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 .
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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 .


archon corporation is an entertainment company based in paradise , nevada .

the company has owned casinos and water parks .

members of board of directors include state senator sue lowden who was chairwoman of the nevada republican party and state senator bill raggio .

lowden is also executive vice president , secretary and treasurer for the company .

archon corporation

lease dated october 4 , 2002 between archon corporation and dukes casino . ( 13 )
demand note dated february 6 , 2003 in favor of archon corporation . ( 16 )
mercury real estate securities fund , lp and mercury real estate securities offshore limited v . archon corporation
option agreement dated october 8 , 2002 between endeavors north llc and archon corporation . ( 13 )
archon corporation reports fiscal year end financial results ,
pr newswire , december 28 , 2001 .
esplanade has owned shares of archon since 2006 . kravetz said archon is undervalued and has underperformed .
archon corporation reports second fiscal quarter 2005 financial results ,
pr newswire , may 17 , 2005 .
subordinated loan agreement dated october 8 , 2002 between archon corporation and dukes - sparks , llc . ( 13 )
loan agreement dated december 15 , 2003 between colonial bank , archon corporation and sahara las vegas corp . ( 14 )
las vegas - based archon corporation has announced plans to sell the former wet ‘n’ wild waterpark site in las vegas .
patent rights royalty agreement dated as of january 2 , 2002 between archon corporation and david g . lowden . ( 11 )
a boston - based investment management company has proposed a $ 101 . 5 million buyout of laughlin casino operator archon corporation .
in a letter to sue lowden , who is archon’s secretary , kravetz said archon shareholders “deserve” to learn about the offer .
directors of archon corporation private limited are arunkumar kandaswamy ganesan , atul ashok lohar , mandar narayan mangalvedekar , alok sharma and sarjerao ishwara kawade .
amended and restated by - laws of santa fe gaming corporation . ( 12 )
a delaware limited partnership , # lp585 - 87 , into this corporation . tls
11 / 03 / 10 - wynd - wyndstorm corporation . - acceptance of registered agent
previously filed with the securities and exchange commission as an exhibit to archon corporations proxy statement on schedule 14a dated may 7 , 2004 and incorporated herein by reference .
esplanade capital , which says it is the second - largest outside shareholder in archon , proposed the buyout offer last month to archon’s board of directors .
previously filed with the securities and exchange commission as an exhibit to archon corporations report on form 10 - q dated august 20 , 2003 and incorporated herein by reference .
previously filed with the securities and exchange commission as an exhibit to archon corporations report on form 10 - k dated december 30 , 2002 and incorporated herein by reference .
previously filed with the securities and exchange commission as an exhibit to archon corporations report on form 8 - k dated january 13 , 2004 and incorporated herein by reference .
previously filed with the securities and exchange commission as an exhibit to archon corporations report on form 10 - q dated february 14 , 2003 and incorporated herein by reference .
archon sparks management company ; pioneer hotel inc . ; sahara las vegas corp .
previously filed with the securities and exchange commission as an exhibit to archon corporations report on form 10 - q for the quarter ended march 31 , 2001 and incorporated herein by reference .
previously filed with the securities and exchange commission as an exhibit to archon corporations report on form 10 - q for the quarter ended june 30 , 2002 and incorporated herein by reference .
spa business - archon to sell former wet ‘n’ wild site in vegas . . .
archon corporation , ( the company or archon ) , is a nevada corporation . the companys primary business operations are conducted through a wholly - owned subsidiary corporation , pioneer hotel inc . ( phi ) , which operates the pioneer hotel & gambling hall ( the pioneer ) in laughlin , nevada . in addition , the company , owns real estate on las vegas boulevard south ( the strip ) in las vegas , nevada , and also owns rental properties in dorchester , massachusetts and gaithersburg , maryland .
still , there has been some adversity in recent years . archon management — the lowdens — has fought bitterly with d . e . shaw , a hedge fund and archon shareholder .
ask a question about working or interviewing at archon . our community is ready to answer .
santa fe gaming corporation announces sale of henderson property ,
pr newswire , november 17 , 1999 .
archon corporation ( archon ) primary business operations are conducted through a wholly owned subsidiary corporation , pioneer hotel inc . ( phi ) , which operates the pioneer in laughlin , nevada . in addition , the company owns real estate on las vegas boulevard south ( the strip ) in las vegas , nevada , and properties in dorchester , massachusetts and gaithersburg , maryland . the company owns , through its wh
archon corporation , ( the company or archon ) , is a nevada corporation . the companys primary business operations are conducted through a wholly - owned subsidiary corporation , pioneer hotel inc . ( phi ) , which operates the pioneer hotel & gambling hall ( the pioneer ) in laughlin , nevada . in addition , the company owns real estate on las vegas boulevard south ( the strip ) in las vegas , nevada ( see land held for development ) , and rental properties in dorchester , massachusetts and gaithersburg , maryland .
previously filed with the securities and exchange commission as an exhibit to archon corporations report on form 10 - k / a ( amendment no . 1 ) dated january 23 , 2004 and incorporated herein by reference .
santa fe gaming corporation announces 1997 fiscal year end results ,
pr newswire , december 24 , 1997 .
business : archon corporation operates the pioneer hotel and gambling hall in laughlin , nevada and owns property on las vegas boulevard for possible future development , and owns investment properties in dorchester , massachusetts and gaithersburg , maryland .
through its chairman and ceo , paul w . lowden , the archon corporation holds a more than a 20 - year stake in las vegas casino history . formerly known as santa fe corporation and sahara gaming corporation , archon owned and operated the famous sahara and hacienda casino hotels . those properties were sold in 1995 to former circus circus leader william bennett , but the company remains active in nevada ' s casino industry as owner and operator of the pioneer hotel and gambling hall , located in laughlin , nevada . archon also owns commercial office buildings in dorchester , massachusetts , and gaithersburg , maryland , and 27 undeveloped acres on las vegas boulevard south .
