He acquired control of the club in 2006 after a falling out over a real estate development with former business partner Steve Ellman. The owner of Antelope Point Holdings LLC still owes the Navajo Nation more than $7 million, according to Albert Damon Jr. Saw him at LPC the last three years. Moyes took Swift public once again in 2010, listing on the New York Stock Exchange. Supposed to leave on a houseboat trip in 3 weeks. It got to the point that our liquidity dried up," Kalem told The Wall Street Journal. Located about 15 miles north of Rainbow Bridge, the trailhead extends from the water into the cliffs above, with a payoff of sweet lake views. Powells charms are well-known to Arizonans. The other was to build the worlds largest floating concrete island. Schoppmann's husband, general manager John Schoppmann Jr., has a know how far you want to sail, what areas of the lake you most want to see and the activities you most want to do. When they decided to to go big, they were really open to the non-tribal upper management. Simon sold to Moyes-owned firm April 10, 2002 The U.S. Bankruptcy Court for Utah on Monday approved the sale of Simon Transportation Services to Central Refrigerated Service Inc. for $152 million . The NHL had originally taken the position that neither Moyes nor Gretzky were legitimate creditors because they were owners. Interesting bit of info I found. Such borrowing is unpopular among some institutional investors, who say it can undermine the long-term incentive of stock ownership by generating quick cash, and can insulate executives from poor company performance. Rent houseboats, kayaks, pleasure craft, pontoons, wave runners Book a tour, charter, fishing trip theres a lot for everyone at Antelope Point Marina. Terms and Conditions of Acceptable Use, Picking a houseboat is chiefly a function of how many? which is to say, how many people you have in your group. Minuses: Youre a helluva haul from Rainbow Bridge and other popular landmarks. It might take a little time to explore those channels and find a beach you like, but the reward will be glassy, undisturbed water perfect for waterskiing. said. Never been on one, but always thought it would be cool to have a lake house that can move around the lake. The acrimony was made public in May 2009 when Bettman and Daly came close to selling the Coyotes to Jerry Reinsdorf, owner of the Chicago Bulls and Chicago White Sox, a move that would have seen Moyes receive almost nothing from the sale. Moyes owned the Phoenix Coyotes hockey team, with minority partner Wayne Gretzky, until the team filed for bankruptcy in 2009 and was sold to the NHL. conditioner. Trying to make a comeback. Read the most recent three weeks of stories by logging in to your online account. Moyes is president of Swift Aviation Inc. and is . After leading a buyout that took Swift private in 2007, he relisted it on NYSE in 2010 before announcing his retirement inSeptemberafter investors questioned if a stock-buyback plan was intended primarily to shore up the value of his Swift stake. Antelope Point provides a detailed primer on how to safely moor and anchor your boat. You decide. Point the boat across the water from Labyrinth Canyon, and youll find this bonanza of rocky peninsulas and sheltered inlets. levels. by familiar native music when he arrives at Antelope Point on Lake Weve got a position waiting for you in the warm sun and next to the cool Lake Powell water. Jerry Springers Impact On Trash TV Lives On, To The Late Host's Regret, Jerry Springer, Legendary Talk Show Host, Dies At 79, Family Matters: The Best California Wines Come From Family-Owned Vineyards, The Top 10 Richest Women In The World 2023, The World's 15 Youngest Billionaires 2023, Billionaires 2023: The Top 10 Richest People In The World, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information, Jerry Moyes and his father founded Swift Transportation in 1966 with one truck, moving cotton and imported steel between Arizona and California. Darkness and light together. Turns out the reason why the marina was shut down wasnt because of COVID and the Indians but actually because Moyes owes the Navajo Nation close to 8 million dollars in back taxes. "My husband and I went out there and actually watched it Designed by Elegant Themes | Powered by WordPress, Navajo Times fills editor position, welcomes return of Duane Beyal, Sheepherder recalls chilling encounter with mountain lion that killed half his flock, Being cut from b-ball fortuitous for KC wrestler, Hardship Assistance frequently asked questions, It hurts so bad: Heavy equipment arrives to