DOLPHINS OWNER LOOKING TO BUY CAR DEALERSHIPS.Byline: Gregory J. Wilcox Daily News Staff Writer A company controlled by Miami Dolphins owner G. Wayne Huizenga Harry Wayne Huizenga (born on December 29, 1937 in Evergreen Park, Illinois) is an American businessman who has built several companies into multi-billion dollar enterprises, mostly through an aggressive process of acquisitions. has bid more than $38 million for Magic Ford and Magic Lincoln Mercury, two big bankrupt Santa Clarita Valley The Santa Clarita Valley is the valley of the Santa Clara River in Southern California. It stretches through Los Angeles County and Ventura County. Its main population center is the city of Santa Clarita. The valley was part of the 48,612-acre (19,672. automobile dealerships. The offer from Magic Acquisition Co. will now be used as a starting point Noun 1. starting point - earliest limiting point terminus a quo commencement, get-go, offset, outset, showtime, starting time, beginning, start, kickoff, first - the time at which something is supposed to begin; "they got an early start"; "she knew from the from which higher bids will be sought, said Debra Grassgreen, an attorney at Pachulski, Stang, Ziehl & Young, the Century City law firm representing the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. trustee. It was one of six bids for the Valencia auto complex that the court received, she said. Grassgreen said the court approved the bidding process this week and that she hopes to have the final offers in by mid- to late December. Huizenga's bid came in two parts: $18.5 million for the dealership's land, with the balance covering owned assets such as furniture, used cars and parts inventory Noun 1. parts inventory - an inventory of replacement parts inventory, stock list - a detailed list of all the items in stock . It also contains provisions for an amount to be determined later equal to new and used cars owned by Ford Motor Credit Co. ``We will see if anybody wants to go to $39 (million). It can be these six or anybody else qualified to operate the dealership,'' Grassgreen said. She declined to say who the other bidders were. But Huizenga's offer did top one from San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. businessman Bert Boeckmann, owner of the Galpin Motors Inc., whose holdings include Ford, Lincoln Mercury, Saturn and Jaguar dealerships in the Van Nuys area. He declined to say how much he bid or whether another offer would be submitted. Boeckmann thought Huizenga's bid, as it related to dealership assets, was high. ``I think the price he bid is not realistic from a business standpoint,'' he said. Magic Acquisition is a new unit of Republic Industries Inc., based in Fort Lauderdale Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla. Huizenga is chairman of Republic, a company with a wide variety of interests, including auto sales Auto Sales The major producers of domestic automobiles report sales monthly. These numbers are seasonally adjusted by the U.S. Department of Commerce and are available to the public one to five business days after the end of each month. , solid waste disposal and electronic security systems. If Huizenga is the successful bidder, it would not be his first foray into Verb 1. foray into - enter someone else's territory and take spoils; "The pirates raided the coastal villages regularly" raid encroach upon, intrude on, obtrude upon, invade - to intrude upon, infringe, encroach on, violate; "This new colleague invades my the automobile business. Republic also operates AutoNation USA, which Huizenga plans to develop into a nationwide chain of used-car megastores. The first one has already opened in Coconut, Fla. Neither Huizenga nor his associates familiar with the Magic bid could be reached for comment on Thursday. His Los Angeles attorney, J. Robert Nelson, said that he has been instructed not to discuss the matter. Ford Vice President Ron Robinson declined to discuss the development, as did the company's law firm. Magic's former owner, Norman J. Gray, filed for Chapter 11 bankruptcy protection on Sept. 24 after Ford Credit accused him of diverting more than $19 million in dealership assets for his personal use. His attorney, Todd C. Ringstad, did not return a phone call seeking comment on Thursday. |
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