Tuesday, January 26, 2010

Jon Asgeir Johannesson- One O One - now called Bliss - Heesen - 44.17 metres - 2007

The story of the Heesen superyacht One O One (now called Bliss) is one of financial tragedy.

The superyacht One O One was build for Jon Asgeir Johannesson and his wife Ingibjörg St. Pálmadóttir. He was CEO (and co-owner) of the Islandic Baugur Group.

In 1989, The Baugur Group was started by the opening of a single 'Bónus' supermarket in Reykjavík by Jón Ásgeir Jóhannesson and his father, Jóhannes Jónsson. The company grew quickly and within three years was operating several supermarkets in Iceland. In 1992, the owners of Hagkaup, the leading domestic retailer, acquired 50% of shares in Bonus. In 1993, Hagkaup and Bónus established a joint purchasing company named Baugur.

Hagkaup was established over 50 years ago and, as a retailing pioneer, opened both supermarkets and department stores in Iceland. Hagkaup and Bonus merged as Baugur in 1998 and Jón Ásgeir Jóhannesson became the company's President and CEO. Baugur was listed on Iceland Stock Exchange the same year.

In 1999, Baugur signed franchise agreements with The Arcadia Group and Debenhams for Scandinavia and today Hagar, (formerly Baugur-Iceland) runs several Topshop and Miss Selfridge stores in Iceland and Sweden as well as three Debenhams stores.

The Baugur Group has experienced rapid growth in recent years, and at the end of 2003, became the largest privately-owned Icelandic company, as well as the most internationally diverse.

Baugur changes to Baugur Group
In 2002, proposals were approved concerning a change in the name of Baugur hf. to Baugur Group hf. and changes to the company's organizational structure.

Baugur hf. was divided into three independent profit centres: Baugur-Iceland, Bonus Stores Inc., and Baugur-ID. Baugur hf. changed its name to Baugur Group hf. and became a holding company.

Baugur Group delisted from ICEX
In May 2003, a redemption offer worth 10.85 Icelandic krónur (£0.09) was made by Mundur, for the outstanding stock—Mundur holding company is backed by Gaumur, KB Banki, an Icelandic investment bank; and two private investors—and in July 2003, Baugur Group was delisted from the Iceland Stock Exchange.

The year 2003 was a milestone in Baugur Group's foreign operations. At the beginning of the year, Baugur Group held shares in a few listed companies in Britain, whereas, at the end of the year, it was the most internationally extensive Icelandic company.

Briefly, it can be said that Baugur Group's investment activities in Britain can be split into two categories. On one hand, Baugur Group continued to invest in listed companies that are regarded to have better futures, either because their current management is in the process of improving the company's operation, or because new shareholders are expected to step in to instigate improvement. Among the companies, which Baugur Group has invested in on these premises are the Big Food Group, House of Fraser, and Somerfield.

On the other hand, Baugur Group has formed a strategy to take part in management takeovers. These companies control strong brand names and are considered to have substantial opportunities for growth, show a net profit, and management has shown and proven its ability to succeed. During the year 2003, Baugur Group acquired three such companies: Hamleys, Oasis, and Julian Graves.

In May 2004, Baugur Group, along with other investors, acquired the majority in the British jewellery chain Goldsmiths, in cooperation with the company's management, for the amount of ISK 14.4 billion. Goldsmiths, which was established in Newcastle upon Tyne in the year 1778, operates 165 jewellery stores in Britain and is the second largest in the country in its sector.

In June 2004, the founders of Karen Millen agreed to sell the business to the Oasis Group (controlled by Baugur Group) in a deal valued at £120 million, creating a leading womenswear retailer with four strong brands—Oasis, Coast, Karen Millen, and Whistles; creating a group with over £350 million in sales in 550 stores.

Oasis is aimed at independent, fashion conscious 18-30 year old women and operates from 281 outlets across 14 countries including the Republic of Ireland, the UK and France; Coast is a destination brand for women's special occasion clothes with 135 outlets; Karen Millen has a niche position away from the mass market, bordering on the designer brands; and Whistles has more-grown-up styling and quirkier taste than the rest of the high street. Later, the Oasis Group changed its name to Mosaic, listed on the ICEX.

