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