Word: knapp
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...Promoter William Zeckendorf's Webb & Knapp...
With a rare talent for expanding now and financing later, Manhattan's aggressive William Zeckendorf, 56, long ago made himself master of one of the nation's most grandiose real estate empires. The catch was that Zeckendorf's Webb & Knapp, Inc. was always barely one gasp ahead of its creditors: by last year the company was staggering under some $100 million in short-term debt, found itself so short of ready cash that Zeckendorf was obliged to swallow his pride and abandon cherished plans to build a $60 million Manhattan luxury hotel named after himself (TIME...
Insurance Policy. Source of the new money was the Second Covent Garden Property Co. Ltd., a London real estate giant with holdings worth more than $56 million. In return for $43,750,000 in British financing and new bank money, Second Covent Garden will become equal partners with Webb & Knapp in a new firm called Zeckendorf Property Corp., which is to be created by splitting off 13 Webb & Knapp urban renewal projects from New York to Los Angeles. Zeckendorf will be chairman and chief executive officer of the new company, and Son Bill Jr., who did much of the negotiating...
...order to break into the lucrative American real estate market. But to ensure that their cash would not be hustled into visionary new Zeckendorf expansion schemes, the British placed five representatives on the ten-man board of Zeckendorf Property. In addition, by acquiring a 15% interest in Webb & Knapp itself, London's Philip Hill Group, with which Second Covent Garden is affiliated, gets the right to place the first outside block of three directors on the Webb & Knapp board...
More to Come. By last week, the conservative British influence seemed to have seeped even into Bill Zeckendorf's circular modern office. To increase the financial community's confidence in Webb & Knapp, Zeckendorf has agreed to beef up his board with a batch of prestigious "independent'' directors, including former Ambassador to Great Britain Lewis Douglas. Zeckendorf has also promised further property liquidations of $40 million and further refinancing of $20 million to "erase short-term debt completely and put Webb & Knapp in a substantial cash position." Henceforth, said Zeckendorf last week, Webb & Knapp will have...