Accounting irregularities
In 2002 Baugur's headquarters were the subject of a police raid. In July 2005 company founders Jón Ásgeir Jóhannesson and Jóhannes Jónsson were charged on 40 counts including tax and accounting irregularities, fraud and embezzlement. Jón Ásgeir Jóhannesson has accused the then prime minister, Davíð Oddsson of orchestrating a vendetta against him.

On 3 May 2007, Johannesson was found guilty on a single charge of a breach of book-keeping rules, with the conviction being upheld on appeal on 6 June 2008. Johannesson was given a 3 month suspended prison sentence. It also left his position as chairmam uncertain under Icelandic law the conviction meant that he could not serve on a company board for 3 years. As a consequence of this, and the fact that much of Baugur's portfolio was now based in the UK, it emerged in July 2008 that Baugur was considering relocating to the UK, where Johannesson could keep his board position.

Demise and collapse
It emerged in October 2008 that BDO Stoy Hayward was advising Baugur on restructuring and that Philip Green, the owner of Bhs and the Arcadia Group had travelled to Iceland for negotiations regarding him making an investment in Baugur, amid reports the group was on the brink of collapse.

On 4 February 2009, Baugur applied for protection from its creditors after restructuring negotiations with Landsbanki broke down. The bank also applied for Baugur's UK arm to be put into administration.

A few years ago the wealth of Jón Ásgeir Jóhannesson was estimated at approx. EUR 800 million. In 2009 most of his fortune was wiped out and he had to sell his superyacht and his plane.

Technical information of the superyacht One O One(source: http://www.superyachttimes.com/)

Yacht type: Motor Yacht
Based concept: Heesen 4400
Sub type: Semi-Displacement
Imo: 9463425 MMSI: 319812000
Call sign: ZCTR3
Flag: Cayman Islands
Port of Registry: George Town

Length Overall (m): 44.17 Length Overall (ft): 144.91
Length Waterline (m): 36.30 Length Waterline (ft): 119.09
Beam (m): 9.00 Beam (ft): 29.53
Draught Max (m): 2.60 Draught Max (ft): 8.53

Shipyard: Heesen Yachts
Year: 2007
Hull: 13844

Naval Architect: Heesen Yachts
Exterior Designer: Omega Architects
Interior Designer: Omega Architects

Hull Material: Aluminium
Superstructure: Aluminium
Gross Tonnage: 458
Class: ABS

Guest Cabins: 1 Master cabin, 3 Double cabins, 1 Twin cabin
Guests: 10 Max Charter Guests:
Crew Cabins: 1 Captain's cabin, 3 Crew cabins
Crew: 9

Total HP: 7,300 Total KW: 5,443

Engines: 2 x 3650 HP MTU 16V 4000 M90 Diesels
Max Speed: 25
Cruise Speed: 20
Range: 3,400 at 12
Propulsion: Twin Screw

Fuel Capacity (Liters): 69,000 Fuel Capacity (Gallons): 18,230
Water Capacity (Liters): 16,000 Water Capacity (Gallons): 4,227

Monday, January 18, 2010

David Copley, Happy Days, Delta Marine, 50.0 metres, 2006

The superyacht Happy Days is owned by David C. Copley, born 31 January 1952 in San Diego as David Hunt.

In 1965, Hunt's mother married James Copley, the owner of Copley Press, and later became owner herself. David then became the adopted son of Copley. James Copley was publisher of the family-owned Copley Press chain of some 20 newspapers and a wire service, the Copley News Service of Washington, DC. In May 2009 the company sold its remaining newspaper, the San Diego Union-Tribune to the Beverly Hills investment firm Platinum Equity. A resident of the San Diego neighborhood of La Jolla, California, Copley has been named in Forbes Magazine's 2005 list of the 400 richest Americans with an estimated fortune of USD 1.2 billion. He underwent heart transplant surgery in June 2005 at Sharp Memorial Hospital in San Diego, California, later donating a reported $5 million to Sharp Healthcare, operator of the hospital.

