Calmark Holding Corp

New Suit Filed Against Boesky: San Diego-based Northview Corp., a bankrupt motel chain operator formerly headed by convicted stock speculator Ivan F. Boesky, filed a suit accusing Boesky and his wife of looting the company in a merger scheme involving Calmark Holding Corp., a Los Angeles-based real estate development company.

New Suit Filed Against Boesky: San Diego-based Northview Corp., a bankrupt motel chain operator formerly headed by convicted stock speculator Ivan F. Boesky, filed a suit accusing Boesky and his wife of looting the company in a merger scheme involving Calmark Holding Corp., a Los Angeles-based real estate development company.

Los Angeles-based Calmark Holding Corp. on Wednesday completed its previously announced, $52.8-million acquisition of Northview Corp., the San Diego-based company that operates the Vagabond Inn hotel chain. Northview will continue to operate from its headquarters in San Diego, according to a Calmark spokesman. Northview earlier this year cut its last remaining ties with arbitrageur Ivan Boesky, who was convicted of trading stocks on inside information. Calmark acquired 99.

Debt-ridden Northview Corp. late last week executed a previously announced definitive agreement to be acquired by a subsidiary of Los Angeles-based Calmark Holding Corp. Calmark agreed to pay $22 per share for Northview's 2.4 million outstanding shares. Northview, which earlier this year cut the last of its remaining ties with convicted arbitrageur Ivan Boesky, had been searching for an acquisition to replace the profitable arbitrage operation created by Boesky, Northview's former chairman.

Responding to a $150-million cash takeover offer, Arizona developer Del Webb Corp. sued the Los Angeles-based Calmark Holding Corp. investment group for allegedly misleading the public in filings with the government concerning the proposed acquisition. Privately owned Calmark develops, manages and syndicates residential and commercial real estate. Last December, Calmark bought the Vagabond hotel chain from imprisoned Wall Street speculator Ivan F. Boesky.

In a curtain raiser for a potentially unfriendly takeover move, a group led by Los Angeles real estate investor Calmark Financial made an unsolicited $150-million cash bid Tuesday to buy Arizona developer Del Webb Corp. for $17 a share. Webb made no immediate response. The Calmark group, which owns 472,200, or 5.1%, of Webb's 9.2 million publicly traded shares, said it had broached the idea of a "friendly negotiated takeover" for cash in a meeting early this month with Webb Chairman Philip Dion.

A company formerly headed by convicted stock speculator Ivan F. Boesky that operates the Vagabond motel chain has filed for protection from creditors in yet another Drexel Burnham Lambert junk bond deal gone sour. Northview Corp. in Los Angeles, which defaulted on $100 million in junk bonds in September, listed $141 million in debts and $128 million in assets in a petition filed Tuesday in U.S. Bankruptcy Court in Los Angeles. Two affiliated companies, Calmark Motel Holding Corp.

Los Angeles is losing out to other cities across the United States in the lucrative convention and tourism business. No longer is the city ranked as a top U.S. convention site, and Anaheim's more spacious facilities have more than four times as many national conventions booked through 1994 as Los Angeles. The reasons are many.