impacted flood area in Chinle, Berm failure leads to significant flooding in Chinle, Letters | Thank you, animal control program. have opposed Shirley's proposal for a casino at Antelope Point. Glendale, Arizona (AZ), US. Arent they putting in a rv park over there to. Arizona transportation mogul and former Phoenix Coyotes owner Jerry Moyes in the midst of a couple of business-related legal battles. By neotrix @ 2008-05-09 01:14:09. In the early 2000s Moyes came under fire for arranging contracts between Swift and a truck-leasing firm he owned. Swift said the CEO has been working under the boards leadership to reduce his shares pledged for margin loans. So, Wittenberg decided to create his own waterfront by building a home that would float on the water. Accessibility and One was to bring the Stanley Cup to the Arizona desert. Anchoring. 22B was improved and a public launch ramp was built at Antelope May 15, 2001. They are so used to getting freebies that when it is time to actually run a business it is a disaster. The Last Time It Did This, With T-62s, The Tanks Got Massacred. Near the marina store is a rental fleet of 59 watercraft. Not the only one Antelope Points high-capacity carts conveniently whisk you, your gear, and crew from the parking lot to the docks, restaurant and back again. Age : 78. The corporation has not set a timetable to build the hotel, but The rental After deciding on your boat, you need to provision it (i.e. Interesting, I never thought about who owned it. Jerry Moyes' house in Glendale, AZ (Google Maps) Glendale, Arizona (AZ), US. Also, if the stock price falls, holders of pledged shares could be forced to sell rapidly, hurting the price even more. spokesperson for the 225-employee Antelope Point Holdings. Show more 14K views 13. Here are five options, in ascending order of time and cost. very gratifying.". Swifts stock surged 22%. A second launch ramp has been built to serve the private Moyes filed documents to support his claim that the team had lost over $70m in the years leading up to bankruptcy, and was on track to lose $45m that season. Independent directors met and sanctioned Mr. Moyes, saying he would forfeit two months of salary and his 2015 bonus. Two years later, he took Swift private in a $2.6 billion leveraged buyout. May 3, 2016 2:35 pm ET. Bettman was furious, arguing the league had been blindsided and that Moyes had no authority to put the club into bankruptcy protection. The more you do, the more youll save. Copyright Notice, Antelope Points convenient, deep, main channel marina means less congestion and easier navigation while exploring Lake Powell. Appellant's optional reply brief is due 21 days after service of the answering brief. It is one of the largest trucking companies in the United States. So they shut him down. Minto Communities GTA recently unveiled the first net-zero home OTTAWA The Canadian Construction Association (CCA) has issued a statement crit Shocked and horrified are among the reactions Ontario architectural stakehol VAUGHAN, ONT. Plenty of Water for the Vacation of a Lifetime, How to Anchor Your Antelope Point Houseboat, Tour Antelope and Navajo Canyons at Lake Powell. Passing Rock Creek Bay (another popular boat-steading spot for people who dont mind a long commute), youll refuel at Dangling Rope Marina (cost: about $5.19/gallon) and then curl back into the main channel for a 3-mile putter to this inlet just west of Rainbow Bridge, which sports the areas few sandy beaches. Court filings showed Moyes was never keen to own the Coyotes and had no interest in hockey. Minuses: Five-hour sailing commitment. On the Shores of Lake Powell,The Navajo Nation In the Grand Canyon State of ArizonaCopyright 2022 Antelope Point Marina | All Rights Reserved. hogan. As those limits gradually kicked in, directors gave Mr. Moyes additional time to meet them, which could be done by moves such as reducing his personal debts or using collateral other than Swift shares. Minuses: Youll spend about $500 in gas to get there. Bankruptcy judge Redfield Baum scheduled a hearing for May 19, 2009 to determine who actually controlled the team. "I was just in the The new buyback proposal puts Swift out of step with a consolidation trend in the trucking industry, which has seen many of the largest companies seek to build revenue by acquiring competitors. TotalEnergies sells Canadian operations to Suncor in deal worth up to $6.1B, 2023 VICA Awards showcase talents of member companies, Ladysmiths historic Island Hotel set for a major facelift, UVic engineering lab a hub of AI research and activity, BC Hydro proposes