I wonder if the spinoff to acquire the cash was planned to use for the golf course. So that may entice them to speed things along to do the reverse merger, list on OTCBB, and spinoff the restaurants....?
effland, remember there was mention of a "competing offer" so I was just curious if you knew about it or not. Ya, our offer should be contingent on financing, but that will not be a problem IMO since the IBCX CEO also is the owner of Turner Hughes:
Turner Hughes Corporation a Private Investment Banking & Commercial Real Estate Finance Organization serving the small to mid sized market. Its primary goal is to provide products and services within the commercial real estate finance, mergers & acquisition and private investment banking industries throughout the United States.
Turner Hughes complements this strategy with a diverse network of focused professionals within their field, together with an integrated network of leading financial institutions, reits and investor/equity groups which enables us to draw upon additional resources above and beyond that of our own.
Turner Hughes professionals have worked within the public and private sectors providing our products and services to a wide range of public companies, governmental agencies, private companies and private individuals always meeting or exceeding our client's objectives and expectations.
We thank you for visiting our company web site and encourage you to browse the rest of our site and welcome any questions or comments.
Turner Hughes Management & Associates
I think the Golf Course deal will get done sooner rather than later, especially since Mr. Hayter said he wanted it done by the end of 2006. Hopefully there aren't contingencies about needing municipal approval of IBCX's development of the residential lots.
I know in my area that this can take quite some time to pass the various boards, but I live in a florishing area controlled by progressive democrats that have strict zoning laws and that are seen as "anti-development".
Pine Bluff City officials I envision as welcoming to revitalization efforts and would probably even offer property tax abatements for a time to help us reduce our costs and free up more capital for the development that would increase the tax base and greater good of the City government overall.
Hope to hear some updates next week from IBCX on this deal.
Eelf, no reason not to have the cash. Supposedly they made arrangements to be able to get 100M available financing......., if they haven't got it closed now, it's either legal or they aren't as aggressive as they thought.
IBAC Corporation Board of Directors Approves Budget to Add Additional Real Estate Owned Properties Thursday October 26, 9:12 am ET
NEW YORK--(BUSINESS WIRE)--IBAC Corporation (Pinksheets: IBCX - News) today announced that its Board of Directors has approved an aggressive business plan to acquire more real estate owned properties, they have authorized a budget of $100 million dollars, (of bank financing for the project), as the board believes that this is the only way the company can achieve its stated goals and objectives. The company has been pretty passive with its acquisition strategy, now that the board of directors has approved a definitive budget, the company executives will pursue additional acquisitions like the country club/golf course aggressively.
Posted by: eelfland In reply to: DoDahMan who wrote msg# 12336 Date:1/6/2007 12:17:15 PM Post #of 12381
Regarding the golf course deal, I don't really have any solid information about it, but my guess is that the offer we made is contingent on financing being arranged, and that financing has yet to be arranged. We'll probably have to sell some other property to get the money............
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