About The Union-Tribune

The oldest business in San Diego County and the oldest newspaper in Southern California, The San Diego Union-Tribune is the product of a merger of The San Diego Union, founded Oct. 10, 1868, and the Evening Tribune, founded Dec. 2, 1895.
The two newspapers merged into a morning newspaper Feb. 2, 1992. They had been published by the same company morning and evening since 1901 by two distinguished newspaper families -- the Spreckels family (until 1928) and the Copley family (1928-present). John D. Spreckels, who purchased The Union in 1890, was a pioneer developer (land, transit, buildings). Spreckels died in 1926, and his estate sold the newspapers in 1928 to Ira Clifton Copley of Illinois (public utilities, newspapers).

Ira Copley was owner-publisher until his death in 1947, when his son, James Strohn Copley, took over following World War II Navy service. After his tragic death from cancer in 1973, his widow, Helen K. Copley, became publisher.

Helen Copley retired in 2001 after nearly three decades as chairman of The Copley Press Inc. and publisher of The San Diego Union-Tribune. She named her son, David C. Copley, to succeed her. David Copley served as publisher of the Union-Tribune from 1997 until its sale to Platinum Equity in 2009.

Remaining an active member of the board of directors, Helen K. Copley held the titles of chairman emeritus of The Copley Press and publisher emeritus of The San Diego Union-Tribune until her death in 2004.

The newspapers have won numerous awards over the years, including four Pulitzer Prizes.

The Union-Tribune also publishes Enlace, a weekly Spanish-language news publication serving San Diego's substantial Hispanic population, and operates SignOnSanDiego.com.

The Union-Tribune is published from an editorial, printing and business plant in San Diego's Mission Valley. Regional offices are located throughout San Diego County.

Technical details (source: http://www.superyachttimes.com/ )

Project Name: Project 164
Yacht type: Motor Yacht

Length Overall (m): 50.00 Length Overall (ft): 164.04
Length Waterline (m): 44.78 Length Waterline (ft): 146.92
Beam (m): 10.10 Beam (ft): 33.14
Draught Max (m): 2.86 Draught Max (ft): 9.38

Shipyard: Delta Marine
Year: 2006
Hull: 164001

Naval Architect: Delta Design Group
Exterior Designer: Delta Design Group
Interior Designer: Delta Design Group

Hull Material: Composite
Superstructure: Composite
Displacement: 552
Class Comments: ABS Maltese Cross A1 Yachting Service Maltese Cross AMS

Guests: 14
Crew: 12

Engines: 2 x 1650 HP Caterpillars 3512B Diesels
Max Speed: 16.8
Cruise Speed: 16.2
Range: 5,000
Propulsion: Twin screw

Fuel Capacity (Liters): 82,892 Fuel Capacity (Gallons): 21,900
Water Capacity (Liters): 13,229 Water Capacity (Gallons): 3,495

Happy Days is the largest composite yacht ever built in the America’s (2006). This 50 meter full-displacement motor yacht is the fourth project built in this series. In order to satisfy the Owner’s request for more interior volume, Delta modified the hull tooling to both extend the length and widen the beam. Happy Days has an extreme beam of nearly 34-feet and a total of 7500 square feet of living area.

The Delta Design Group is responsible for the entire engineering package including naval architecture, exterior styling and interior design. Delta is also working closely with the Owner’s interior designer who has worked with him on other projects and brings expertise in contemporary design. The decor is a mixture of light woods and cool color tones reminiscent of the Caribbean. Instead of stonework, the Owner has chosen to use the light airiness of glass to bring the look of the ocean inside. Featured in the guest heads are beautiful custom slump glass countertops that integrate the sinks with dramatic shapes and forms. The dining table is accentuated by a blown glass chandelier that measures more than 8-feet in length. Even the galley sports a custom slab made of glass, concrete and epoxy to increase strength and durability.

The general arrangement features a private master suite on the upper deck with its own lounge forward and an intimate dining area aft. The dining area has bamboo flooring and electro-hydraulic windows that lower to let the fresh air in or to keep the area cool in hotter climates. There is a pair of large VIP cabins on the main deck and four equal sized guest cabins below for a total of seven staterooms on this very large 50 meter yacht.

The sun deck is designed for entertaining, complete with day head, Jacuzzi tub, sunning chairs, bar and outdoor galley. This deck offers its guest shade under a lightweight, contemporary bimini that supports the mast, radar and communication systems.