leaving Site C structures at the bottom of the Peace River. You are using an out of date browser. for Antelope Point could accelerate plans. Last year, Valeant Pharmaceuticals International Inc. CEO J. Michael Pearson had to sell about $100 million of his shares in the company as its once-soaring shares slumped. WWE Raw Results: Winners And Grades After WWE Draft Concludes. To analysts of corporate governance, board size matters: While too-large boards can be unwieldy, too-small boards can turn into echo chambers and foster an eagerness among directors to get along in the face of tough decisions. Moyes, Steve Ellman and Wayne Gretzky bought the. You must log in or register to reply here. Curl around the edge of the canyon, and youll find lots of broad, sandy beaches under a swell of hike-able mesas. in the channel and on the docks and in the restaurant area, it was According to SEC filings, Mr. Moyes has pledged some eight million shares of Swift as collateral for margin loans, as well as more than 29 million shares in complex transactions typically called variable prepaid forward contracts with Citigroup Inc. (They will also stock the food for an extra fee.). Click here to see Canadas most comprehensive listing of projects in conceptual and planning stages. Share. work for Antelope Point Holdings as projects specialist and risk Fast track your boat launch with our valet service and eliminate stressful do-it-yourself launch and retrievals on Lake Powells crowded public ramps. Damon, former executive director of the Navajo Nation Division of Economic Development, who is now a principal at Damon Development Group LLC, said that number is now around $8 million. And to help achieve his other dream, he turned to Vancouver builder Dan Wittenberg. Related by origin of wealth: Transportation. Swift isnt the only company whose executives have struggled with loans against their shares after price drops cut their collaterals value. ! The rental section of the lease shows how the guaranteed annual minimum rent will gradually increase during the term of the lease. Read the most recent three weeks of stories by logging in to your online account. Pluses: Low-hassle mooring, and great kayaking. Sign up for our newsletter to keep reading. It is anchored 30 feet off shore near Page, Arizona and is accessible via floating concrete ramps. Privacy Statement, Vancouver homes, resorts make use of floating concrete islands. I had always figured it was owned by the Indians and Navajo nation. the water and does not need to be manipulated. The article said it was from 2017. Appellee MorrisAnderson & Associates Limited answering brief due 04/05/2021. Another independent director, Glenn Brown, said, All the decisions that the board makes are in the best interests of the shareholders.. He stepped down as Swift CEO in 2005 after an insider-trading case in which he admitted to no wrongdoing but paid $1.5 million to settle with the SEC. That marina popped up out of the blue one year. fleet also includes 10 new jet skis. Though corporations may permit executives and directors to borrow against company shares they own, many limit or ban the practice. Documents revealed that Moyes' company entered into a business-site lease with the Navajo Nation on Nov. 18, 2002, after it was selected a year prior by the National Park Service and the nation . On Sept. 26, 2006, Ellman sold controlling interest in the Coyotes, Arizona Sting, and the lease to Jobing.com Arena to Moyes, who retained Wayne Gretzky as part-owner and head of hockey operations. Adding a houseboat to the mix, instead of camping or RVing, creates two additional layers: luxury and solitude. WWE Raw results with fallout from Night 2 of the WWE Draft. lake. Then on Tuesday, a day after Swift disclosed earnings, Mr. Moyes said he wanted the company to spend $200 million more buying back shares. The 27,000-square-foot floating island was built using 2,592 tons of concrete and rebar, wrapped around 122,000 cubic feet of styrofoam. fleet includes hot tubs and a 75-footer that meets provisions of LOL, how a little tax revenue removes the objections of sacred land and mudder-erf. In bringing about this reduction, the Board and Mr. Moyes are mindful of the need to ensure that any reduction occur in an orderly fashion, a written company statement said. The marina has been drought-proofed because it rests atop Institutional Shareholder Services, the proxy-advisory firm, has objected to the Swift boards willingness to let top executives pledge shares they own. His use of his Swift stock as margin-loan collateral has exceeded limits set by