1 / 6 / 11 - hboc - hyperbaric oxygenation corporation - amendment - name change to building turbines , inc .
management agreement by and between pioneer hotel and santa fe gaming corporation dated as of december 30 , 1998 . ( 5 )
archon corporation private limited ' s annual general meeting ( agm ) was last held on 30 september 2017 and as per records from ministry of corporate affairs ( mca ) , its balance sheet was last filed on 31 march 2017 .
d . e . shaw , which controls more than 707 , 000 shares of archon’s preferred stock , said its investors would be out $ 1 . 7 million if archon is allowed to proceed with its plan .
2 / 22 / 11 - tycv - tycore ventures , inc . - miscellaneous & amendment & name change to hondo minerals corporation
2 / 9 / 11 - bysd - bayside petroleum company , inc . - amendment & designation - name change to bayside corporation
data as of jul 09 2018 . currency figures normalised to archon corp ' s reporting currency : us dollar usd
20 . for more information regarding an investment in archon’s professionally managed investment portfolios please contact elliot ej paul , cfp ® , president , archon advisory corporation – a registered investment advisor . email : ejpaul @ urltoken direct : ( 856 ) 433 - 6700 fax : ( 856 ) 433 - 8373 suite 110 1926 greentree road , cherry hill , new jersey 08003
lease modification letter dated august 24 , 1995 by and between wet n wild nevada , inc . and sahara corporation . ( 3 )
3 / 7 / 11 - nfon - netfone , inc . - merge in & stock split - name change to itp energy corporation
1 / 18 / 11 - smpn - smsa palestine acquisition corp . - amended & restated articles - name change to asia green agriculture corporation
archon chairman and chief executive officer paul lowden , who controls about 75 percent of archon’s common stock and about 18 percent of the preferred stock , would receive a net benefit of about $ 8 . 7 million , according to the lawsuit .
d . e . shaw sent a blistering letter to lowden and then attached it to a securities and exchange commission filing : “your actions make us wonder whether archon corporation is seeking to be run as a family fief on which minority shareholders remain as serfs . ”
9 / 16 / 11 - muta - mutuloan corporation - name change & merger - survivor - name change to nexus enterprise solutions , inc .
just before the great recession , when las vegas real estate prices were at their peak , archon agreed to sell the property for a stunning $ 618 million . that deal never closed but archon walked away with the nonrefundable deposit of $ 67 million .
during fiscal years 2001 through 2003 , the company purchased an aggregate of $ 0 . 7 million of commercial and residential loans originally funded by central banc mortgage corporation to unaffiliated third parties . the loans were purchased by the company for the principal amount , plus accrued interest , if any . central banc mortgage corporation is owned by lico , which in turn is owned by paul w . lowden . john w . delaney is the president of central banc mortgage corporation . at september 30 , 2008 , the company was owed approximately $ 55 , 000 from central banc mortgage corporation related to these transactions .
archon said the pioneer club’s revenue has declined over the last few years due to competition from american indian casinos in california and arizona .
benston , liz ,
stockholder : archon options unfairly enrich owner ' s family ,
las vegas sun , june 20 , 2005 .
2 / 17 / 11 - daml - darlington mines ltd . - merge in - effective date 3 / 2 / 11 - name change to the pulse beverage corporation
archon was created in the past decade after paul lowden’s former company sold the sahara and the santa fe in northwest las vegas in separate transactions .
kravetz said esplanade’s offer for archon represented a nearly 62 percent premium to the company’s average closing price over the 90 days before the offer’s submission .
archon corporation private limited ' s corporate identification number is ( cin ) u74900pn2014ptc150768 and its registration number is 150768 . its email address is alokssharma4 @ urltoken and its registered address is flno 20 , sno 46 c - 4 , aundh , r maithili patilwadi , bopodi , pune pune mh 411003 in , - , .
d . e . shaw , which bid unsuccessfully to acquire the parent company of the riviera last year , owns about 300 , 000 shares of archon’s common stock . the asset management firm protested about a year ago when archon tried to grant what shareholders believed to be unfair options to family members .
