January 8, 1997 |
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.
August 8, 1989 |
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.
August 9, 1989 |
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.