presented more than a scintilla of evidence that he justifiably relied on henderson ' s statements . accordingly , we find henderson ' s no - evidence grounds against mcmahan ' s fraud and fraudulent inducement causes of action without merit .
henderson ' s first argument ignores the very point of mcmahan ' s fraudulent inducement claim : that he would not have signed the settlement agreement had he known henderson ' s representations were false . accordingly , we find as a matter of law that the release language does not defeat mcmahan ' s fraudulent inducement claims against henderson , and that mcmahan presented at least some evidence that henderson made material misrepresentations .
mcmahan is survived by his wife of 68 years , jacqueline mcmahan . they had six children , 14 grandchildren and nine great - grandchildren .
henderson ' s second argument also fails , as we have already found mcmahan presented more than a scintilla of evidence to demonstrate that under the facts of this case , henderson had a duty to disclose mcmahan ' s lack of stock ownership .
save extra money on any gardner white furniture purchase over $ 599 with this goodbed discount code .
raymond is also in the wholesale furniture business , selling goods from asia throughout the united states .
it looks like we don ' t have a specific address for mcmahan’s furniture & appliances , which makes giving directions tricky . this business might not have an official storefront , or it might move to multiple locations throughout the day .
mcmahan contends the trial court erred in granting henderson ' s summary judgment motion . in his motion , henderson alleged both traditional and no - evidence grounds . 5 we address : ( 1 ) henderson ' s claim that he was covered by the release ; ( 2 ) henderson ' s contention that all of mcmahan ' s causes of action are barred by the statute of limitations ; ( 3 ) henderson ' s various no - evidence grounds ; and ( 4 ) his objections to mcmahan ' s affidavit . finding that some of mcmahan ' s claims should have survived summary judgment , we affirm the judgment in part , reverse in part , and remand for further proceedings .
cy goldberg eventually sold united furniture to mcmahan ' s in 1984 . heilig - meyers bought the business from mcmahan ' s , who were in financial trouble , in 1996 . premiere bought the store from heilig - meyers because they went bankrupt in 2000 . then , a struggling economy was blamed by the owners of premiere when they closed their store in august 2003 .
more than 370 trees line brand boulevard in glendale ' s downtown business district , and only seven of them stand in front of julian ganz ' furniture store .
jeff raymond , owner of the vancouver - based furniture world , said the business will be the largest furniture store in southwest washington . raymond ' s company , raymond and jusupovic llc , bought the building and the nearby warehouse for $ 1 . 4 million recently .
during their affair and “marriage , ” mcmahan was more than generous with linda .
then mcmahan sued schutt , schutt’s father and linda , claiming they tried to extort $ 10 million to keep a lid on the scandal .
henderson next presented a no - evidence ground challenging mcmahan ' s claim for negligent misrepresentation . under section 552 of the restatement of torts :
the opening of furniture world continues a trend that started 65 years ago when louis goldberg , his two sons , nate and cy , and cy goldberg ' s brother - in - law frank kale opened united furniture store at the 40 , 000 - square - foot location .
henderson argues only that there is no evidence he committed any unlawful overt act . because we have found mcmahan ' s fraud , fraudulent inducement , legal malpractice , and negligent misrepresentation claims survive henderson ' s no - evidence challenges , we also conclude there is at least some evidence that henderson committed an unlawful overt act against mcmahan , and find the trial court erred in granting summary judgment against mcmahan ' s conspiracy claims .
mcmahan ' s arguments regarding conditions precedent are based on certain language in the second paragraph of the agreement . although mcmahan relies only on the last sentence of the following excerpt , the entire paragraph is included here for context :
furniture world has already hired five people and will be interviewing a few more employees to work in a warehouse .
lee tice , mcmahan ' s advertising director , said he could not give any further details on the reasons or the timeline for the closure .
craft , leslie , jr . , ' what ' s in store for heilig - meyers ? , ' furniture / today , october 5 , 1992 , p . 16 .
because of the building ' s history as a furniture gallery , not much renovation was needed , raymond said . only a few repainted walls and minor refurbishing is being done .
raymond , 64 , has furniture world stores in vancouver , lynnwood and marysville . raymond , who has been in the furniture business for 35 years , said he ' s noticed
a migration to the area from vancouver and we ' re looking at the movement to continue going that way .
in sum , we find the trial court erred in granting henderson ' s summary judgment motion on mcmahan ' s fraud , fraudulent inducement , legal malpractice , breach of fiduciary duty , negligent misrepresentation , and conspiracy claims .