7 . why consider archon’s active management style now ? • after the fourth - longest bull market in history , stocks are near all time highs ; • 7 to 20 % + stock market pullbacks are customary ; • at these greedy levels , archon takes profits and reduces risk by repositioning from stocks to lower risk bonds and money market funds ; • after stocks correct , archon repositions back to stocks to take advantage of the next bullish move .
previously filed with the securities and exchange commission as an exhibit to santa fe gaming corporations report on form 8 - k dated november 15 , 1999 and incorporated herein by reference .
previously filed with the securities and exchange commission as an exhibit to santa fe gaming corporations report on form 8 - k dated june 12 , 2000 and incorporated herein by reference .
previously filed with the securities and exchange commission as an exhibit to santa fe gaming corporations report on form 8 - k dated december 29 , 2000 and incorporated herein by reference .
president : bdcm support services corporation , managing member : turning point capital management llc , turning point capital advisors llc and jaguar financial services llc - a licensed insurance agency ; president : archon advisory corporation - a registered investment advisor ; former president : warton archon financial advisors – sec registered investment advisor for 21 years ; former vp and branch manager for stifel nicolaus , member new york stock exchange ; former vp of philadelphia securities association ; past president garden state rotary of cherry hill , nj ; university of pennsylvania – ba economics ; graduated : harvard graduate business school ; college for financial planning – certified financial planner ™ professional ; haddonfield memorial high school graduate .
archon would redeem the stock for about $ 5 . 24 per share ; the plaintiffs believe the shares should be redeemed for $ 8 . 69 . under archon’s plan , the value of preferred stock would be $ 10 . 9 million ; the shareholders believe the stock’s value is $ 18 . 2 million .
esplanade capital president shawn kravetz said monday that the board of archon had not responded to his offer , which is why he made the offer public monday .
archon capital management llc and the logos and marks included on the site that identify archon capital management llc services and products are proprietary materials . the use of such terms and logos and marks without the express written consent of archon capital management llc is strictly prohibited . copyright in the pages and in the screens of the site , and in the information and material therein , is proprietary material owned by archon capital management llc unless otherwise indicated . the unauthorized use of any material on the site may violate numerous statutes , regulations and laws , including , but not limited to , copyright , trademark , trade secret or patent laws .
archon didn’t return phone calls requesting comment on the lawsuit . in addition to lowden , archon’s board members include his wife , former state sen . sue lowden , who is now chairwoman of the state republican party , and veteran state sen . bill raggio , r - reno , who is the senate majority leader .
archon corporation private limited is a private incorporated on 25 february 2014 . it is classified as non - govt company and is registered at registrar of companies , pune . its authorized share capital is rs . 100 , 000 and its paid up capital is rs . 100 , 000 . it is inolved in business activities n . e . c .
on may 11 , 2001 , santa fe gaming corporation changed its name to archon corporation . that same year the company acquired investment properties in dorchester , massachusetts , and gaithersburg , maryland , for a total cost of $ 145 million . the 12 - acre dorchester property consists of several buildings with about 425 , 000 square feet of commercial office space . the 55 - acre gaithersburg property includes one building with about 342 , 000 square feet of office space . the buildings on both properties are leased out under long - term agreements .
previously filed with the securities and exchange commission as an exhibit to sahara gaming corporations report on form 10 - k for the year ended september 30 , 1995 and incorporated herein by reference .
lowden is a longtime gaming figure who once owned the sahara and hacienda hotel - casinos . his wife , former republican state sen . sue lowden , is an official in the corporation .
previously filed with the securities and exchange commission as an exhibit to sahara gaming corporations annual report on form 10 - k for the year ended september 30 , 1993 and incorporated herein by reference .
previously filed with the securities and exchange commission as an exhibit to santa fe gaming corporations report on form 10 - q for the quarter ended march 30 , 1999 and incorporated herein by reference .
previously filed with the securities and exchange commission as an exhibit to santa fe gaming corporations report on form 10 - q for the quarter ended june 30 , 1999 and incorporated herein by reference .
previously filed with the securities and exchange commission as an exhibit to santa fe gaming corporations report on form 10 - q for the quarter ended june 30 , 2000 and incorporated herein by reference .
on december 22 , 2008 , slvc , a wholly owned subsidiary of archon corporation , entered into an option agreement with las vegas towers , llc ( lvt ) , a delaware limited liability company , in which slvc granted lvt an option to purchase slvcs approximately 27 - acre parcel of land located at 2600 las vegas boulevard south , las vegas , nevada .
archon said its doesn’t plan any investments in its laughlin casino and expects that revenue and expense trends at the pioneer may not change significantly over the next few years .
indeed , they sold the santa fe , and since then , archon appears to be grinding along again with little debt , positioned for the next real estate windfall .
the suing shareholders believe holders of archon’s common stock , which now trades over the counter , would benefit if the company were able to proceed with a preferred stock redemption plan .
we have audited the accompanying consolidated balance sheets of archon corporation and subsidiaries ( the company ) as of september 30 , 2008 and 2007 , and the related consolidated statements of operations , stockholders equity and cash flows for the years then ended . these financial statements are the responsibility of the companys management . our responsibility is to express an opinion on these financial statements based on our audit .
however , archon wants to pay back the stock with 16 percent interest on just the liquidation cost . the shareholders believe the interest should also be applied to the accrued and unpaid dividends .
my typical day at archon corporation was split 60 / 40 . 60 % of my time was spent supporting the ibm as400 , the applications and the users . most of this support was done remotely . the other 40 % of my time was spent supporting corporate management who all worked from home . that support was local and covered the whole gambit of a home office environment and the systems they used .