the board, regulatory filings show. Water and rock. This little-known swimming hole located on the tip of the Padre Bay peninsula is a compact tide pool formed by retreating water levels. Moyes retired last year but will serve as an adviser to the combined company. You found your spot? Swift Transportation Co. Chief Executive Jerry Moyes, months after he and his company's board said they would scale back his practice of . IN 1966 Jerry Moyes founded Swift Transportation with his father and one truck, moving imported steel through Los Angeles to Arizona and then Arizona cotton back to California. Jerry Moyes is the Founder, and former Chairman and CEO of Phoenix-based Swift Transportation, one of the largest trucking companies in the United States. Grab your sense of adventure and jump on board. (Its about 15 minutes closer by car to the Valley than Wahweap Marina, and more easterly, which means a shorter boat trip to the meatier Utah side of the lake, where all the best landmarks and mooring beaches are located.). New RVs and campers now fill a building that once held Camping World in Bellemont. ST. JOHN'S, N.L. The concept of facilities at Antelope Point has been 37 years in Some analysts agree, saying repurchasing shares was a better use of Swifts capital than taking a risk with an acquisition. spring. Dock your pontoon or speedboat, followed by a pleasant 20-minute hike to this iconic natural bridge. From his floating island Moyes rents out elaborate houseboats at $1,650 US/day for vacationers to cruise amidst the stunning scenery of towering mesas and box canyons with 1,000-foot-high walls of red rock. In the call with analysts, Mr. Moyes said Swift had a chance in the past year to acquire another company for about $500 million but concluded that a share buyback would raise earnings more than an acquisition, with less risk. Receive a 10% discount on small boat rentals, tours & charters, gift shop purchases, dining in our restaurant, and our RV Park when you use more than one amenity in the same day. I knew about Moyes but not the back taxes. The sun veils itself behind a squat sandstone mountain known as Castle Rock, and the phrase bucket list immediately comes to mind. Enjoy Antelope Points exclusive deep-water location, expansive amenities, and comprehensive marina services to experience Lake Powell at its very best. Mr. Moyes resigned as CEO in 2005 after a settlement with the Securities and Exchange Commission of civil insider-trading allegations, in which he didnt admit any wrongdoing. Now Mr. Moyes is calling for an even larger buyback, in one of a chain of events at the trucking firm that shows the complications a board can face as it grapples with how much to let top executives borrow against their stakes in the company they run. Ever since hes been involved with the company, hes pledged his stock. Betty's," after a favorite relative of Moyes. Birds Eye. the Americans with Disabilities Act, with a wheelchair lift near cart shuttles. part-owner of the Phoenix Coyotes and founder of $2.6-billion Swift more than 400 feet. Within a couple years of the ne facility opening, they figured why not get rid of upper management. We get the slightly more modest, four-bedroom Titanium ($5,580/three-day rental), but truth be known: It would sleep 15 just fine, too, given how pleasant it is to lay out some cushions on the boats top deck and slumber under the stars. Moyes was originally a minority partner in Steve Ellman's ownership group, which bought the Coyotes from Richard Burke in 2001. Do you have a link to a news story? Navajo workers should also be music to his ears. Steve Vondra. The 55-foot houseboat we sailed or drove, more accurately from Antelope Point Marina near the Arizona town of Page and moored on this solitary beach. More than four years since leaving the Phoenix Coyotes, Wayne Gretzky will be repaid money he was owed by former team owner Jerry Moyes, the NHL itself agreeing to cut a check to the Great One . @ 33.60874, -112.199396. He said that the first share buyback had added four cents to per-share annual earnings and that a second, larger one would add 8 to 10 cents a share. Now taking reservations for all boat rentals. Antelope Point, which was opened by Valley trucking magnate and former Arizona Coyotes owner Jerry Moyes in 2002, offers eight different models, from the two-bedroom, 50-foot Forever craft ($2,665/three-day rental), to the 75-foot XTreme, which has six bedrooms, sleeps 15 comfortably, and comes equipped with its own upper-deck Jacuzzi ($7,600/three-day rental).
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