mcmahan filed for divorce from elena in july 2005 , and that case is still pending .
one of his legitimate daughters , alison mcmahan , told new times she never trusted linda .
ganz ' s battle over the trees dates back to 1985 , when glendale officials ordered mcmahan ' s to remove the protruding roof sign . ganz finally removed the sign under a court order in april , 1986 , that resulted from the city ' s filing a criminal complaint against the store .
established in 1919 , the company has 17 stores in california and oregon , including two la - z - boy furniture galleries .
in conclusion , we find the release contained in the settlement agreement signed by mcmahan is valid and effectively precludes mcmahan ' s underlying claims against the greenwood defendants . consequently , we need not review his additional arguments concerning alternative grounds for summary judgment , and affirm the trial court ' s summary judgment in favor of the greenwood defendants .
henderson next raised no - evidence arguments against mcmahan ' s claim that he signed the settlement agreement under duress . as mcmahan ' s claims of duress against henderson parallel those raised against the greenwood defendants , we reach the same conclusion as with the greenwood defendants , and find no evidence of duress . accordingly , the trial court did not err in granting summary judgment against mcmahan on his claim that he signed the release under duress .
i find that difficult to understand ,
day said .
if there is a hardship , i believe that hardship is of mcmahan ' s own making .
henderson next argues that all of mcmahan ' s causes of action are barred under the statutes of limitations . specifically he contends that , because mcmahan ' s alleged damages all accrued , at the latest , at the time he signed the settlement agreement , all of his claims are barred under the two - year statute of limitations . 10 the settlement agreement was signed on march 30 , 1994 , and mcmahan filed suit on march 27 , 1998 .
even from their first kiss , mcmahan had been aware of the dark depths of his forbidden feelings .
mcmahan ' s has implemented several strategies to react to the current business environment , according to the release , but they said the market for home furnishings has continued to decline .
we find henderson failed to conclusively negate the discovery rule and mcmahan presented sufficient proof to raise a fact issue as to each element of fraudulent concealment . accordingly , the trial court ' s summary judgment is not supported by henderson ' s limitations defense .
in order to free mcmahan ' s assets from the fdic lien , fine rides purchased mcmahan ' s notes from the fdic . although mcmahan contends he contributed approximately $ 750 , 000 in cash and assets to fine rides and that he was told by henderson he was a shareholder , no stock certificates were ever issued to him . the summary judgment evidence reflected that the assets mcmahan contributed to fine rides were originally recorded in the company ' s accounting records as contributions toward stock ownership , but were later “reversed” in march or april of 1991 . the parties dispute who ordered the reversals and the reasons for the reversals . 1 in 1993 , fine rides sold the service portion of its business to mcmahan . as part of this transaction , mcmahan purchased much of the inventory that he had earlier “contributed” to fine rides . the purchase price was incorporated into a promissory note for $ 173 , 356 . 53 from mcmahan to fine rides , inc .
1 . the greenwood defendants contend mcmahan himself ordered the reversals because of potential tax consequences . mcmahan contends he did not become aware of the reversals until they were mentioned in a deposition in the present lawsuit .
the company had opened its initial store in a leased space in 1919 and grew to be a top 25 furniture retailer . jay mcmahan joined the business in 1942 at age 19 and took over the presidency in 1951 when his father died unexpectedly .
mcmahan alleged that because henderson gave him false information and advice regarding his stock ownership in fine rides , he continued to transfer assets to fine rides and later signed the settlement agreement , rather than attempting to recover the full value of the assets he contributed . henderson ' s sole argument in his motion is that there is no evidence of an attorney - client relationship between himself and mcmahan at the time of the negotiation , preparation , and execution of the settlement agreement . henderson ' s argument , however , misinterprets mcmahan ' s allegations .
mcmahan ' s proof is also sufficient to raise a fact issue on the third element of fraudulent concealment , as there is at least some evidence that when henderson allegedly told mcmahan he was a shareholder in fine rides , henderson would have known this was not true , yet he continued to conceal the fact that mcmahan was not a shareholder . in short , we find mcmahan presented sufficient proof to raise a fact issue as to each element of his fraudulent concealment defense to the statute of limitations .
mcmahan ' s furniture & appliances can be found at state st 260 . the following is offered : beds & mattresses . the entry is present with us since sep 9 , 2010 and was last updated on nov 14 , 2013 . in salem there are 13 other beds & mattresses . an overview can be found here .