the licenses held by members of the archon group are not transferable . each issuing agency may at any time revoke , suspend , condition , limit or restrict licenses or approvals to own a beneficial interest in phi for any cause deemed reasonable by such agency . any failure to retain a valid license or approval would have a material adverse effect on all members of the archon group .
archon owns , in addition to the pioneer , two east coast office buildings and 27 acres on the strip at the old wet ’n wild site , once a source of endless speculation about potential resorts . archon would like to be landlord to a developer of a sports and events arena , which would receive favorable tax treatment if the clark county commission revives a mothballed redevelopment zone .
here today , archon tomorrow . the alternately waxing and fortunes of archon corp . secretary - treasurer sue lowden have put the comparable vicissitudes of her company under a microscope . basically , it’s the saga of how a company with a somewhat impressive set of casino holdings — including the sahara and the bygone hacienda — withered into the rinky - dink crony - capitalism outfit that is present - day archon . the depletion of assets and jobs also lends a sting of truth to sen . al franken ‘s paraphrase of a sue lowden tagline , “my job is fighting for your job , unless you happen to work at my husband’s casino . ” or water park . ( speaking of paul lowden , archon’s better investments would not include his helmet - like toupée . )
lowden sits on the board of archon corp . ; her husband paul lowden is chairman and ceo . the company owns the pioneer in laughlin , a working - class casino on the colorado river .
archon advisory corporation is a registered investment advisor based in cherry hill , nj . archon partners with sei to offer 5 professionally managed asset allocation investment portfolios : conservative , conservative to moderate , moderate , moderate to growth and growth . our founder : ( 1 ) managing member : turning point capital management llc ( tpcm ) , turning point capital partner lp’s ( tpcp ) general partner , turning point capital advisors llc , tpcp’s investment advisor and jaguar financial services llc - a licensed insurance agency ; ( 2 ) president : archon advisory corporation - a registered investment advisor ; ( 3 ) former president : warton archon financial advisors – sec registered investment advisor that managed nine mutual fund , stock , bond and option portfolios for 21 years ; ( 4 ) former vp and branch manager for stifel nicolaus , member new york stock exchange ; ( 5 ) former vp of philadelphia securities association ; ( 6 ) past president garden state rotary of cherry hill , nj ; ( 7 ) university of pennsylvania – ba economics ; ( 8 ) graduated : harvard graduate business school ; ( 9 ) college for financial planning – certified financial planner ™ professional ; ( 10 ) haddonfield memorial high school graduate ; ( 11 ) executive member of the philadelphia chamber of commerce and south jersey chamber .
on monday , shares of archon , which are traded on over - the - counter bulletin board , closed at $ 13 a share , up $ 2 . 50 , or 23 . 81 percent .
under the company’s plan , which was detailed in archon’s quarterly report that was filed aug . 20 with the securities and exchange commission , the stock would be redeemed to investors with all accrued and unpaid dividends .
in 2005 , d . e . shaw threatened legal action when archon’s board proposed giving $ 4 million stock windfalls to two employees , david lowden and christopher lowden , brother and son , respectively , of paul lowden .
“as a result of archon’s breaches of the agreement with respect to the preferred shares , lowden is positioned to achieve — personally — a net benefit of more than $ 8 . 5 million , ” the complaint alleges .
however , archon chairman paul lowden , whose family owns more than 85 percent of the company , said monday that he has “no intentions” of selling the business . he said the buyout proposal “wasn’t really a serious” offer .
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18 . performance please note : the above figures reflect sei’s performance for its mutual fund private client accounts . archon’s use of sei’s private client mutual fund strategies would have yielded higher or lower investment returns than those above .
short answer : he’s neither built nor bought anything since the santa fe in 1991 and his fortunes have been in a long , slow decline for past two decades . wet ‘n wild wasn’t even an archon property : it simply sat on land that archon owned , until the lowdens chased it out in 2004 — a decision of debatable wisdom and one that , in retrospect , contributed greatly to the “slum” atmosphere at the north end of the strip .
the address for paul w . lowden is c / o archon corporation , 4336 losee road , suite 5 , north las vegas , nevada 89030 . the shares owned by each person , or by the group , and the shares included in the total number of shares outstanding have been adjusted , and the percentage owned ( where such percentage exceeds 1 % ) has been computed , in accordance with rule 13d - 3 ( d ) ( 1 ) under the securities exchange act of 1934 .
a group of shareholders sued one - time sahara owner archon corp . in u . s . district court last week , saying the casino operator is undervaluing the redemption price of preferred stock issued by the company 14 years ago .
year on year archon corp had revenues fall - 26 . 61 % from 31 . 97m to 23 . 47m , though the company grew net income from a loss of 1 . 54m to a gain of 1 . 23m .
sales for 2004 were $ 45 . 6 million , down from 2003 , with a loss of $ 3 . 4 million . revenues for the pioneer were down 10 percent from 2003 , due to a decrease in the number of casino patrons , according to archon management . in the first six months of 2005 , this decline continued . revenues from the pioneer slid 13 . 8 percent from the same period in 2004 , and archon reported a loss of $ 2 million .
the lowdens have again clashed with d . e . shaw in an ongoing lawsuit , in which d . e . shaw and other plaintiffs allege that archon has breached a contract by undervaluing preferred shares , to the benefit of the lowdens .
and in an interview jan . 2 , kravetz told the business press he’s committed to pursuing a deal for archon and esplanade is continuing to weigh its next steps . he challenged lowden to explain his goals to shareholders or take the company private .
