March 1, 1990 |
After insisting for months that it intended to build a plush resort in the Orange County beach town of Dana Point, an Australian company said Wednesday it will instead sell its 232 prime acres overlooking the ocean. Qintex's lenders have been trying to unload its Australian television stations and resorts to recover more than $1 billion in loans. Stock analysts suggest the Dana Point land is so loaded with debt that the company won't realize much--if any--profit from the sale.
October 21, 1989 |
A U.S. executive with Qintex Australia Ltd. said Friday that its plans to build a luxurious resort in Dana Point are still on track despite the bankruptcy of a subsidiary. The subsidiary, Qintex Entertainment, filed for protection from creditors this week after missing a $5.9-million payment to MCA Inc., part of a film distribution agreement. The bankruptcy is one more sign of troubles for Qintex Australia Ltd., the parent company, which owns 43% of Qintex Entertainment's stock.
CALIFORNIA | LOCAL
March 8, 1990 |
Hoping to end a 14-month delay in the financing of a long-awaited park improvement plan, city officials have temporarily blocked an Australian company's bid for an extension of coastal permits to build a seaside resort hotel in Monarch Beach. "We have been sitting around and twiddling our thumbs for too long," Councilman Paul M. Christiansen said before the City Council met in closed session Tuesday night to discuss legal options against the financially troubled firm, Qintex.
November 4, 1989 |
The dust hasn't yet cleared from a big real estate deal that went bust in this southern Orange County beach town, and a local developer is already trying to buy the seaside parcel involved in the deal. Stein-Brief Group, a Dana Point development company, is talking to Chandler-Sherman Corp. about buying a 115-acre bluff-top property called the Headlands, real estate sources said Friday. Stein-Brief is contemplating building a resort hotel on the choice tract.
April 1, 1989 |
The United Artists movie studio, maker of Oscar-winning "Rain Man," will be sold to an Australian entertainment company for $1 billion under an agreement announced late Friday. The deal would give Qintex Group, one of the makers of the recent CBS miniseries "Lonesome Dove," most of the assets of MGM-UA Communications Co., including rights to "Rain Man."
May 22, 1990 |
Australia today announced it would limit foreign ownership of commercial television and radio stations to 20%, despite arguments by the major commercial television networks that it would undermine their financial strength. Communications Minister Kim Beazley ignored last-minute pleas from network executives and closed a loophole in existing regulations which had allowed overseas interests to control up to 50% of stations through indirect holdings.
April 3, 1989 |
The price of MCA Inc. stock shot higher today even as the Japanese electronics giant Sony Corp. denied reports that it is negotiating to buy the entertainment conglomerate that owns Universal Studios. "That's a rumor," said Jason Farrow, vice president for corporate communications at Sony's offices in New Jersey. "Sony is not negotiating with MCA." Los Angeles radio station KNX reported on Friday that a deal for Sony to buy MCA would be announced today.
April 17, 1989 |
Australia-owned Qintex Entertainment Inc. announced today that its board of directors unanimously approved the $1-billion acquisition of MGM-UA Communications Co. The deal, in essence, will split the present MGM-UA company, and leave majority shareholder Kirk Kerkorian in control of the MGM portion of the business. The renamed United Artists Corp. would be the first big American motion picture studio to pass into foreign hands. Australian-turned-U.S. citizen Rupert Murdoch owns 20th Century Fox Film Corp.