warehouse foreman and delivery driver . pull orders for customers , sometimes build furniture . make timely deliveries to customer homes , provide great customer service .
scott anton , manager of the furniture world on west main street in kelso , gets the new store ready for opening in about two weeks .
westphall put father and daughter together and mcmahan paid for dna tests to determine paternity , court documents said .
but two years later , mcmahan , who had separated from elena , became a couple again with linda .
mcmahan argues that if henderson represented only the greenwood defendants at the time he allegedly made the statements regarding stock ownership , then henderson made false statements without exercising reasonable care or competence in obtaining or communicating the information and with the intent that mcmahan rely on the misrepresentations . henderson counters , however , that there is no evidence of any alleged material misrepresentation and that the evidence conclusively demonstrates that he and mcmahan were in adversarial positions during the negotiation , drafting , and execution of the settlement agreement , such that mcmahan could not have justifiably relied on henderson ' s statements regarding stock ownership . henderson ' s arguments are identical to those he asserted against mcmahan ' s fraud and fraudulent inducement causes of action . for the reasons we rejected them there , we reject them here .
mcmahan makes no argument and cites to no references in the record that would allow us to determine the extent of discovery undertaken prior to the filing of the motion , the nature of any discovery deadlines imposed by the court , or the length of time between the filing of henderson ' s no evidence points and the hearing on the motion . consequently , these factors cannot be said to weigh in mcmahan ' s favor . we do not find the trial court abused its discretion in denying the motion for continuance , and overrule mcmahan ' s third issue .
in 1993 , heilig - meyers purchased carlsbad , calif . - based mcmahan’s furniture co . , an acquisition that added 92 stores : the company also entered the chicago area . the acquisition of l . fish’s four downtown and seven suburban stores was a departure from the company’s traditional focus on smaller markets , but derusha said they were a good geographic fit for heilig - meyers , which had been expanding in the midwest . also in 1993 the company began sponsoring a nascar racing team .
earlier this month mcmahan ' s announced that it would close its stores in bakersfield and medford , ore . , but monday ' s announcement that the entire chain would close came as a surprise to employees at the eureka store , located on fourth and h streets .
buchanan , lee , ' heilig - meyers sees 700 units , ' furniture / today , november 14 , 1994 , pp . 1 , 18 .
even if you ' re not in the market for new furniture , you may see this as very good news for the look of the city .
bbb reports on known significant government actions involving the business ' s marketplace conduct .
bbb reports on a business’s bankruptcy as long as the business remains in bankruptcy .
we find that the language relied on by mcmahan is a mere recital of the parties ' intentions in entering into the contract and that the alleged conditions precedent are simply covenants under the contract . accordingly , the trial court did not err in granting summary judgment against mcmahan ' s claims of conditions precedent .
- - - - - - , ' furniture giant files bankruptcy papers , ' richmond times - dispatch , august 17 , 2000 , p . a1 .
4 . williamson testified she made the reversals at mcmahan ' s direction . this testimony is supported by the testimony of howard greenwood , and by that of john eagleson , fine rides ' accountant .
the building is laid out perfectly for a furniture store … that ' s what is was built for ,
raymond said .
and we already do a fair amount of business from the kelso area at our vancouver store .
john mcmahan appeals from summary judgments granted in favor of howard greenwood , howard greenwood investments , inc . , fine rides , inc . , circular processing , inc . ( collectively , “the greenwood defendants” ) , and j . randle henderson in a lawsuit arising out of a business venture between mcmahan and the greenwood defendants . mcmahan contends the trial court erred in granting the defendants ' motions for summary judgment and in denying mcmahan ' s motions for continuance and new trial . we affirm in part , reverse in part , and remand for further proceedings .
- - - - - - , ' heilig - meyers hones strategy , ' furniture / today , march 27 , 1995 , pp . 1 , 46 .
furniture shopping in the orange county , ca area ? urltoken can help . click here to see more stores in orange county , ca and the surrounding area .
most often than not , an old furniture store will just be transformed to yet another furniture store . this is usually due to the abundance of space that it has to provide . apart from that , sydney also witnesses spacious lots being taken over by self storage facilities and so on which require just as much space .
by 1992 heilig - meyers had set a goal of 50 new stores a year . in that year it acquired 13 stores from gibson mcdonald furniture co . for $ 13 . 7 million , four stores from reichart furniture corp . for $ 739 , 000 , and 14 stores in pennsylvania and west virginia from wolf furniture enterprises for $ 6 . 8 million . of heilig - meyers ' s 401 stores , 60 percent were less than four years old . there were five distribution facilities , each designed to serve between 90 and 125 stores within a 200 - mile radius .
