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Norman Gray

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BUSINESS
November 24, 1996 | JILL LEOVY and SHARON BERNSTEIN, SPECIAL TO THE TIMES: Bernstein is a Times staff writer. Leovy is a correspondent
Car dealer Norman Gray was a fearless gambler. In business and after hours, he showed a knack for seeing where the play was going and wagering accordingly. He built Magic Ford in Valencia into the nation's fifth-largest Ford dealership, lavishing the profits on friends and charities. But he also, by many accounts, spent a fortune at racetracks and in Las Vegas.
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BUSINESS
January 8, 1997 | BARRY STAVRO, TIMES STAFF WRITER
As its discredited former owner looked on, agents of billionaire Wayne Huizenga won a Bankruptcy Court auction Tuesday to buy the Magic Ford and Magic Lincoln-Mercury dealerships in Valencia with a lower-than-expected outlay of about $21 million. Huizenga's Republic Industries, whose rapid-fire acquisitions are roiling the auto retailing industry nationwide, bid $15.86 million in the three-minute contest against only one other bidder.
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NEWS
October 6, 1996 | JILL LEOVY, SPECIAL TO THE TIMES
Magic Ford, the nation's fifth-largest Ford dealership, filed for bankruptcy protection after allegations that owner Norman Gray diverted $1.8 million to an account for his personal use and owes $20 million to the dealership, according to documents filed in U.S. Bankruptcy Court. Gray siphoned at least $1.
BUSINESS
November 24, 1996 | JILL LEOVY and SHARON BERNSTEIN, SPECIAL TO THE TIMES: Bernstein is a Times staff writer. Leovy is a correspondent
Car dealer Norman Gray was a fearless gambler. In business and after hours, he showed a knack for seeing where the play was going and wagering accordingly. He built Magic Ford in Valencia into the nation's fifth-largest Ford dealership, lavishing the profits on friends and charities. But he also, by many accounts, spent a fortune at racetracks and in Las Vegas.
BUSINESS
January 8, 1997 | BARRY STAVRO, TIMES STAFF WRITER
As its discredited former owner looked on, agents of billionaire Wayne Huizenga won a Bankruptcy Court auction Tuesday to buy the Magic Ford and Magic Lincoln-Mercury dealerships in Valencia with a lower-than-expected outlay of about $21 million. Huizenga's Republic Industries, whose rapid-fire acquisitions are roiling the auto retailing industry nationwide, bid $15.86 million in the three-minute contest against only one other bidder.
CALIFORNIA | LOCAL
December 5, 1996
A judge approved Wednesday a plan to pay off the financial obligations of some customers of Valencia-based Magic Ford who were held liable for certain debts after the giant dealership declared bankruptcy in September. Some customers who turned in their older cars as partial trades for new vehicles have been hounded by lenders demanding loan payments for their old cars because Magic Ford and a sister dealership, Magic Lincoln Mercury, failed to pay off these debts, according to court documents.
BUSINESS
August 8, 1989 | David Olmos, Times staff writer
Newport Electronics Inc.'s directors Monday endorsed a tender offer and merger proposal from Sensor Control Corp., saying it is superior to a sweetened offer from a rival bidder. Sensor, a Silicon Valley maker of heat and pressure sensors, is offering to buy 43% of Newport's outstanding shares for $9.75 each, and to buy the remaining shares for $9 each. Newport officials said the Sensor offer is better than one made by Connecticut investor Milton B. Hollander.
BUSINESS
August 9, 1989 | DAVID OLMOS
Newport Electronics Inc. Chairman Barret B. Weekes plans to sell his 18.6% stake in the Santa Ana company to a Connecticut investor, spurning the recommendation of Newport's board to accept a buyout proposal from a Silicon Valley firm. Newport Electronics said Tuesday that Weekes informed the company he will tender his 214,722 shares to High Technology Holding Corp., a company headed by Milton B. Hollander, who has offered to pay $11 per share for 35% of Newport's stock.
NEWS
October 6, 1996 | JILL LEOVY, SPECIAL TO THE TIMES
Magic Ford, the nation's fifth-largest Ford dealership, filed for bankruptcy protection after allegations that owner Norman Gray diverted $1.8 million to an account for his personal use and owes $20 million to the dealership, according to documents filed in U.S. Bankruptcy Court. Gray siphoned at least $1.
BUSINESS
August 30, 1989 | DAVID OLMOS, Times Staff Writer
Newport Electronics Inc.'s largest shareholder has asked a federal court to block the Santa Ana firm from paying a $400,000 "bust-up" fee to a Silicon Valley company in the wake of a scrapped merger attempt. Connecticut investor Milton B. Hollander claims in a lawsuit that Sensor Control Corp. of Sunnyvale is not entitled to a $400,000 fee for legal, administrative and other expenses incurred when it tried unsuccessfully to merge with Newport. The suit, filed on Aug. 20 in U.S.
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