3 . about our founder : elliot ej paul , cfp® • president : archon advisory corporation - a registered investment advisor ; • managing member : turning point capital management llc , turning point capital advisors llc , and jaguar financial services llc ; • former president : warton archon financial advisors – sec registered investment advisor that managed nine mutual fund , stock , bond and option portfolios for 21 years ; • formervp and branch manager for stifel nicolaus , member newyork stock exchange ; • formervp of philadelphia securities association ; • past president garden state rotary of cherry hill , nj ; • haddonfield memorial high school graduate ; • university of pennsylvania – ba economics - sigma alpha epsilon fraternity ; • graduated : harvard graduate business school ; • college for financial planning – certified financial planner ™ professional ; • executive member of the philadelphia chamber of commerce .
the members of the compensation committee , john w . delaney and william j . raggio , are non - employee directors . mr . delaney has never been an officer of the company or of any of its subsidiaries . mr . delaney is the president of central banc mortgage corporation , a mortgage banking company of which paul w . lowden is a director and sole stockholder . during fiscal 2001 through fiscal 2003 , the company purchased from j & j mortgage an aggregate of $ 0 . 7 million of commercial and residential loans originally funded by central banc mortgage corporation to unaffiliated third parties . see item 13 , certain relationships and related transactions .
archon , which operates the pioneer club in laughlin and is selling the strip land on which the wet ‘n wild water park once stood to a texas developer for $ 475 million , wants to redeem the preferred stock , on which it hasn’t paid dividends for more than a decade .
in its quarterly report , archon said it has entered an option agreement to sell the 27 - acre wet ‘n wild site to a partnership between texas developer christopher milam and australian casino operator publishing and broadcasting ltd . , which is controlled by that country’s richest man , james packer .
it’s impossible to tell what archon and its major stockholder , ceo paul lowden , are thinking . in 2011 , the company performed a nifty financial maneuver — a reverse stock split at 250 - 1 that allowed it to cash out all the holders of fewer than 250 shares . it immediately followed with a 1 - 250 stock split , restoring major holders to their previous positions . the maneuver cut the number of stockholders below the level that required securities and exchange commission filings . archon now communicates directly with shareholders and its website has gone dark , making the company’s dealing opaque .
by accessing the password - protected area of this site , you agree not to invest in any posted investment ( other than investments in which you or your affiliates are already invested , have already been solicited for or are already actively considering an investment in ) for thirty ( 30 ) days after the approval of your application . archon capital management llc reserves the right to terminate , at any time , any registered user ' s account with archon capital management llc ( as well as access to this site ) , without giving notice or a reason for such termination to the user .
the accompanying consolidated financial statements include the accounts of archon and its wholly - owned subsidiaries . amounts representing the companys investment in less than majority - owned companies in which a significant equity ownership interest is held are accounted for on the equity method . all significant intercompany accounts and transactions have been eliminated in consolidation .
the shareholders — nine investment funds — claim in their lawsuit that archon is undervaluing 4 . 4 million shares of preferred stock by more than $ 7 million . the shareholders , the largest of which is new york - based asset management firm d . e . shaw , control about half of the preferred shares .
please forgive me , as my knowledge of archon corp . is kinda slim , but have they ever built anything or created any jobs ? and have they retained jobs ? it seems like all they have done is buy businesses , eliminate jobs and sell at a profit . not the foundation of a strong america .
11 . cost and fees : •no transaction charges or commissions ; •archon’s annual management fee is 1 % over $ 1 million and 1 1 / 2 % under $ 1 million . multiple accounts with family members or in a company plan take advantage of lower fee aggregates over $ 1 million ; •automated fee processing .
in late 2003 , the company ceased to operate duke ' s casino in sparks , nevada , through its archon sparks management company subsidiary . that casino ' s furniture , fixtures , gaming and non - gaming equipment were transferred to the pioneer . in january 2004 , archon purchased the fee ownership of the pioneer for $ 36 million from an affiliate of ge capital . in this deal , the company purchased outright the pioneer ' s real estate , buildings , and equipment . lowden commented in a press release :
we are excited about this asset acquisition , and we will continue our efforts to provide an entertaining experience to our pioneer customers .
archon is banking on gamblers to follow the trail of the pioneer . formerly santa fe gaming , the embattled company owns and operates one casino , the pioneer hotel & gambling hall , in laughlin , nevada . the pioneer features more than 410 guest rooms and gaming operations that consist of approximately 730 slot machines , six blackjack tables , one craps table , one roulette wheel , and five other gaming tables . the hotel includes two restaurants and bars , a special events area , banquet rooms , and a swimming pool and spa . chairman and ceo paul lowden controls the company . archon has been the subject of a number of unsuccessful takeover bids in recent years .
the company and phi ( collectively , the archon group ) are subject to extensive state and local regulation by the nevada gaming commission ( the commission ) , the nevada state gaming control board ( the board ) and in the case of phi , the clark county liquor and gaming licensing board ( collectively the nevada gaming authorities ) .
john w . delaney , 60 , has served as a director of the company since january 1997 . mr . delaney is currently president and chief executive officer of central banc corporation . , a mortgage banking firm , located in bellevue , washington where he has been employed since 1978 . mr . delaneys term as a director of the company expires at the annual meeting of stockholders in 2009 .
