June 3, 1992 |
Out of the Business: Newport Beach socialite-car dealer Jim Slemons, who once owned seven auto franchises, including one of the nation's largest Mercedes-Benz dealerships, is officially out of the car business in Southern California. Slemons sold his last remaining Southland dealership in April to his former general manager, Malcolm McCassey, and McCassey's silent partner, former Los Angeles banker Louis Cherry.
February 16, 1992 |
"Washington slept here." --common untruth "The rich are different." --common truth Is there such a thing in Orange County today as a recession-proof house? Someplace you can sell with no sweat without budging an inch on the asking price? The sort of casa very grande that people will come sprinting out of the blocks to post offers on? "Sure," you might say. "What about those behemoth custom joints with amenities such as indoor polo fields and freight elevators?
January 3, 1992 |
James B. Slemons, the financially ailing car dealer who recently lost his landmark Mercedes-Benz dealership in bankruptcy, has placed another business in bankruptcy to prevent one of his luxury residences in Orange County from being sold today at a foreclosure sale. Slemons Investments, a firm that owns the 10,000-square-foot home in Newport Beach's exclusive Harbor Ridge community, on Thursday filed for protection from creditors under Chapter 11 of the Federal Bankruptcy Act. The filing in U.S.
October 8, 1991 |
Mercedes-Benz of North America, trying to stave off the collapse of one of its premier dealerships, is negotiating a debt repayment plan with unsecured creditors of bankrupt Jim Slemons Imports. As a result, Slemons Imports' chief secured creditor, Tokai Credit Corp., on late Monday gave the luxury car dealership a 24-hour extension of its so-called flooring loan--the credit line used to pay for the cars Slemons buys from Mercedes-Benz for resale.
September 20, 1991 |
The financial problems plaguing Mercedes-Benz dealer James B. Slemons, once one of this beachside city's most flamboyant big spenders, appear to be mounting.
August 10, 1991 |
Jim Slemons Imports, ranked the nation's eighth largest auto dealer with $110.2 million in revenue last year, filed a Chapter 11 bankruptcy petition Friday as part of a plan to stabilize its sagging finances while it seeks a buyer. Malcolm McCassy, Slemons' general manager, said Slemons is seeking at least $15 million for the Mercedes-Benz franchise and that there are "at least four written offers on the table that we are considering."