the greenwood defendants attached to their motion for summary judgment an affidavit from henderson , the attorney who represented them in the negotiations culminating in the settlement agreement . in his affidavit , henderson stated that during the settlement negotiations he told three different attorneys representing mcmahan that it was the greenwood defendants ' position that mcmahan was not a shareholder in fine rides , had never been a shareholder in fine rides , and was merely the owner of an unexercised stock option . henderson further stated that mcmahan ' s claim of stock ownership was definitely part of the negotiations and that one of mcmahan ' s attorneys agreed to the language in the settlement agreement covering that issue , i . e . , “mcmahan will release any claim he has to the ownership of stock of fine rides , inc . ”
engel , clint , ' heilig - meyers to buy 17 puerto rican units , ' furniture / today , december 26 , 1994 , pp . 1 , 51 .
mcmahan also argued that henderson ' s absence from the state tolled the statute of limitations . however , he failed to address this issue in his response to henderson ' s summary judgment motion , and on appeal , acknowledges that henderson ' s absence was probably not sufficient to toll limitations for a legally significant period of time . accordingly , this argument was not preserved in the trial court and has been abandoned on appeal . see cuyler , 60 s . w . 3d at 216 .
- - - - - - , ' richmond , va . - based furniture retailer closes all remaining stores , ' richmond times - dispatch , april 12 , 2001 .
the plan never got off the ground – and it’s not mentioned in his official biographies .
as an employer he was very tuned in to his company and its employees ,
said doug kays , ceo of the urltoken industry portal and former general counsel and vice president of operations for mcmahan ' s .
firefighters have been in the area since the costly fire started late last week . older buildings the size of mcmahan ' s can be hazardous during and after a fire , so they say every measure is being taken .
but two months later , mcmahan filed a lawsuit against linda – who he had named a top executive in his financial empire – claiming that she not only had stolen his firm’s trade secrets , but also its computers .
henderson ' s proof fails to establish his limitations defense , as the letter does nothing more than prove what mcmahan knew as of the time he filed his response to the motion for summary judgment , falling far short of conclusively proving that mcmahan knew or should have known of its content prior to that time . furthermore , the letter does not necessarily put mcmahan on notice as a matter of law of any alleged fraud in the division of stock ownership rights . mcmahan states the business was started in april of 1989 and that he was to receive his stock only after contributing assets to the company . in absence of proof by henderson that the assets had in fact been contributed and mcmahan ' s stock ownership rights accrued by april 3 , 1989 , the letter ' s statement regarding ownership of the stock as of that date was not necessarily incorrect . thus , the letter would not have necessarily put mcmahan on notice of any alleged fraudulent conduct at that time . accordingly , we find henderson failed to conclusively negate application of the discovery rule .
the guest book is expired please restore the guest book to share in the life story for james a .
jay
mcmahan
in court papers , mcmahan has insisted he never had a sexual relationship with linda and questioned whether she was really his daughter .
by 1970 , heilig - meyers had 19 stores and merged with the nine - store chain of thornton stores of suffolk , virginia . to finance further expansion , heilig - meyers went public in 1972 . using capital raised by its ipo , t he company purchased the assets of granite furniture co . of mount airy , n . c . , in 1975 , bruce’s furniture stores of easley , s . c . , and furniture stores in richmond , danville , va , and kershaw , s . c . . by 1980 the company had 72 stores . the meyers brothers and krumbein sold much of their stock in 1983 and retired the next year , but remained directors . they turned over the management to two trusted executives still in their 30s , william derusha and troy peery , jr .
ganz ' attorney , douglas b . kays , argued , however , that it is unfair that mcmahan ' s must contend with a double row of trees , while most of brand boulevard is lined with a single row .
mcmahan also contends the settlement agreement is unenforceable because of the failure of conditions precedent contained in the document . according to mcmahan , the settlement agreement was conditioned on the greenwood defendants ' release of all ucc encumbrances and liens within ten days from the date of the agreement , the transfer of fine rides ' telephone number to mcmahan upon the cessation of business , and the dismissal of the detainer action . mcmahan argues that none of these conditions precedent were fulfilled and , consequently , the agreement ( and particularly the release ) never came into effect .
in 1995 heilig - meyers acquired puerto rico’s largest - volume furniture retailer , berrios enterprises . the deal gave heilig - meyers its first presence outside the u . s . mainland . the stores continued to operate under the berrios name , which had a good reputation in puerto rico , breaking with the company tradition of changing the names of its acquired stores to heilig - meyers .
