Word: zeckendorfs
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...Promoter William Zeckendorf's Webb & Knapp...
...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 with the British, will be president...
Second Covent Garden decided to team up with Zeckendorf in the U.S. in 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...
...British mean to see that it stays that way in Zeckendorf Property. Said Henry R. Moore, lanky director of Philip Hill and vice chairman of Second Covent Garden: "In the past. Father Zeckendorf has been inclined to take on more than he can handle." But now, said Moore, with enough British directors on hand to exert a veto, "we have effective control. Bill Zeckendorf may be management, but anything we don't like won't happen...