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Jim Slemons Imports

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August 10, 1991 | JOHN O'DELL, TIMES STAFF WRITER
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."
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CALIFORNIA | LOCAL
June 27, 1992 | ERIC YOUNG, TIMES STAFF WRITER
The former general manager of Jim Slemons Imports was arrested Friday on charges that he diverted more than $60,000 from an employees' compensation fund and insurance plans last year at the now-defunct dealership, police said. Malcolm Charles McCassy, 49, of San Juan Capistrano was arrested about 11 a.m. on suspicion of four counts of grand theft, police said. He was taken to Newport Beach City Jail, where he posted $10,000 bail about 2 p.m., said Lt. Tim Newman.
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BUSINESS
October 8, 1991 | JOHN O'DELL, TIMES STAFF WRITER
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.
BUSINESS
December 12, 1991 | JOHN O'DELL, TIMES STAFF WRITER
The sale of venerable Slemons Imports to the Fletcher Jones Management Group of Las Vegas was completed Wednesday, nearly four months after Orange County's oldest Mercedes-Benz dealership declared bankruptcy. Fletcher (Ted) Jones Jr., a principal of the 12-dealership Jones chain, will serve as general manager of the new Fletcher Jones Motor Cars--which will continue to do business as Newport Beach's only Mercedes dealership in the former Slemons facility.
BUSINESS
October 9, 1991 | From Times Staff and Wire Reports
Talks Continue on Proposed Sale of Slemons Imports: Officials at Jim Slemons Imports said Tuesday that negotiations were continuing as creditors of the bankrupt Mercedes Benz dealership attempt to resolve an impasse that has blocked the proposed sale of the operation. The talks center on unsecured creditors attempts to obtain repayment of some of the approximately $1.5 million they are owed.
BUSINESS
September 18, 1991 | JOHN O'DELL, TIMES STAFF WRITER
Fletcher Jones Management Group has agreed to pay $11.5 million in cash and notes to acquire the assets and franchise of bankrupt Jim Slemons Imports, one of the nation's largest Mercedes-Benz dealers. The deal has been approved by Slemons Imports' largest secured creditor, Tokai Credit Corp., and by Mercedes-Benz of North America. But it still must get the blessing of a federal bankruptcy judge. Slemons Imports, which reported revenue of $110.2 million last year, including $61.
BUSINESS
October 3, 1991 | JOHN O'DELL, TIMES STAFF WRITER
The proposed sale of Jim Slemons Imports to Las Vegas-based Fletcher Jones Management Group for $11.5 million was rejected Wednesday in federal bankruptcy court, leaving the fate of one of the nation's largest Mercedes-Benz dealerships in doubt. The ruling by bankruptcy Judge John Wilson came at the end of a nearly four-hour hearing during which attorneys for Newport Beach-based Slemons Imports and its chief creditor, Tokai Credit Corp., argued unsuccessfully for the sale.
BUSINESS
September 20, 1991 | JOHN O'DELL, TIMES STAFF WRITER
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.
BUSINESS
May 17, 1990 | JOHN O'DELL, TIMES STAFF WRITER
A former salesman for Jim Slemons Imports, one of the largest new-car dealers in the country, alleged in a suit filed Wednesday that the company has been selling customer trade-ins to other dealers without paying off the original lenders. If true, that would violate the state vehicle code and could jeopardize the dealership's license.
BUSINESS
August 10, 1991 | JOHN O'DELL, TIMES STAFF WRITER
Newport Beach-based Jim Slemons Imports, 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 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."
BUSINESS
October 22, 1991
Sneaky Bush! Why did I have to read 10 pages on the Senate hearings and turn to Page A22 to find out that Bush had vetoed the jobless extension bill? The timing was perfect since everybody was watching the hearings or preoccupied with it. Your paper did exactly what Bush wanted you to do--bury the news! LEO AUSCHEL, Newport Beach
BUSINESS
October 10, 1991 | JOHN O'DELL, TIMES STAFF WRITER
A last-minute deal that provides at least $400,000 for unsecured creditors will keep bankrupt Jim Slemons Imports from being closed at least until an Oct. 21 bankruptcy court hearing decides the fate of the new plan, the attorney for the luxury auto dealer said Wednesday. And that hearing could turn into a spirited auction, bankruptcy lawyer William Lobel said.
BUSINESS
October 9, 1991 | From Times Staff and Wire Reports
Talks Continue on Proposed Sale of Slemons Imports: Officials at Jim Slemons Imports said Tuesday that negotiations were continuing as creditors of the bankrupt Mercedes Benz dealership attempt to resolve an impasse that has blocked the proposed sale of the operation. The talks center on unsecured creditors attempts to obtain repayment of some of the approximately $1.5 million they are owed.
BUSINESS
October 8, 1991 | JOHN O'DELL, TIMES STAFF WRITER
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.
BUSINESS
October 3, 1991 | JOHN O'DELL, TIMES STAFF WRITER
The proposed sale of Jim Slemons Imports to Las Vegas-based Fletcher Jones Management Group for $11.5 million was rejected Wednesday in federal bankruptcy court, leaving the fate of one of the nation's largest Mercedes-Benz dealerships in doubt. The ruling by bankruptcy Judge John Wilson came at the end of a nearly four-hour hearing during which attorneys for Newport Beach-based Slemons Imports and its chief creditor, Tokai Credit Corp., argued unsuccessfully for the sale.
BUSINESS
September 20, 1991 | JOHN O'DELL, TIMES STAFF WRITER
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.
CALIFORNIA | LOCAL
June 27, 1992 | ERIC YOUNG, TIMES STAFF WRITER
The former general manager of Jim Slemons Imports was arrested Friday on charges that he diverted more than $60,000 from an employees' compensation fund and insurance plans last year at the now-defunct dealership, police said. Malcolm Charles McCassy, 49, of San Juan Capistrano was arrested about 11 a.m. on suspicion of four counts of grand theft, police said. He was taken to Newport Beach City Jail, where he posted $10,000 bail about 2 p.m., said Lt. Tim Newman.
BUSINESS
July 25, 1991 | JOHN O'DELL, TIMES STAFF WRITER
The financial problems of Jim Slemons' automotive empire have left at least 10 Southland residents fuming because Slemons dealerships failed to pay nearly $200,000 in loans for cars after accepting them as trade-ins, The Times has learned. Several outraged Slemons customers say their credit records have been sullied by loan delinquency notices on cars they traded in months ago.
BUSINESS
September 18, 1991 | JOHN O'DELL, TIMES STAFF WRITER
Fletcher Jones Management Group has agreed to pay $11.5 million in cash and notes to acquire the assets and franchise of bankrupt Jim Slemons Imports, one of the nation's largest Mercedes-Benz dealers. The deal has been approved by Slemons Imports' largest secured creditor, Tokai Credit Corp., and by Mercedes-Benz of North America. But it still must get the blessing of a federal bankruptcy judge. Slemons Imports, which reported revenue of $110.2 million last year, including $61.
BUSINESS
August 10, 1991 | JOHN O'DELL, TIMES STAFF WRITER
Newport Beach-based Jim Slemons Imports, 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 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."
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