in response , mcmahan argues that one of the attorneys listed by henderson did not actually represent him because of a conflict of interest and that the statements in the affidavit do not prove mcmahan had actual knowledge of the greenwood defendants ' position . we find these arguments without merit . the fact that one of the attorneys eventually declined representation does not harm the reliability of henderson ' s affidavit . further , the test is not simply whether mcmahan had actual knowledge , but whether he could be charged with such knowledge as a matter of law . see shindler , 768 s . w . 2d at 334 .
mcmahan ' s has experienced downturns before and always managed to rebound ,
the release stated .
however , this decline dating back to late 2006 has been considerably longer and deeper than anything they ' ve previously experienced .
howard , maria osborn , ' furniture firm here steps out : heilig - meyers buys puerto rican chain , ' richmond times - dispatch , december 15 , 1994 , p . b9 .
mcmahan claims that appellees made fraudulent misrepresentations to induce him to contribute assets to fine rides . in exchange for his contributions , mcmahan contends he was to receive 70 % of the stock in fine rides , which he never received . mcmahan further maintains he was told he was a shareholder of the company and that issuance of stock certificates was simply a formality . regarding the settlement agreement , mcmahan specifically argues that the greenwood defendants failed to disclose their prior fraudulent conduct , thus fraudulently inducing him to sign the agreement under the misimpression that he had been the majority shareholder .
henderson cites no authority , and we have found none , suggesting that simply because parties become adversarial after statements are made , the non - client cannot continue to justifiably rely on the uncorrected earlier statements . the extent , if any , to which the change in the nature of the relationship to an adversarial one may have affected the justification of mcmahan ' s reliance is a question of fact , and the trial court erred in granting summary judgment against mcmahan ' s negligent misrepresentation claims .
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unfortunately february 10 , 1992 , the neighboring restaurant , webber’s bar & grill caught fire and burned scott’s cycles historic building to the ground . only two days later , scott’s reopened to it’s temporary location which was one block up the street . it was with the help of loyal customers and the community that such an incredibly fast reopening took place . we were located at 147 commercial st ne while we rebuilt our “home . ”
noting that about 80 percent of its customer sales were being charged to company credit cards , an industry analyst declared in late 1993 that heilig - meyers had emerged as the country’s most profitable furniture and jewelry retailer . its market capitalization of $ 1 . 6 billion was said to be the biggest in the business .
- - - - - - , ' heilig - meyers keeps on growing : richmond - based furniture retailer buying two chains , ' richmond times - dispatch , september 18 , 1996 , p . c1 .
scott’s cycle was founded in 1914 by harry w . scott he owned the business until 1965 when he sold it to the current owner , larry lewis . scott’s cycle used to be more than a bicycle shop . the original shop carried lawnmowers , motorcycles bicycles and was also a locksmith shop . read more about scott ' s cycles
after telling his daughter they’d been married in a previous life , mcmahan observed her legs were “a very sexy version” of his own , one deposition said .
in 2002 , mcmahan began his own affair – with a ukrainian woman named elena who would eventually become wife no . 5 , the legal papers say .
in an affidavit , she wrote , “this was a difficult , if not unbearable , time of my life , as i continued to be abused and subservient to mcmahan’s sexual demands while at the same time i had lost any semblance of my marriage with sargent . ”
brand boulevard has been greatly enhanced by the beautiful trees in planters ,
glendale resident mary ann prelock said .
mcmahan ' s does heavy newspaper advertising . . . i don ' t think
the use of signs
makes any particular difference .
in his reply brief , mcmahan states that his petition raised causes of action against henderson for fraud , fraudulent inducement , “negligence / legal malpractice , ” breach of fiduciary duty , conversion , conspiracy , and concert of action . mcmahan has failed to do more than reference his conversion or concert of action claims , either in his response to henderson ' s summary judgment motion or in his appellate brief . accordingly , we find these claims have been waived by a failure to argue them in the trial court and on appeal . see cuyler , 60 s . w . 3d at 216 ; dagley , 18 s . w . 3d at 793 . 6
in his response brief , henderson characterizes mcmahan ' s appeal as frivolous and requests that we impose sanctions against him under rule 45 of the texas rules of appellate procedure . whether to grant sanctions is a matter of discretion that we exercise with prudence and caution and only after careful deliberation and in truly egregious circumstances . angelou v . african overseas union , 33 s . w . 3d 269 , 282 ( tex . app . - houston [ 14th dist . ] 2000 , no pet . ) . because we have found merit in some of mcmahan ' s arguments , we hold that the appeal was not frivolous and deny the request for sanctions .