10 . archon asset allocation portfolios features and benefits : • portfolios are rebalanced back to target allocations regularly…a disciplined , non - emotional way to buy low , sell high and reduce portfolio risk ; • easy to read , full color quarterly performance statements ; • environmentally friendly monthly e - statements ; • year - end tax letter that summarizes capital gains / losses and income . simply attach it to irs schedule d to minimize paperwork , reduce accounting costs and simplify tax preparation ; • accounts safeguarded and segregated in client name at sei privatetrust ; • income and liquidity options ; • client reviews , economic forecasts , white papers , webinars and special events ; • archon support team at your service .
the company offered $ 17 . 50 per share in a negotiated transaction for all 5 . 8 million shares of archon , which owns the pioneer hotel & gambling hall in laughlin ; a 27 - acre site on the north end of the strip on which the wet ’n’ wild water amusement park once stood ; and office buildings in maryland and suburban boston .
a review of the company’s financial results over two decades shows a pattern : year after year of losses , with an occasional windfall profit after a shrewd real estate deal . archon and its precursor companies have sold the sahara , hacienda and santa fe hotels , as well as land in henderson near the galleria at sunset mall , totaling more than $ 400 million .
exhibit no . description of exhibit - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 10 . 47 master lease agreement by and between videotronics , inc . and santa fe hotel , inc . dated april 15 , 1996 . ( 14 ) 10 . 48 guaranty of lease by santa fe gaming corporation dated april 15 , 1996 . ( 14 ) 10 . 49 notice , consent and acknowledgment of assignment by and between videotronics , inc . ( lessor ) , santa fe hotel , inc . ( lessee ) , pds financial corporation and the buyers dated may 9 , 1996 . ( 14 ) 10 . 50 master lease agreement by and between pds financial corporation and santa fe hotel , inc . dated may 30 , 1996 . ( 15 ) 10 . 51 lease schedule no . 1 by and between pds financial corporation and santa fe hotel , inc . dated may 30 , 1996 . ( 15 ) 10 . 52 purchase / renewal option by and between pds financial corporation and santa fe hotel , inc . dated may 30 , 1996 . ( 15 ) 10 . 53 amended and restated hacienda adventure club acquisition and assignment agreement by and among hacienda hotel inc . , resorts marketing international alpine - oasis membership , l . l . c . and brett torino dated july 18 , 1996 . ( 15 ) 10 . 54 guaranty of payment and performance ( sahara gaming corporation ) dated july 18 , 1996 . ( 15 ) 10 . 55 guaranty of payment and performance ( oasis las vegas motor coach park , l . p . ) dated july 24 , 1996 . ( 15 ) 10 . 56 master lease agreement by and between cj ' s classics , inc . and santa fe hotel , inc . dated august 15 , 1996 . ( 16 ) 10 . 57 lease schedule no . 1 by and between cj ' s classics , inc . and santa fe hotel , inc . dated august 15 , 1996 . ( 16 ) 10 . 58 purchase / renewal option by and between cj ' s classics , inc . and santa fe hotel , inc . dated august 15 , 1996 . ( 16 ) 10 . 59 master lease agreement by and between cj ' s classics , inc . and pioneer hotel , inc . dated august 15 , 1996 . ( 16 ) 10 . 60 lease schedule no . 1 by and between cj ' s classics , inc . and pioneer hotel , inc . dated august 15 , 1996 . ( 16 )
exhibit no . description of exhibit - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 10 . 61 purchase / renewal option by and between cj ' s classics , inc . and pioneer hotel , inc . dated august 15 , 1996 . ( 16 ) 10 . 62 option agreement by and between santa fe gaming corporation and pat clark dated november 13 , 1996 . ( 16 ) 10 . 63 master lease agreement by and between videotronics , inc . and santa fe hotel inc . dated september 16 , 1996 . ( 16 ) 10 . 64 lease schedule no 1 by and between videotronics , inc . and santa fe hotel inc . dated september 16 , 1996 . ( 16 ) 10 . 65 purchase / renewal option by and between videotronics , inc . and santa fe hotel inc . dated september 16 , 1996 . ( 16 ) 10 . 66 guaranty of lease ( santa fe gaming corporation ) dated september 16 , 1996 . ( 16 ) 10 . 67 notice , consent and acknowledgment of assignment by and between videotronics , inc . ( lessor ) , santa fe hotel , inc . ( lessee ) and pds financial corporation ( assignee ) dated september 16 , 1996 . ( 16 ) 10 . 68 amendment to note purchase agreement by and among santa fe gaming corporation , sahara las vegas corp . and sunamerica life insurance company dated as of december 27 , 1996 . ( 16 ) 10 . 69 employment agreement by and between santa fe gaming corporation and thomas k . land dated october 1 , 1996 . ( 17 ) 10 . 70 sahara las vegas corp . tranche a note due december 15 , 1999 , dated july 31 , 1997 ( 18 ) 10 . 71 casino properties guaranty dated july 29 , 1997 ( 18 ) 10 . 72 sahara resorts guaranty dated july 29 , 1997 ( 18 ) 10 . 73 hacienda hawaiian guaranty dated july 29 , 1997 ( 18 ) 10 . 74 first amendment to company security agreement dated july 29 , 1997 ( 18 ) 10 . 75 sahara resorts pledge agreement dated july 29 , 1997 ( 18 ) 10 . 76 company pledge agreement dated july 29 , 1997 ( 18 )
the driver is esplanade capital llc , a boston - based investment fund that has been trying to buy the company for almost two years . it first offered to buy all of archon’s outstanding shares in march 2013 , for $ 17 . 50 a share . it raised the offer to $ 18 . 50 , then $ 19 . 25 and , last august , to $ 21 . 65 per share .