Mechanically the yacht is equipped with twin Caterpillar 3512 engines that give her a cruising speed of 14 knots and a maximum speed of almost 17 knots. She carries 19,500 US gallons of fuel and has a range of over 5,000 nautical miles. Her main tender is stowed in a float-in garage with a smaller tender stowed on the sun deck. The yacht features an elevator that travels through all four decks.

Monday, January 11, 2010

Prince Muhammad bin Fahd bin Abdul Azziz, Montkaj, Amels, 78.03 metres, 1995

In summer the superyacht Montkaj can most be found in three places: Monaco, the IYCA Marina in Antibes and in the Bay of Canned, where the pictures aboven have been taken.
Montkaj is owned by Prince Mohammed bin Fahd bin Abdul Azziz.

Mohammad bin Fahd bin Abdul Aziz Al Saud (Arabic: الأمير محمد بن فهد بن عبدالعزيز السعود‎) was born in Riyadh in January 1951. His father is King Fahd bin Abdul Aziz (1921-2005), and his mother is Princess Alanoud Bint Abdulaziz Bin Musaid from the Bin Jiluwi branch of the Al Saud Family. Mohammad's early schooling was at the Al Asimah elite school in Riyadh. In addition to academics, Mohammad excelled in sports and showed exceptional social skills early on. Before finishing high school, he was sent on summer trips to Europe to be exposed to the world and polish his English. Upon graduation from high school, Mohammad enrolled in the University of California at Santa Barbara in the United States, where he studied international relations. During his college years, Mohammad was well known for his support and concern for his fellow Saudi students; his popularity amongst them continues to this day.

After graduation with a bachelor's degree, Mohammad returned to Saudi Arabia to establish himself in business. He founded the Al Bilad Establishment for Trade and Economy. From 1973 to 1984, the Establishment was instrumental in various developmental projects. Most notably, he played a key role in the remarkable development of the telecommunications system, which was considered among the best in the world at the time of its implementation.

Prince Mohammad's political career started in early 1984, when he was appointed Assistant Minister of Interior. Under the watchful eyes of his uncles, Interior Minister Prince Nayef bin Abdul Aziz and Deputy Minister, Prince Ahmed bin Abdul Aziz, Mohammad received intensive training in the intricacies of governance. By the end of 1984, Mohammad was appointed as Acting governor of the Eastern Province, where in a few months, he established himself as a capable governor. In 1985, Mohammad was appointed the Governor of the Eastern Province.

In his more than twenty years as Governor, Mohammad has influenced advancement in education and health care in the Governate. He has galvanized the business community to become more active socially, especially in the area of charity work. He has shown his political acumen by improving the integration of the Shia minority into the Kingdom's mainstream.

Prince Mohammad is married to a daughter of Prince Nayef bin Abdul Aziz and has three sons and three daughters.

A prize named after him - "The Prince Mohammad Prize for Scholastic Achievement" - is one of the most recognized in Saudi Arabia. Prince Mohammad bin Fahd University in Al Khobar is named after him.

Almost no interior pictures of Montkaj exist. But the following seems to be authentic.

Technical details: (provided by http://www.superyachttimes.com/ )

Yacht type: Motor Yacht
Length Overall (m): 78.03 Length Overall (ft): 256.00
Length Waterline (m): 69.50 Length Waterline (ft): 228.02
Beam (m): 12.89 Beam (ft): 42.29
Draught Max (m): 3.90 Draught Max (ft): 12.80

Shipyard: Amels Holland B.V.
Year: 1995
Hull: 429

Naval Architect: Amels Holland B.V.
Exterior Designer: Terence Disdale Design Ltd.
Interior Designer: Terence Disdale Design Ltd.

Hull Material: Steel
Superstructure: Aluminium
Gross Tonnage: 1980
Displacement: 1770

Guests: 24
Crew: 22

Engines: 2 x 2490 HP Caterpillar 3516-DITA Diesels
Max Speed: 18
Cruise Speed: 15
Propulsion: Twin Screw

Fuel Capacity (Liters): 385,000 Fuel Capacity (Gallons): 101,717
Water Capacity (Liters): 55,000 Water Capacity (Gallons): 14,531