principal subsidiaries : heilig - meyers furniture company ; hmy - roomstore , inc . ; macsaver financial services , inc . ; macsaver funding corporation , inc . ; macsaver insurance services , ltd . ( bermuda ) .
you would think going to a furniture store , if you buy something you would be able to take it home with you . nope , that will be 6 - 8 weeks b . . . read full review
during the summer of 2006 there was another fire scare as the neighboring mcmahan’s furniture store caught fire . the salem fire department did a fantastic job of keeping the fire contained and preventing it from spreading to other buildings on the block . however , les newmans , an outdoor clothing store , suffered from water damage and was unable to reopen next door . it was a sad loss to the salem area community . we felt very lucky to have only suffered from smoke damage this time .
we withdraw our opinion of december 31 , 2002 and issue this opinion on rehearing . the motions for rehearing filed by appellant mcmahan and appellee henderson are overruled .
in february 1990 heilig - meyers bought 34 stores and warehouses in tennessee , kentucky , west virginia , and virginia from reliable stores for about $ 35 million . over the next year it also acquired six stores from holthouse furniture corp . and nine from the furniture center , inc . , for $ 5 . 6 million and $ 10 . 6 million , respectively . revenues reached $ 447 . 8 million in fiscal 1991 , and net earnings $ 18 . 3 million . later in 1991 the company bought five more furniture center stores for $ 2 . 8 million and 42 stores from wck , inc . , for $ 14 . 4 million .
here , while statements made during settlement negotiations were likely made in an adversarial context , statements made during the formation and operation of fine rides most likely were not . absent fraud , the greenwood defendants and mcmahan were ostensibly working toward the same goal of a successful business venture , and henderson ' s alleged initial statements regarding stock ownership would have acted to ensure that mcmahan continued to work for fine rides and contributed assets to the company .
moreover , nothing in the record requires us to consider the additional evidence even if mcmahan had properly briefed his arguments . generally , a party may not rely on new evidence in a motion for new trial without showing that the evidence was newly discovered and could not have been discovered through due diligence prior to the ruling on a summary judgment motion . risner v . mcdonald ' s corp . , 18 s . w . 3d 903 , 909 ( tex . app . - beaumont 2000 , pet . denied ) ; longoria v . united blood servs . , 907 s . w . 2d 605 , 609 ( tex . app . - corpus christi 1995 ) , rev ' d on other grounds , 938 s . w . 2d 29 ( tex . 1997 ) . mcmahan does not argue , either in his motion or his appellate briefs , that the evidence attached to his motion for new trial was newly discovered and could not have been discovered through due diligence prior to the trial court ' s ruling . see risner , 18 s . w . 3d at 909 ; longoria , 907 s . w . 2d at 609 .
in attempting to defeat application of the release , mcmahan raised three grounds of avoidance : ( 1 ) rescission based on fraudulent inducement ; ( 2 ) duress ; and ( 3 ) a failure of conditions precedent . we examine each of these arguments in turn and conclude that mcmahan has failed to meet his burden of proof .
when considering complaint information , please take into account the company ' s size and volume of transactions , and understand that the nature of complaints and a firm ' s responses to them are often more important than the number of complaints .
if this is your business , claim your profile to update this information directly . ( what ' s this ? )
a day at mcmahan ' s was fairly simple . i had to open the store to start the day . next was walking the showroom and making sure everything was in proper shape for presentation , then my main task was to sell ! work environment was friendly and laid back .
a firm that specializes in such matters tracked down myra westphall , who contacted linda’s biological dad , mcmahan , according to a story published yesterday in new times , a newspaper in broward county , fla . , as well as legal papers and video depositions posted on its web site .
the store is expected to open the week of sept . 15 , probably on sept . 17 , said troy kvingedal , general manager of la - z - boy furniture galley for the san francisco bay area and central valley .
last , henderson lodged no - evidence grounds against mcmahan ' s conspiracy claims . to prove a conspiracy , mcmahan must show a combination of two or more persons , an object to be accomplished , i . e . , an unlawful purpose or a lawful purpose by unlawful means , a meeting of minds on the object or course of action , one or more unlawful , overt acts , and damages as the proximate result . see ins . co . of n . am . v . morris , 981 s . w . 2d 667 , 675 ( tex . 1998 ) .