sales for 2001 were considerably lower , by almost 63 percent , than for 2000 because of the sale of the santa fe hotel and the resulting loss of its gambling revenues . the $ 48 million in sales for the year , however , was augmented by the profit from the hotel sale , giving archon a net profit for the year of $ 87 . 2 million . the company showed a loss of $ 9 . 3 million in 2002 . much of the loss was due to a decrease in gambling revenues at the pioneer . archon management blamed this revenue decline on the growth of native american casinos in southern california , arizona , and new mexico , which was hurting the laughlin casino business generally . the year 2003 saw a further decline in revenues to $ 46 . 1 million and a net loss of $ 8 . 9 million .
19 . adv parttwo • adv parttwo - our “brochure” is the required submission to the securities and exchange commission ( sec ) by professional investment advisors that specify the investment style , assets under management and key officers of the firm . the form must be updated annually and be made available as public record for companies managing in excess of $ 25 million ; • archon delivers adv parttwo to all prospective clients and offers clients annual updates .
at first blush , there doesn’t seem to be much happening . the company has its headquarters in laughlin where it manages the pioneer , a casino and 414 - room hotel . the company has acknowledged the pioneer’s market is in slow decline and the prospects aren’t great . archon owns some investment property in las vegas and in dorchester , mass . it recently sold an investment property in gaithersburg , md . , for $ 76 . 3 million .
certain transactions . none of the archon group may make a public offering of its securities without the approval of the commission if the proceeds therefrom are intended to be used to construct , acquire or finance gaming facilities in nevada , or retire or extend obligations incurred for such purposes . such approval , if given , will not constitute a recommendation or approval of the investment merits of the securities offered . any public offering requires the approval of the commission .
6 . we let “mr . market”tell us whatto do • archon doesn’t predict the future . • we use an objective , proven , proprietary set of fundamental and technical rules that tell us when and how to allocate your investments . • we monitor financial markets in real time . • we have the nerve to pull the trigger when it’s time to buy and sell . • trading by a set of disciplined rules takes hope , fear and greed out of our decision making process .
prior to fiscal 2007 , the company had loaned approximately $ 1 . 4 million to dukes  sparks ( dukes ) , a nevada limited - liability company . the company , through its wholly - owned subsidiary , archon sparks management company , operated dukes casino . christopher lowden , son of paul w . lowden , was a limited partner in the company that was a managing member of dukes . the company also acquired a $ 100 , 000 class b member interest in dukes . in december 2003 , dukes closed its casino operations .
given the slap - happy way in which mrs . lowden’s campaign finances have been handled — it prematurely spent $ 18k in general - election funds and her personal - finance report to the senate ethics committee is having to be redone after nearly 20 material omissions were uncovered — it’s hardly any surprise that archon and its shareholders are frequently at each others’ throats . as the ex - president of what’s now santa fe station , if mrs . lowden makes it through to november , we’ll be treated to the interesting experiment of a casino boss running for national office .
exhibit no . description of exhibit - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 10 . 22 second amendment to lease agreement , made as of december 27 , 1993 , by sahara parkville , inc . and the city of parkville , missouri ( 8 ) 10 . 23 landlord ' s consent , estoppel certificate and third amendment to lease agreement , entered into on december 27 , 1993 , by and between the city of parkville , missouri , sahara parkville , inc . , ibj schroeder bank & trust company , and santa fe hotel inc . ( 8 ) 10 . 24 fourth amendment to lease agreement , made as of january 18 , 1994 by sahara parkville , inc and the city of parkville , missouri ( 8 ) 10 . 25 fifth amendment to lease agreement , made as of january 18 , 1994 , by sahara parkville , inc . and the city of parkville , missouri ( 8 ) 10 . 26 sixth amendment to lease agreement dated june 30 , 1995 by sahara parkville , inc . , and the city of parkville , missouri . ( 11 ) 10 . 27 development agreement by sahara parkville , inc . and the city of parkville , missouri ( 8 ) 10 . 28 amendment to development agreement , dated january 18 , 1994 , by sahara parkville , inc . and the city of parkville , missouri ( 8 ) 10 . 29 second amendment to development agreement , dated october 28 , 1994 , by sahara parkville , inc . and the city of parkville , missouri ( 8 ) 10 . 30 third amendment to development agreements dated june 30 , 1995 by sahara parkville , inc . and the city of parkville , missouri . ( 11 ) 10 . 31 agreement for purchase and sale dated as of january 10 , 1995 by and among hacienda hotel inc . , sahara gaming corporation , as guarantor , and william g . bennett . ( 9 ) 10 . 32 letter of modification and clarification by and between hacienda hotel inc . , sahara gaming corporation , as guarantor , and william g . bennett dated march 3 , 1995 . ( 10 ) 10 . 33 assignment and consent to assignment of agreement for purchase and sale dated january 10 , 1995 by and among hacienda hotel inc . , sahara gaming corporation , as guarantor , and william g . gennett to circus circus enterprises , inc . dated march 5 , 1995 . ( 10 ) 10 . 34 sale and purchase contract dated november 7 , 1995 by and between sahara gaming corporation and argasy gaming company . ( 12 )
commencing december 15 , 2003 , sfhi , llc , owned by sfhi , inc . , a wholly owned subsidiary of the company , and avalon bay communities , inc . a maryland corporation ( avalon bay ) , entered into various agreements wherein the parties jointly sought certain approvals and consents from the city of gaithersburg , maryland ( the city ) , of plans to develop a 51 - acre parcel of land ( the property ) located within the city and now owned by the company . the preliminary agreements stated that if the company and avalon bay were successful in obtaining the necessary developmental approvals and consents , the company would then sell the property to avalon bay . while preliminary discussions with the city have not been successful and the required approvals have not been obtained , efforts continue in this regard .
