Word: sarakbi
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...outlook is cloudier in Michigan. A nearly unanimous board of directors of Pontiac's Community National Bank is working hard to thwart a tender offer by Ahmad C. Sarakbi, 45, for 50.1% of the bank's shares. A wealthy Lebanese oil broker, Sarakbi is supported by a former chairman of the bank who deplores its present management policies, and a lone director who has been feuding with his colleagues. Sarakbi insists he is acting completely on his own, but Community National directors worry that he could be acting for larger non-government Middle East oil interests looking...
...desperation, the directors have accepted a counteroffer to be absorbed into a larger bank-holding company, but Sarakbi already holds enough tendered shares to block that deal when it comes to a stockholders' vote. So Community National officials are now seeking a permanent court injunction barring Sarakbi from buying any shares tendered. Bankers on Detroit's Fort Street, all too conscious of their own vulnerability, are fearful that the Arab might come up the winner...
Flowing Surpluses. The two episodes differ quite sharply, of course. Khashoggi is a veteran absentee investor in California banks; Sarakbi has no banking experience and has declared his intention that Community National "would serve as a liaison between Pontiac and the Middle East." Yet both deals amply demonstrate the kind of wrenching problems, emotional as well as economic, that many communities will be grappling with when oil-country surpluses begin to flow heavily into the U.S. in the form of investments in property and businesses, big and small. In fact, Americans will simply be experiencing what people in other lands...
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