i would say we sell middle of the road furniture — mainstream stuff ,
he said .
we also offer some better goods as well as some discount goods . basically , i ' d call it meat and potatoes .
la - z - boy has purchased the 22 , 000 - square - foot building across from macy ' s on ming ( the showroom totals 15 , 000 square feet ) and is revamping what ' s been an ugly , empty shell for years .
difficulty assimilating acquisitions and over extension of the company’s credit unit , however , pushed heilig - meyers into the red in the late 1990s . in august 2000 the company filed for chapter 11 bankruptcy protection . in april 2001 , the company announced plans to close all remaining heilig - meyers furniture stores in order to focus on its 70 roomstore units . in 1999 , grand metropolitan approached helig - meyers to acquire the brand as part of the company’s strategy to create a broad group of luxury brand companies .
hagerty , james r . , ' heilig - meyers has a tough time making it in the city : furniture firm struggles to crack upscale urban market with rhodes chain , ' wall street journal , september 30 , 1998 , p . b4 .
in 1990 , he invited linda – who fortuitously had changed her name to mcmahan – to greenwich , conn . , where he ran a hedge fund then worth $ 3 billion .
legal documents say that from 2004 , when they were “wed , ” to 2005 , when she ended their alleged affair , mcmahan gave her gifts worth about $ 650 , 000 .
before thursday ' s vote , councilman john f . day said ganz - - and not the thick canopy of trees - - is to blame for the store ' s loss in profits since he did not replace the sign with another permitted by the city .
in their motion for summary judgment , the greenwood defendants argued that the summary judgment proof conclusively established mcmahan knew he was not a shareholder of fine rides and , consequently , could not now claim that he relied on the alleged misrepresentations . mcmahan ' s claim that he relied on the alleged misrepresentations cannot stand if he can be legally charged with knowledge of the true facts . see shindler v . mid - continent life ins . co . , 768 s . w . 2d 331 , 334 ( tex . app . - houston [ 14th dist . ] 1989 , no writ ) ( citing sutton v . grogan supply co . , 477 s . w . 2d 930 , 935 ( tex . civ . app . - texarkana 1972 , no writ ) ) .
a larger and much more significant acquisition in 1996 — the largest acquisition in company history — was that of rhodes inc . , an atlanta - based furniture chain with 106 stores , mostly located in the southwest and midwest . heilig - meyers retained the rhodes name and its more upscale product line . this acquisition made helig - meyers the largest u . s . household goods retailer .
heilig - meyers was now selling jewelry as well as household goods ranging from vcrs to bicycles and lawnmowers . derusha told dun’s business month in 1986 , ‘we’re really in the distribution and credit business . ’ some 90 percent of the company’s 300 , 000 customers were using its credit plans to make purchases on time , paying annual financing charges of up to 24 percent . income from credit came to 16 percent of total revenues . the most popular purchases on these plans were the high end items – furniture and jewelry .
the newspaper said she admitted her job as vice - president of marketing for her dad’s company was basically being a companion to him .
- - it ' s up to the retailer whether to accept unused gift cards . in most cases , they are not accepted .
ganz , who was ordered by the court more than a year ago to remove a protruding rooftop sign that violated the city ' s strict sign ordinance , told the council that since then , few motorists notice the temporary paper signs posted in the store ' s windows .
the company moved into the pacific northwest for the first time in 1996 through more acquisitions in california self service furniture co . , a chain based in spokane , wash . , operating 23 stores in its home state , oregon , idaho , california and montana .
in the 1970’s with the high cost of gas , we saw the bicycle boom and scott’s cycle was right in the thick of it leading the way by selling everyone schwinn bicycles . we had customers lining up around the corner as well as taking orders because of the high demand .
mcmahan further asserted that henderson could not utilize a limitations defense because henderson violated the doctrine of clean hands . the doctrine can be raised by a plaintiff , but only to attack an equitable defense alleged by a defendant . see generally steubner realty 19 , ltd . v . cravens rd . 88 , ltd . , 817 s . w . 2d 160 , 165 - 66 ( tex . app . - houston [ 14th dist . ] 1991 , no writ ) ; hughes v . aycock , 598 s . w . 2d 370 , 375 ( tex . civ . app . - houston [ 14th dist . ] 1980 , writ ref ' d n . r . e . ) . as limitations is a statutory defense not grounded in equity , see 30a c . j . s . equity § 154 ( comparing statute of limitations defense with equitable defense of laches ) , we find that as a matter of law , mcmahan ' s unclean hands argument fails .