4 . why archon ? while most successful people could become accomplished investors , it takes a substantial commitment of time , energy and experience to achieve superior risk adjusted results : • experience : mr . paul has 25 + years experience managing stock , bond and option portfolios ; • perspective : ability to weed out market noise from important information ; • trading by disciplined , proven fundamental and technical trading rules ; • alignment of interests : competitve management fees with no commissions ; • opportunity to benefit from rising and falling markets taking profits / reducing risk in overbought market tops and buying back in after the markets show signs of strength ; • risk management controls ; • unemotional buying and selling decisions ; • active monitoring of portfolio positions and markets to take advantage of market opportunities .
in 1995 , lowden retrenched his operations . his first step was to sell off the hacienda for $ 80 million to former circus circus chairman and ceo william bennett . by june 1995 , lowden and bennett had struck a new deal . bennett bought the sahara for $ 193 million ; under terms of the deal , lowden took possession of an undeveloped , 27 - acre parcel on the vegas strip . by the time bennett imploded the hacienda on new year ' s eve 1996 , in order to make room for an $ 800 million hotel - casino megacomplex , lowden had renamed his company to reflect its new focus . the stripped - down company , now named santa fe gaming corporation , completed its first year of operations with revenues of $ 148 . 4 million . a $ 40 million gain from the sahara sale helped the company achieve its first profitable year , with a profit of $ 9 . 7 million , of the decade .
the company issued the preferred stock when it was known as sahara gaming corp . in addition to the pioneer , the company owned the sahara and santa fe casinos . the sahara was sold to late gaming pioneer william bennett in 1995 and the santa fe was sold to station casinos in 2000 .
d . e . shaw spokeswoman darcy bradbury said the company couldn’t comment on the lawsuit .
exhale nevada ceo pete findley talks about the one year anniversary of the legalization of recreational marijuana in nevada . ( k . m . cannon / las vegas review - journal )
financial advisors talk about saving trends among young adults . ( bailey schulz / las vegas review - journal )
president donald trump made his fortune in real estate , but by slapping tariffs on imports from close allies , developers in las vegas and other cities could get hit hard .
barry yost , co - owner of precision tube laser , llc , places a metal pipe into the trulaser tube 5000 laser cutting machine on wednesday , june 20 , 2018 , in las vegas . bizuayehu tesfaye / las vegas review - journal @ bizutesfaye
the director of the nevada film office discusses its revamped locations database and how it will affect local businesses . ( bailey schulz / las vegas review - journal )
unlike most house flippers , the company aims to make money from transaction costs rather than from selling homes for more than their purchase price .
gondolier marciano sings a the classic italian song
volare
as he leads guests through the canals of the venetian in las vegas . ( k . m . cannon / las vegas review - journal )
texas homebuilder d . r . horton bought 43 lots in rural logandale . ( eli segall / las vegas review - journal )
experts discuss nevada ' s indoor farming industry . ( bailey schulz / las vegas review - journal )
months after developer steve witkoff bought the fontainebleau last summer , he unveiled plans to turn the mothballed hotel into a marriott - managed resort called the drew . but if richard “boz” bosworth’s plans didn’t fall through , the north las vegas strip tower could have become a waldorf astoria with several floors of timeshare units . ( eli segall / las vegas review - journal )
rossi ralenkotter , ceo of the lvcva , on tuesday confirmed a las vegas review - journal report that he is preparing to retire . richard n . velotta / las vegas review - journal
cousins maine lobster food truck company will open inside las vegas’ two newest smith’s at skye canyon park drive and u . s . highway 95 , and at warm springs road and durango drive . cousins currently sells outside some las vegas smith’s stores and at fremont street and las vegas boulevard . ( k . m . cannon / las vegas review - journal )
lawrence yun , chief economist at the national association of realtors , gives homebuyers a pulse on the las vegas housing market . ( eli segall / las vegas review - journal )
the company is planning to add six solar projects in nevada , along with the state ' s first major battery energy storage capacity . bailey schulz / las vegas review - journal