mcmahan ' s motion for continuance alleged henderson ' s counsel engaged in dilatory tactics regarding responses to written discovery , which led to an earlier continuance being granted . the record does not contain any prior motion for a continuance nor does mcmahan contend , in his motion or in his appellate briefs , that the alleged dilatory tactics on written discovery continued beyond the grant of the initial continuance . standing alone , these allegations of past tactics do not support the conclusion that the trial court erred in refusing a second continuance , particularly in light of the granting of the first continuance . cf . lattrell v . chrysler corp . , 79 s . w . 3d 141 , 147 ( tex . app . - texarkana 2002 , pet . denied ) ( considering grant of prior continuance as militating against finding error in denial of subsequent motion ) .
from the sidewalk near alessandro ' s site , looking across to the pioneer trust building and the hotel . ( for a better scan and detail
scott’s cycle was founded in 1914 by harry w . scott he owned the business until 1965 when he sold it to the current owner , larry lewis . scott’s cycle used to be more than a bicycle shop . the original shop carried lawnmowers , motorcycles bicycles and was also a locksmith shop .
in september of 1996 , mcmahan requested information from henderson that would allow him to take tax credits related to losses he sustained in fine rides . in response , henderson stated in a letter that mcmahan had never owned any stock in fine rides and therefore was not entitled to an irs form k - 1 from fine rides . mcmahan claims he did not discover that he was not a shareholder until he received henderson ' s letter . he further alleges he did not discover until august of 2000 that the accounting entries for the assets he had contributed to the company had been reversed in 1991 . he contends the reversal essentially made the transfer of assets a loan from him to the company rather than a contribution toward stock ownership in accordance with the stock option agreement .
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mcmahan does not argue that any of his claims would be spared from operation of the release if the release were determined to be valid . however , his breach of contract claim was apparently for breach of the settlement agreement itself ; thus , the release could not preclude that claim . even so , neither mcmahan ' s response to the greenwood defendants ' motion for summary judgment nor his appellate brief do anything more than mention the breach of contract claim . accordingly , by failing to present evidence in the trial court , mcmahan has waived his claim . moreover , by failing to present argument or authority on appeal , he has waived his argument on appeal . see cuyler v . minns , 60 s . w . 3d 209 , 216 ( tex . app . - houston [ 14th dist . ] 2001 , pet . denied ) ( plaintiff waived claims on appeal by offering no argument or authority to avoid summary judgment ) ; dagley , 18 s . w . 3d at 793 ( no - evidence summary judgment is proper when there is complete absence of proof of a vital fact ) .
please feel free to email or call me with all of your retail news and tips , including expansion news , successful merchandising and marketing strategies and anything else you would like to see covered by furniture / today . contact me directly at cengel @ urltoken or 336 - 605 - 1129 .
in determining whether mcmahan can be charged with knowledge , we examine the reliability of the statements in henderson ' s affidavit . testimonial statements by an interested witness may be the basis for a summary judgment when the statements are clear , positive , and direct , are otherwise credible and free from contradiction and inconsistency , and could have been readily controverted . tex . r . civ . p . 166a ( c ) ; casso v . brand , 776 s . w . 2d 551 , 558 ( tex . 1989 ) .
several shoppers walking out with bags of shoes said they were happy with the sale ' s prices . but not all customers said they got great deals .
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henderson argued in his motion for summary judgment that the release language in the settlement agreement precludes any claims mcmahan might have against him . it is well settled in texas that a release covers only those people it names or otherwise specifically identifies . mcmillen v . klingensmith , 467 s . w . 2d 193 , 196 ( tex . 1971 ) . to be effective , the identification must be with such descriptive particularity that the person ' s identity or his connection with events is not in doubt . duncan v . cessna aircraft co . , 665 s . w . 2d 414 , 420 ( tex . 1984 ) . under the heading “mutual release , ” the settlement agreement between the parties provided as follows :
6 . henderson also attacked a breach of contract claim in his motion , but mcmahan did not include such a claim in his list nor did he make any arguments regarding it in his brief . consequently , to the extent there was such a cause of action raised in the pleadings , it has been abandoned on appeal . see cuyler , 60 s . w . 3d at 216 .
mcmahan pleaded four means for avoiding application of the statute of limitations : ( 1 ) the discovery rule ; ( 2 ) fraudulent concealment ; ( 3 ) the doctrine of unclean hands ; and ( 4 ) absence from state .